257 East St

Pittsford, NY 14534

$339,900D+

3 bd · 2.5 ba · 1,824 sqft · Built 1964 · SingleFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,923/mo
• Mortgage (P&I): −$1,782
• Tax + insurance: −$792
• HOA: −$0
• Vac / Maint / Mgmt: −$614
• Net cashflow: $-266/mo
• Annual: $-3,187/yr
• Cap rate: 5.36%
• Cash-on-cash: -3.35%
• DSCR: 0.85
• 1% rule: 0.86%
• Cash to close: $95,172

Investor read

• This is a 3-bed/2.5-bath single-family listed at $340k.
• At list price, monthly cash flow is $-266 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $293k (13.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $292k (14.0% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $292k (14.0% 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 $10k of value loss. Plan a longer hold.
• Location reads 94/100 on livability (#1 in NY, #10 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: cost of living D.
• Pittsford Central School District (suburban): math 80% / reading 84% proficiency, ranked #34 of 590 in NY (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 2% free/reduced lunch — higher-income household profile.
• Market conditions: 186 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $125k; list at $340k implies a 172% gain — meaningful room to come down on a strong offer.
• Cap rate 5.4% vs local median 2.5% in Pittsford — 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

• 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?
• Built in 1964 — 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?
• 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.