7 Island St

Edwards, NY 13635

$29,500B+

3 bd · 1.0 ba · 1,566 sqft · Built 1929 · SingleFamily · Pending · 109 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,224/mo
• Mortgage (P&I): −$155
• Tax + insurance: −$132
• HOA: −$0
• Vac / Maint / Mgmt: −$257
• Net cashflow: $680/mo
• Annual: $8,165/yr
• Cap rate: 33.97%
• Cash-on-cash: 98.85%
• DSCR: 5.40
• 1% rule: 4.15%
• Cash to close: $8,260

Investor read

• This is a 3-bed/1.0-bath single-family listed at $30k.
• At list price, monthly cash flow is $680 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• It's been on market 109 days — a 9% lower offer ($27k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $27k (9.0% below list) — sets the bar for market timing.
• In year one you build about $978 of equity ($204 loan paydown + $774 appreciation (2.6% local appreciation)).
• Location reads 56/100 on livability (#1,113 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: employment D, health & safety D, schools F.
• Edwards-Knox Central School District (rural): math 40% / reading 52% proficiency, ranked #454 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 4.9% of price; built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 215 units permitted in St. Lawrence County in 2024 (0 in 5+ unit buildings).
• St. Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $6k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (2.6% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1929 — 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?
• 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 F-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 F 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.