108 Prospect Rd

Keeseville, NY 12944

$225,000D

3 bd · 1.5 ba · 1,315 sqft · Built 1967 · SingleFamily · Pending · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,011/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$361
• HOA: −$0
• Vac / Maint / Mgmt: −$422
• Net cashflow: $48/mo
• Annual: $574/yr
• Cap rate: 6.55%
• Cash-on-cash: 0.91%
• DSCR: 1.04
• 1% rule: 0.89%
• Cash to close: $63,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $225k.
• At list price, monthly cash flow is $48 ($574/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (10.6% below list).
• It's been on market 26 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $201k (10.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#673 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D, amenities F, commute F.
• Ausable Valley Central School District (rural): math 36% / reading 51% proficiency, ranked #474 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Keeseville Primary School (math 17% / reading 57%, grade F, #1,519 of 2,108 statewide, top 74%, 413 students, 0% FRL); Ausable Valley Middle School (math 22% / reading 47%, grade F, #483 of 729 statewide, top 68%, 193 students, 54% FRL); Ausable Valley High School (math 92% / reading 75%, grade A, #409 of 1,100 statewide, top 39%, 351 students, 50% FRL) — zoned schools at 35% FRL track the district average.
• Market conditions: 40 active listings in the ZIP; 218 units permitted in Essex County in 2024 (63 in 5+ unit buildings).
• Essex County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 6.5% vs local median 5.1% in Keeseville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• Built in 1967 — 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?
• 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.
• 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.