5450 Francis Shrs

Honeoye, NY 14471

$335,000F

3 bd · 1.0 ba · 1,152 sqft · Built 1978 · SingleFamily · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,197/mo
• Mortgage (P&I): −$1,757
• Tax + insurance: −$422
• HOA: −$13
• Vac / Maint / Mgmt: −$251
• Net cashflow: $-1,246/mo
• Annual: $-14,956/yr
• Cap rate: 1.83%
• Cash-on-cash: -15.95%
• DSCR: 0.29
• 1% rule: 0.36%
• Cash to close: $93,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $335k.
• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (65.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (64.3% below list).
• It's been on market 74 days — a 6% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (65.7% below list) — sets the bar for cash-flow.
• In year one you build about $36k of equity ($2k loan paydown + $34k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#790 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, employment B+, cost of living B+; Watch: crime F, amenities F, commute F.
• Honeoye Central School District (rural): math 43% / reading 63% proficiency, ranked #327 of 590 in NY (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Honeoye Elementary School (math 37% / reading 62%, grade D, #1,085 of 2,108 statewide, top 56%, 247 students, 37% FRL); Honeoye Middle/High School (math 47% / reading 67%, grade C, #887 of 1,100 statewide, top 82%, 309 students, 36% FRL).
• Market conditions: 28 active listings in the ZIP; 284 units permitted in Ontario County in 2024 (69 in 5+ unit buildings).
• Ontario County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$58k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 1.8% vs local median 0.8% in Honeoye — 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

• 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?
• It's been on market 74 days. Have you received any prior offers? Is the seller open to a 66% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?