294 Mildahn Rd

Gananda, NY 14502

$349,000D+

3 bd · 2.5 ba · 1,440 sqft · Built 2024 · SingleFamily · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,000/mo
• Mortgage (P&I): −$1,830
• Tax + insurance: −$582
• HOA: −$0
• Vac / Maint / Mgmt: −$630
• Net cashflow: $-42/mo
• Annual: $-502/yr
• Cap rate: 6.15%
• Cash-on-cash: -0.51%
• DSCR: 0.98
• 1% rule: 0.86%
• Cash to close: $97,720

Investor read

• This is a 3-bed/2.5-bath single-family listed at $349k. Condition is rated good.
• At list price, monthly cash flow is $-42 ($-502/yr) — negative.
• To cash-flow at today's rent, offer at most $343k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $300k (14.0% below list).
• It's been on market 35 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $300k (14.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Penfield Central School District (suburban): math 77% / reading 79% proficiency, ranked #67 of 590 in NY (top 11%) — strong family-tenant draw, lease renewals of 3-5y typical; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Harris Hill Elementary School (math 87% / reading 87%, grade A+, #69 of 2,108 statewide, top 4%, 427 students, 16% FRL); Bay Trail Middle School (math 59% / reading 78%, grade A, #94 of 729 statewide, top 13%, 1,113 students, 23% FRL); Penfield Senior High School (math 98% / reading 72%, grade A, #369 of 1,100 statewide, top 34%, 1,424 students, 25% FRL).
• Market conditions: 49 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 259 units permitted in Wayne County in 2024 (90 in 5+ unit buildings).
• Wayne County population projected at -24% 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.
• Cap rate 6.1% vs local median 3.2% in Gananda — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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 35 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• 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.