174 Elmwood Ave

Waterville, NY 13480

$173,900D+

4 bd · 2.0 ba · 1,574 sqft · Built 1900 · SingleFamily · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,281/mo
• Mortgage (P&I): −$912
• Tax + insurance: −$338
• HOA: −$0
• Vac / Maint / Mgmt: −$269
• Net cashflow: $-238/mo
• Annual: $-2,857/yr
• Cap rate: 4.65%
• Cash-on-cash: -5.87%
• DSCR: 0.74
• 1% rule: 0.74%
• Cash to close: $48,692

Investor read

• This is a 4-bed/2.0-bath single-family listed at $174k.
• At list price, monthly cash flow is $-238 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $132k (24.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (26.3% below list).
• It's been on market 67 days — a 6% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (26.3% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($1k loan paydown + $8k appreciation (4.8% local appreciation)).
• Location reads 75/100 on livability (#248 in NY, #3,907 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: amenities F, commute F.
• Waterville Central School District (rural): math 44% / reading 52% proficiency, ranked #422 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Memorial Park Elementary School (math 32% / reading 52%, grade F, #1,361 of 2,108 statewide, top 67%, 396 students, 51% FRL); Waterville Jr/Sr High School (math 52% / reading 47%, grade D, #974 of 1,100 statewide, top 91%, 312 students, 50% FRL) — zoned schools average 50% FRL vs 35% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 26 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $11k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $174k implies a 148% gain — meaningful room to come down on a strong offer.
• By year 4, 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

• 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 67 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.