4217 S Main St

Port Henry, NY 12974

$194,000D

3 bd · 1.5 ba · 2,094 sqft · Built 1900 · SingleFamily · Pending · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,562/mo
• Mortgage (P&I): −$1,017
• Tax + insurance: −$335
• HOA: −$0
• Vac / Maint / Mgmt: −$328
• Net cashflow: $-119/mo
• Annual: $-1,424/yr
• Cap rate: 5.56%
• Cash-on-cash: -2.62%
• DSCR: 0.88
• 1% rule: 0.81%
• Cash to close: $54,320

Investor read

• This is a 3-bed/1.5-bath single-family listed at $194k.
• At list price, monthly cash flow is $-119 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (10.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (19.5% below list).
• It's been on market 32 days — a 3% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $156k (19.5% below list) — sets the bar for 1% rule.
• In year one you build about $12k of equity ($1k loan paydown + $11k appreciation (5.5% local appreciation)).
• Location reads 76/100 on livability (#226 in NY, #3,576 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Moriah Central School District (rural): math 41% / reading 52% proficiency, ranked #445 of 590 in NY (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Moriah Elementary School (math 42% / reading 47%, grade F, #1,277 of 2,108 statewide, top 64%, 385 students, 47% FRL); Moriah Junior-Senior High School (math 37% / reading 57%, grade D-, #1,007 of 1,100 statewide, top 93%, 316 students, 34% FRL) — zoned schools at 40% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 23 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.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.6% vs local median 2.7% in Port Henry — 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

• 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 32 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.