1117 Ithaca Rd

Candor, NY 13864

$185,000D

3 bd · 1.5 ba · 1,540 sqft · Built 1900 · SingleFamily · Pending · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,447/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$319
• HOA: −$0
• Vac / Maint / Mgmt: −$304
• Net cashflow: $-146/mo
• Annual: $-1,746/yr
• Cap rate: 5.35%
• Cash-on-cash: -3.37%
• DSCR: 0.85
• 1% rule: 0.78%
• Cash to close: $51,800

Investor read

• This is a 3-bed/1.5-bath single-family listed at $185k.
• At list price, monthly cash flow is $-146 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (13.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $145k (21.8% below list).
• It's been on market 66 days — a 6% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $145k (21.8% below list) — sets the bar for 1% rule.
• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 61/100 on livability (#895 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, crime F, amenities F.
• Candor Central School District (rural): math 26% / reading 45% proficiency, ranked #551 of 590 in NY (top 93%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Candor Elementary School (math 17% / reading 42%, grade F, #1,729 of 2,108 statewide, top 84%, 400 students, 46% FRL); Candor Junior-Senior High School (math 37% / reading 52%, grade F, #1,032 of 1,100 statewide, top 95%, 306 students, 60% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$32k 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 66 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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?
• 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?