43 South Ave

Warsaw, NY 14569

$147,000C-

3 bd · 1.5 ba · 1,048 sqft · Built 1957 · SingleFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,472/mo
• Mortgage (P&I): −$771
• Tax + insurance: −$349
• HOA: −$0
• Vac / Maint / Mgmt: −$309
• Net cashflow: $43/mo
• Annual: $517/yr
• Cap rate: 6.64%
• Cash-on-cash: 1.26%
• DSCR: 1.06
• 1% rule: 1.00%
• Cash to close: $41,160

Investor read

• This is a 3-bed/1.5-bath single-family listed at $147k.
• At list price, monthly cash flow is $43 ($517/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $147k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($1k loan paydown + $2k appreciation (1.1% local appreciation)).
• Location reads 74/100 on livability (#289 in NY, #4,662 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Warsaw Central School District (town): math 44% / reading 51% proficiency, ranked #431 of 590 in NY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 32 active listings in the ZIP; 83 units permitted in Wyoming County in 2024 (0 in 5+ unit buildings).
• Wyoming County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $8k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $147k implies a 143% gain — meaningful room to come down on a strong offer.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~9 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1957 — 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.