669 County Route 5

St. Regis Falls, NY 12930

$185,000D+

3 bd · 1.5 ba · 1,585 sqft · Built 1890 · SingleFamily · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,350/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$320
• HOA: −$0
• Vac / Maint / Mgmt: −$283
• Net cashflow: $-224/mo
• Annual: $-2,686/yr
• Cap rate: 4.84%
• Cash-on-cash: -5.18%
• DSCR: 0.77
• 1% rule: 0.73%
• Cash to close: $51,800

Investor read

• This is a 3-bed/1.5-bath single-family listed at $185k.
• At list price, monthly cash flow is $-224 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (21.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (27.1% below list).
• It's been on market 65 days — a 6% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (27.1% below list) — sets the bar for 1% rule.
• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Saint Regis Falls Central School District (rural): math 35% / reading 35% proficiency, ranked #699 of 755 in NY (top 93%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 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 $35k; list at $185k implies a 429% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 65 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Built in 1890 — 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.