115 Greenwood St

Canisteo, NY 14823

$169,900D

3 bd · 2.0 ba · 1,842 sqft · Built 1956 · SingleFamily · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,248/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$460
• HOA: −$0
• Vac / Maint / Mgmt: −$262
• Net cashflow: $-365/mo
• Annual: $-4,382/yr
• Cap rate: 3.71%
• Cash-on-cash: -9.21%
• DSCR: 0.59
• 1% rule: 0.73%
• Cash to close: $47,572

Investor read

• This is a 3-bed/2.0-bath single-family listed at $170k.
• At list price, monthly cash flow is $-365 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $105k (38.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (26.6% below list).
• It's been on market 17 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (38.0% below list) — sets the bar for cash-flow.
• In year one you build about $15k of equity ($1k loan paydown + $14k appreciation (8.2% local appreciation)).
• Location reads 68/100 on livability (#556 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety D, amenities F, commute F.
• Canisteo-Greenwood CSD (rural): math 51% / reading 53% proficiency, ranked #354 of 590 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 2.7% of price; built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 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.
• By year 3, paydown + projected appreciation supports a ~$38k 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?
• Built in 1956 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.