7 Alana Way Way

Plattsburgh, NY 12903

$169,000D+

3 bd · 2.5 ba · 1,409 sqft · Built 1952 · Townhouse · Pending · 154 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,608/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$272
• HOA: −$250
• Vac / Maint / Mgmt: −$338
• Net cashflow: $-137/mo
• Annual: $-1,650/yr
• Cap rate: 5.32%
• Cash-on-cash: -3.49%
• DSCR: 0.84
• 1% rule: 0.95%
• Cash to close: $47,320

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $169k.
• At list price, monthly cash flow is $-137 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (14.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (4.8% below list).
• It's been on market 154 days — a 12% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $145k (14.4% below list) — sets the bar for cash-flow.
• In year one you build about $4k of equity ($1k loan paydown + $3k appreciation (1.6% local appreciation)).
• Location reads 75/100 on livability (#262 in NY, #4,134 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: schools C-, employment D+, crime F.
• Plattsburgh City School District (town): math 33% / reading 55% proficiency, ranked #484 of 590 in NY (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 192 units permitted in Clinton County in 2024 (64 in 5+ unit buildings).
• Clinton County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $125k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.3% vs local median 2.8% in Plattsburgh — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 154 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?