114 Bank St

Newfield, NY 14867

$110,000C+

3 bd · 2.0 ba · 2,176 sqft · Built 1865 · SingleFamily · Pending · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,468/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$377
• HOA: −$0
• Vac / Maint / Mgmt: −$308
• Net cashflow: $206/mo
• Annual: $2,468/yr
• Cap rate: 8.54%
• Cash-on-cash: 8.01%
• DSCR: 1.36
• 1% rule: 1.33%
• Cash to close: $30,800

Investor read

• This is a 3-bed/2.0-bath single-family listed at $110k.
• At list price, monthly cash flow is $206 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• It's been on market 39 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.7%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Newfield Central School District (rural): math 32% / reading 48% proficiency, ranked #517 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Newfield Elementary School (math 17% / reading 42%, grade F, #1,729 of 2,108 statewide, top 84%, 341 students, 56% FRL); Newfield Middle School (math 17% / reading 32%, grade F, #611 of 729 statewide, top 88%, 157 students, 80% FRL); Newfield Senior High School (math 98% / reading 87%, grade A+, #158 of 1,100 statewide, top 15%, 191 students, 54% FRL) — zoned schools average 64% FRL vs 47% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 3.6% of price; built in 1865 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 29 active listings in the ZIP; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 8.5% vs local median 3.2% in Newfield — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1865 — 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.
• 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.