58 County Route 56

Ticonderoga, NY 12883

$139,000D+

3 bd · 1.5 ba · 1,647 sqft · Built 1947 · SingleFamily · Pending · 200 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,121/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$370
• HOA: −$0
• Vac / Maint / Mgmt: −$235
• Net cashflow: $-213/mo
• Annual: $-2,556/yr
• Cap rate: 4.45%
• Cash-on-cash: -6.57%
• DSCR: 0.71
• 1% rule: 0.81%
• Cash to close: $38,920

Investor read

• This is a 3-bed/1.5-bath single-family listed at $139k.
• At list price, monthly cash flow is $-213 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $101k (27.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (19.3% below list).
• It's been on market 200 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (27.1% below list) — sets the bar for cash-flow.
• In year one you build about $15k of equity ($961 loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads 77/100 on livability (#182 in NY, #2,828 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment C-, amenities D+, commute F.
• Ticonderoga Central School District (rural): math 41% / reading 50% proficiency, ranked #459 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ticonderoga Elementary School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 360 students, 65% FRL); Ticonderoga Junior-Senior High School (math 42% / reading 47%, grade F, #1,032 of 1,100 statewide, top 95%, 359 students, 57% FRL) — zoned schools average 61% FRL vs 41% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.7% of price; built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 60 active listings in the ZIP; 218 units permitted in Essex County in 2024 (63 in 5+ unit buildings).
• Essex County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.5% vs local median 2.2% in Ticonderoga — 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

• 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 200 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Built in 1947 — 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.
• 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.