27 Burt (bert) La Fountain Rd

Paul Smiths, NY 12939

$60,000B

2 bd · 2.0 ba · 752 sqft · Built 1910 · SingleFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $865/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$182
• Net cashflow: $268/mo
• Annual: $3,221/yr
• Cap rate: 11.66%
• Cash-on-cash: 19.18%
• DSCR: 1.85
• 1% rule: 1.44%
• Cash to close: $16,800

Investor read

• This is a 2-bed/2.0-bath single-family listed at $60k. Condition is rated poor.
• At list price, monthly cash flow is $268 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($865 rent vs $60k).
• It's been on market 16 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($415 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 38/100 on livability (#1,190 in NY) — a limited-amenity area; tenant pool skews transient or value-seeking. Strengths: crime A, cost of living B; Watch: health & safety C-, schools F, amenities F.
• Saranac Lake Central School District (town): math 35% / reading 48% proficiency, ranked #497 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 124 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected at -14% 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1910 — 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of significant damage
• Major: exterior siding — Severe weathering
• Major: paint — Peeling and faded
• Major: flooring — Worn and uneven
• Major: interior walls — Painted walls with visible wear
• Major: bathrooms — Dirty and in need of cleaning