7 Whiteface Inn Lane Ln Unit 101/103 Interval 9

Lake Placid, NY 12946

$79,000D

2 bd · 2.5 ba · 1,428 sqft · Built 2004 · SingleFamily · Active · 604 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,230/mo
• Mortgage (P&I): −$414
• Tax + insurance: −$132
• HOA: −$522
• Vac / Maint / Mgmt: −$258
• Net cashflow: $-96/mo
• Annual: $-1,155/yr
• Cap rate: 4.83%
• Cash-on-cash: -5.22%
• DSCR: 0.77
• 1% rule: 1.56%
• Cash to close: $22,120

Investor read

• This is a 2-bed/2.5-bath single-family listed at $79k. Condition is rated excellent.
• At list price, monthly cash flow is $-96 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $65k (17.6% below list).
• Meets the 1% rule at list price ($1k rent vs $79k).
• It's been on market 604 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $65k (17.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $546 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#647 in NY) — a middle-class / working-renter tenant base. Strengths: amenities A+, crime A; Watch: employment D+, cost of living D+, commute F.
• Lake Placid Central School District (town): math 46% / reading 58% proficiency, ranked #344 of 590 in NY (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lake Placid Elementary School (math 52% / reading 62%, grade C+, #842 of 2,108 statewide, top 43%, 244 students, 33% FRL); Lake Placid Junior-Senior High School (math 42% / reading 52%, grade D-, #1,007 of 1,100 statewide, top 93%, 294 students, 36% FRL).
• Watch-outs: HOA is 42% of rent.
• Market conditions: 148 active listings in the ZIP; 218 units permitted in Essex County in 2024 (63 in 5+ unit buildings).
• Essex County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 2y 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.
• Cap rate 4.8% vs local median 1.6% in Lake Placid — 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 604 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.