LOT # 1 7555 Airport Rd

Hornell, NY 14843

$52,000B+

2 bd · 2.0 ba · 952 sqft · Built 2026 · Land · Active · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,256/mo
• Mortgage (P&I): −$273
• Tax + insurance: −$87
• HOA: −$0
• Vac / Maint / Mgmt: −$264
• Net cashflow: $633/mo
• Annual: $7,598/yr
• Cap rate: 20.90%
• Cash-on-cash: 52.18%
• DSCR: 3.32
• 1% rule: 2.42%
• Cash to close: $14,560

Investor read

• This is a 2-bed/2.0-bath land listed at $52k.
• At list price, monthly cash flow is $633 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $52k).
• It's been on market 91 days — a 9% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $47k (9.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($360 loan paydown + $2k appreciation (4.0% local appreciation)).
• Location reads 70/100 on livability (#451 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, schools D, crime F.
• Arkport Central School District (town): math 59% / reading 65% proficiency, ranked #223 of 590 in NY (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 59 active listings in the ZIP; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).
• Steuben County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 sale attempts since 10y ago; this cycle's ask has dropped $13k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $52k implies a 74% gain — meaningful room to come down on a strong offer.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 20.9% vs local median 13.3% in Hornell — 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

• It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.