115 Oak St

Corinth, NY 12822

$179,900C-

4 bd · 1.5 ba · 1,888 sqft · Built 1890 · SingleFamily · Pending · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,380/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$259
• HOA: −$0
• Vac / Maint / Mgmt: −$290
• Net cashflow: $-112/mo
• Annual: $-1,348/yr
• Cap rate: 5.54%
• Cash-on-cash: -2.68%
• DSCR: 0.88
• 1% rule: 0.77%
• Cash to close: $50,372

Investor read

• This is a 4-bed/1.5-bath single-family listed at $180k.
• At list price, monthly cash flow is $-112 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $160k (11.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (23.3% below list).
• It's been on market 28 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (23.3% below list) — sets the bar for 1% rule.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#514 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, cost of living B+; Watch: employment C-, amenities F, commute F.
• Corinth Central School District (town): math 38% / reading 53% proficiency, ranked #448 of 590 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 43 active listings in the ZIP; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).
• Saratoga County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.5% vs local median 3.2% in Corinth — 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.

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?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.