61 West Gennesee St

Clyde, NY 14433

$42,900B

5 bd · 2.0 ba · 2,716 sqft · Built 1880 · SingleFamily · Pending · 103 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,664/mo
• Mortgage (P&I): −$225
• Tax + insurance: −$125
• HOA: −$0
• Vac / Maint / Mgmt: −$349
• Net cashflow: $965/mo
• Annual: $11,580/yr
• Cap rate: 33.29%
• Cash-on-cash: 96.40%
• DSCR: 5.29
• 1% rule: 3.88%
• Cash to close: $12,012

Investor read

• This is a 5-bed/2.0-bath single-family listed at $43k.
• At list price, monthly cash flow is $965 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $43k).
• It's been on market 103 days — a 9% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $39k (9.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($297 loan paydown + $1k appreciation (3.5% local appreciation)).
• Location reads 69/100 on livability (#497 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools C-, commute D, amenities F.
• Clyde-Savannah Central School District (rural): math 18% / reading 30% proficiency, ranked #587 of 590 in NY (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 3.0% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 259 units permitted in Wayne County in 2024 (90 in 5+ unit buildings).
• Wayne County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $27k (39%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.5% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1880 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.