23 Chestnut St

Big Flats, NY 14814

$264,000D

5 bd · 2.0 ba · 2,276 sqft · Built 1976 · SingleFamily · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,716/mo
• Mortgage (P&I): −$1,384
• Tax + insurance: −$726
• HOA: −$0
• Vac / Maint / Mgmt: −$360
• Net cashflow: $-755/mo
• Annual: $-9,065/yr
• Cap rate: 2.86%
• Cash-on-cash: -12.26%
• DSCR: 0.45
• 1% rule: 0.65%
• Cash to close: $73,920

Investor read

• This is a 5-bed/2.0-bath single-family listed at $264k.
• At list price, monthly cash flow is $-755 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $148k (44.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (35.0% below list).
• It's been on market 42 days — a 3% lower offer ($256k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $148k (44.0% below list) — sets the bar for cash-flow.
• In year one you build about $18k of equity ($2k loan paydown + $16k appreciation (6.2% local appreciation)).
• Location reads 70/100 on livability (#464 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: health & safety D, amenities F, commute 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.
• Zoned schools: Big Flats School (math 52% / reading 77%, grade B, #591 of 2,108 statewide, top 31%, 388 students, 30% FRL); Horseheads Middle School (math 29% / reading 50%, grade F, #418 of 729 statewide, top 59%, 572 students, 36% FRL); Horseheads Senior High School (math 95% / reading 98%, grade A+, #59 of 1,100 statewide, top 6%, 1,142 students, 27% FRL).
• Zoned-school proficiency averages 67% at this address vs 51% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Horseheads Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 2.8% of price.
• Market conditions: 17 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.
• 2 sale attempts 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.
• By year 3, paydown + projected appreciation supports a ~$45k 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?
• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
• Built in 1976 — 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.
• Schools are A-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?
• 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.