6057 Gulick Rd

Honeoye, NY 14512

$79,900B-

1 bd · 1.0 ba · 700 sqft · Built 1950 · SingleFamily · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,094/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$211
• HOA: −$0
• Vac / Maint / Mgmt: −$230
• Net cashflow: $235/mo
• Annual: $2,817/yr
• Cap rate: 9.82%
• Cash-on-cash: 12.59%
• DSCR: 1.56
• 1% rule: 1.37%
• Cash to close: $22,372

Investor read

• This is a 1-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $235 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#790 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, employment B+, cost of living B+; Watch: crime F, amenities F, commute F.
• Naples Central School District (rural): math 51% / reading 61% proficiency, ranked #292 of 590 in NY (top 50%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 2.7% of price; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 51 active listings in the ZIP; 284 units permitted in Ontario County in 2024 (69 in 5+ unit buildings).
• Ontario County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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 (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 9.8% vs local median 0.8% in Honeoye — 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

• Built in 1950 — 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.
• 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.