6049 Lake St

Wolcott, NY 14590

$39,900B-

3 bd · 1.0 ba · 1,280 sqft · Built 1867 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,241/mo
• Mortgage (P&I): −$209
• Tax + insurance: −$116
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $655/mo
• Annual: $7,865/yr
• Cap rate: 26.01%
• Cash-on-cash: 70.40%
• DSCR: 4.13
• 1% rule: 3.11%
• Cash to close: $11,172

Investor read

• This is a 3-bed/1.0-bath single-family listed at $40k.
• At list price, monthly cash flow is $655 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#460 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, commute A-; Watch: amenities F, employment F, health & safety D-.
• North Rose-Wolcott Central School District (rural): math 43% / reading 38% proficiency, ranked #514 of 590 in NY (top 87%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.0% of price; built in 1867 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 45 active listings in the ZIP; 259 units permitted in Wayne County in 2024 (90 in 5+ unit buildings).
• Wayne County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $20k; list at $40k implies a 100% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1867 — 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.