2571 Chateaugay St

Fort Covington, NY 12937

$139,900C

4 bd · 1.5 ba · 1,720 sqft · Built 1900 · SingleFamily · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,316/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$188
• HOA: −$0
• Vac / Maint / Mgmt: −$276
• Net cashflow: $118/mo
• Annual: $1,416/yr
• Cap rate: 7.31%
• Cash-on-cash: 3.61%
• DSCR: 1.16
• 1% rule: 0.94%
• Cash to close: $39,172

Investor read

• This is a 4-bed/1.5-bath single-family listed at $140k.
• At list price, monthly cash flow is $118 ($1k/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 $132k (5.9% below list).
• It's been on market 66 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• In year one you build about $15k of equity ($967 loan paydown + $14k appreciation (9.7% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Salmon River Central School District (rural): math 34% / reading 43% proficiency, ranked #545 of 590 in NY (top 92%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Salmon River Elementary School (math 27% / reading 37%, grade F, #1,646 of 2,108 statewide, top 80%, 317 students, 71% FRL); Salmon River Middle School (math 8% / reading 32%, grade F, #678 of 729 statewide, top 94%, 313 students, 77% FRL); Salmon River High School (math 98% / reading 72%, grade A, #374 of 1,100 statewide, top 34%, 396 students, 69% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 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.
• At projected returns (9.7% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.