216 Stuart St

Horseheads North, NY 14845

$159,900D

3 bd · 1.5 ba · 1,000 sqft · Built 1951 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,589/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$385
• HOA: −$0
• Vac / Maint / Mgmt: −$334
• Net cashflow: $32/mo
• Annual: $386/yr
• Cap rate: 6.53%
• Cash-on-cash: 0.86%
• DSCR: 1.04
• 1% rule: 0.99%
• Cash to close: $44,772

Investor read

• This is a 3-bed/1.5-bath single-family listed at $160k.
• At list price, monthly cash flow is $32 ($386/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 $159k (0.6% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $159k (0.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#670 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, employment A-; Watch: health & safety D, amenities F, commute F.
• Horseheads Central School District (suburban): math 44% / reading 58% proficiency, ranked #347 of 590 in NY (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Ridge Road School (math 42% / reading 72%, grade C+, #842 of 2,108 statewide, top 43%, 400 students, 34% FRL); Horseheads Middle School (math 29% / reading 50%, grade F, #418 of 729 statewide, top 59%, 572 students, 36% FRL); Horseheads Senior High School (math 95% / reading 98%, grade A+, #59 of 1,100 statewide, top 6%, 1,142 students, 27% FRL).
• Zoned-school proficiency averages 64% at this address vs 51% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Horseheads Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 92 active listings in the ZIP; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).
• Chemung County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• Built in 1951 — 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.
• 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.
• 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.