5 Thornton Dr

Dannemora, NY 12929

$59,900B-

3 bd · 1.0 ba · 1,361 sqft · Built 1895 · SingleFamily · Pending · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,254/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$263
• Net cashflow: $577/mo
• Annual: $6,920/yr
• Cap rate: 17.85%
• Cash-on-cash: 41.26%
• DSCR: 2.84
• 1% rule: 2.09%
• Cash to close: $16,772

Investor read

• This is a 3-bed/1.0-bath single-family listed at $60k. Condition is rated poor.
• At list price, monthly cash flow is $577 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 73 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#1,079 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: crime D+, amenities F, commute F.
• Saranac Central School District (rural): math 43% / reading 56% proficiency, ranked #374 of 590 in NY (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Morrisonville Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 358 students, 33% FRL); Saranac Middle School (math 31% / reading 57%, grade D, #363 of 729 statewide, top 50%, 371 students, 38% FRL); Saranac High School (math 98% / reading 70%, grade A, #409 of 1,100 statewide, top 39%, 414 students, 36% FRL).
• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 192 units permitted in Clinton County in 2024 (64 in 5+ unit buildings).
• Clinton County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 11y ago; this cycle's ask is 25% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1895 — 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.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — Significant damage and wear
• Major: Roof — Missing shingles and visible damage
• Major: Flooring — Worn-out and in need of replacement
• Major: Interior walls — Painted walls with visible wear
• Major: Bathrooms — Exposed framing, missing fixtures
• Major: Kitchen — Worn-out countertops, outdated cabinets