329 E Main St

Westfield, NY 14787

$60,000B+

4 bd · 1.5 ba · 2,468 sqft · Built 1990 · SingleFamily · Pending · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,287/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$156
• HOA: −$0
• Vac / Maint / Mgmt: −$270
• Net cashflow: $546/mo
• Annual: $6,555/yr
• Cap rate: 18.33%
• Cash-on-cash: 42.99%
• DSCR: 2.91
• 1% rule: 2.14%
• Cash to close: $16,800

Investor read

• This is a 4-bed/1.5-bath single-family listed at $60k.
• At list price, monthly cash flow is $546 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 39 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($415 loan paydown + $1k appreciation (2.2% local appreciation)).
• Location reads 72/100 on livability (#364 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A, crime B+; Watch: employment D, amenities F, commute F.
• Westfield Central School District (town): math 57% / reading 64% proficiency, ranked #246 of 590 in NY (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Westfield Elementary School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 297 students, 52% FRL); Westfield Middle School (math 52% / reading 67%, grade B, #161 of 729 statewide, top 24%, 142 students, 55% FRL); Westfield High School (math 95% / reading 95%, grade A+, #83 of 1,100 statewide, top 8%, 198 students, 46% FRL).
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: 32 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 23y 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 $30k; list at $60k implies a 100% gain — meaningful room to come down on a strong offer.
• At projected returns (2.2% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.