1458 Manitou Rd

Greece, NY 14468

$250,000F

3 bd · 1.0 ba · 1,180 sqft · Built 1953 · Land · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,968/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$579
• HOA: −$0
• Vac / Maint / Mgmt: −$413
• Net cashflow: $-335/mo
• Annual: $-4,025/yr
• Cap rate: 4.68%
• Cash-on-cash: -5.75%
• DSCR: 0.74
• 1% rule: 0.79%
• Cash to close: $70,000

Investor read

• This is a 3-bed/1.0-bath land listed at $250k.
• At list price, monthly cash flow is $-335 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (23.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (21.3% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $191k (23.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#145 in NY, #2,223 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime D-.
• Spencerport Central School District (suburban): math 52% / reading 63% proficiency, ranked #248 of 590 in NY (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Terry Taylor Elementary School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 428 students, 28% FRL); A M Cosgrove Middle School (math 32% / reading 53%, grade D-, #373 of 729 statewide, top 52%, 844 students, 39% FRL); Spencerport High School (math 95% / reading 96%, grade A+, #76 of 1,100 statewide, top 7%, 1,142 students, 40% FRL).
• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 95 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 12y 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 $105k; list at $250k implies a 138% gain — meaningful room to come down on a strong offer.
• Cap rate 4.7% vs local median 3.7% in Greece — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 1953 — 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 D-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 D 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?
• 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.