4 Courtly Cir

Owego, NY 13827

$275,000D

5 bd · 2.5 ba · 2,464 sqft · Built 1976 · SingleFamily · Pending · 129 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,677/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$780
• HOA: −$0
• Vac / Maint / Mgmt: −$352
• Net cashflow: $-897/mo
• Annual: $-10,769/yr
• Cap rate: 2.38%
• Cash-on-cash: -13.99%
• DSCR: 0.38
• 1% rule: 0.61%
• Cash to close: $77,000

Investor read

• This is a 5-bed/2.5-bath single-family listed at $275k.
• At list price, monthly cash flow is $-897 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $160k (41.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (39.0% below list).
• It's been on market 129 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $160k (41.9% below list) — sets the bar for cash-flow.
• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (8.1% local appreciation)).
• Location reads 76/100 on livability (#214 in NY, #3,289 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, commute F.
• Owego-Apalachin Central School District (town): math 62% / reading 62% proficiency, ranked #204 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Owego Elementary School (math 72% / reading 67%, grade A-, #447 of 2,108 statewide, top 24%, 486 students, 53% FRL); Owego-Apalachin Middle School (math 36% / reading 57%, grade D+, #330 of 729 statewide, top 46%, 443 students, 45% FRL); Owego Free Academy (math 98% / reading 75%, grade A, #342 of 1,100 statewide, top 31%, 606 students, 41% FRL).
• Watch-outs: property tax is 2.9% of price.
• Market conditions: 65 active listings in the ZIP; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $85k; list at $275k implies a 224% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 2.4% vs local median 5.3% in Owego — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 129 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
• Built in 1976 — 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?
• 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.
• 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?
• 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.