9174 County Route 74

Keuka Park, NY 14840

$114,000B

2 bd · 1.0 ba · 1,104 sqft · Built 1930 · SingleFamily · Pending · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,546/mo
• Mortgage (P&I): −$598
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$325
• Net cashflow: $441/mo
• Annual: $5,294/yr
• Cap rate: 10.94%
• Cash-on-cash: 16.58%
• DSCR: 1.74
• 1% rule: 1.36%
• Cash to close: $31,920

Investor read

• This is a 2-bed/1.0-bath single-family listed at $114k.
• At list price, monthly cash flow is $441 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $114k).
• It's been on market 60 days — a 3% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (3.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($788 loan paydown + $6k appreciation (5.2% local appreciation)).
• Location reads 66/100 on livability (#656 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A, cost of living B+; Watch: health & safety D, amenities F, commute F.
• Hammondsport Central School District (rural): math 61% / reading 55% proficiency, ranked #305 of 755 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 44 active listings in the ZIP; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).
• Steuben County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 14y 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.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 10.9% vs local median 1.1% in Keuka Park — 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

• It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.