20 Adams St

Whitehall, NY 12887

$72,000A

3 bd · 1.0 ba · 1,365 sqft · Built 1900 · SingleFamily · Active · 136 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,328/mo
• Mortgage (P&I): −$378
• Tax + insurance: −$120
• HOA: −$0
• Vac / Maint / Mgmt: −$279
• Net cashflow: $551/mo
• Annual: $6,616/yr
• Cap rate: 15.48%
• Cash-on-cash: 32.82%
• DSCR: 2.46
• 1% rule: 1.84%
• Cash to close: $20,160

Investor read

• This is a 3-bed/1.0-bath single-family listed at $72k.
• At list price, monthly cash flow is $551 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $72k).
• It's been on market 136 days — a 12% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (12.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($498 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads 56/100 on livability (#1,103 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, employment F.
• Whitehall Central School District (rural): math 32% / reading 47% proficiency, ranked #530 of 590 in NY (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Whitehall Elementary School (math 17% / reading 37%, grade F, #1,786 of 2,108 statewide, top 86%, 353 students, 63% FRL); Whitehall Junior-Senior High School (math 47% / reading 62%, grade C-, #912 of 1,100 statewide, top 85%, 320 students, 54% FRL) — zoned schools average 58% FRL vs 43% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 42 active listings in the ZIP; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 19y ago; this cycle's ask has dropped $18k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $72k implies a 227% gain — meaningful room to come down on a strong offer.
• 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 ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 15.5% vs local median 6.5% in Whitehall — 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 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• 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?
• 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.