12258 Route 39

Perrysburg, NY 14129

$69,900C+

1 bd · 1.0 ba · 891 sqft · Built 1860 · SingleFamily · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $854/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$177
• HOA: −$0
• Vac / Maint / Mgmt: −$179
• Net cashflow: $131/mo
• Annual: $1,572/yr
• Cap rate: 8.54%
• Cash-on-cash: 8.03%
• DSCR: 1.36
• 1% rule: 1.22%
• Cash to close: $19,572

Investor read

• This is a 1-bed/1.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $131 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($854 rent vs $70k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $6k of equity ($483 loan paydown + $5k appreciation (7.8% local appreciation)).
• Location reads 62/100 on livability (#880 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: schools F, crime F, amenities F.
• Gowanda Central School District (rural): math 38% / reading 44% proficiency, ranked #513 of 590 in NY (top 87%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.5% of price; built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 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.
• Current owner paid $15k; list at $70k implies a 366% gain — meaningful room to come down on a strong offer.
• At projected returns (7.8% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1860 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.