88 Wall St

Addison, NY 14801

$182,000C-

3 bd · 1.5 ba · 1,470 sqft · Built 1977 · SingleFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,901/mo
• Mortgage (P&I): −$954
• Tax + insurance: −$465
• HOA: −$0
• Vac / Maint / Mgmt: −$399
• Net cashflow: $82/mo
• Annual: $989/yr
• Cap rate: 6.84%
• Cash-on-cash: 1.94%
• DSCR: 1.09
• 1% rule: 1.04%
• Cash to close: $50,960

Investor read

• This is a 3-bed/1.5-bath single-family listed at $182k.
• At list price, monthly cash flow is $82 ($989/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $182k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#768 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, crime A-; Watch: health & safety D, amenities F, commute F.
• Addison Central School District (rural): math 32% / reading 35% proficiency, ranked #563 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tuscarora Elementary School (math 16% / reading 27%, grade F, #1,941 of 2,108 statewide, top 92%, 423 students, 49% FRL); Addison Middle/High School (math 44% / reading 43%, grade F, #1,043 of 1,100 statewide, top 95%, 546 students, 43% FRL) — zoned schools at 46% FRL track the district average.
• Watch-outs: property tax is 2.6% of price.
• Market conditions: 26 active listings in the ZIP; 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.
• 5 sale attempts since 13y 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $51k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1977 — 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.
• 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?
• 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.