160 Water St

Massena, NY 13662

$49,900B+

2 bd · 1.0 ba · 684 sqft · Built 1939 · SingleFamily · Active · 292 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $903/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$181
• HOA: −$0
• Vac / Maint / Mgmt: −$190
• Net cashflow: $271/mo
• Annual: $3,249/yr
• Cap rate: 14.14%
• Cash-on-cash: 28.02%
• DSCR: 2.25
• 1% rule: 1.81%
• Cash to close: $13,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $50k. Condition is rated fair.
• At list price, monthly cash flow is $271 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($903 rent vs $50k).
• It's been on market 292 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#330 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, crime D-, commute F.
• Massena Central School District (town): math 43% / reading 49% proficiency, ranked #456 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: J William Leary Junior High School (math 29% / reading 36%, grade F, #504 of 729 statewide, top 70%, 368 students, 61% FRL); Massena Senior High School (math 87% / reading 75%, grade A, #485 of 1,100 statewide, top 45%, 826 students, 61% FRL).
• Watch-outs: property tax is 2.5% of price; flood insurance adds $56/mo; built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 217 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.
• 2 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.1% vs local median 5.0% in Massena — 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

• It's been on market 292 days. Have you received any prior offers? Is the seller open to a 12% 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 1939 — 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of moss and discoloration suggest significant water damage and potential structural issues.
• Major: siding — Peeling siding and chipping paint indicate extensive wear and need for replacement.
• Major: flooring — Worn and possibly damaged flooring requires replacement or repair.
• Major: interior walls — Signs of wear and discoloration suggest significant damage and need for repainting or repairs.