280 West Main Street St

Malone, NY 12953

$69,900A

3 bd · 1.0 ba · 1,274 sqft · Built 1910 · SingleFamily · Active · 346 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,126/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$241
• HOA: −$0
• Vac / Maint / Mgmt: −$237
• Net cashflow: $282/mo
• Annual: $3,387/yr
• Cap rate: 11.14%
• Cash-on-cash: 17.30%
• DSCR: 1.77
• 1% rule: 1.61%
• Cash to close: $19,572

Investor read

• This is a 3-bed/1.0-bath single-family listed at $70k. Condition is rated fair.
• At list price, monthly cash flow is $282 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 346 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($483 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#437 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime D-, amenities F.
• Malone Central School District (town): math 27% / reading 29% proficiency, ranked #581 of 590 in NY (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Davis Elementary School (math 8% / reading 27%, grade F, #2,004 of 2,108 statewide, top 95%, 563 students, 50% FRL); Malone Middle School (math 8% / reading 32%, grade F, #678 of 729 statewide, top 94%, 500 students, 52% FRL); Franklin Academy High School (math 82% / reading 70%, grade A-, #623 of 1,100 statewide, top 57%, 719 students, 47% FRL).
• Watch-outs: property tax is 3.6% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 139 active listings in the ZIP; 124 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.1% vs local median 5.1% in Malone — 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 346 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• Crime grade is D 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?

Repairs flagged (vision-AI assessment)

• Minor: Paint — Some wear on interior walls
• Minor: Flooring — Linoleum in kitchen could be replaced