1028 Ford St

Ogdensburg, NY 13669

$183,900B-

3 bd · 1.5 ba · 2,672 sqft · Built 1970 · MultiFamily · Active · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,182/mo
• Mortgage (P&I): −$964
• Tax + insurance: −$306
• HOA: −$0
• Vac / Maint / Mgmt: −$1,298
• Net cashflow: $3,613/mo
• Annual: $43,355/yr
• Cap rate: 29.87%
• Cash-on-cash: 84.20%
• DSCR: 4.75
• 1% rule: 3.36%
• Cash to close: $51,492

Investor read

• This is a 3-bed/1.5-bath multifamily listed at $184k. Condition is rated fair.
• At list price, monthly cash flow is $4k ($43k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $184k).
• It's been on market 84 days — a 6% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $173k (6.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($1k loan paydown + $2k appreciation (1.1% local appreciation)).
• Location reads 66/100 on livability (#624 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, schools D-, crime F.
• Ogdensburg City School District (town): math 34% / reading 46% proficiency, ranked #531 of 590 in NY (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 134 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 (1.1% appreciation + 3.0% rent growth), your $51k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 29.9% vs local median 5.3% in Ogdensburg — 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

• It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen countertops — The countertops are visibly worn and need replacement.
• Major: Bathroom fixtures — The bathroom fixtures are old and need replacement.
• Major: Flooring — The flooring is worn and needs replacement.
• Major: Interior paint — The interior paint is worn and needs repainting.
• Major: Landscaping — The landscaping is overgrown and needs trimming and maintenance.