74 Pratt St

Rouses Point, NY 12979

$139,900C

5 bd · 2.0 ba · 1,887 sqft · Built 1876 · SingleFamily · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,360/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$263
• HOA: −$0
• Vac / Maint / Mgmt: −$286
• Net cashflow: $78/mo
• Annual: $933/yr
• Cap rate: 6.96%
• Cash-on-cash: 2.38%
• DSCR: 1.11
• 1% rule: 0.97%
• Cash to close: $39,172

Investor read

• This is a 5-bed/2.0-bath single-family listed at $140k.
• At list price, monthly cash flow is $78 ($933/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 $136k (2.8% below list).
• It's been on market 20 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (2.8% below list) — sets the bar for 1% rule.
• In year one you build about $994 of equity ($967 loan paydown + $27 appreciation (0.0% local appreciation)).
• Location reads 64/100 on livability (#744 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing B+; Watch: amenities F, commute F, employment D-.
• Northeastern Clinton Central School District (rural): math 63% / reading 63% proficiency, ranked #203 of 590 in NY (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Northeastern Clinton Middle School (math 32% / reading 52%, grade D-, #379 of 729 statewide, top 54%, 277 students, 50% FRL).
• Zoned-school proficiency averages 42% at this address vs 63% district-wide (-21 pts) — the specific schools serving this property underperform the Northeastern Clinton Central School District average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1876 — expect roof / HVAC / electrical / plumbing capex.
• 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.
• 2 sale attempts since 11y 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 $44k; list at $140k implies a 218% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1876 — 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.
• 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.