31 Brooklyn St

Angelica, NY 14709

$149,900D-

3 bd · 2.0 ba · 2,066 sqft · Built 1915 · SingleFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,301/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$360
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $-118/mo
• Annual: $-1,420/yr
• Cap rate: 5.35%
• Cash-on-cash: -3.38%
• DSCR: 0.85
• 1% rule: 0.87%
• Cash to close: $41,972

Investor read

• This is a 3-bed/2.0-bath single-family listed at $150k.
• At list price, monthly cash flow is $-118 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (13.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (13.2% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $129k (13.9% below list) — sets the bar for cash-flow.
• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.8% local appreciation)).
• Location reads 61/100 on livability (#944 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: health & safety D, schools D-, crime F.
• Genesee Valley Central School District (rural): math 52% / reading 50% proficiency, ranked #453 of 755 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 87 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).
• Allegany County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $75k; list at $150k implies a 100% gain — meaningful room to come down on a strong offer.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

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 1915 — 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 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?
• 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.