11 Maple Ave

Shortsville, NY 14548

$139,000C

3 bd · 1.5 ba · 1,648 sqft · Built 1880 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,606/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$430
• HOA: −$0
• Vac / Maint / Mgmt: −$337
• Net cashflow: $110/mo
• Annual: $1,325/yr
• Cap rate: 7.25%
• Cash-on-cash: 3.40%
• DSCR: 1.15
• 1% rule: 1.16%
• Cash to close: $38,920

Investor read

• This is a 3-bed/1.5-bath single-family listed at $139k.
• At list price, monthly cash flow is $110 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#288 in NY, #4,639 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Manchester-Shortsville Central School District (Red Jacket) (rural): math 49% / reading 54% proficiency, ranked #343 of 590 in NY (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Red Jacket Elementary School (math 52% / reading 52%, grade C-, #988 of 2,108 statewide, top 49%, 329 students, 48% FRL); Red Jacket Middle School (math 27% / reading 47%, grade F, #448 of 729 statewide, top 63%, 160 students, 78% FRL); Red Jacket High School (math 92% / reading 74%, grade A, #435 of 1,100 statewide, top 40%, 220 students, 60% FRL) — zoned schools average 62% FRL vs 31% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 3.2% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP; 284 units permitted in Ontario County in 2024 (69 in 5+ unit buildings).
• Ontario County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Questions for listing agent

• Built in 1880 — 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.
• 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.