215 Seymour St

Hornell, NY 14843

$41,000B+

3 bd · 1.0 ba · 1,184 sqft · Built 1875 · SingleFamily · Pending · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,497/mo
• Mortgage (P&I): −$215
• Tax + insurance: −$108
• HOA: −$0
• Vac / Maint / Mgmt: −$314
• Net cashflow: $859/mo
• Annual: $10,306/yr
• Cap rate: 31.43%
• Cash-on-cash: 89.78%
• DSCR: 4.99
• 1% rule: 3.65%
• Cash to close: $11,480

Investor read

• This is a 3-bed/1.0-bath single-family listed at $41k.
• At list price, monthly cash flow is $859 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $41k).
• It's been on market 85 days — a 6% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $39k (6.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($283 loan paydown + $2k appreciation (4.0% local appreciation)).
• Location reads 70/100 on livability (#451 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, crime F, commute F.
• Hornell City School District (town): math 33% / reading 49% proficiency, ranked #519 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Hornell School (309 students, 44% FRL); Hornell Intermediate School (math 20% / reading 43%, grade F, #1,679 of 2,108 statewide, top 80%, 477 students, 64% FRL); Hornell Junior-Senior High School (math 45% / reading 58%, grade D+, #967 of 1,100 statewide, top 88%, 625 students, 53% FRL) — zoned schools at 53% FRL track the district average.
• Watch-outs: property tax is 2.7% of price; built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 61 active listings in the ZIP; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).
• Steuben County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $4k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $41k implies a 193% gain — meaningful room to come down on a strong offer.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 31.4% vs local median 12.6% in Hornell — 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.
• This rent runs 31% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1875 — 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?
• 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.
• Schools are D-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.