1975 Maple St

Millport, NY 14864

$42,900B+

3 bd · 1.0 ba · 1,206 sqft · Built 1890 · Other · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,387/mo
• Mortgage (P&I): −$225
• Tax + insurance: −$72
• HOA: −$0
• Vac / Maint / Mgmt: −$291
• Net cashflow: $799/mo
• Annual: $9,592/yr
• Cap rate: 28.65%
• Cash-on-cash: 79.85%
• DSCR: 4.55
• 1% rule: 3.23%
• Cash to close: $12,012

Investor read

• This is a 3-bed/1.0-bath other listed at $43k.
• At list price, monthly cash flow is $799 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $43k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($297 loan paydown + $2k appreciation (5.0% local appreciation)).
• Location reads 55/100 on livability (#1,142 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety D, schools F, crime F.
• Horseheads Central School District (suburban): math 44% / reading 58% proficiency, ranked #347 of 590 in NY (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).
• Chemung County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Built in 1890 — 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 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.