370 Ward Rd

Hammond, NY 13654

$154,999D+

4 bd · 1.0 ba · 2,254 sqft · Built 1990 · SingleFamily · Active · 152 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,339/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$258
• HOA: −$0
• Vac / Maint / Mgmt: −$281
• Net cashflow: $-13/mo
• Annual: $-157/yr
• Cap rate: 6.19%
• Cash-on-cash: -0.36%
• DSCR: 0.98
• 1% rule: 0.86%
• Cash to close: $43,400

Investor read

• This is a 4-bed/1.0-bath single-family listed at $155k.
• At list price, monthly cash flow is $-13 ($-157/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (1.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (13.6% below list).
• It's been on market 152 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $134k (13.6% below list) — sets the bar for 1% rule.
• In year one you build about $3k of equity ($1k loan paydown + $2k appreciation (1.2% local appreciation)).
• Location reads 59/100 on livability (#1,028 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools C-, employment D+, health & safety D.
• Heuvelton Central School District (rural): math 43% / reading 56% proficiency, ranked #394 of 590 in NY (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 12 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.
• 6 sale attempts; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (1.2% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 6.2% vs local median 2.4% in Hammond — 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?
• It's been on market 152 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• 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 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.