5 Summit Park Dr

Bemus Point, NY 14712

$669,900D-

5 bd · 3.0 ba · 2,685 sqft · Built 2000 · SingleFamily · Active · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,814/mo
• Mortgage (P&I): −$3,513
• Tax + insurance: −$1,524
• HOA: −$125
• Vac / Maint / Mgmt: −$381
• Net cashflow: $-3,729/mo
• Annual: $-44,752/yr
• Cap rate: -0.39%
• Cash-on-cash: -23.86%
• DSCR: -0.06
• 1% rule: 0.27%
• Cash to close: $187,572

Investor read

• This is a 5-bed/3.0-bath single-family listed at $670k.
• At list price, monthly cash flow is $-4k ($-45k/yr) — negative.
• To cash-flow at today's rent, offer at most $189k (71.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (72.9% below list).
• It's been on market 54 days — a 3% lower offer ($650k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $181k (72.9% below list) — sets the bar for 1% rule.
• In year one you build about $72k of equity ($5k loan paydown + $67k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#539 in NY) — a middle-class / working-renter tenant base. Strengths: crime A, cost of living A, health & safety A; Watch: amenities F, commute F, employment F.
• Bemus Point Central School District (rural): math 65% / reading 61% proficiency, ranked #238 of 755 in NY (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 47 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 25y 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 $450k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$115k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate -0.4% vs local median 1.6% in Bemus Point — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 54 days. Have you received any prior offers? Is the seller open to a 73% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.