19 1st St

Glens Falls, NY 12801

$245,000D

3 bd · 1.0 ba · 1,290 sqft · Built 1900 · SingleFamily · Active · 222 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,878/mo
• Mortgage (P&I): −$1,285
• Tax + insurance: −$358
• HOA: −$0
• Vac / Maint / Mgmt: −$394
• Net cashflow: $-159/mo
• Annual: $-1,910/yr
• Cap rate: 5.51%
• Cash-on-cash: -2.78%
• DSCR: 0.88
• 1% rule: 0.77%
• Cash to close: $68,600

Investor read

• This is a 3-bed/1.0-bath single-family listed at $245k.
• At list price, monthly cash flow is $-159 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $217k (11.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $188k (23.3% below list).
• It's been on market 222 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $188k (23.3% 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 83/100 on livability (#60 in NY, #894 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, housing A+.
• Glens Falls City School District (urban): math 44% / reading 53% proficiency, ranked #416 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 56 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 180 units permitted in Warren County in 2024 (40 in 5+ unit buildings).
• Warren County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $2k; list at $245k implies a 16233% gain — meaningful room to come down on a strong offer.
• This rent runs 33% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• It's been on market 222 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.