51 Dyckman Rd

Schroon Lake, NY 12870

$299,000D-

4 bd · 1.0 ba · 1,826 sqft · Built 1880 · SingleFamily · Active · 203 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,528/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$291
• HOA: −$0
• Vac / Maint / Mgmt: −$321
• Net cashflow: $-652/mo
• Annual: $-7,823/yr
• Cap rate: 3.68%
• Cash-on-cash: -9.34%
• DSCR: 0.58
• 1% rule: 0.51%
• Cash to close: $83,720

Investor read

• This is a 4-bed/1.0-bath single-family listed at $299k.
• At list price, monthly cash flow is $-652 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $184k (38.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (48.9% below list).
• It's been on market 203 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $153k (48.9% below list) — sets the bar for 1% rule.
• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (8.3% local appreciation)).
• Location reads 71/100 on livability (#406 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A, housing A-, schools B; Watch: amenities C-, crime F, commute F.
• Schroon Lake Central School District (rural): math 45% / reading 55% proficiency, ranked #473 of 755 in NY (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 34 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.
• Current owner paid $44k; list at $299k implies a 587% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.7% vs local median 0.7% in Schroon Lake — 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 203 days. Have you received any prior offers? Is the seller open to a 49% concession, seller financing, or rate buy-down credit?
• Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?