6050 Lake St

Wolcott, NY 14590

$82,500B+

3 bd · 1.5 ba · 1,476 sqft · Built 1835 · SingleFamily · Active · 241 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,300/mo
• Mortgage (P&I): −$433
• Tax + insurance: −$260
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $334/mo
• Annual: $4,011/yr
• Cap rate: 11.15%
• Cash-on-cash: 17.36%
• DSCR: 1.77
• 1% rule: 1.58%
• Cash to close: $23,100

Investor read

• This is a 3-bed/1.5-bath single-family listed at $82k.
• At list price, monthly cash flow is $334 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $82k).
• It's been on market 241 days — a 12% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $570 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#460 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, commute A-; Watch: amenities F, employment F, health & safety D-.
• North Rose-Wolcott Central School District (rural): math 43% / reading 38% proficiency, ranked #514 of 590 in NY (top 87%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Rose-Wolcott Elementary School (math 37% / reading 47%, grade F, #1,361 of 2,108 statewide, top 67%, 417 students, 60% FRL); North Rose-Wolcott Middle School (math 29% / reading 32%, grade F, #537 of 729 statewide, top 74%, 343 students, 62% FRL); North Rose-Wolcott High School (math 92% / reading 75%, grade A, #409 of 1,100 statewide, top 39%, 367 students, 57% FRL).
• Watch-outs: property tax is 3.3% of price; built in 1835 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 45 active listings in the ZIP; 259 units permitted in Wayne County in 2024 (90 in 5+ unit buildings).
• Wayne County population projected at -24% 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 $23k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 241 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1835 — 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.
• 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.