123 Duane St

Malone, NY 12953

$42,000B+

3 bd · 1.0 ba · 1,326 sqft · Built 1880 · SingleFamily · Active · 509 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,280/mo
• Mortgage (P&I): −$220
• Tax + insurance: −$70
• HOA: −$0
• Vac / Maint / Mgmt: −$269
• Net cashflow: $721/mo
• Annual: $8,655/yr
• Cap rate: 26.90%
• Cash-on-cash: 73.60%
• DSCR: 4.27
• 1% rule: 3.05%
• Cash to close: $11,760

Investor read

• This is a 3-bed/1.0-bath single-family listed at $42k. Condition is rated fair.
• At list price, monthly cash flow is $721 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $42k).
• It's been on market 509 days — a 12% lower offer ($37k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $37k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($290 loan paydown + $4k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#437 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime D-, amenities F.
• Malone Central School District (town): math 27% / reading 29% proficiency, ranked #581 of 590 in NY (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Davis Elementary School (math 8% / reading 27%, grade F, #2,004 of 2,108 statewide, top 95%, 563 students, 50% FRL); Malone Middle School (math 8% / reading 32%, grade F, #678 of 729 statewide, top 94%, 500 students, 52% FRL); Franklin Academy High School (math 82% / reading 70%, grade A-, #623 of 1,100 statewide, top 57%, 719 students, 47% FRL).
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 176 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.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $28k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 26.9% vs local median 4.9% in Malone — 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

• It's been on market 509 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 1880 — 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.
• 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 D 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?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — The cabinets appear dated and may need updating or replacement.
• Major: Flooring — The flooring in the kitchen and living areas appears worn and may need replacement.
• Moderate: Exterior siding — The exterior siding appears weathered and paint is peeling.
• Moderate: Paint — Interior walls appear to have some discoloration and may need painting.