51 Wilfred King Rd

Dannemora, NY 12935

$228,000D

4 bd · 2.5 ba · 2,080 sqft · Built 2002 · SingleFamily · Active · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,400/mo
• Mortgage (P&I): −$1,196
• Tax + insurance: −$488
• HOA: −$0
• Vac / Maint / Mgmt: −$294
• Net cashflow: $-578/mo
• Annual: $-6,936/yr
• Cap rate: 3.25%
• Cash-on-cash: -10.87%
• DSCR: 0.52
• 1% rule: 0.61%
• Cash to close: $63,840

Investor read

• This is a 4-bed/2.5-bath single-family listed at $228k.
• At list price, monthly cash flow is $-578 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $126k (44.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (38.6% below list).
• It's been on market 83 days — a 6% lower offer ($214k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $126k (44.8% below list) — sets the bar for cash-flow.
• In year one you build about $16k of equity ($2k loan paydown + $15k appreciation (6.5% local appreciation)).
• Location reads 57/100 on livability (#1,079 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: crime D+, amenities F, commute F.
• Northern Adirondack Central School District (rural): math 47% / reading 49% proficiency, ranked #430 of 590 in NY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northern Adirondack Elementary School (math 37% / reading 47%, grade F, #1,361 of 2,108 statewide, top 67%, 387 students, 52% FRL); Northern Adirondack Middle/High School (math 57% / reading 52%, grade C-, #912 of 1,100 statewide, top 85%, 417 students, 53% FRL).
• Market conditions: 20 active listings in the ZIP; 192 units permitted in Clinton County in 2024 (64 in 5+ unit buildings).
• Clinton County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$41k 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 83 days. Have you received any prior offers? Is the seller open to a 45% concession, seller financing, or rate buy-down credit?
• 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 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?
• 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?
• 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.