115 Olmstead Pl

Westvale, NY 13219

$219,000C-

4 bd · 1.0 ba · 1,520 sqft · Built 1928 · SingleFamily · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,079/mo
• Mortgage (P&I): −$1,148
• Tax + insurance: −$461
• HOA: −$0
• Vac / Maint / Mgmt: −$437
• Net cashflow: $33/mo
• Annual: $395/yr
• Cap rate: 6.47%
• Cash-on-cash: 0.64%
• DSCR: 1.03
• 1% rule: 0.95%
• Cash to close: $61,320

Investor read

• This is a 4-bed/1.0-bath single-family listed at $219k.
• At list price, monthly cash flow is $33 ($395/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 $208k (5.1% below list).
• It's been on market 17 days — a 2% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $208k (5.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#105 in NY, #1,731 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A; Watch: amenities F, commute F.
• West Genesee Central School District (suburban): math 56% / reading 61% proficiency, ranked #241 of 590 in NY (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Onondaga Road Elementary School (math 52% / reading 67%, grade B-, #745 of 2,108 statewide, top 39%, 327 students, 31% FRL); West Genesee Middle School (math 42% / reading 62%, grade C+, #241 of 729 statewide, top 35%, 686 students, 32% FRL); West Genesee Senior High School (math 94%, 1,357 students, 30% FRL) — zoned schools average 31% FRL vs 15% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 53 active listings in the ZIP; solid renter incomes; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 17y ago; this cycle's ask has dropped $16k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $219k implies a 56% gain — meaningful room to come down on a strong offer.
• Cap rate 6.5% vs local median 3.9% in Westvale — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1928 — 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 A-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?
• 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.