4891 Mcmaster

Cameron, NY 14819

$141,000D-

1 bd · 1.0 ba · 720 sqft · Built 1950 · SingleFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $951/mo
• Mortgage (P&I): −$739
• Tax + insurance: −$259
• HOA: −$0
• Vac / Maint / Mgmt: −$200
• Net cashflow: $-247/mo
• Annual: $-2,964/yr
• Cap rate: 4.19%
• Cash-on-cash: -7.51%
• DSCR: 0.67
• 1% rule: 0.67%
• Cash to close: $39,480

Investor read

• This is a 1-bed/1.0-bath single-family listed at $141k.
• At list price, monthly cash flow is $-247 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $97k (31.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $95k (32.5% below list).
• It's been on market 29 days — a 2% lower offer ($139k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $95k (32.5% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($975 loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Addison Central School District (rural): math 32% / reading 35% proficiency, ranked #563 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tuscarora Elementary School (math 16% / reading 27%, grade F, #1,941 of 2,108 statewide, top 92%, 423 students, 49% FRL); Addison Middle/High School (math 44% / reading 43%, grade F, #1,043 of 1,100 statewide, top 95%, 546 students, 43% FRL) — zoned schools at 46% FRL track the district average.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 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.
• 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 $116k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.