109 County Route 28 · Altmar, NY 13302

$49,900

2 bd · None ba · 500 sqft · SingleFamily public records · 69 Days on market

Built 2006 Poor condition 8.07 ac lot

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +2.9/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Listing remarks MLS

Located in close proximity to the Interstate 81 corridor and just outside of Altmar, this 8± acre property finds its footing in access, setting, and the kind of groundwork that can move a project forward. An established driveway leads from the road and opens to a well-defined parking area finished with millings. An immediate sign that time and effort have already been invested here. Electricity has been extended into the property with a meter in place, and a dug well provides a potential functional water source. These elements can often delay progress but are already accounted for. Water shapes the balance of the land. Much of the acreage transitions into wetlands, creating a natural environment that supports migratory birds, amphibians, and a steady flow of wildlife activity. A creek winds through the property, tied into the North Branch of Grindstone Creek, bringing movement, habitat, and a sense of space that shifts with the seasons. Tucked within the landscape, an existing cabin remains on site—suited for those willing to take on a project or reimagine the footprint entirely. Its presence offers a starting point, whether that means renovation, replacement, or a new approach altogether. The surrounding area teems with recreational opportunity. The Salmon River is just minutes away, drawing anglers from across the region and beyond for its renowned salmon and steelhead runs, while the 8,000± acre Happy Valley Wildlife Management Area provides expansive public access for hunting and year-round recreation. A project camp fits naturally into this setting, with potential for a residential site, both subject to buyer due diligence and approvals. The seller is motivated and has priced the property accordingly, with seller financing potentially available for qualified buyers. This is a property with access, infrastructure, and a landscape that carries its own unique place among the local landscape and one ready to be reignited with activity and care.

Key facts

• Electricity extended
• 8 acre property
• Established driveway

Tags

• 8 ACRE PROPERTY
• ESTABLISHED DRIVEWAY
• WELL DEFINED PARKING AREA
• ELECTRICITY EXTENDED
• DUG WELL
• WETLANDS

What this means for you Summary

Snapshot

• This is a 2-bed/?-bath single-family listed at $50k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $368 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($946 rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.1% vs local median 3.2% in Altmar — 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.

Location & tenants

• Location reads 57/100 on livability (#1,077 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, health & safety D, schools F.
• Altmar-Parish-Williamstown Central School District (rural): math 31% / reading 31% proficiency, ranked #573 of 590 in NY (top 97%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 23 active listings in the ZIP; 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($345 loan paydown + $5k appreciation (10.0% local appreciation)).
• Oswego County population projected at -23% 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 5 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 $25k; list at $50k implies a 100% gain — meaningful room to come down on a strong offer.

Recommended offer $46,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.89% ✓
• Cap rate: 15.14%
• Cash-on-cash: 31.60%
• DSCR: 2.41
• GRM: 4.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 48.4%
• Equity multiple: 4.63×
• Total profit: $50,649
• Equity at exit: $44,954

10-year hold

• IRR: 42.2%
• Equity multiple: 10.36×
• Total profit: $130,793
• Equity at exit: $96,945

Cash invested: $13,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 13302

• Home prices YoY: 2.4%
• Active inventory: 23
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $946 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$97 /mo · $1,159/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $368

Break-even live

Break-even rent $480

Max offer price $49,900

Occupancy floor 56%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $49,900 Active 69 DOM
2. 2026-06-17
   days on market $49,900 Active 68 DOM
3. 2026-06-16
   days on market $49,900 Active 67 DOM
4. 2026-06-15
   days on market $49,900 Active 66 DOM
5. 2026-06-13
   days on market $49,900 Active 64 DOM
6. 2026-06-12
   days on market $49,900 Active 63 DOM
7. 2026-06-09
   days on market $49,900 Active 60 DOM
8. 2026-06-08
   days on market $49,900 Active 59 DOM
9. 2026-06-07
   days on market $49,900 Active 58 DOM
10. 2026-06-05
    days on market $49,900 Active 56 DOM
11. 2026-06-04
    days on market $49,900 Active 54 DOM
12. 2026-06-02
    days on market $49,900 Active 53 DOM
13. 2026-06-01
    days on market $49,900 Active 52 DOM
14. 2026-05-31
    days on market $49,900 Active 51 DOM
15. 2026-04-10
    listed $49,900 Active 1999-char remark

    Show marketing remark (1999 chars)

    Located in close proximity to the Interstate 81 corridor and just outside of Altmar, this 8± acre property finds its footing in access, setting, and the kind of groundwork that can move a project forward. An established driveway leads from the road and opens to a well-defined parking area finished with millings. An immediate sign that time and effort have already been invested here. Electricity has been extended into the property with a meter in place, and a dug well provides a potential functional water source. These elements can often delay progress but are already accounted for. Water shapes the balance of the land. Much of the acreage transitions into wetlands, creating a natural environment that supports migratory birds, amphibians, and a steady flow of wildlife activity. A creek winds through the property, tied into the North Branch of Grindstone Creek, bringing movement, habitat, and a sense of space that shifts with the seasons. Tucked within the landscape, an existing cabin remains on site—suited for those willing to take on a project or reimagine the footprint entirely. Its presence offers a starting point, whether that means renovation, replacement, or a new approach altogether. The surrounding area teems with recreational opportunity. The Salmon River is just minutes away, drawing anglers from across the region and beyond for its renowned salmon and steelhead runs, while the 8,000± acre Happy Valley Wildlife Management Area provides expansive public access for hunting and year-round recreation. A project camp fits naturally into this setting, with potential for a residential site, both subject to buyer due diligence and approvals. The seller is motivated and has priced the property accordingly, with seller financing potentially available for qualified buyers. This is a property with access, infrastructure, and a landscape that carries its own unique place among the local landscape and one ready to be reignited with activity and care.

16. 2025-12-31
    historical
17. 2025-09-15
    price $39,900
18. 2025-08-28
    status Active
19. 2025-08-18
    status Pending
20. 2025-06-17
    listed $49,900 Active
21. 2019-07-09
    soldstatus $25,000 Closed Sale or Rented
22. 2019-06-03
    status Under Contract- Do Not Show
23. 2019-03-30
    listed $37,000 Active
24. 2013-09-25
    soldstatus $38,000
25. 2013-05-07
    listed $42,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $1,159 · $97/mo
• Projected year-2 tax: $1,159 · $97/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,347
• − Mortgage interest: −$2,795
• − Property taxes: −$1,159
• − Insurance: −$250
• − Repairs & maintenance: −$908
• − Management: −$908
• − Depreciation: −$1,452
• Taxable income: $3,876
• Est. tax owed @ 24.0%: −$930
• After-tax cash flow: $3,485/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This property requires extensive renovation, including exterior repairs, roof replacement, and interior updates, to become move-in ready and significantly increase its value.

Repairs flagged

• Major siding — Severe weathering and damage
• Major roof — Missing shingles and visible damage
• Major flooring — Exposed subflooring and uneven surfaces
• Major interior walls/paint — Peeling paint and visible damage

Value-add opportunities

• Both exterior renovation — Improves curb appeal and functionality
• Both roof replacement — Essential for structural integrity and water resistance
• Both interior repairs and painting — Enhances living space and aesthetic appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Severe weathering and damage	Major	$15,000–50,000
roof · Missing shingles and visible damage	Major	$15,000–50,000
flooring · Exposed subflooring and uneven surfaces	Major	$15,000–50,000
interior walls/paint · Peeling paint and visible damage	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both exterior renovation — Improves curb appeal and functionality ↑
• Both roof replacement — Essential for structural integrity and water resistance ↑
• Both interior repairs and painting — Enhances living space and aesthetic appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Altmar-Parish-Williamstown Central School District
• NCES district ID: 3602820
• Math proficiency: 31% ▼ -14.00%
• Reading proficiency: 31% ▼ -5.00%
• Median HH income: $49,728
• Composite: 27.01/100
• National rank: #7063
• State rank: #573 of 590 in NY

Livability — Altmar

• Score: 57/100
• State rank: #1077
• US rank: #21658

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment D+ Housing A+ Health & safety D User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,403

Population outlook (Oswego County) Hauer SSP2

• Today (2025): 114,465 people
• By 2030: 109,968 · -3.9%
• By 2040: 99,205 · -13.3%
• By 2050: 87,979 · -23.1%
• By 2075: 65,100 · -43.1%
• By 2100: 47,117 · -58.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 7% Italian 4% Romanian 4%
• Foreign-born: 1% · Canada
• Languages at home: 90% English-only · German/W. Germanic 8% Spanish 1%

Political lean MEDSL · Oswego

• 2024 margin: Strong R (+24.2) · D 37.9% · R 62.1%
• 2008→2024 swing: -26.6pp toward R · 2008: 2.5pp · 2024: -24.2pp
• All cycles: 2024: R+24.2 2020: R+20.2 2016: R+23.2 2012: D+7.9 2008: D+2.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.01%
• Current HPI: 423.7974
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+18.8% since first listed

11 events — show timeline

• 2026-04-10 Listed $49,900 UNYREIS
• 2025-12-31 Listing Removed — CNYIS
• 2025-09-15 Price Changed $39,900 CNYIS
• 2025-08-28 Relisted — CNYIS
• 2025-08-18 Pending — CNYIS
• 2025-06-17 Listed $49,900 CNYIS
• 2019-07-09 Sold (MLS) $25,000 CNYIS
• 2019-06-03 Pending — CNYIS
• 2019-03-30 Listed $37,000 CNYIS
• 2013-09-25 Sold (MLS) $38,000 CNYIS
• 2013-05-07 Listed $42,000 CNYIS

Property tax history

+5.2%/yr

Latest (2025): $1,159 · +5.6% YoY. Source: county tax records.