6 Meadow Ln

Gang Mills, NY 14870

$129,500B

3 bd · 1.5 ba · 1,268 sqft · Built 1974 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,842/mo
• Mortgage (P&I): −$679
• Tax + insurance: −$479
• HOA: −$0
• Vac / Maint / Mgmt: −$387
• Net cashflow: $298/mo
• Annual: $3,570/yr
• Cap rate: 9.05%
• Cash-on-cash: 9.85%
• DSCR: 1.44
• 1% rule: 1.42%
• Cash to close: $36,260

Investor read

• This is a 3-bed/1.5-bath single-family listed at $130k.
• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $895 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#532 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: cost of living C-, health & safety D, amenities F.
• Corning City School District (town): math 44% / reading 53% proficiency, ranked #406 of 590 in NY (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Erwin Valley Elementary School (math 49% / reading 55%, grade C-, #988 of 2,108 statewide, top 49%, 373 students, 33% FRL); Corning-Painted Post Middle School (math 22% / reading 48%, grade F, #480 of 729 statewide, top 66%, 962 students, 46% FRL); Corning-Painted Post High School (math 93% / reading 98%, grade A+, #82 of 1,100 statewide, top 7%, 1,463 students, 36% FRL).
• Zoned-school proficiency averages 61% at this address vs 48% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Corning City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 3.9% of price.
• Market conditions: Rents soft (-1.4%/yr); 45 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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.

Questions for listing agent

• Built in 1974 — 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.
• 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.