9 Kings Point Cir

Owego, NY 13827

$349,000D

5 bd · 3.5 ba · 3,665 sqft · Built 1987 · SingleFamily · Active · 127 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,687/mo
• Mortgage (P&I): −$1,830
• Tax + insurance: −$582
• HOA: −$0
• Vac / Maint / Mgmt: −$354
• Net cashflow: $-1,079/mo
• Annual: $-12,948/yr
• Cap rate: 2.58%
• Cash-on-cash: -13.25%
• DSCR: 0.41
• 1% rule: 0.48%
• Cash to close: $97,720

Investor read

• This is a 5-bed/3.5-bath single-family listed at $349k.
• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $193k (44.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (51.7% below list).
• It's been on market 127 days — a 12% lower offer ($307k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $169k (51.7% below list) — sets the bar for 1% rule.
• In year one you build about $31k of equity ($2k loan paydown + $28k appreciation (8.1% local appreciation)).
• Location reads 76/100 on livability (#214 in NY, #3,289 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, commute F.
• Owego-Apalachin Central School District (town): math 62% / reading 62% proficiency, ranked #204 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 65 active listings in the ZIP; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$49k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 2.6% vs local median 5.3% in Owego — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 127 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
• 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.
• 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.
• 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.