31 Center St

Fort Plain, NY 13339

$5,000C-

3 bd · 2.0 ba · 1,960 sqft · Built 1890 · SingleFamily · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,209/mo
• Mortgage (P&I): −$26
• Tax + insurance: −$64
• HOA: −$0
• Vac / Maint / Mgmt: −$254
• Net cashflow: $865/mo
• Annual: $10,381/yr
• Cap rate: 227.24%
• Cash-on-cash: 789.10%
• DSCR: 36.11
• 1% rule: 24.18%
• Cash to close: $1,400

Investor read

• This is a 3-bed/2.0-bath single-family listed at $5k.
• At list price, monthly cash flow is $865 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $5k).
• It's been on market 23 days — a 2% lower offer ($5k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $5k (1.5% below list) — sets the bar for market timing.
• In year one you build about $297 of equity ($35 loan paydown + $262 appreciation (5.2% local appreciation)).
• Location reads 72/100 on livability (#374 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime B+; Watch: commute F, employment F.
• Fort Plain Central School District (rural): math 43% / reading 57% proficiency, ranked #401 of 590 in NY (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Harry Hoag School (math 42% / reading 57%, grade D, #1,085 of 2,108 statewide, top 56%, 389 students, 57% FRL); Fort Plain Junior-Senior High School (math 47% / reading 57%, grade D+, #946 of 1,100 statewide, top 88%, 325 students, 61% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 45 active listings in the ZIP; 210 units permitted in Montgomery County in 2024 (168 in 5+ unit buildings).
• Montgomery County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 27y 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 $1k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.