288 Ampersand Ave · Saranac Lake, NY 12983

$79,900

2 bd · 1.0 ba · 1,297 sqft · SingleFamily public records · 36 Days on market

Built 1890 4,791 sqft lot

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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
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome To 288 Ampersand Ave! Located Near Lake Colby, The Saranac Lake Civic Center, And The Adirondack Medical Center. This Parcel Features: -Open Floor Plan. -Extra Room On The First Floor. -Front And Backyard With A Driveway. -Municipal Sewer And Water. Property Needs Rehab. Cash. As Is. Assignment Of Contract.

Key facts

• Open floor plan
• Extra room
• Front and backyard

Tags

• OPEN FLOOR PLAN
• EXTRA ROOM
• FRONT AND BACKYARD
• MUNICIPAL SEWER AND WATER

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $600 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.3% vs local median 2.5% in Saranac Lake — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#274 in NY, #4,341 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: health & safety C-, crime D+, amenities D+.
• Saranac Lake Central School District (town): math 35% / reading 48% proficiency, ranked #497 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Petrova Elementary School (math 32% / reading 47%, grade F, #1,444 of 2,108 statewide, top 71%, 308 students, 49% FRL); Saranac Lake Senior High School (math 98% / reading 90%, grade A+, #124 of 1,100 statewide, top 12%, 385 students, 42% FRL) — zoned schools average 45% FRL vs 30% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 67% at this address vs 42% district-wide (+25 pts) — the actual schools serving this property are materially stronger than the Saranac Lake Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 77 active listings in the ZIP; 124 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Franklin County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: property tax is 4.2% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is D 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?
7. 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.
8. 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.
9. 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: 2.11% ✓
• Cap rate: 15.30%
• Cash-on-cash: 32.16%
• DSCR: 2.43
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $255,509
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 Charles St	0.14mi	3/1.5 (+1)	1,176 (-9%)	6mo	$260,000	$221	66
35 Mcclelland St. St	0.05mi	3/2.0 (+1)	1,397 (+8%)	17mo	$205,000	$147	62
162 Neil Street St	0.28mi	1/1.0 (-1)	1,403 (+8%)	8mo	$65,000	$46	61
84 Park Ave	0.27mi	3/1.5 (+1)	1,152 (-11%)	12mo	$82,000	$71	52
29 Canaras Ave	0.52mi	3/2.0 (+1)	1,377 (+6%)	7mo	$395,000	$287	51
18 Sumner Pl	0.48mi	2/1.5	1,206 (-7%)	20mo	$205,000	$170	48
52 Lake St	0.65mi	3/2.0 (+1)	1,363 (+5%)	7mo	$405,000	$297	46
154 Old Lake Colby Rd	0.58mi	3/3.0 (+1)	1,399 (+8%)	20mo	$275,000	$197	30

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

Projected returns pro-forma

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

5-year hold

• IRR: 27.3%
• Equity multiple: 2.13×
• Total profit: $25,371
• Equity at exit: $11,913

10-year hold

• IRR: 34.9%
• Equity multiple: 4.21×
• Total profit: $71,807
• Equity at exit: $6,908

Cash invested: $22,372 (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 12983

• Home prices YoY: -12.9%
• Active inventory: 77
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,683 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$278 /mo · $3,335/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $600

Break-even live

Break-even rent $924

Max offer price $79,900

Occupancy floor 59%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-02-28
   status Pending
2. 2026-02-04
   status Active
3. 2026-01-01
   status Pending
4. 2025-12-21
   listed $79,900 Active

ⓘ 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: $3,335 · $278/mo
• Projected year-2 tax: $3,335 · $278/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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥88°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,198
• − Mortgage interest: −$4,476
• − Property taxes: −$3,335
• − Insurance: −$400
• − Repairs & maintenance: −$1,616
• − Management: −$1,616
• − Depreciation: −$2,324
• Taxable income: $6,432
• Est. tax owed @ 24.0%: −$1,544
• After-tax cash flow: $5,650/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: Saranac Lake Central School District
• NCES district ID: 3625740
• Math proficiency: 35% ▼ -7.00%
• Reading proficiency: 48% ▲ 7.00%
• Median HH income: $50,434
• Composite: 35.73/100
• National rank: #4856
• State rank: #497 of 590 in NY

Livability — Saranac Lake

• Score: 75/100
• State rank: #274
• US rank: #4341

Category grades

Amenities D+ Commute C+ Cost of living A- Crime D+ Employment C Housing A+ Health & safety C- User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Saranac Lake, NY
• Population (ZIP): 7,410

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 (92%)
• Race & ethnicity: White 92% Two or more races 3% Hispanic / Latino 3% Black 2%
• Common ancestry: Lithuanian 7% Romanian 5% Slovak 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 1% Spanish 1% German/W. Germanic 1%

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: ▼ -47.20%
• Current HPI: 318.7218
• 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

4 events — show timeline

• 2026-02-28 Pending — Global MLS
• 2026-02-04 Relisted — Global MLS
• 2026-01-01 Pending — Global MLS
• 2025-12-21 Listed $79,900 Global MLS

Property tax history

+9.1%/yr

Latest (2025): $3,335 · +1.2% YoY. Source: county tax records.