104 Wallace Hill Rd

Plattsburgh, NY 12901

$159,000C-

2 bd · 1.0 ba · 1,072 sqft · Built 1926 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,503/mo
• Mortgage (P&I): −$834
• Tax + insurance: −$311
• HOA: −$0
• Vac / Maint / Mgmt: −$316
• Net cashflow: $43/mo
• Annual: $518/yr
• Cap rate: 6.62%
• Cash-on-cash: 1.16%
• DSCR: 1.05
• 1% rule: 0.95%
• Cash to close: $44,520

Investor read

• This is a 2-bed/1.0-bath single-family listed at $159k.
• At list price, monthly cash flow is $43 ($518/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 $150k (5.5% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $150k (5.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#262 in NY, #4,134 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: employment D+, crime F, commute F.
• Beekmantown Central School District (rural): math 45% / reading 57% proficiency, ranked #360 of 590 in NY (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Cumberland Head Elementary School (math 57% / reading 67%, grade B, #675 of 2,108 statewide, top 35%, 538 students, 46% FRL); Beekmantown Middle School (math 30% / reading 53%, grade F, #394 of 729 statewide, top 55%, 450 students, 49% FRL); Beekmantown High School (math 92% / reading 50%, grade B+, #701 of 1,100 statewide, top 64%, 546 students, 49% FRL).
• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 184 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 since 3y 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 $130k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.6% vs local median 2.8% in Plattsburgh — 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

• Built in 1926 — 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.
• 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.