6 Prospect St

Seneca Falls, NY 13148

$109,000C+

3 bd · 1.5 ba · 1,388 sqft · Built 1896 · SingleFamily · Pending · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,298/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$385
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $69/mo
• Annual: $829/yr
• Cap rate: 7.66%
• Cash-on-cash: 4.90%
• DSCR: 1.22
• 1% rule: 1.19%
• Cash to close: $30,520

Investor read

• This is a 3-bed/1.5-bath single-family listed at $109k.
• At list price, monthly cash flow is $69 ($829/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• It's been on market 39 days — a 3% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $754 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.
• Watch-outs: property tax is 3.1% of price; flood insurance adds $56/mo; built in 1896 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 51 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.
• 2 sale attempts since 3y 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 $58k; list at $109k implies a 88% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.7% 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

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1896 — 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.