66 Horicon Ave Unit 1E

Bolton Landing, NY 12814

$799,000D-

3 bd · 2.0 ba · 989 sqft · Built 2025 · Condo · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,201/mo
• Mortgage (P&I): −$4,190
• Tax + insurance: −$1,332
• HOA: −$636
• Vac / Maint / Mgmt: −$252
• Net cashflow: $-5,209/mo
• Annual: $-62,511/yr
• Cap rate: -1.53%
• Cash-on-cash: -27.94%
• DSCR: -0.24
• 1% rule: 0.15%
• Cash to close: $223,720

Investor read

• This is a 3-bed/2.0-bath condo listed at $799k.
• At list price, monthly cash flow is $-5k ($-63k/yr) — negative.
• To cash-flow at today's rent, offer at most $45k (94.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (85.0% below list).
• It's been on market 42 days — a 3% lower offer ($775k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $45k (94.3% below list) — sets the bar for cash-flow.
• In year one you build about $85k of equity ($6k loan paydown + $80k appreciation (10.0% local appreciation)).
• Location reads 59/100 on livability (#1,015 in NY) — a working-class tenant base; expect higher turnover. Strengths: schools A+; Watch: crime D+, cost of living D, amenities F.
• Bolton Central School District (rural): math 75% / reading 80% proficiency, ranked #110 of 755 in NY (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 53% of rent.
• Market conditions: 44 active listings in the ZIP; 180 units permitted in Warren County in 2024 (40 in 5+ unit buildings).
• Warren County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$137k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate -1.5% vs local median 0.4% in Bolton Landing — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 42 days. Have you received any prior offers? Is the seller open to a 94% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?