76 E Wright Ave

Waterloo, NY 13165

$179,000D+

4 bd · 2.0 ba · 1,800 sqft · Built 1960 · SingleFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,726/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$389
• HOA: −$0
• Vac / Maint / Mgmt: −$363
• Net cashflow: $36/mo
• Annual: $436/yr
• Cap rate: 6.54%
• Cash-on-cash: 0.87%
• DSCR: 1.04
• 1% rule: 0.96%
• Cash to close: $50,120

Investor read

• This is a 4-bed/2.0-bath single-family listed at $179k.
• At list price, monthly cash flow is $36 ($436/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 $173k (3.5% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $173k (3.5% 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 75/100 on livability (#268 in NY, #4,240 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Waterloo Central School District (town): math 37% / reading 43% proficiency, ranked #525 of 590 in NY (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Skoi-Yase School (349 students, 59% FRL); Waterloo Middle School (math 13% / reading 31%, grade F, #656 of 729 statewide, top 90%, 338 students, 63% FRL); Waterloo High School (math 82% / reading 82%, grade A, #452 of 1,100 statewide, top 44%, 438 students, 58% FRL) — zoned schools average 60% FRL vs 40% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 52% at this address vs 40% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Waterloo Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 39 active listings in the ZIP; 48 units permitted in Seneca County in 2024 (0 in 5+ unit buildings).
• Seneca County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Cap rate 6.5% vs local median 4.8% in Waterloo — 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 1960 — 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.