471 Griffith Rd

Narrowsburg, NY 18469

$48,800A-

3 bd · 1.0 ba · 1,120 sqft · Built 1968 · SingleFamily · Pending · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,112/mo
• Mortgage (P&I): −$256
• Tax + insurance: −$137
• HOA: −$0
• Vac / Maint / Mgmt: −$233
• Net cashflow: $486/mo
• Annual: $5,827/yr
• Cap rate: 19.60%
• Cash-on-cash: 47.52%
• DSCR: 3.11
• 1% rule: 2.28%
• Cash to close: $13,664

Investor read

• This is a 3-bed/1.0-bath single-family listed at $49k.
• At list price, monthly cash flow is $486 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($337 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads 56/100 on livability (#1,108 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: crime F, amenities F, commute F.
• Wayne Highlands SD (town): math 48% / reading 64% proficiency, ranked #115 of 539 in PA (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Damascus Area Sch (math 57% / reading 77%, grade B+, #202 of 1,518 statewide, top 15%, 275 students, 41% FRL); Wayne Highlands Ms (math 37% / reading 65%, grade C, #116 of 512 statewide, top 24%, 376 students, 46% FRL); Honesdale Hs (math 72% / reading 24%, grade D, #153 of 437 statewide, top 37%, 697 students, 44% FRL).
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: 177 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 19.6% vs local median 1.7% in Narrowsburg — 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 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.