233 Main St

Edwards, NY 13635

$90,000C+

3 bd · 1.0 ba · 1,384 sqft · Built 1966 · SingleFamily · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,211/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$267
• HOA: −$0
• Vac / Maint / Mgmt: −$254
• Net cashflow: $218/mo
• Annual: $2,615/yr
• Cap rate: 9.20%
• Cash-on-cash: 10.38%
• DSCR: 1.46
• 1% rule: 1.35%
• Cash to close: $25,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $90k.
• At list price, monthly cash flow is $218 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 17 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($622 loan paydown + $2k appreciation (2.6% local appreciation)).
• Location reads 56/100 on livability (#1,113 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: employment D, health & safety D, crime F.
• Edwards-Knox Central School District (rural): math 40% / reading 52% proficiency, ranked #454 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Edwards-Knox Elementary School (math 37% / reading 47%, grade F, #1,361 of 2,108 statewide, top 67%, 294 students, 56% FRL); Edwards-Knox Junior-Senior High School (math 52% / reading 57%, grade C-, #912 of 1,100 statewide, top 85%, 221 students, 59% FRL) — zoned schools at 58% FRL track the district average.
• Watch-outs: property tax is 3.1% of price.
• 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.
• 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 (2.6% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1966 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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.