415 W South St

Montour Falls, NY 14865

$170,000D

4 bd · 2.0 ba · 3,199 sqft · Built 1900 · SingleFamily · Active · 285 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,363/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$467
• HOA: −$0
• Vac / Maint / Mgmt: −$286
• Net cashflow: $-281/mo
• Annual: $-3,373/yr
• Cap rate: 4.31%
• Cash-on-cash: -7.09%
• DSCR: 0.68
• 1% rule: 0.80%
• Cash to close: $47,600

Investor read

• This is a 4-bed/2.0-bath single-family listed at $170k.
• At list price, monthly cash flow is $-281 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (29.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (19.8% below list).
• It's been on market 285 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $120k (29.2% below list) — sets the bar for cash-flow.
• In year one you build about $8k of equity ($1k loan paydown + $7k appreciation (4.2% local appreciation)).
• Location reads 63/100 on livability (#786 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing B+; Watch: health & safety D, amenities F, commute F.
• Odessa-Montour Central School District (rural): math 41% / reading 60% proficiency, ranked #383 of 590 in NY (top 65%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: B C Cate Elementary School (239 students, 38% FRL); Odessa-Montour Junior/Senior High School (math 62% / reading 67%, grade B-, #776 of 1,100 statewide, top 73%, 293 students, 46% FRL) — zoned schools at 42% FRL track the district average.
• Zoned-school proficiency averages 64% at this address vs 50% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Odessa-Montour Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 2.8% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 52 units permitted in Schuyler County in 2024 (0 in 5+ unit buildings).
• Schuyler County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 23y ago; this cycle's ask has dropped $50k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $170k implies a 112% gain — meaningful room to come down on a strong offer.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

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 285 days. Have you received any prior offers? Is the seller open to a 29% 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?