4495 Route 9N

Corinth, NY 12859

$315,000D

3 bd · 2.0 ba · 1,232 sqft · Built 2002 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,500/mo
• Mortgage (P&I): −$1,652
• Tax + insurance: −$374
• HOA: −$0
• Vac / Maint / Mgmt: −$315
• Net cashflow: $-841/mo
• Annual: $-10,093/yr
• Cap rate: 3.09%
• Cash-on-cash: -11.44%
• DSCR: 0.49
• 1% rule: 0.48%
• Cash to close: $88,200

Investor read

• This is a 3-bed/2.0-bath single-family listed at $315k.
• At list price, monthly cash flow is $-841 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (47.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (52.4% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $150k (52.4% below list) — sets the bar for 1% rule.
• In year one you build about $34k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#514 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, cost of living B+; Watch: employment C-, amenities F, commute F.
• Corinth Central School District (town): math 38% / reading 53% proficiency, ranked #448 of 590 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Corinth Elementary School (math 32% / reading 42%, grade F, #1,519 of 2,108 statewide, top 74%, 410 students, 53% FRL); Corinth Middle School (math 22% / reading 47%, grade F, #483 of 729 statewide, top 68%, 333 students, 46% FRL); Corinth High School (math 92% / reading 87%, grade A+, #265 of 1,100 statewide, top 26%, 342 students, 42% FRL).
• Market conditions: 11 active listings in the ZIP; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).
• Saratoga County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• By year 2, paydown + projected appreciation supports a ~$54k 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?
• 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.
• 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.