780 Diamond Point Rd

Lake George, NY 12824

$454,000C-

3 bd · 2.0 ba · 1,548 sqft · Built 1900 · SingleFamily · Active · 153 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,691/mo
• Mortgage (P&I): −$2,381
• Tax + insurance: −$425
• HOA: −$0
• Vac / Maint / Mgmt: −$775
• Net cashflow: $110/mo
• Annual: $1,319/yr
• Cap rate: 6.73%
• Cash-on-cash: 1.56%
• DSCR: 1.07
• 1% rule: 0.81%
• Cash to close: $127,120

Investor read

• This is a 3-bed/2.0-bath single-family listed at $454k.
• At list price, monthly cash flow is $110 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $369k (18.7% below list).
• It's been on market 153 days — a 12% lower offer ($400k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $369k (18.7% below list) — sets the bar for 1% rule.
• In year one you build about $49k of equity ($3k loan paydown + $45k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#788 in NY) — a middle-class / working-renter tenant base. Watch: employment C-, cost of living D+, crime D.
• Lake George Central School District (rural): math 68% / reading 73% proficiency, ranked #131 of 590 in NY (top 22%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Lake George Elementary School (math 62% / reading 82%, grade A-, #378 of 2,108 statewide, top 20%, 300 students, 24% FRL); Lake George Junior-Senior High School (math 72% / reading 62%, grade B, #746 of 1,100 statewide, top 69%, 330 students, 19% FRL) — zoned schools at 22% FRL track the district average.
• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 25 active listings in the ZIP; 180 units permitted in Warren County in 2024 (40 in 5+ unit buildings).
• Warren County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $25k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $235k; list at $454k implies a 93% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $127k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$78k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 153 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is D 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.