57 Wellington St

Malone, NY 12953

$92,500B-

2 bd · 1.0 ba · 1,148 sqft · Built 1880 · SingleFamily · Pending · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,001/mo
• Mortgage (P&I): −$485
• Tax + insurance: −$223
• HOA: −$0
• Vac / Maint / Mgmt: −$210
• Net cashflow: $82/mo
• Annual: $989/yr
• Cap rate: 7.36%
• Cash-on-cash: 3.82%
• DSCR: 1.17
• 1% rule: 1.08%
• Cash to close: $25,900

Investor read

• This is a 2-bed/1.0-bath single-family listed at $92k.
• At list price, monthly cash flow is $82 ($989/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $92k).
• It's been on market 25 days — a 2% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (1.5% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($640 loan paydown + $9k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#437 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, employment D+, crime D-.
• Malone Central School District (town): math 27% / reading 29% proficiency, ranked #581 of 590 in NY (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 114 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.
• 2 sale attempts since 13y ago 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 $64k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.4% vs local median 5.2% in Malone — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1880 — 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 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 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.
• 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.