7 Lagrasse St

Waddington, NY 13694

$119,500C

3 bd · 2.0 ba · 1,176 sqft · Built 2005 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,256/mo
• Mortgage (P&I): −$627
• Tax + insurance: −$246
• HOA: −$0
• Vac / Maint / Mgmt: −$264
• Net cashflow: $120/mo
• Annual: $1,436/yr
• Cap rate: 7.49%
• Cash-on-cash: 4.29%
• DSCR: 1.19
• 1% rule: 1.05%
• Cash to close: $33,460

Investor read

• This is a 3-bed/2.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $120 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $911 of equity ($826 loan paydown + $85 appreciation (0.1% local appreciation)).
• Location reads 59/100 on livability (#1,011 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living A-; Watch: employment C-, health & safety C-, schools 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.
• Market conditions: 20 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 $9k; list at $120k implies a 1228% gain — meaningful room to come down on a strong offer.
• At projected returns (0.1% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~9 years — after that, you're playing with house money.

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.