19 Longhorn Dr

Rochester Institute of Technology, NY 14586

$259,900D+

3 bd · 1.0 ba · 1,800 sqft · Built 1976 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,481/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$618
• HOA: −$0
• Vac / Maint / Mgmt: −$521
• Net cashflow: $-21/mo
• Annual: $-248/yr
• Cap rate: 6.20%
• Cash-on-cash: -0.34%
• DSCR: 0.98
• 1% rule: 0.95%
• Cash to close: $72,772

Investor read

• This is a 3-bed/1.0-bath single-family listed at $260k.
• At list price, monthly cash flow is $-21 ($-248/yr) — negative.
• To cash-flow at today's rent, offer at most $256k (1.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $248k (4.5% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $248k (4.5% 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 $8k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Rush-Henrietta Central School District (suburban): math 62% / reading 57% proficiency, ranked #237 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 40 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $65k; list at $260k implies a 300% gain — meaningful room to come down on a strong offer.
• Cap rate 6.2% vs local median 3.8% in Rochester Institute of Technology — 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?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.