Hamilton County

Hamilton County, NY scores 69 overall and lands at the 78th national percentile across 1,000 counties, which sounds promising until you look at the cash flow score: zero. The cap rate field returns zero as well, which reflects the fundamental problem here. At a $275,740 median home price and with no meaningful rent data surfacing for this market, the gross yield story simply isn't there. The 3.78% year-over-year price appreciation and an appreciation score of 82 out of 100 tell you what kind of market this actually is: one where the return thesis is built on price gain, not income. The affordability index of 71 suggests prices aren't stretched to bubble extremes, but for a cash-flow investor running a standard DSCR underwrite at 6.85%, the numbers don't close.

This market suits one profile: the appreciation-oriented buyer who is comfortable with a long hold, minimal rent income, and a property that may function as much as a personal-use asset as a pure investment. The 82 appreciation score is the highest number on the scorecard, and the 3.78% annual price movement, while not dramatic, is consistent. The stability score of 50 is the honest counterweight: this is not a set-it-and-forget-it landlord market. A value-add operator looking to force equity through renovation and refinance may find opportunity given the sub-$300,000 price point, but without rental comps to anchor an exit cap rate, the underwriting risk is real. Cash-flow buyers should look elsewhere.

Hamilton County's economic context matters here in a way that cuts against rental demand. With a population of just 5,090, this is one of the least populated counties in New York State. No economic anchor employers are provided in the data, and that absence is itself informative. A county this small, without identifiable institutional demand drivers, generates rental demand primarily from seasonal and recreational activity rather than year-round workforce tenants. That dynamic supports short-term or vacation rental strategies more than conventional buy-and-hold, but it also introduces the concentration risk that comes with any seasonally dependent market: occupancy is tied to discretionary travel spending, not payroll.

On carry costs, the tax and insurance burden deserves serious attention before you sign anything. The state-average effective property tax rate in New York is 1.72%, flagged here as high, and at that rate the annual tax bill on a $275,740 purchase comes to roughly $4,743. Combined with $662 in annual insurance, you're carrying $450 per month in tax and insurance alone before you pay a dollar of mortgage, maintenance, or management. At 6.85% on an 80% LTV loan, the mortgage payment on $220,592 adds another roughly $1,450 per month, putting your all-in monthly carry well above $1,900 before any operating expenses. That's the wall cash-flow math hits in this market. The 1.72% is a state-average estimate per Tax Foundation 2024 data, and county or township assessments in Hamilton may differ, so pull the actual mill rate before you model anything.

The concentration risk is the most straightforward concern: a 5,090-person county has almost no economic diversification. Any disruption to the recreational economy, a bad tourism season, changes in short-term rental regulations, or a shift in remote-work patterns pulling seasonal buyers away, flows directly through to property values and any rental income you're counting on. Regulatory risk around short-term rentals is worth researching specifically for the townships within Hamilton County, since New York municipalities have increasingly moved to restrict platforms like Airbnb, and a county this dependent on seasonal demand would be disproportionately affected by local STR ordinances.

Against the neighboring counties, Hamilton's $275,740 median price is the highest in this peer set except Monroe County at $269,412, and Monroe has actual rent data showing a gross rent-to-price ratio of 0.067, compared to Hamilton where no such ratio can be calculated. Madison County at $246,228 median and a 0.062 gross yield ratio offers a more legible cash-flow entry point, and Clinton County at $216,455 is priced roughly $60,000 below Hamilton with a comparable or higher overall score of 71 versus Hamilton's 69. The rational case for choosing Hamilton over a neighbor comes down to one thing: you're specifically targeting the Adirondack recreational property market and you believe appreciation will continue at or above the current 3.78% pace. If income yield or tenant stability matters to your model, Madison, Clinton, or Orleans all present more straightforward underwriting.