423 Renssealer St

Rensselaer Falls, NY 13680

$65,000B+

3 bd · 1.0 ba · 2,295 sqft · Built 1900 · SingleFamily · Active · 362 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,276/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$108
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $559/mo
• Annual: $6,705/yr
• Cap rate: 16.61%
• Cash-on-cash: 36.84%
• DSCR: 2.64
• 1% rule: 1.96%
• Cash to close: $18,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $65k. Condition is rated fair.
• At list price, monthly cash flow is $559 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 362 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($449 loan paydown + $2k appreciation (3.7% local appreciation)).
• Location reads 60/100 on livability (#999 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety D, crime F.
• Canton Central School District (rural): math 49% / reading 59% proficiency, ranked #321 of 590 in NY (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: F S Banford Elementary School (math 42% / reading 67%, grade C, #908 of 2,108 statewide, top 46%, 434 students, 43% FRL); J M Mckenney Middle School (math 35% / reading 55%, grade D, #342 of 729 statewide, top 48%, 337 students, 49% FRL); H C Williams Senior High School (math 98% / reading 90%, grade A+, #124 of 1,100 statewide, top 12%, 346 students, 46% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 215 units permitted in St. Lawrence County in 2024 (0 in 5+ unit buildings).
• St. Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.7% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 362 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 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.
• Schools are F-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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen flooring — patterned linoleum in poor condition
• Moderate: bathroom fixtures — dated fixtures in need of replacement
• Minor: exterior siding — some discoloration