13 Michigan St

Bloomfield, NY 14469

$239,000D-

2 bd · 1.0 ba · 1,800 sqft · Built 1856 · SingleFamily · Pending · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,295/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$513
• HOA: −$0
• Vac / Maint / Mgmt: −$482
• Net cashflow: $47/mo
• Annual: $565/yr
• Cap rate: 6.53%
• Cash-on-cash: 0.84%
• DSCR: 1.04
• 1% rule: 0.96%
• Cash to close: $66,920

Investor read

• This is a 2-bed/1.0-bath single-family listed at $239k.
• At list price, monthly cash flow is $47 ($565/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (4.0% below list).
• It's been on market 15 days — a 2% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $230k (4.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#484 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, employment A-; Watch: amenities F, commute F, health & safety D-.
• East Bloomfield Central School District (rural): math 64% / reading 61% proficiency, ranked #196 of 590 in NY (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bloomfield Elementary School (math 72% / reading 62%, grade B+, #525 of 2,108 statewide, top 27%, 350 students, 0% FRL); Bloomfield Middle School (math 42% / reading 57%, grade C, #280 of 729 statewide, top 40%, 171 students, 37% FRL); Bloomfield High School (math 87%, 265 students, 41% FRL) — zoned schools at 26% FRL track the district average.
• Watch-outs: built in 1856 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 284 units permitted in Ontario County in 2024 (69 in 5+ unit buildings).
• Ontario County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $40k; list at $239k implies a 497% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1856 — 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 A-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.