472 Waverly St

Waverly, NY 14892

$146,775B+

4 bd · 2.5 ba · 2,290 sqft · Built 1890 · MultiFamily · Pending · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,085/mo
• Mortgage (P&I): −$770
• Tax + insurance: −$378
• HOA: −$0
• Vac / Maint / Mgmt: −$438
• Net cashflow: $500/mo
• Annual: $5,996/yr
• Cap rate: 10.38%
• Cash-on-cash: 14.59%
• DSCR: 1.65
• 1% rule: 1.42%
• Cash to close: $41,097

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $147k.
• At list price, monthly cash flow is $500 ($6k/yr) — positive. Per door: $250/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $147k).
• It's been on market 65 days — a 6% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (6.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.8% local appreciation)).
• Location reads 67/100 on livability (#569 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: amenities F, commute F, employment F.
• Waverly Central School District (town): math 41% / reading 46% proficiency, ranked #480 of 590 in NY (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Elm Street Elementary School (math 44% / reading 47%, grade D-, #1,271 of 2,108 statewide, top 60%, 443 students, 58% FRL) — zoned schools average 58% FRL vs 42% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.6% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 53 active listings in the ZIP; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 6y 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 $54k; list at $147k implies a 172% gain — meaningful room to come down on a strong offer.
• At projected returns (2.8% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1890 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.