8665 State Highway 56

Norfolk, NY 13678

$74,900C+

2 bd · 1.0 ba · 900 sqft · Built 1900 · SingleFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $872/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$125
• HOA: −$0
• Vac / Maint / Mgmt: −$183
• Net cashflow: $171/mo
• Annual: $2,056/yr
• Cap rate: 9.04%
• Cash-on-cash: 9.80%
• DSCR: 1.44
• 1% rule: 1.16%
• Cash to close: $20,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $75k. Condition is rated fair.
• At list price, monthly cash flow is $171 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($872 rent vs $75k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($518 loan paydown + $2k appreciation (3.0% 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-, schools D, crime 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.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Aging roof may need replacement to prevent leaks.
• Major: exterior siding — Weathered siding needs repainting or replacement.
• Major: flooring — Worn carpet needs replacement or refinishing.
• Major: interior walls — Peeling paint and discoloration require repainting.
• Major: bathroom — Outdated fixtures and tiles need updating.