76 Balsam Dr

Keeseville, NY 12944

$189,000D

2 bd · 1.0 ba · 992 sqft · Built 1980 · SingleFamily · Active · 327 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,728/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$453
• HOA: −$0
• Vac / Maint / Mgmt: −$363
• Net cashflow: $-79/mo
• Annual: $-945/yr
• Cap rate: 5.79%
• Cash-on-cash: -1.79%
• DSCR: 0.92
• 1% rule: 0.91%
• Cash to close: $52,920

Investor read

• This is a 2-bed/1.0-bath single-family listed at $189k.
• At list price, monthly cash flow is $-79 ($-945/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (7.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (8.6% below list).
• It's been on market 327 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#673 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D, schools D-, amenities F.
• Ausable Valley Central School District (rural): math 36% / reading 51% proficiency, ranked #474 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 39 active listings in the ZIP; 192 units permitted in Clinton County in 2024 (64 in 5+ unit buildings).
• Clinton County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $110k (37%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $189k implies a 136% gain — meaningful room to come down on a strong offer.

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 327 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.