32 River St

Morrisonville, NY 12962

$75,000B

3 bd · 2.0 ba · 1,550 sqft · Built 1850 · SingleFamily · Pending · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,325/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$318
• HOA: −$0
• Vac / Maint / Mgmt: −$278
• Net cashflow: $336/mo
• Annual: $4,028/yr
• Cap rate: 11.66%
• Cash-on-cash: 19.18%
• DSCR: 1.85
• 1% rule: 1.77%
• Cash to close: $21,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $75k.
• At list price, monthly cash flow is $336 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• It's been on market 36 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#573 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: schools D+, amenities F, commute F.
• Saranac Central School District (rural): math 43% / reading 56% proficiency, ranked #374 of 590 in NY (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 4.6% of price; built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 29 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 (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1850 — 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?
• 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?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.