395 Fairmount Ave

Jamestown, NY 14701

$49,900B-

3 bd · 2.0 ba · 1,599 sqft · Built 1900 · SingleFamily · Active · 154 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,313/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$222
• HOA: −$0
• Vac / Maint / Mgmt: −$276
• Net cashflow: $554/mo
• Annual: $6,650/yr
• Cap rate: 19.62%
• Cash-on-cash: 47.60%
• DSCR: 3.12
• 1% rule: 2.63%
• Cash to close: $13,972

Investor read

• This is a 3-bed/2.0-bath single-family listed at $50k.
• At list price, monthly cash flow is $554 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 154 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#470 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, crime F, commute F.
• Jamestown City School District (town): math 33% / reading 42% proficiency, ranked #553 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Abraham Lincoln Elementary School (math 57% / reading 52%, grade C, #908 of 2,108 statewide, top 46%, 377 students, 63% FRL); Persell Middle School (math 23% / reading 37%, grade F, #539 of 729 statewide, top 74%, 417 students, 73% FRL); Jamestown High School (math 87% / reading 92%, grade A+, #265 of 1,100 statewide, top 26%, 1,315 students, 80% FRL).
• Zoned-school proficiency averages 58% at this address vs 38% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Jamestown City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 4.8% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 319 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 24y 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 $32k; list at $50k implies a 54% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.
• This rent runs 32% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F 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.