4116 State Route 21

Cohocton, NY 14572

$53,500B+

3 bd · 1.0 ba · 1,720 sqft · Built 1870 · SingleFamily · Pending · 176 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,312/mo
• Mortgage (P&I): −$281
• Tax + insurance: −$89
• HOA: −$0
• Vac / Maint / Mgmt: −$276
• Net cashflow: $667/mo
• Annual: $8,003/yr
• Cap rate: 21.25%
• Cash-on-cash: 53.42%
• DSCR: 3.38
• 1% rule: 2.45%
• Cash to close: $14,980

Investor read

• This is a 3-bed/1.0-bath single-family listed at $54k.
• At list price, monthly cash flow is $667 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $54k).
• It's been on market 176 days — a 12% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $47k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($370 loan paydown + $896 appreciation (1.7% local appreciation)).
• Location reads 56/100 on livability (#1,097 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A-, housing A-; Watch: schools D+, health & safety D, amenities F.
• Wayland-Cohocton Central School District (rural): math 40% / reading 53% proficiency, ranked #446 of 590 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 27 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.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 176 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.