61 Water St · Perry, NY 14530

$75,000

4 bd · 1.0 ba · 1,800 sqft · SingleFamily public records · 63 Days on market

Built 1890 8,400 sqft lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Attention investors, renovators, and savvy buyers seeking exceptional value in Wyoming County, New York — 61 Water Street in the Village of Perry presents a rare opportunity to transform a character-rich, circa-1890 four-bedroom, three-full-bath home into your dream property at an unbeatable price point. This fixer-upper is loaded with good bones and standout features, including original hardwood floors throughout 1st floor, custom cherry kitchen cabinets, multiple private balconies perfect for enjoying the fresh Western New York air, & a massive workshop area ideal for hobbyists, craftsmen, contractors, or anyone craving serious storage and flex space. The home sits on a 0.19-ac

Key facts

• 0.19-acre lot
• 8,400 sq ft lot
• Built 1890

Tags

• ORIGINAL HARDWOOD FLOORS
• CUSTOM CHERRY KITCHEN CABINETS
• MULTIPLE PRIVATE BALCONIES
• MASSIVE WORKSHOP AREA
• 0.19-ACRE LOT
• OUTSTANDING REGIONAL ACCESS

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $416 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $70k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 4.2% in Perry — 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.

Location & tenants

• Location reads 72/100 on livability (#348 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D+, amenities F, commute F.
• Perry Central School District (rural): math 53% / reading 63% proficiency, ranked #272 of 590 in NY (top 46%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 23 active listings in the ZIP; 83 units permitted in Wyoming County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wyoming County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $18k; list at $75k implies a 317% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.3% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.87% ✓
• Cap rate: 12.95%
• Cash-on-cash: 23.78%
• DSCR: 2.06
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $187,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26 Olin Ave	0.32mi	4/2.0	1,772 (-2%)	1mo	$205,000	$116	77
30 Elm St	0.09mi	3/1.5 (-1)	1,653 (-8%)	1mo	$92,000	$56	74
12 Clark St	0.20mi	4/2.0	1,718 (-5%)	10mo	$224,930	$131	71
18 Water St	0.13mi	4/1.5	1,968 (+9%)	9mo	$144,750	$74	69
22 Genesee St	0.28mi	3/1.0 (-1)	1,697 (-6%)	7mo	$45,000	$27	67
8 Main Ter	0.05mi	3/1.0 (-1)	1,560 (-13%)	10mo	$75,000	$48	62
21 Benedict St	0.22mi	3/2.0 (-1)	1,595 (-11%)	5mo	$195,000	$122	58
34 Dolbeer St	0.42mi	4/1.5	1,582 (-12%)	4mo	$205,000	$130	55
51 Saint Helena St	0.55mi	4/1.5	1,634 (-9%)	4mo	$169,900	$104	54
17 Tuna St	0.62mi	3/1.5 (-1)	1,657 (-8%)	9mo	$30,400	$18	43
80 Saint Helena St	0.66mi	3/2.0 (-1)	1,947 (+8%)	15mo	$210,000	$108	34
118 South Main St	0.63mi	4/1.5	1,540 (-14%)	14mo	$160,000	$104	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.1%
• Equity multiple: 1.69×
• Total profit: $14,483
• Equity at exit: $11,183

10-year hold

• IRR: 25.7%
• Equity multiple: 3.25×
• Total profit: $47,263
• Equity at exit: $6,485

Cash invested: $21,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 14530

• Home prices YoY: -4.0%
• Active inventory: 23
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,401 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$266 /mo · $3,197/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $416

Break-even live

Break-even rent $875

Max offer price $75,000

Occupancy floor 65%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-07
   status Pending
2. 2026-04-27
   historical Active Under Contract
3. 2026-04-21
   price $75,000
4. 2026-03-05
   listed $85,000 Active
5. 1995-02-28
   soldstatus $18,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $3,197 · $266/mo
• Projected year-2 tax: $3,197 · $266/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,818
• − Mortgage interest: −$4,201
• − Property taxes: −$3,197
• − Insurance: −$375
• − Repairs & maintenance: −$1,345
• − Management: −$1,345
• − Depreciation: −$2,182
• Taxable income: $4,172
• Est. tax owed @ 24.0%: −$1,001
• After-tax cash flow: $3,993/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Perry Central School District
• NCES district ID: 3622770
• Math proficiency: 53% ▼ -7.00%
• Reading proficiency: 63% ▲ 12.00%
• Median HH income: $48,386
• Composite: 49.23/100
• National rank: #2036
• State rank: #272 of 590 in NY

Livability — Perry

• Score: 72/100
• State rank: #348
• US rank: #5898

Category grades

Amenities F Commute F Cost of living A+ Crime B- Employment D+ Housing A+ Health & safety A User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Perry, NY
• Population (ZIP): 6,396

Population outlook (Wyoming County) Hauer SSP2

• Today (2025): 38,976 people
• By 2030: 37,826 · -3.0%
• By 2040: 35,585 · -8.7%
• By 2050: 32,841 · -15.7%
• By 2075: 25,920 · -33.5%
• By 2100: 19,082 · -51.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 8% Black 5% Two or more races 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Romanian 3% Danish 3% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Wyoming

• 2024 margin: Solid R (+48.2) · D 25.9% · R 74.1%
• 2008→2024 swing: -22.1pp toward R · 2008: -26.1pp · 2024: -48.2pp
• All cycles: 2024: R+48.2 2020: R+45.5 2016: R+51.0 2012: R+29.6 2008: R+26.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -10.45%
• Current HPI: 250.8251
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+316.7% since first listed

5 events — show timeline

• 2026-05-07 Pending — UNYREIS
• 2026-04-27 Contingent — UNYREIS
• 2026-04-21 Price Changed $75,000 UNYREIS
• 2026-03-05 Listed $85,000 UNYREIS
• 1995-02-28 Sold (Public Records) $18,000 Public Records

Property tax history

+6.8%/yr

Latest (2025): $3,197 · +2.5% YoY. Source: county tax records.