160 Lafayette Ave

Geneva, NY 14456

$139,000B-

5 bd · 2.5 ba · 2,422 sqft · Built 1880 · Townhouse · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,847/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$232
• HOA: −$0
• Vac / Maint / Mgmt: −$388
• Net cashflow: $498/mo
• Annual: $5,979/yr
• Cap rate: 10.59%
• Cash-on-cash: 15.36%
• DSCR: 1.68
• 1% rule: 1.33%
• Cash to close: $38,920

Investor read

• This is a 5-bed/2.5-bath townhouse listed at $139k. Condition is rated fair.
• At list price, monthly cash flow is $498 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• It's been on market 29 days — a 2% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $137k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#177 in NY, #2,760 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, employment D, amenities F.
• Geneva City School District (town): math 36% / reading 43% proficiency, ranked #528 of 590 in NY (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Street Elementary School (math 28% / reading 35%, grade F, #1,679 of 2,108 statewide, top 80%, 595 students, 75% FRL); Geneva Middle School (math 21% / reading 42%, grade F, #522 of 729 statewide, top 73%, 452 students, 68% FRL); Geneva High School (math 92% / reading 98%, grade A+, #93 of 1,100 statewide, top 10%, 613 students, 63% FRL) — zoned schools average 69% FRL vs 51% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 53% at this address vs 40% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Geneva City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 123 active listings in the ZIP; 284 units permitted in Ontario County in 2024 (69 in 5+ unit buildings).
• Ontario County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.6% vs local median 5.0% in Geneva — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of aging and potential leaks.
• Major: exterior siding — Severe weathering and peeling paint.
• Major: flooring — Worn-out hardwood in need of replacement.
• Major: interior walls — Painted walls with visible wear and tear.
• Major: bathrooms — Basic fixtures with no updates.
• Major: kitchen — Basic appliances and dated cabinetry.