182 Fall St

Seneca Falls, NY 13148

$99,900B

4 bd · 1.5 ba · 1,740 sqft · Built 1840 · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,416/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$350
• HOA: −$0
• Vac / Maint / Mgmt: −$297
• Net cashflow: $244/mo
• Annual: $2,932/yr
• Cap rate: 9.23%
• Cash-on-cash: 10.48%
• DSCR: 1.47
• 1% rule: 1.42%
• Cash to close: $27,972

Investor read

• This is a 4-bed/1.5-bath single-family listed at $100k.
• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#657 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: crime D, amenities D, commute F.
• Seneca Falls Central School District (town): math 46% / reading 53% proficiency, ranked #392 of 590 in NY (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Frank M Knight Elementary School (286 students, 53% FRL); Seneca Falls Middle School (math 22% / reading 47%, grade F, #483 of 729 statewide, top 68%, 277 students, 57% FRL); Mynderse Academy (math 92% / reading 90%, grade A+, #203 of 1,100 statewide, top 20%, 377 students, 47% FRL) — zoned schools average 52% FRL vs 32% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 63% at this address vs 50% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Seneca Falls Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 3.7% of price; built in 1840 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 52 active listings in the ZIP; 48 units permitted in Seneca County in 2024 (0 in 5+ unit buildings).
• Seneca County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 11y 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 $65k; list at $100k implies a 53% gain — meaningful room to come down on a strong offer.
• Cap rate 9.2% vs local median 3.6% in Seneca Falls — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1840 — 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.
• Crime grade is D 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.