10191 State Route 53

Prattsburgh, NY 14873

$62,000B

3 bd · 1.0 ba · 1,152 sqft · Built 1900 · SingleFamily · Pending · 92 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,182/mo
• Mortgage (P&I): −$325
• Tax + insurance: −$182
• HOA: −$0
• Vac / Maint / Mgmt: −$248
• Net cashflow: $426/mo
• Annual: $5,112/yr
• Cap rate: 14.54%
• Cash-on-cash: 29.45%
• DSCR: 2.31
• 1% rule: 1.91%
• Cash to close: $17,360

Investor read

• This is a 3-bed/1.0-bath single-family listed at $62k.
• At list price, monthly cash flow is $426 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• It's been on market 92 days — a 9% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $56k (9.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($429 loan paydown + $6k appreciation (10.0% local appreciation)).
• Location reads 58/100 on livability (#1,060 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: schools C-, health & safety D, crime F.
• Prattsburgh Central School District (rural): math 40% / reading 50% proficiency, ranked #572 of 755 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.0% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 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.
• Current owner paid $45k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% 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?
• 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?
• 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.