2051 County Route 35 · Madrid, NY 13668

$129,000

5 bd · None ba · 1,404 sqft · SingleFamily · 178 Days on market

Built 1962 Poor condition $92/sqft · 46% below area Est $239k · 46% under ↓ 48% since listing

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +21.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• Appreciation +6.8/10.0
• 1% rule +5.6/10.0
• Schools +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Listing remarks MLS

This spacious 5 to 6 bedroom home offers an enclosed porch, a large barn, and stunning country views—all within close proximity to Potsdam, Norwood, Norfolk, Madrid, and Canton. Located in the Potsdam School District, this property provides plenty of living space and storage, along with a generous yard perfect for gatherings and outdoor activities. The property will be surveyed, and 4 to 6 acres will convey with the sale. Only the home to the right and the barn behind that home are included. Please note: there is currently no electricity, no heating system, and no running water in the home. Cookstoves and the woodstove do not convey. There are also 1 to 2 first-floor rooms that can be used as bedrooms, offering flexible living arrangements. The wrap-around driveway adds convenience to the property. Don’t miss your chance to make this spacious homestead your own—schedule your showing soon!

Key facts

• Generous yard
• Wrap-around driveway
• Enclosed porch

Tags

• ENCLOSED PORCH
• LARGE BARN
• COUNTRY VIEWS
• GENEROUS YARD
• WRAP-AROUND DRIVEWAY

What this means for you Summary

Snapshot

• This is a 5-bed/?-bath single-family listed at $129k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $189 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $129k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#849 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, crime F.
• Potsdam Central School District (town): math 53% / reading 66% proficiency, ranked #258 of 590 in NY (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 26 active listings in the ZIP; 215 units permitted in St. Lawrence County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($892 loan paydown + $5k appreciation (3.6% local appreciation)).
• St. Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.6% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 178 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Recommended offer $113,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 1.06% ✓
• Cap rate: 8.05%
• Cash-on-cash: 6.28%
• DSCR: 1.28
• GRM: 7.9

CMA / ARV

• ARV (median comp): $239,031
• List price: $129,000
• Delta: -46.03%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

3.6% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.9%
• Equity multiple: 1.88×
• Total profit: $31,726
• Equity at exit: $62,401

10-year hold

• IRR: 16.2%
• Equity multiple: 3.52×
• Total profit: $91,137
• Equity at exit: $99,736

Cash invested: $36,120 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 13668

• Home prices YoY: 1.1%
• Active inventory: 26
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,368 medium
• Mortgage (P&I): −$676
• Tax est. 1.5%: −$161 /mo · $1,935/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $189

Break-even live

Break-even rent $1,128

Max offer price $129,000

Occupancy floor 81%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-07
   statusdays on market $129,000 Pending 178 DOM
2. 2026-06-04
   days on market $129,000 Active 177 DOM
3. 2026-06-02
   days on market $129,000 Active 176 DOM
4. 2026-06-01
   days on market $129,000 Active 175 DOM
5. 2026-05-31
   days on market $129,000 Active 174 DOM
6. 2025-12-08
   listed $129,000 Active 919-char remark

   Show marketing remark (919 chars)

   This spacious 5 to 6 bedroom home offers an enclosed porch, a large barn, and stunning country views—all within close proximity to Potsdam, Norwood, Norfolk, Madrid, and Canton. Located in the Potsdam School District, this property provides plenty of living space and storage, along with a generous yard perfect for gatherings and outdoor activities. The property will be surveyed, and 4 to 6 acres will convey with the sale. Only the home to the right and the barn behind that home are included. Please note: there is currently no electricity, no heating system, and no running water in the home. Cookstoves and the woodstove do not convey. There are also 1 to 2 first-floor rooms that can be used as bedrooms, offering flexible living arrangements. The wrap-around driveway adds convenience to the property. Don’t miss your chance to make this spacious homestead your own—schedule your showing soon!

7. 2025-05-20
   listed $95,000 Active
8. 2023-11-02
   listed $235,000 Active
9. 2023-04-11
   soldstatus $200,000 Closed
10. 2022-10-20
    listed $250,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $16,411
• − Mortgage interest: −$7,226
• − Property taxes: −$1,935
• − Insurance: −$645
• − Repairs & maintenance: −$1,313
• − Management: −$1,313
• − Depreciation: −$3,753
• Taxable income: $227
• Est. tax owed @ 24.0%: −$54
• After-tax cash flow: $2,213/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This property requires extensive repairs and updates, including major work on the exterior, HVAC, and landscaping, to become move-in ready and increase its value.

Repairs flagged

• Major siding — Significant damage and wear
• Major roof — No photos, but based on exterior condition
• Major HVAC/mechanicals — No photos, but based on lack of utilities
• Major landscaping — Overgrown lawn, poor curb appeal

Value-add opportunities

• Both landscaping and curb appeal — Improves aesthetics and first impression
• Both HVAC and utilities — Essential for habitability and comfort
• Both siding and roof repairs — Enhances structural integrity and appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Significant damage and wear	Major	$15,000–50,000
roof · No photos, but based on exterior condition	Major	$15,000–50,000
HVAC/mechanicals · No photos, but based on lack of utilities	Major	$15,000–50,000
landscaping · Overgrown lawn, poor curb appeal	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both landscaping and curb appeal — Improves aesthetics and first impression ↑
• Both HVAC and utilities — Essential for habitability and comfort ↑
• Both siding and roof repairs — Enhances structural integrity and appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Potsdam Central School District
• NCES district ID: 3623670
• Math proficiency: 53% ▼ -2.00%
• Reading proficiency: 66% ▲ 12.00%
• Median HH income: $44,144
• Composite: 50.05/100
• National rank: #1915
• State rank: #258 of 590 in NY

Livability — Madrid

• Score: 62/100
• State rank: #849
• US rank: #16443

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment B- Housing A+ Health & safety C- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,313

Population outlook (St. Lawrence County) Hauer SSP2

• Today (2025): 110,027 people
• By 2030: 107,455 · -2.3%
• By 2040: 100,492 · -8.7%
• By 2050: 94,254 · -14.3%
• By 2075: 80,175 · -27.1%
• By 2100: 63,140 · -42.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 13% Portuguese 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · St. Lawrence

• 2024 margin: R (+18.0) · D 41.0% · R 59.0%
• 2008→2024 swing: -34.3pp toward R · 2008: 16.3pp · 2024: -18.0pp
• All cycles: 2024: R+18.0 2020: R+11.7 2016: R+10.8 2012: D+16.6 2008: D+16.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.60%
• Current HPI: 318.2533
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

-48.4% since first listed

5 events — show timeline

• 2025-12-08 Listed $129,000 SLCMLS
• 2025-05-20 Listed $95,000 SLCMLS
• 2023-11-02 Listed $235,000 SLCMLS
• 2023-04-11 Sold (MLS) $200,000 SLCMLS
• 2022-10-20 Listed $250,000 SLCMLS