409 Franklin St

Hammond, NY 13646

$144,900C

5 bd · 2.0 ba · 2,560 sqft · Built 1910 · SingleFamily · Active · 245 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,491/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$329
• HOA: −$0
• Vac / Maint / Mgmt: −$313
• Net cashflow: $89/mo
• Annual: $1,064/yr
• Cap rate: 7.03%
• Cash-on-cash: 2.62%
• DSCR: 1.12
• 1% rule: 1.03%
• Cash to close: $40,572

Investor read

• This is a 5-bed/2.0-bath single-family listed at $145k.
• At list price, monthly cash flow is $89 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $145k).
• It's been on market 245 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($1k loan paydown + $9k appreciation (6.1% local appreciation)).
• Location reads 59/100 on livability (#1,028 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools C-, employment D+, health & safety D.
• Hammond Central School District (rural): math 50% / reading 45% proficiency, ranked #528 of 755 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 45 active listings in the ZIP; 215 units permitted in St. Lawrence County in 2024 (0 in 5+ unit buildings).
• St. Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $24k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $84k; list at $145k implies a 71% gain — meaningful room to come down on a strong offer.
• At projected returns (6.1% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~4 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.
• Cap rate 7.0% vs local median 2.4% in Hammond — 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

• It's been on market 245 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1910 — 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.
• 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.