10462 Grandjean Rd

Henderson, NY 13650

$100,000C

2 bd · 1.0 ba · 880 sqft · Built 1955 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $922/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$187
• HOA: −$0
• Vac / Maint / Mgmt: −$194
• Net cashflow: $17/mo
• Annual: $207/yr
• Cap rate: 6.50%
• Cash-on-cash: 0.74%
• DSCR: 1.03
• 1% rule: 0.92%
• Cash to close: $28,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $17 ($207/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $92k (7.8% below list).
• It's been on market 17 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (7.8% below list) — sets the bar for 1% rule.
• In year one you build about $10k of equity ($691 loan paydown + $9k appreciation (9.1% local appreciation)).
• Location reads 57/100 on livability (#1,094 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A, housing A-; Watch: health & safety D, schools F, crime F.
• Belleville-Henderson Central School District (rural): math 43% / reading 57% proficiency, ranked #386 of 590 in NY (top 65%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 13y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $85k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (9.1% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1955 — 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 F-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.