59 Lillibridge Rd

Portville, NY 14770

$119,900C-

3 bd · 1.5 ba · 1,288 sqft · Built 1920 · SingleFamily · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,132/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$278
• HOA: −$0
• Vac / Maint / Mgmt: −$238
• Net cashflow: $-13/mo
• Annual: $-158/yr
• Cap rate: 6.16%
• Cash-on-cash: -0.47%
• DSCR: 0.98
• 1% rule: 0.94%
• Cash to close: $33,572

Investor read

• This is a 3-bed/1.5-bath single-family listed at $120k.
• At list price, monthly cash flow is $-13 ($-158/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (5.6% below list).
• It's been on market 37 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (5.6% below list) — sets the bar for 1% rule.
• In year one you build about $10k of equity ($829 loan paydown + $9k appreciation (7.7% local appreciation)).
• Location reads 62/100 on livability (#877 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B; Watch: employment D, health & safety D, crime F.
• Portville Central School District (rural): math 63% / reading 65% proficiency, ranked #190 of 590 in NY (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 25 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.7% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

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 37 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.