7317 Route 380

Cassadaga, NY 14784

$19,900C-

3 bd · 1.0 ba · 1,480 sqft · Built 1900 · SingleFamily · Pending · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,236/mo
• Mortgage (P&I): −$104
• Tax + insurance: −$86
• HOA: −$0
• Vac / Maint / Mgmt: −$259
• Net cashflow: $785/mo
• Annual: $9,426/yr
• Cap rate: 53.66%
• Cash-on-cash: 169.16%
• DSCR: 8.53
• 1% rule: 6.21%
• Cash to close: $5,572

Investor read

• This is a 3-bed/1.0-bath single-family listed at $20k.
• At list price, monthly cash flow is $785 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• It's been on market 55 days — a 3% lower offer ($19k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $19k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($138 loan paydown + $1k appreciation (6.9% local appreciation)).
• Location reads 60/100 on livability (#979 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Cassadaga Valley Central School District (rural): math 41% / reading 61% proficiency, ranked #372 of 590 in NY (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 4.7% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $20k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (6.9% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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?
• 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?
• 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.