1896 E Elmwood Ave

Falconer, NY 14733

$59,900B+

3 bd · 1.0 ba · 1,200 sqft · Built 1949 · SingleFamily · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,103/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$198
• HOA: −$0
• Vac / Maint / Mgmt: −$232
• Net cashflow: $359/mo
• Annual: $4,307/yr
• Cap rate: 13.48%
• Cash-on-cash: 25.68%
• DSCR: 2.14
• 1% rule: 1.84%
• Cash to close: $16,772

Investor read

• This is a 3-bed/1.0-bath single-family listed at $60k.
• At list price, monthly cash flow is $359 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 46 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($414 loan paydown + $1k appreciation (2.5% local appreciation)).
• Location reads 71/100 on livability (#391 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: amenities F, commute F, employment F.
• Falconer Central School District (town): math 43% / reading 54% proficiency, ranked #423 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.5% of price; built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $13k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $46k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1949 — 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.