8 East Ave

Wayland, NY 14572

$126,000C+

3 bd · 1.5 ba · 2,124 sqft · Built 1897 · SingleFamily · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,373/mo
• Mortgage (P&I): −$661
• Tax + insurance: −$315
• HOA: −$0
• Vac / Maint / Mgmt: −$288
• Net cashflow: $108/mo
• Annual: $1,302/yr
• Cap rate: 7.33%
• Cash-on-cash: 3.69%
• DSCR: 1.16
• 1% rule: 1.09%
• Cash to close: $35,280

Investor read

• This is a 3-bed/1.5-bath single-family listed at $126k.
• At list price, monthly cash flow is $108 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $126k).
• It's been on market 20 days — a 2% lower offer ($124k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $124k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($871 loan paydown + $2k appreciation (1.7% local appreciation)).
• Location reads 65/100 on livability (#668 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, crime A-; Watch: health & safety D, amenities F, commute F.
• Wayland-Cohocton Central School District (rural): math 40% / reading 53% proficiency, ranked #446 of 590 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wayland Elementary School (math 37% / reading 62%, grade D, #1,085 of 2,108 statewide, top 56%, 466 students, 63% FRL); Wayland-Cohocton Middle School (math 27% / reading 49%, grade F, #442 of 729 statewide, top 61%, 379 students, 62% FRL); Wayland-Cohocton High School (math 92%, 394 students, 59% FRL) — zoned schools average 61% FRL vs 39% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.5% of price; built in 1897 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 27 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.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1897 — 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?
• 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?
• 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.