5591 Us Route 11

Homer, NY 13077

$249,900D

3 bd · 1.5 ba · 1,946 sqft · Built 1964 · SingleFamily · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,428/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$596
• HOA: −$0
• Vac / Maint / Mgmt: −$300
• Net cashflow: $-778/mo
• Annual: $-9,338/yr
• Cap rate: 2.56%
• Cash-on-cash: -13.35%
• DSCR: 0.41
• 1% rule: 0.57%
• Cash to close: $69,972

Investor read

• This is a 3-bed/1.5-bath single-family listed at $250k.
• At list price, monthly cash flow is $-778 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (52.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $143k (42.8% below list).
• It's been on market 51 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (52.8% below list) — sets the bar for cash-flow.
• In year one you build about $19k of equity ($2k loan paydown + $17k appreciation (6.9% local appreciation)).
• Location reads 76/100 on livability (#229 in NY, #3,609 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Homer Central School District (town): math 49% / reading 59% proficiency, ranked #306 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 39 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 10y 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 $143k; list at $250k implies a 75% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 2.6% vs local median 3.4% in Homer — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 51 days. Have you received any prior offers? Is the seller open to a 53% concession, seller financing, or rate buy-down credit?
• Built in 1964 — 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.