1672 Grand Central Ave

Elmira Heights, NY 14903

$59,900B+

3 bd · 1.0 ba · 1,424 sqft · Built 1920 · SingleFamily · Pending · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,212/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$255
• Net cashflow: $544/mo
• Annual: $6,526/yr
• Cap rate: 17.19%
• Cash-on-cash: 38.91%
• DSCR: 2.73
• 1% rule: 2.02%
• Cash to close: $16,772

Investor read

• This is a 3-bed/1.0-bath single-family listed at $60k.
• At list price, monthly cash flow is $544 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 27 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($414 loan paydown + $2k appreciation (3.8% local appreciation)).
• Location reads 72/100 on livability (#338 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Elmira Heights Central School District (suburban): math 39% / reading 46% proficiency, ranked #496 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cohen Elementary School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 494 students, 58% FRL); Cohen Middle School (math 22% / reading 42%, grade F, #511 of 729 statewide, top 71%, 230 students, 53% FRL); Thomas A Edison High School (math 95%, 321 students, 52% FRL).
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 27 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).
• Chemung County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $27k; list at $60k implies a 122% gain — meaningful room to come down on a strong offer.
• At projected returns (3.8% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• 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.
• 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.