58 Chapel St

Mount Morris, NY 14510

$60,000B

3 bd · 1.5 ba · 1,876 sqft · Built 1900 · SingleFamily · Active · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,242/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $567/mo
• Annual: $6,800/yr
• Cap rate: 17.63%
• Cash-on-cash: 40.47%
• DSCR: 2.80
• 1% rule: 2.07%
• Cash to close: $16,800

Investor read

• This is a 3-bed/1.5-bath single-family listed at $60k.
• At list price, monthly cash flow is $567 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 94 days — a 9% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $55k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-0.8%/yr); year-one equity from $415 of loan paydown is wiped out by about $490 of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#1,027 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime B; Watch: amenities F, commute F, employment D-.
• Mount Morris Central School District (town): math 31% / reading 47% proficiency, ranked #537 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mount Morris Elementary School (math 32% / reading 47%, grade F, #1,444 of 2,108 statewide, top 71%, 316 students, 60% FRL); Mount Morris Middle/Senior High School (math 27% / reading 47%, grade F, #1,069 of 1,100 statewide, top 98%, 223 students, 57% FRL) — zoned schools at 59% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 86 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• Livingston County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $44k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-0.8% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.