5058 Barrett Rd

Bath, NY 14819

$229,000D

2 bd · 1.5 ba · 2,148 sqft · Built 1970 · SingleFamily · Active · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,429/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$410
• HOA: −$0
• Vac / Maint / Mgmt: −$300
• Net cashflow: $-482/mo
• Annual: $-5,788/yr
• Cap rate: 3.77%
• Cash-on-cash: -9.03%
• DSCR: 0.60
• 1% rule: 0.62%
• Cash to close: $64,120

Investor read

• This is a 2-bed/1.5-bath single-family listed at $229k.
• At list price, monthly cash flow is $-482 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (37.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $143k (37.6% below list).
• It's been on market 54 days — a 3% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $143k (37.6% below list) — sets the bar for 1% rule.
• In year one you build about $24k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#533 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, crime D-, amenities F.
• Bath Central School District (town): math 38% / reading 44% proficiency, ranked #522 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 9 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 since 2y ago 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.
• Current owner paid $140k; list at $229k implies a 64% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 54 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• Built in 1970 — 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.
• Crime grade is D 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.