11576 State Route 22

North Granville, NY 12821

$59,900B+

3 bd · 2.0 ba · 1,300 sqft · Built 1950 · Other · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,255/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$97
• HOA: −$0
• Vac / Maint / Mgmt: −$264
• Net cashflow: $580/mo
• Annual: $6,960/yr
• Cap rate: 17.91%
• Cash-on-cash: 41.50%
• DSCR: 2.85
• 1% rule: 2.09%
• Cash to close: $16,772

Investor read

• This is a 3-bed/2.0-bath other listed at $60k.
• At list price, monthly cash flow is $580 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $533 of equity ($414 loan paydown + $119 appreciation (0.2% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Fort Ann Central School District (rural): math 61% / reading 64% proficiency, ranked #231 of 755 in NY (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fort Ann Elementary School (math 62% / reading 72%, grade B+, #525 of 2,108 statewide, top 27%, 231 students, 40% FRL); Fort Ann Middle/High School (math 47% / reading 72%, grade C+, #851 of 1,100 statewide, top 80%, 227 students, 44% FRL) — zoned schools average 42% FRL vs 26% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $25k; list at $60k implies a 140% gain — meaningful room to come down on a strong offer.
• At projected returns (0.2% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1950 — 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.
• 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.