25950 State Route 26

Plessis, NY 13656

$79,900C

2 bd · 1.0 ba · 3,650 sqft · Built 1875 · SingleFamily · Active · 337 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $879/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$210
• HOA: −$0
• Vac / Maint / Mgmt: −$185
• Net cashflow: $65/mo
• Annual: $777/yr
• Cap rate: 7.27%
• Cash-on-cash: 3.47%
• DSCR: 1.15
• 1% rule: 1.10%
• Cash to close: $22,372

Investor read

• This is a 2-bed/1.0-bath single-family listed at $80k. Condition is rated poor.
• At list price, monthly cash flow is $65 ($777/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($879 rent vs $80k).
• It's been on market 337 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($552 loan paydown + $4k appreciation (5.1% local appreciation)).
• Location reads 63/100 on livability (#815 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A; Watch: health & safety D, schools D-, crime F.
• Alexandria Central School District (rural): math 46% / reading 56% proficiency, ranked #378 of 590 in NY (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 2.7% of price; built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.1% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 337 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1875 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Severe weathering and peeling
• Major: roof — No visible roof condition