246 Main St St

Aurora, NY 13026

$425,000C-

4 bd · 1.5 ba · 2,400 sqft · Built 1930 · SingleFamily · Pending · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,064/mo
• Mortgage (P&I): −$2,229
• Tax + insurance: −$719
• HOA: −$0
• Vac / Maint / Mgmt: −$853
• Net cashflow: $262/mo
• Annual: $3,145/yr
• Cap rate: 7.03%
• Cash-on-cash: 2.64%
• DSCR: 1.12
• 1% rule: 0.96%
• Cash to close: $119,000

Investor read

• This is a 4-bed/1.5-bath single-family listed at $425k.
• At list price, monthly cash flow is $262 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $406k (4.4% below list).
• It's been on market 15 days — a 2% lower offer ($419k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $406k (4.4% below list) — sets the bar for 1% rule.
• In year one you build about $45k of equity ($3k loan paydown + $42k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#530 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, schools B; Watch: cost of living D+, health & safety D, crime F.
• Southern Cayuga Central School District (rural): math 61% / reading 61% proficiency, ranked #214 of 590 in NY (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• Cayuga County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $150k; list at $425k implies a 183% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $119k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$73k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1930 — 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.