7492 Mill Rd

North Bay, NY 13308

$41,900B+

2 bd · 1.0 ba · 809 sqft · Built 1880 · SingleFamily · Active · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,208/mo
• Mortgage (P&I): −$220
• Tax + insurance: −$535
• HOA: −$0
• Vac / Maint / Mgmt: −$254
• Net cashflow: $199/mo
• Annual: $2,388/yr
• Cap rate: 24.21%
• Cash-on-cash: 63.98%
• DSCR: 3.85
• 1% rule: 2.88%
• Cash to close: $11,732

Investor read

• This is a 2-bed/1.0-bath single-family listed at $42k.
• At list price, monthly cash flow is $199 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $42k).
• It's been on market 69 days — a 6% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $39k (6.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($290 loan paydown + $4k appreciation (10.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Camden Central School District (rural): math 34% / reading 48% proficiency, ranked #504 of 590 in NY (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mcconnellsville Elementary School (math 22% / reading 57%, grade F, #1,444 of 2,108 statewide, top 71%, 260 students, 41% FRL); Camden Middle School (math 17% / reading 42%, grade F, #550 of 729 statewide, top 77%, 580 students, 48% FRL); Camden Senior High School (math 92% / reading 75%, grade A, #409 of 1,100 statewide, top 39%, 620 students, 45% FRL) — zoned schools at 45% FRL track the district average.
• Watch-outs: property tax is 2.6% of price; flood insurance adds $427/mo; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 34 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $20k; list at $42k implies a 110% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1880 — 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.