32 New Gate Dr

Brighton, NY 14467

$199,900D+

3 bd · 1.5 ba · 1,068 sqft · Built 1978 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,989/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$574
• HOA: −$0
• Vac / Maint / Mgmt: −$418
• Net cashflow: $-50/mo
• Annual: $-605/yr
• Cap rate: 5.99%
• Cash-on-cash: -1.08%
• DSCR: 0.95
• 1% rule: 1.00%
• Cash to close: $55,972

Investor read

• This is a 3-bed/1.5-bath single-family listed at $200k.
• At list price, monthly cash flow is $-50 ($-605/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (4.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (0.5% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $191k (4.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#89 in NY, #1,379 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, employment B+; Watch: crime D+, amenities D-.
• Rush-Henrietta Central School District (suburban): math 62% / reading 57% proficiency, ranked #237 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Floyd S Winslow Elementary School (math 72% / reading 67%, grade A-, #447 of 2,108 statewide, top 24%, 488 students, 33% FRL); Charles H Roth Junior High School (math 42% / reading 57%, grade C, #280 of 729 statewide, top 40%, 531 students, 55% FRL); Rush-Henrietta Senior High School (math 97% / reading 72%, grade A, #379 of 1,100 statewide, top 36%, 1,300 students, 43% FRL).
• Watch-outs: property tax is 2.9% of price.
• Market conditions: Rents rising (+1.3%/yr); 39 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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.
• 2 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $82k; list at $200k implies a 142% gain — meaningful room to come down on a strong offer.
• Cap rate 6.0% vs local median 3.9% in Brighton — 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?
• Built in 1978 — 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.
• Schools are B-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?
• Crime grade is D 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?
• 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.