717 Salmon St St · Fort Covington, NY 12937

$39,900

3 bd · 1.5 ba · 2,108 sqft · SingleFamily public records · 686 Days on market

Built 1900 0.80 ac lot $19/sqft · 77% below area ↓ 50% since listing

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.8/10.0
• ARV discount +7.5/15.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Price dropped again on this fixer upper, this large home has loads of potential. Rooms are big and spacious, nice size lot on side road with little traffic. Come and check it out today! Call for more info today!!

Key facts

• Nice size lot
• Loads of potential
• Big and spacious

Tags

• FIXER UPPER
• LOADS OF POTENTIAL
• BIG AND SPACIOUS
• NICE SIZE LOT

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $690 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Salmon River Central School District (rural): math 34% / reading 43% proficiency, ranked #545 of 590 in NY (top 92%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 10 active listings in the ZIP; 124 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($276 loan paydown + $4k appreciation (9.7% local appreciation)).
• Franklin County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.7% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 686 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $40k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 686 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 3.20% ✓
• Cap rate: 27.03%
• Cash-on-cash: 74.07%
• DSCR: 4.30
• GRM: 2.6

CMA / ARV

• ARV (median comp): $171,234
• List price: $39,900
• Delta: -76.70%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
723 Salmon St	0.03mi	3/1.5	1,826 (-13%)	21mo	$99,900	$55	59
2606 State Route 37	0.64mi	3/1.5	1,868 (-11%)	2mo	$150,000	$80	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

9.69% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 84.4%
• Equity multiple: 6.80×
• Total profit: $64,841
• Equity at exit: $35,034

10-year hold

• IRR: 79.1%
• Equity multiple: 14.99×
• Total profit: $156,279
• Equity at exit: $74,602

Cash invested: $11,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 12937

• Home prices YoY: 3.7%
• Active inventory: 10
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,276 medium
• Mortgage (P&I): −$209
• Tax from tax record: −$92 /mo · $1,110/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $690

Break-even live

Break-even rent $403

Max offer price $39,900

Occupancy floor 41%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $39,900 Active 686 DOM
2. 2026-06-17
   days on market $39,900 Active 685 DOM
3. 2026-06-16
   days on market $39,900 Active 684 DOM
4. 2026-06-15
   days on market $39,900 Active 683 DOM
5. 2026-06-13
   days on market $39,900 Active 681 DOM
6. 2026-06-12
   days on market $39,900 Active 680 DOM
7. 2026-06-09
   days on market $39,900 Active 677 DOM
8. 2026-06-08
   days on market $39,900 Active 676 DOM
9. 2026-06-07
   days on market $39,900 Active 675 DOM
10. 2026-06-05
    days on market $39,900 Active 673 DOM
11. 2026-06-04
    days on market $39,900 Active 671 DOM
12. 2026-06-02
    days on market $39,900 Active 670 DOM
13. 2026-06-01
    days on market $39,900 Active 669 DOM
14. 2026-05-31
    days on market $39,900 Active 668 DOM
15. 2026-03-15
    status Active 212-char remark

    Show marketing remark (212 chars)

    Price dropped again on this fixer upper, this large home has loads of potential. Rooms are big and spacious, nice size lot on side road with little traffic. Come and check it out today! Call for more info today!!

16. 2026-02-28
    historical 212-char remark

    Show marketing remark (212 chars)

    Price dropped again on this fixer upper, this large home has loads of potential. Rooms are big and spacious, nice size lot on side road with little traffic. Come and check it out today! Call for more info today!!

17. 2026-01-08
    price $39,900 212-char remark

    Show marketing remark (212 chars)

    Price dropped again on this fixer upper, this large home has loads of potential. Rooms are big and spacious, nice size lot on side road with little traffic. Come and check it out today! Call for more info today!!

18. 2025-11-06
    status Active 212-char remark

    Show marketing remark (212 chars)

    Price dropped again on this fixer upper, this large home has loads of potential. Rooms are big and spacious, nice size lot on side road with little traffic. Come and check it out today! Call for more info today!!

19. 2025-10-29
    historical 212-char remark

    Show marketing remark (212 chars)

    Price dropped again on this fixer upper, this large home has loads of potential. Rooms are big and spacious, nice size lot on side road with little traffic. Come and check it out today! Call for more info today!!

20. 2025-05-06
    price $49,900 212-char remark

    Show marketing remark (212 chars)

    Price dropped again on this fixer upper, this large home has loads of potential. Rooms are big and spacious, nice size lot on side road with little traffic. Come and check it out today! Call for more info today!!

21. 2025-02-14
    price $54,900 212-char remark

    Show marketing remark (212 chars)

    Price dropped again on this fixer upper, this large home has loads of potential. Rooms are big and spacious, nice size lot on side road with little traffic. Come and check it out today! Call for more info today!!

22. 2024-11-06
    price $69,900 212-char remark

    Show marketing remark (212 chars)

    Price dropped again on this fixer upper, this large home has loads of potential. Rooms are big and spacious, nice size lot on side road with little traffic. Come and check it out today! Call for more info today!!

23. 2024-10-04
    status Active 212-char remark

    Show marketing remark (212 chars)

    Price dropped again on this fixer upper, this large home has loads of potential. Rooms are big and spacious, nice size lot on side road with little traffic. Come and check it out today! Call for more info today!!

24. 2024-09-30
    historical 212-char remark

    Show marketing remark (212 chars)

    Price dropped again on this fixer upper, this large home has loads of potential. Rooms are big and spacious, nice size lot on side road with little traffic. Come and check it out today! Call for more info today!!

25. 2024-07-05
    listed $79,950 Active 212-char remark

    Show marketing remark (212 chars)

    Price dropped again on this fixer upper, this large home has loads of potential. Rooms are big and spacious, nice size lot on side road with little traffic. Come and check it out today! Call for more info today!!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $1,110 · $92/mo
• Projected year-2 tax: $1,110 · $92/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,311
• − Mortgage interest: −$2,235
• − Property taxes: −$1,110
• − Insurance: −$200
• − Repairs & maintenance: −$1,225
• − Management: −$1,225
• − Depreciation: −$1,161
• Taxable income: $8,156
• Est. tax owed @ 24.0%: −$1,957
• After-tax cash flow: $6,318/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Salmon River Central School District
• NCES district ID: 3625500
• Math proficiency: 34% ▼ -1.00%
• Reading proficiency: 43% ▲ 7.00%
• Median HH income: $39,710
• Composite: 32.24/100
• National rank: #5770
• State rank: #545 of 590 in NY

Livability — Fort Covington

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Fort Covington, NY
• City population: 1,340
• Population (ZIP): 1,340

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 48,098 people
• By 2030: 46,790 · -2.7%
• By 2040: 44,400 · -7.7%
• By 2050: 41,256 · -14.2%
• By 2075: 32,190 · -33.1%
• By 2100: 23,407 · -51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Native American 4% Two or more races 3%
• Common ancestry: Lithuanian 17% Italian 6% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 85% English-only · German/W. Germanic 12%

Political lean MEDSL · Franklin

• 2024 margin: Lean R (+9.0) · D 45.5% · R 54.5%
• 2008→2024 swing: -31.2pp toward R · 2008: 22.2pp · 2024: -9.0pp
• All cycles: 2024: R+9.0 2020: R+2.2 2016: R+7.4 2012: D+26.3 2008: D+22.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.69%
• Current HPI: 273.8496
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

-50.1% since first listed

11 events — show timeline

• 2026-03-15 Relisted — ACVMLS
• 2026-02-28 Delisted — ACVMLS
• 2026-01-08 Price Changed $39,900 ACVMLS
• 2025-11-06 Relisted — ACVMLS
• 2025-10-29 Delisted — ACVMLS
• 2025-05-06 Price Changed $49,900 ACVMLS
• 2025-02-14 Price Changed $54,900 ACVMLS
• 2024-11-06 Price Changed $69,900 ACVMLS
• 2024-10-04 Relisted — ACVMLS
• 2024-09-30 Delisted — ACVMLS
• 2024-07-05 Listed $79,950 ACVMLS

Property tax history

-0.2%/yr

Latest (2025): $1,110 · +0.3% YoY. Source: county tax records.