66-68 Boulevard

Hudson Falls, NY 12839

$99,000C

2 bd · 1.0 ba · 940 sqft · Built 1910 · SingleFamily · Pending · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,150/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$356
• HOA: −$0
• Vac / Maint / Mgmt: −$242
• Net cashflow: $33/mo
• Annual: $400/yr
• Cap rate: 6.70%
• Cash-on-cash: 1.44%
• DSCR: 1.06
• 1% rule: 1.16%
• Cash to close: $27,720

Investor read

• This is a 2-bed/1.0-bath single-family listed at $99k.
• At list price, monthly cash flow is $33 ($400/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 63 days — a 6% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $93k (6.0% below list) — sets the bar for market timing.
• In year one you build about $11k of equity ($684 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#481 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: schools C-, crime D, employment D.
• Hudson Falls Central School District (suburban): math 39% / reading 47% proficiency, ranked #486 of 590 in NY (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.8% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 55 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.7% vs local median 4.3% in Hudson Falls — 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

• It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% 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 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.