22 River St

Chateaugay, NY 12920

$90,360B

4 bd · 1.5 ba · 1,530 sqft · Built 1910 · SingleFamily · Active · 144 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,117/mo
• Mortgage (P&I): −$474
• Tax + insurance: −$230
• HOA: −$0
• Vac / Maint / Mgmt: −$235
• Net cashflow: $178/mo
• Annual: $2,135/yr
• Cap rate: 8.66%
• Cash-on-cash: 8.44%
• DSCR: 1.38
• 1% rule: 1.24%
• Cash to close: $25,301

Investor read

• This is a 4-bed/1.5-bath single-family listed at $90k.
• At list price, monthly cash flow is $178 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 144 days — a 12% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (12.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($625 loan paydown + $4k appreciation (4.3% local appreciation)).
• Location reads 65/100 on livability (#694 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: health & safety C-, crime F, amenities F.
• Chateaugay Central School District (rural): math 45% / reading 50% proficiency, ranked #515 of 755 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.6% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 34 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.
• Current owner paid $48k; list at $90k implies a 90% gain — meaningful room to come down on a strong offer.
• At projected returns (4.3% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 144 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1910 — 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.
• 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.