52 Milo St

Dresden, NY 14441

$215,000D-

5 bd · 1.5 ba · 2,372 sqft · Built 1900 · SingleFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,507/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$422
• HOA: −$0
• Vac / Maint / Mgmt: −$316
• Net cashflow: $-360/mo
• Annual: $-4,315/yr
• Cap rate: 4.29%
• Cash-on-cash: -7.17%
• DSCR: 0.68
• 1% rule: 0.70%
• Cash to close: $60,200

Investor read

• This is a 5-bed/1.5-bath single-family listed at $215k.
• At list price, monthly cash flow is $-360 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (29.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (29.9% below list).
• It's been on market 29 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $151k (29.9% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($1k loan paydown + $3k appreciation (1.5% local appreciation)).
• Location reads 59/100 on livability (#1,042 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety D, schools F.
• Penn Yan Central School District (town): math 57% / reading 62% proficiency, ranked #251 of 590 in NY (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 107 units permitted in Yates County in 2024 (8 in 5+ unit buildings).
• Yates County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $27k; list at $215k implies a 696% gain — meaningful room to come down on a strong offer.
• By year 7, paydown + projected appreciation supports a ~$31k 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?
• Built in 1900 — 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 F-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?
• 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.