151 Elm St

Potsdam, NY 13676

$189,000D

4 bd · 1.5 ba · 1,792 sqft · Built 1963 · SingleFamily · Active · 197 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,443/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$677
• HOA: −$0
• Vac / Maint / Mgmt: −$303
• Net cashflow: $-529/mo
• Annual: $-6,346/yr
• Cap rate: 2.94%
• Cash-on-cash: -11.99%
• DSCR: 0.47
• 1% rule: 0.76%
• Cash to close: $52,920

Investor read

• This is a 4-bed/1.5-bath single-family listed at $189k.
• At list price, monthly cash flow is $-529 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (24.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (23.7% below list).
• It's been on market 197 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $144k (24.0% below list) — sets the bar for cash-flow.
• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Location reads 75/100 on livability (#249 in NY, #3,908 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: crime F, commute F, employment F.
• Potsdam Central School District (town): math 53% / reading 66% proficiency, ranked #258 of 590 in NY (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lawrence Avenue Elementary School (math 72% / reading 72%, grade A-, #378 of 2,108 statewide, top 20%, 551 students, 39% FRL); A A Kingston Middle School (math 27% / reading 54%, grade F, #409 of 729 statewide, top 56%, 368 students, 40% FRL); Potsdam Senior High School (math 92% / reading 92%, grade A+, #171 of 1,100 statewide, top 18%, 372 students, 37% FRL) — zoned schools at 39% FRL track the district average.
• Watch-outs: property tax is 3.8% of price.
• Market conditions: 118 active listings in the ZIP; 215 units permitted in St. Lawrence County in 2024 (0 in 5+ unit buildings).
• St. Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $110k; list at $189k implies a 72% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 2.9% vs local median 4.9% in Potsdam — 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 197 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• Built in 1963 — 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.
• 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 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?