53 Church St

Savona, NY 14879

$300,000D+

6 bd · 2.0 ba · 2,736 sqft · Built 1900 · MultiFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,451/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$500
• HOA: −$0
• Vac / Maint / Mgmt: −$515
• Net cashflow: $-137/mo
• Annual: $-1,643/yr
• Cap rate: 5.75%
• Cash-on-cash: -1.96%
• DSCR: 0.91
• 1% rule: 0.82%
• Cash to close: $84,000

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $300k. Condition is rated good.
• At list price, monthly cash flow is $-137 ($-2k/yr) — negative. Per door: $-68/mo.
• To cash-flow at today's rent, offer at most $280k (6.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $245k (18.3% below list).
• It's been on market 20 days — a 2% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $245k (18.3% below list) — sets the bar for 1% rule.
• In year one you build about $16k of equity ($2k loan paydown + $14k appreciation (4.6% local appreciation)).
• Location reads 58/100 on livability (#1,050 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety D, crime F, amenities F.
• Campbell-Savona Central School District (rural): math 50% / reading 56% proficiency, ranked #334 of 590 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Campbell-Savona Elementary School (math 48% / reading 55%, grade C-, #1,041 of 2,108 statewide, top 50%, 457 students, 45% FRL); Campbell-Savona Junior/Senior High School (math 52% / reading 62%, grade C, #887 of 1,100 statewide, top 82%, 338 students, 36% FRL) — zoned schools at 40% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 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.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — 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 D-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?
• 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?