311 W Main St

Falconer, NY 14733

$64,998B+

3 bd · 2.0 ba · 1,534 sqft · Built 1900 · Other · Active · 191 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,200/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$208
• HOA: −$0
• Vac / Maint / Mgmt: −$252
• Net cashflow: $399/mo
• Annual: $4,787/yr
• Cap rate: 13.66%
• Cash-on-cash: 26.30%
• DSCR: 2.17
• 1% rule: 1.85%
• Cash to close: $18,199

Investor read

• This is a 3-bed/2.0-bath other listed at $65k.
• At list price, monthly cash flow is $399 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 191 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($450 loan paydown + $2k appreciation (2.5% local appreciation)).
• Location reads 71/100 on livability (#391 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.
• Falconer Central School District (town): math 43% / reading 54% proficiency, ranked #423 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Paul B D Temple Elementary School (264 students, 53% FRL); Falconer Middle/High School (math 55% / reading 66%, grade C+, #849 of 1,100 statewide, top 77%, 630 students, 51% FRL) — zoned schools average 52% FRL vs 35% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 60% at this address vs 48% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Falconer Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 3.3% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 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.
• 3 sale attempts since 2y 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 $26k; list at $65k implies a 150% gain — meaningful room to come down on a strong offer.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 191 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• 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.