499 Fulton St

Waverly, NY 14892

$69,000B+

4 bd · 1.0 ba · 2,170 sqft · Built 1900 · SingleFamily · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,389/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$224
• HOA: −$0
• Vac / Maint / Mgmt: −$292
• Net cashflow: $511/mo
• Annual: $6,133/yr
• Cap rate: 15.18%
• Cash-on-cash: 31.74%
• DSCR: 2.41
• 1% rule: 2.01%
• Cash to close: $19,320

Investor read

• This is a 4-bed/1.0-bath single-family listed at $69k.
• At list price, monthly cash flow is $511 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• It's been on market 17 days — a 2% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($477 loan paydown + $2k appreciation (2.8% local appreciation)).
• Location reads 67/100 on livability (#569 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.
• Waverly Central School District (town): math 41% / reading 46% proficiency, ranked #480 of 590 in NY (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Elm Street Elementary School (math 44% / reading 47%, grade D-, #1,271 of 2,108 statewide, top 60%, 443 students, 58% FRL); Waverly Middle School (math 30% / reading 45%, grade F, #445 of 729 statewide, top 61%, 463 students, 53% FRL); Waverly High School (math 87% / reading 75%, grade A, #485 of 1,100 statewide, top 45%, 443 students, 46% FRL).
• Watch-outs: property tax is 3.4% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 53 active listings in the ZIP; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $60k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (2.8% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 15.2% vs local median 4.6% in Waverly — 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

• Built in 1900 — 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.