59 N Franklin St

Cattaraugus, NY 14719

$57,000A

3 bd · 1.0 ba · 1,752 sqft · Built 1900 · SingleFamily · Pending · 225 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,146/mo
• Mortgage (P&I): −$299
• Tax + insurance: −$135
• HOA: −$0
• Vac / Maint / Mgmt: −$241
• Net cashflow: $472/mo
• Annual: $5,667/yr
• Cap rate: 16.23%
• Cash-on-cash: 35.51%
• DSCR: 2.58
• 1% rule: 2.01%
• Cash to close: $15,960

Investor read

• This is a 3-bed/1.0-bath single-family listed at $57k.
• At list price, monthly cash flow is $472 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $57k).
• It's been on market 225 days — a 12% lower offer ($50k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $50k (12.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($394 loan paydown + $6k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#973 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: employment C-, crime F, amenities F.
• Cattaraugus-Little Valley Central School District (rural): math 42% / reading 49% proficiency, ranked #460 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cattaraugus-Little Valley Elementary School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 334 students, 55% FRL); Cattaraugus-Little Valley Middle School (math 22% / reading 47%, grade F, #483 of 729 statewide, top 68%, 255 students, 53% FRL); Cattaraugus-Little Valley High School (math 92%, 251 students, 48% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $3k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~2 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.

Questions for listing agent

• It's been on market 225 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.
• 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.