940 Peasleeville Rd

Cadyville, NY 12985

$70,000B+

3 bd · 1.0 ba · 1,186 sqft · Built 1856 · SingleFamily · Active · 92 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,190/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$339
• HOA: −$0
• Vac / Maint / Mgmt: −$250
• Net cashflow: $234/mo
• Annual: $2,808/yr
• Cap rate: 11.44%
• Cash-on-cash: 18.40%
• DSCR: 1.82
• 1% rule: 1.70%
• Cash to close: $19,600

Investor read

• This is a 3-bed/1.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $234 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 92 days — a 9% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $64k (9.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($484 loan paydown + $2k appreciation (3.4% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Peru Central School District (rural): math 35% / reading 48% proficiency, ranked #483 of 590 in NY (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 4.2% of price; flood insurance adds $66/mo; built in 1856 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 192 units permitted in Clinton County in 2024 (64 in 5+ unit buildings).
• Clinton County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.4% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1856 — 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.