52 Stonington Dr

Pittsford, NY 14534

$299,900D-

2 bd · 2.0 ba · 1,452 sqft · Built 1984 · Condo · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,754/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$648
• HOA: −$525
• Vac / Maint / Mgmt: −$578
• Net cashflow: $-570/mo
• Annual: $-6,844/yr
• Cap rate: 4.01%
• Cash-on-cash: -8.15%
• DSCR: 0.64
• 1% rule: 0.92%
• Cash to close: $83,972

Investor read

• This is a 2-bed/2.0-bath condo listed at $300k.
• At list price, monthly cash flow is $-570 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (33.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $275k (8.2% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $199k (33.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 94/100 on livability (#1 in NY, #10 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living D.
• Pittsford Central School District (suburban): math 80% / reading 84% proficiency, ranked #34 of 590 in NY (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 2% free/reduced lunch — higher-income household profile.
• Zoned schools: Mendon Center Elementary School (math 83% / reading 84%, grade A+, #128 of 2,108 statewide, top 6%, 645 students, 0% FRL); Barker Road Middle School (math 66% / reading 81%, grade A, #69 of 729 statewide, top 9%, 686 students, 0% FRL); Pittsford-Mendon High School (math 100% / reading 82%, grade A+, #226 of 1,100 statewide, top 21%, 914 students, 0% FRL) — zoned schools at 0% FRL track the district average.
• Market conditions: 188 active listings in the ZIP; high-income renter base; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $185k; list at $300k implies a 62% gain — meaningful room to come down on a strong offer.
• Cap rate 4.0% vs local median 2.6% in Pittsford — 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

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.