148 Stevens St

Wellsville, NY 14895

$38,200A-

3 bd · 1.0 ba · 994 sqft · Built 1925 · SingleFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,450/mo
• Mortgage (P&I): −$200
• Tax + insurance: −$64
• HOA: −$0
• Vac / Maint / Mgmt: −$304
• Net cashflow: $882/mo
• Annual: $10,578/yr
• Cap rate: 33.98%
• Cash-on-cash: 98.90%
• DSCR: 5.40
• 1% rule: 3.80%
• Cash to close: $10,696

Investor read

• This is a 3-bed/1.0-bath single-family listed at $38k.
• At list price, monthly cash flow is $882 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $4k of equity ($264 loan paydown + $4k appreciation (10.0% local appreciation)).
• Location reads 73/100 on livability (#336 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, crime C-, employment C-.
• Wellsville Central School District (town): math 42% / reading 53% proficiency, ranked #442 of 590 in NY (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 52 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 87 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).
• Allegany County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 34.0% vs local median 6.6% in Wellsville — 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

• Built in 1925 — 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.
• 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.