309 Adams Ave

Ogdensburg, NY 13669

$34,900C-

3 bd · 1.0 ba · 865 sqft · Built 1878 · SingleFamily · Active · 165 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,788/mo
• Mortgage (P&I): −$183
• Tax + insurance: −$130
• HOA: −$0
• Vac / Maint / Mgmt: −$375
• Net cashflow: $1,099/mo
• Annual: $13,188/yr
• Cap rate: 44.08%
• Cash-on-cash: 134.96%
• DSCR: 7.00
• 1% rule: 5.12%
• Cash to close: $9,772

Investor read

• This is a 3-bed/1.0-bath single-family listed at $35k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $35k).
• It's been on market 165 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• In year one you build about $613 of equity ($241 loan paydown + $372 appreciation (1.1% local appreciation)).
• Location reads 66/100 on livability (#624 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime F, amenities F.
• Ogdensburg City School District (town): math 34% / reading 46% proficiency, ranked #531 of 590 in NY (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Madill School (math 27% / reading 57%, grade F, #1,361 of 2,108 statewide, top 67%, 281 students, 56% FRL); Ogdensburg Free Academy (math 48% / reading 42%, grade D-, #1,030 of 1,100 statewide, top 94%, 714 students, 58% FRL).
• Watch-outs: property tax is 4.0% of price; built in 1878 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 233 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 (1.1% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 44.1% vs local median 11.4% in Ogdensburg — 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.
• This rent runs 32% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 165 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1878 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Significant wear and tear
• Major: siding — Visible discoloration and wear
• Major: fencing — Metal fencing appears rusted and in poor condition
• Major: landscaping — Overgrown and minimal