14379 Maple St

Harrisville, NY 13648

$44,000B+

2 bd · 1.0 ba · 1,145 sqft · Built 1900 · SingleFamily · Active · 105 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,359/mo
• Mortgage (P&I): −$231
• Tax + insurance: −$187
• HOA: −$0
• Vac / Maint / Mgmt: −$285
• Net cashflow: $656/mo
• Annual: $7,867/yr
• Cap rate: 24.17%
• Cash-on-cash: 63.86%
• DSCR: 3.84
• 1% rule: 3.09%
• Cash to close: $12,320

Investor read

• This is a 2-bed/1.0-bath single-family listed at $44k.
• At list price, monthly cash flow is $656 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $44k).
• It's been on market 105 days — a 9% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $40k (9.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($304 loan paydown + $2k appreciation (5.2% local appreciation)).
• Location reads 59/100 on livability (#1,020 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety D, crime F, amenities F.
• Harrisville Central School District (rural): math 35% / reading 40% proficiency, ranked #673 of 755 in NY (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Harrisville Elementary School (math 47% / reading 47%, grade D-, #1,195 of 2,108 statewide, top 60%, 172 students, 58% FRL); Harrisville Junior-Senior High School (math 42% / reading 57%, grade D, #974 of 1,100 statewide, top 91%, 158 students, 52% FRL) — zoned schools average 55% FRL vs 37% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 4.6% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 27 active listings in the ZIP; 110 units permitted in Lewis County in 2024 (0 in 5+ unit buildings).
• Lewis County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $4k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $34k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• 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?
• 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.