16-18 River St

Canaseraga, NY 14822

$69,900B+

2 bd · 1.0 ba · 1,410 sqft · Built 1920 · Other · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,317/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$349
• HOA: −$0
• Vac / Maint / Mgmt: −$277
• Net cashflow: $325/mo
• Annual: $3,901/yr
• Cap rate: 14.02%
• Cash-on-cash: 27.61%
• DSCR: 2.23
• 1% rule: 1.88%
• Cash to close: $19,572

Investor read

• This is a 2-bed/1.0-bath other listed at $70k.
• At list price, monthly cash flow is $325 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $7k of equity ($483 loan paydown + $6k appreciation (8.9% local appreciation)).
• Location reads 61/100 on livability (#937 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, crime F, amenities F.
• Canaseraga Central School District (rural): math 60% / reading 45% proficiency, ranked #430 of 755 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 3.3% of price; flood insurance adds $125/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 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 $12k; list at $70k implies a 482% gain — meaningful room to come down on a strong offer.
• At projected returns (8.9% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.