7080 Route 305

Belfast, NY 14711

$115,000D

1 bd · 1.0 ba · 1,542 sqft · Built 2014 · SingleFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,004/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$303
• HOA: −$0
• Vac / Maint / Mgmt: −$211
• Net cashflow: $-113/mo
• Annual: $-1,352/yr
• Cap rate: 5.12%
• Cash-on-cash: -4.20%
• DSCR: 0.81
• 1% rule: 0.87%
• Cash to close: $32,200

Investor read

• This is a 1-bed/1.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $-113 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $95k (17.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $100k (12.7% below list).
• It's been on market 20 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $95k (17.3% below list) — sets the bar for cash-flow.
• In year one you build about $8k of equity ($795 loan paydown + $7k appreciation (6.1% local appreciation)).
• Location reads 61/100 on livability (#927 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools D+, crime F.
• Belfast Central School District (rural): math 50% / reading 40% proficiency, ranked #577 of 755 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.7% of price.
• Market conditions: 23 active listings in the ZIP; 87 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).
• Allegany County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 10y 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 $45k; list at $115k implies a 156% gain — meaningful room to come down on a strong offer.
• By year 5, paydown + projected appreciation supports a ~$34k 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?
• 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 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?
• 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.