21 Main St

Tupper Lake, NY 12986

$29,000B+

3 bd · 2.0 ba · 1,386 sqft · Built 1895 · SingleFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,206/mo
• Mortgage (P&I): −$152
• Tax + insurance: −$48
• HOA: −$0
• Vac / Maint / Mgmt: −$253
• Net cashflow: $753/mo
• Annual: $9,032/yr
• Cap rate: 37.44%
• Cash-on-cash: 111.23%
• DSCR: 5.95
• 1% rule: 4.16%
• Cash to close: $8,120

Investor read

• This is a 3-bed/2.0-bath single-family listed at $29k.
• At list price, monthly cash flow is $753 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $29k).
• It's been on market 23 days — a 2% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $29k (1.5% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($200 loan paydown + $1k appreciation (4.0% local appreciation)).
• Location reads 66/100 on livability (#661 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+, crime B; Watch: health & safety C-, employment D+, amenities F.
• Tupper Lake Central School District (rural): math 36% / reading 31% proficiency, ranked #561 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: L P Quinn Elementary School (math 32% / reading 32%, grade F, #1,646 of 2,108 statewide, top 80%, 353 students, 51% FRL); Tupper Lake Middle-High School (math 42% / reading 32%, grade F, #1,069 of 1,100 statewide, top 98%, 409 students, 52% FRL) — zoned schools average 52% FRL vs 34% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 64 active listings in the ZIP; 124 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $1; list at $29k implies a 2899900% gain — meaningful room to come down on a strong offer.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 37.4% vs local median 1.8% in Tupper 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.

Questions for listing agent

• Built in 1895 — 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?
• 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.