19 Wood St

Bath, NY 14810

$109,900D

3 bd · 1.0 ba · 1,216 sqft · Built 1910 · SingleFamily · Pending · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $975/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$263
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $-69/mo
• Annual: $-824/yr
• Cap rate: 5.54%
• Cash-on-cash: -2.68%
• DSCR: 0.88
• 1% rule: 0.89%
• Cash to close: $30,772

Investor read

• This is a 3-bed/1.0-bath single-family listed at $110k.
• At list price, monthly cash flow is $-69 ($-824/yr) — negative.
• To cash-flow at today's rent, offer at most $98k (11.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (11.3% below list).
• It's been on market 50 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (11.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#533 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, crime D-, amenities F.
• Bath Central School District (town): math 38% / reading 44% proficiency, ranked #522 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Vernon E Wightman Primary School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 504 students, 58% FRL); Dana L Lyon Middle School (math 26% / reading 39%, grade F, #504 of 729 statewide, top 70%, 515 students, 59% FRL); Haverling Senior High School (math 98% / reading 84%, grade A+, #203 of 1,100 statewide, top 20%, 421 students, 56% FRL).
• Zoned-school proficiency averages 57% at this address vs 41% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Bath Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 66 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).
• Steuben County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $70k; list at $110k implies a 57% gain — meaningful room to come down on a strong offer.
• Cap rate 5.5% vs local median 3.6% in Bath — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 50 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• Built in 1910 — 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.