9023 State Route 21

Cohocton, NY 14826

$95,000C-

2 bd · 1.0 ba · 536 sqft · Built 1955 · SingleFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $823/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$122
• HOA: −$0
• Vac / Maint / Mgmt: −$173
• Net cashflow: $30/mo
• Annual: $362/yr
• Cap rate: 6.67%
• Cash-on-cash: 1.36%
• DSCR: 1.06
• 1% rule: 0.87%
• Cash to close: $26,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $95k.
• At list price, monthly cash flow is $30 ($362/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $82k (13.3% below list).
• It's been on market 23 days — a 2% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (13.3% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($657 loan paydown + $5k appreciation (5.5% local appreciation)).
• Location reads 56/100 on livability (#1,097 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A-, housing A-; Watch: schools D+, health & safety D, amenities F.
• Avoca Central School District (rural): math 50% / reading 45% proficiency, ranked #522 of 755 in NY (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 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.
• 8 sale attempts since 8y 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 $49k; list at $95k implies a 94% gain — meaningful room to come down on a strong offer.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.