12760 Bowen Rd

Kennedy, NY 14772

$62,500B+

3 bd · 1.0 ba · 1,008 sqft · Built 1955 · SingleFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,314/mo
• Mortgage (P&I): −$328
• Tax + insurance: −$177
• HOA: −$0
• Vac / Maint / Mgmt: −$276
• Net cashflow: $534/mo
• Annual: $6,409/yr
• Cap rate: 16.55%
• Cash-on-cash: 36.62%
• DSCR: 2.63
• 1% rule: 2.10%
• Cash to close: $17,500

Investor read

• This is a 3-bed/1.0-bath single-family listed at $62k.
• At list price, monthly cash flow is $534 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $6k of equity ($432 loan paydown + $5k appreciation (8.1% local appreciation)).
• Location reads 60/100 on livability (#986 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: employment D+, schools F, crime F.
• Randolph Central School District (rural): math 46% / reading 57% proficiency, ranked #370 of 590 in NY (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 2.9% of price; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 16 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).
• Cattaraugus County population projected at -28% 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.
• At projected returns (8.1% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.