7 Whiteface Inn Lane Ln Unit 317/9

Lake Placid, NY 12946

$93,000B-

3 bd · 2.5 ba · 1,883 sqft · Built 2004 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,347/mo
• Mortgage (P&I): −$488
• Tax + insurance: −$155
• HOA: −$0
• Vac / Maint / Mgmt: −$283
• Net cashflow: $421/mo
• Annual: $5,056/yr
• Cap rate: 11.73%
• Cash-on-cash: 19.42%
• DSCR: 1.86
• 1% rule: 1.45%
• Cash to close: $26,040

Investor read

• This is a 3-bed/2.5-bath single-family listed at $93k. Condition is rated excellent.
• At list price, monthly cash flow is $421 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $93k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $643 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#647 in NY) — a middle-class / working-renter tenant base. Strengths: amenities A+, crime A; Watch: schools C-, employment D+, cost of living D+.
• Lake Placid Central School District (town): math 46% / reading 58% proficiency, ranked #344 of 590 in NY (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 148 active listings in the ZIP; 218 units permitted in Essex County in 2024 (63 in 5+ unit buildings).
• Essex County population projected at -20% 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 $26k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.7% vs local median 1.6% in Lake Placid — 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

• 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.
• 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.