2179 Main St

North Collins, NY 14091

$70,000B+

4 bd · 1.5 ba · 1,752 sqft · Built 1876 · SingleFamily · Active · 157 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,773/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$56
• HOA: −$0
• Vac / Maint / Mgmt: −$372
• Net cashflow: $977/mo
• Annual: $11,724/yr
• Cap rate: 23.04%
• Cash-on-cash: 59.82%
• DSCR: 3.66
• 1% rule: 2.53%
• Cash to close: $19,600

Investor read

• This is a 4-bed/1.5-bath single-family listed at $70k.
• At list price, monthly cash flow is $977 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• It's been on market 157 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($484 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#802 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools C-, amenities F, commute F.
• North Collins Central School District (rural): math 45% / reading 40% proficiency, ranked #589 of 755 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1876 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 4 sale attempts; this cycle's ask has dropped $20k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 157 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1876 — 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.
• 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.