17079 May Irwin Rd

Fishers Landing, NY 13624

$329,900D

2 bd · 1.0 ba · 1,344 sqft · Built 1971 · SingleFamily · Active · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,289/mo
• Mortgage (P&I): −$1,730
• Tax + insurance: −$420
• HOA: −$0
• Vac / Maint / Mgmt: −$271
• Net cashflow: $-1,132/mo
• Annual: $-13,583/yr
• Cap rate: 2.18%
• Cash-on-cash: -14.70%
• DSCR: 0.35
• 1% rule: 0.39%
• Cash to close: $92,372

Investor read

• This is a 2-bed/1.0-bath single-family listed at $330k.
• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (60.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (60.9% below list).
• It's been on market 97 days — a 9% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $129k (60.9% below list) — sets the bar for 1% rule.
• In year one you build about $33k of equity ($2k loan paydown + $31k appreciation (9.4% local appreciation)).
• Location reads 58/100 on livability (#1,044 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, employment B+; Watch: schools D, housing D, health & safety D.
• Thousand Islands Central School District (rural): math 60% / reading 56% proficiency, ranked #262 of 590 in NY (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 55 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts 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 $58k; list at $330k implies a 469% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$53k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 97 days. Have you received any prior offers? Is the seller open to a 61% concession, seller financing, or rate buy-down credit?
• Built in 1971 — 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 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 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?
• 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?