387 Old State Rd

Rensselaer Falls, NY 13680

$82,000C+

3 bd · 1.0 ba · 960 sqft · Built 1990 · Manufactured · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $977/mo
• Mortgage (P&I): −$430
• Tax + insurance: −$198
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $144/mo
• Annual: $1,724/yr
• Cap rate: 8.40%
• Cash-on-cash: 7.51%
• DSCR: 1.33
• 1% rule: 1.19%
• Cash to close: $22,960

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $82k.
• At list price, monthly cash flow is $144 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($977 rent vs $82k).
• It's been on market 27 days — a 2% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (1.5% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($567 loan paydown + $3k 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, schools F.
• Lisbon Central School District (rural): math 33% / reading 52% proficiency, ranked #482 of 590 in NY (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• 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.
• Current owner paid $18k; list at $82k implies a 356% gain — meaningful room to come down on a strong offer.
• At projected returns (3.7% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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.
• 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.