2716 Green St

Weedsport, NY 13166

$184,900C+

2 bd · 1.0 ba · 1,124 sqft · Built 1925 · SingleFamily · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,629/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$287
• HOA: −$0
• Vac / Maint / Mgmt: −$342
• Net cashflow: $30/mo
• Annual: $362/yr
• Cap rate: 6.49%
• Cash-on-cash: 0.70%
• DSCR: 1.03
• 1% rule: 0.88%
• Cash to close: $51,772

Investor read

• This is a 2-bed/1.0-bath single-family listed at $185k.
• At list price, monthly cash flow is $30 ($362/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (11.9% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $163k (11.9% below list) — sets the bar for 1% rule.
• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 66/100 on livability (#660 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A; Watch: amenities F, commute F, health & safety D-.
• Weedsport Central School District (town): math 58% / reading 44% proficiency, ranked #340 of 590 in NY (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 16 active listings in the ZIP; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• Cayuga County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.