221 Rafferty Rd

Gang Mills, NY 14870

$189,900C-

4 bd · 1.5 ba · 1,482 sqft · Built 1961 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,070/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$457
• HOA: −$0
• Vac / Maint / Mgmt: −$435
• Net cashflow: $182/mo
• Annual: $2,189/yr
• Cap rate: 7.45%
• Cash-on-cash: 4.12%
• DSCR: 1.18
• 1% rule: 1.09%
• Cash to close: $53,172

Investor read

• This is a 4-bed/1.5-bath single-family listed at $190k.
• At list price, monthly cash flow is $182 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#532 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: cost of living C-, schools D, health & safety D.
• Corning City School District (town): math 44% / reading 53% proficiency, ranked #406 of 590 in NY (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.4%/yr); 44 active listings in the ZIP; solid renter incomes; 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.

Questions for listing agent

• Built in 1961 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.