39 Grover St · Wellsville, NY 14895

$42,840

3 bd · 2.0 ba · 1,496 sqft · MultiFamily public records · 258 Days on market

Built 1925 7,405 sqft lot $29/sqft · 64% below area ↓ 39% since listing

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Why this score? — see what drove the A- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This 2 story 3 bedroom 2 bathroom home is located in the Village of Wellsville. Ideal for an investment or residential opportunity. A great opportunity to turn your investment into a home or rental for potential income. The water and septic are supplied by the municipality. The home has a partial walk in basement with crawl through access as well. There is one bathroom downstairs and one bathroom upstairs. The property is owned by Community Bank and is being sold AS IS condition. Please be sure that any qualifications are willing to finance based on an AS IS Sale. We look forward to scheduling your private showing of this great opportunity.

Key facts

• 7,405 sq ft lot
• Built 1925
• Listed 258 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $43k.

Deal economics

• At list price, monthly cash flow is $849 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $43k).
• Recommended offer: $38k (12.0% below list) — sets the bar for market timing.
• Cap rate 30.1% vs local median 6.6% in Wellsville — 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.

Location & tenants

• Location reads 73/100 on livability (#336 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, crime C-, employment C-.
• Wellsville Central School District (town): math 42% / reading 53% proficiency, ranked #442 of 590 in NY (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 52 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 87 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($296 loan paydown + $4k appreciation (10.0% local appreciation)).
• Allegany County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 258 days — a 12% lower offer ($38k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $37,699 (12.0% below list)

Questions for the listing agent

1. It's been on market 258 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.38% ✓
• Cap rate: 30.09%
• Cash-on-cash: 84.98%
• DSCR: 4.78
• GRM: 2.5

CMA / ARV

• ARV (median comp): $120,076
• List price: $42,840
• Delta: -64.32%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 94.5%
• Equity multiple: 7.46×
• Total profit: $77,455
• Equity at exit: $38,594

10-year hold

• IRR: 89.5%
• Equity multiple: 16.47×
• Total profit: $185,591
• Equity at exit: $83,229

Cash invested: $11,995 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 14895

• Home prices YoY: 6.9%
• Active inventory: 52
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,450 medium
• Mortgage (P&I): −$225
• Tax est. 1.5%: −$54 /mo · $643/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $849

Break-even live

Break-even rent $375

Max offer price $42,840

Occupancy floor 36%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $10,710
• Closing costs: $1,285
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
46 Pine St Wellsville, NY	3.0	2.0	1000	$1,450	$1.45	43d	1	0.84mi

Listing history 19 events

1. 2026-06-18
   status $42,840 Pending 258 DOM
2. 2026-06-18
   days on market $42,840 Active 258 DOM
3. 2026-06-17
   days on market $42,840 Active 257 DOM
4. 2026-06-16
   days on market $42,840 Active 256 DOM
5. 2026-06-15
   days on market $42,840 Active 255 DOM
6. 2026-06-13
   days on market $42,840 Active 253 DOM
7. 2026-06-12
   days on market $42,840 Active 252 DOM
8. 2026-06-09
   days on market $42,840 Active 249 DOM
9. 2026-06-08
   days on market $42,840 Active 248 DOM
10. 2026-06-07
    days on market $42,840 Active 247 DOM
11. 2026-06-05
    days on market $42,840 Active 245 DOM
12. 2026-06-04
    days on market $42,840 Active 243 DOM
13. 2026-06-02
    days on market $42,840 Active 242 DOM
14. 2026-06-01
    days on market $42,840 Active 241 DOM
15. 2026-05-31
    days on market $42,840 Active 240 DOM
16. 2026-05-18
    price $42,840 648-char remark

    Show marketing remark (648 chars)

    This 2 story 3 bedroom 2 bathroom home is located in the Village of Wellsville. Ideal for an investment or residential opportunity. A great opportunity to turn your investment into a home or rental for potential income. The water and septic are supplied by the municipality. The home has a partial walk in basement with crawl through access as well. There is one bathroom downstairs and one bathroom upstairs. The property is owned by Community Bank and is being sold AS IS condition. Please be sure that any qualifications are willing to finance based on an AS IS Sale. We look forward to scheduling your private showing of this great opportunity.

17. 2026-04-14
    price $50,400 648-char remark

    Show marketing remark (648 chars)

    This 2 story 3 bedroom 2 bathroom home is located in the Village of Wellsville. Ideal for an investment or residential opportunity. A great opportunity to turn your investment into a home or rental for potential income. The water and septic are supplied by the municipality. The home has a partial walk in basement with crawl through access as well. There is one bathroom downstairs and one bathroom upstairs. The property is owned by Community Bank and is being sold AS IS condition. Please be sure that any qualifications are willing to finance based on an AS IS Sale. We look forward to scheduling your private showing of this great opportunity.

18. 2026-02-23
    price $63,000 648-char remark

    Show marketing remark (648 chars)

    This 2 story 3 bedroom 2 bathroom home is located in the Village of Wellsville. Ideal for an investment or residential opportunity. A great opportunity to turn your investment into a home or rental for potential income. The water and septic are supplied by the municipality. The home has a partial walk in basement with crawl through access as well. There is one bathroom downstairs and one bathroom upstairs. The property is owned by Community Bank and is being sold AS IS condition. Please be sure that any qualifications are willing to finance based on an AS IS Sale. We look forward to scheduling your private showing of this great opportunity.

19. 2025-10-03
    listed $70,000 Active 648-char remark

    Show marketing remark (648 chars)

    This 2 story 3 bedroom 2 bathroom home is located in the Village of Wellsville. Ideal for an investment or residential opportunity. A great opportunity to turn your investment into a home or rental for potential income. The water and septic are supplied by the municipality. The home has a partial walk in basement with crawl through access as well. There is one bathroom downstairs and one bathroom upstairs. The property is owned by Community Bank and is being sold AS IS condition. Please be sure that any qualifications are willing to finance based on an AS IS Sale. We look forward to scheduling your private showing of this great opportunity.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥89°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,400
• − Mortgage interest: −$2,400
• − Property taxes: −$643
• − Insurance: −$214
• − Repairs & maintenance: −$1,392
• − Management: −$1,392
• − Depreciation: −$1,246
• Taxable income: $10,113
• Est. tax owed @ 24.0%: −$2,427
• After-tax cash flow: $7,766/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Wellsville Central School District
• NCES district ID: 3630480
• Math proficiency: 42% ▼ -10.00%
• Reading proficiency: 53% ▲ 6.00%
• Median HH income: $39,964
• Composite: 39.71/100
• National rank: #3903
• State rank: #442 of 590 in NY

Livability — Wellsville

• Score: 73/100
• State rank: #336
• US rank: #5669

Category grades

Amenities D- Commute F Cost of living A+ Crime C- Employment C- Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wellsville, NY
• Population (ZIP): 9,117

Population outlook (Allegany County) Hauer SSP2

• Today (2025): 45,362 people
• By 2030: 43,078 · -5.0%
• By 2040: 38,031 · -16.2%
• By 2050: 33,634 · -25.9%
• By 2075: 25,285 · -44.3%
• By 2100: 18,902 · -58.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2%
• Common ancestry: Slovak 3% Italian 3% Romanian 2%
• Foreign-born: 1%
• Languages at home: 98% English-only · German/W. Germanic 1%

Political lean MEDSL · Allegany

• 2024 margin: Solid R (+43.2) · D 28.4% · R 71.6%
• 2008→2024 swing: -21.5pp toward R · 2008: -21.7pp · 2024: -43.2pp
• All cycles: 2024: R+43.2 2020: R+38.9 2016: R+42.3 2012: R+25.3 2008: R+21.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 18.16%
• Current HPI: 280.3569
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

-38.8% since first listed

4 events — show timeline

• 2026-05-18 Price Changed $42,840 UNYREIS
• 2026-04-14 Price Changed $50,400 UNYREIS
• 2026-02-23 Price Changed $63,000 UNYREIS
• 2025-10-03 Listed $70,000 UNYREIS

Property tax history

+10.1%/yr

Latest (2025): $3,368 · -5.4% YoY. Source: county tax records.