326 Main St

Aurora, NY 13026

$219,900A-

3 bd · 1.0 ba · 1,362 sqft · Built 1820 · SingleFamily · Pending · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,214/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$393
• HOA: −$0
• Vac / Maint / Mgmt: −$675
• Net cashflow: $992/mo
• Annual: $11,909/yr
• Cap rate: 11.71%
• Cash-on-cash: 19.34%
• DSCR: 1.86
• 1% rule: 1.46%
• Cash to close: $61,572

Investor read

• This is a 3-bed/1.0-bath single-family listed at $220k.
• At list price, monthly cash flow is $992 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• It's been on market 26 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $217k (1.5% below list) — sets the bar for market timing.
• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#530 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: cost of living D+, health & safety D, crime F.
• Southern Cayuga Central School District (rural): math 61% / reading 61% proficiency, ranked #214 of 590 in NY (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Southern Cayuga Elementary School (math 62% / reading 62%, grade B, #675 of 2,108 statewide, top 35%, 361 students, 52% FRL); Southern Cayuga 7-12 Secondary School (math 62% / reading 57%, grade C+, #851 of 1,100 statewide, top 80%, 295 students, 48% FRL) — zoned schools average 50% FRL vs 35% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1820 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 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 $62k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1820 — 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?
• Crime grade is F 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?
• 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.