4405 State Highway 3

Star Lake, NY 13690

$89,900C

3 bd · 1.0 ba · 1,056 sqft · Built 1970 · SingleFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $982/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$187
• HOA: −$0
• Vac / Maint / Mgmt: −$206
• Net cashflow: $118/mo
• Annual: $1,412/yr
• Cap rate: 7.86%
• Cash-on-cash: 5.61%
• DSCR: 1.25
• 1% rule: 1.09%
• Cash to close: $25,172

Investor read

• This is a 3-bed/1.0-bath single-family listed at $90k.
• At list price, monthly cash flow is $118 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($982 rent vs $90k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $5k of equity ($622 loan paydown + $4k appreciation (4.5% local appreciation)).
• Location reads 61/100 on livability (#938 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety D, crime F.
• Clifton-Fine Central School District (rural): math 45% / reading 40% proficiency, ranked #613 of 755 in NY (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clifton-Fine Elementary School (math 32% / reading 54%, grade F, #1,353 of 2,108 statewide, top 64%, 129 students, 61% FRL); Clifton-Fine Junior-Senior High School (math 44% / reading 54%, grade D, #974 of 1,100 statewide, top 91%, 123 students, 70% FRL).
• Market conditions: 10 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.
• At projected returns (4.5% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1970 — 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.
• Schools are D-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 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?
• 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.