5295 County Route 14

Norfolk, NY 13621

$145,000D+

3 bd · 1.0 ba · 1,248 sqft · Built 1900 · SingleFamily · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,133/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$181
• HOA: −$0
• Vac / Maint / Mgmt: −$238
• Net cashflow: $-46/mo
• Annual: $-555/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.37%
• DSCR: 0.94
• 1% rule: 0.78%
• Cash to close: $40,600

Investor read

• This is a 3-bed/1.0-bath single-family listed at $145k.
• At list price, monthly cash flow is $-46 ($-555/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (5.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (21.8% below list).
• It's been on market 22 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (21.8% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (4.4% local appreciation)).
• Location reads 64/100 on livability (#737 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime F, amenities F.
• Madrid-Waddington Central School District (rural): math 50% / reading 56% proficiency, ranked #332 of 590 in NY (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Madrid-Waddington Elementary School (math 52% / reading 52%, grade C-, #988 of 2,108 statewide, top 49%, 327 students, 43% FRL); Madrid-Waddington Junior-Senior High School (math 52% / reading 62%, grade C, #887 of 1,100 statewide, top 82%, 328 students, 49% 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 (4.4% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.