2 Campbell St

Bath, NY 14810

$26,000B-

2 bd · 1.0 ba · 1,136 sqft · Built 1850 · SingleFamily · Pending · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $975/mo
• Mortgage (P&I): −$136
• Tax + insurance: −$43
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $591/mo
• Annual: $7,087/yr
• Cap rate: 33.55%
• Cash-on-cash: 97.35%
• DSCR: 5.33
• 1% rule: 3.75%
• Cash to close: $7,280

Investor read

• This is a 2-bed/1.0-bath single-family listed at $26k.
• At list price, monthly cash flow is $591 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($975 rent vs $26k).
• It's been on market 61 days — a 6% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $24k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $180 of loan paydown is wiped out by about $780 of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#533 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, crime D-, amenities F.
• Bath Central School District (town): math 38% / reading 44% proficiency, ranked #522 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Vernon E Wightman Primary School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 504 students, 58% FRL); Dana L Lyon Middle School (math 26% / reading 39%, grade F, #504 of 729 statewide, top 70%, 515 students, 59% FRL); Haverling Senior High School (math 98% / reading 84%, grade A+, #203 of 1,100 statewide, top 20%, 421 students, 56% FRL).
• Zoned-school proficiency averages 57% at this address vs 41% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Bath Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 66 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 2 sale attempts since 25y ago; this cycle's ask has dropped $6k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 33.6% vs local median 3.6% in Bath — 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 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Crime grade is D 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.