858 County Route 38

Norfolk, NY 13667

$145,500C-

4 bd · 2.0 ba · 1,924 sqft · Built 1880 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,340/mo
• Mortgage (P&I): −$763
• Tax + insurance: −$269
• HOA: −$0
• Vac / Maint / Mgmt: −$281
• Net cashflow: $27/mo
• Annual: $320/yr
• Cap rate: 6.51%
• Cash-on-cash: 0.79%
• DSCR: 1.03
• 1% rule: 0.92%
• Cash to close: $40,740

Investor read

• This is a 4-bed/2.0-bath single-family listed at $146k.
• At list price, monthly cash flow is $27 ($320/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (7.9% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $134k (7.9% below list) — sets the bar for 1% rule.
• In year one you build about $747 of equity ($1k loan paydown + $-259 appreciation (-0.2% local appreciation)).
• Location reads 64/100 on livability (#737 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime F, amenities F.
• Norwood-Norfolk Central School District (rural): math 30% / reading 36% proficiency, ranked #568 of 590 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Norwood-Norfolk Elementary School (math 17% / reading 42%, grade F, #1,729 of 2,108 statewide, top 84%, 363 students, 56% FRL); Norwood-Norfolk Middle School (math 17% / reading 34%, grade F, #597 of 729 statewide, top 82%, 295 students, 64% FRL); Norwood-Norfolk School (math 95%, 314 students, 59% FRL) — zoned schools average 60% FRL vs 44% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 30 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.
• 2 sale attempts since 8y 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.
• Current owner paid $100k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Questions for listing agent

• Built in 1880 — 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.
• 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?
• 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.
• 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.