1329 Owego Rd Rd

Owego, NY 13827

$160,000C

4 bd · 1.5 ba · 1,580 sqft · Built 1949 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,653/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$448
• HOA: −$0
• Vac / Maint / Mgmt: −$347
• Net cashflow: $19/mo
• Annual: $222/yr
• Cap rate: 6.43%
• Cash-on-cash: 0.50%
• DSCR: 1.02
• 1% rule: 1.03%
• Cash to close: $44,800

Investor read

• This is a 4-bed/1.5-bath single-family listed at $160k.
• At list price, monthly cash flow is $19 ($222/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $14k of equity ($1k loan paydown + $13k appreciation (8.1% local appreciation)).
• Location reads 76/100 on livability (#214 in NY, #3,289 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, commute F.
• Candor Central School District (rural): math 26% / reading 45% proficiency, ranked #551 of 590 in NY (top 93%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Candor Elementary School (math 17% / reading 42%, grade F, #1,729 of 2,108 statewide, top 84%, 400 students, 46% FRL).
• Watch-outs: property tax is 2.9% of price; built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 65 active listings in the ZIP; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $85k; list at $160k implies a 88% gain — meaningful room to come down on a strong offer.
• At projected returns (8.1% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.4% vs local median 5.3% in Owego — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.