521 Francis St · Carthage, NY 13619

$210,000

4 bd · 3.0 ba · 2,856 sqft · MultiFamily public records · 233 Days on market

Built 1900 0.26 ac lot $74/sqft · 19% below area Est $261k · 19% under

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Why this score? — see what drove the A grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.5/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Excellent Investment Opportunity in Carthage, NY! This triplex is featuring three separate units. a three bedroom and one bathroom apartment. A two bedroom and one bedroom apartment. A one bedroom and one bathroom apartment. Each unit offers comfortable living spaces and solid rental potential. Located on a 0.25-acre lot, this property includes off-street parking and is conveniently close to local amenities. A great opportunity for investors looking to expand their portfolio or those seeking a property with strong income potential.

Key facts

• 0.25-acre lot
• Three separate units
• Off-street parking

Tags

• THREE SEPARATE UNITS
• OFF-STREET PARKING
• 0.25-ACRE LOT

What this means for you Summary

Snapshot

• This is a 2×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $370/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Recommended offer: $185k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 5.5% in Carthage — 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.

Location & tenants

• Location reads 69/100 on livability (#506 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, crime B; Watch: schools C-, employment D+, amenities F.
• Carthage Central School District (rural): math 30% / reading 46% proficiency, ranked #539 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 77 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• At $3,264/mo this rent would consume 62% of the median local household income ($63k/yr) (locally 379% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $22k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 233 days — a 12% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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.
• Current owner paid $140k; list at $210k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $184,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 233 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.55% ✓
• Cap rate: 12.63%
• Cash-on-cash: 22.63%
• DSCR: 2.01
• GRM: 5.4

CMA / ARV

• ARV (median comp): $260,806
• List price: $210,000
• Delta: -19.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
612 Budd St	0.20mi	5/3.0 (+1)	2,498 (-12%)	21mo	$200,000	$80	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 41.3%
• Equity multiple: 4.15×
• Total profit: $185,056
• Equity at exit: $189,185

10-year hold

• IRR: 35.6%
• Equity multiple: 9.33×
• Total profit: $489,541
• Equity at exit: $407,984

Cash invested: $58,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 13619

• Home prices YoY: 26.0%
• Active inventory: 77
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $3,264 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$281 /mo · $3,371/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$685
• Net cashflow: $1,109

Break-even live

Break-even rent $1,860

Max offer price $210,000

Occupancy floor 61%

Sensitivity live

Price	-10% $1,228	-5% $1,168	+0% $1,109	+5% $1,049	+10% $990
Rent	-10% $851	-5% $980	+0% $1,109	+5% $1,238	+10% $1,367
Rate	-1.0pp $1,215	-0.5pp $1,162	base $1,109	+0.5pp $1,054	+1.0pp $999

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,230
1× unit	1	1	$1,034
Total (3 units)			$3,264

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
423 West St Carthage, NY	4.0	2.0	3468	$1,800	$0.52	44d	1	0.30mi

Listing history 23 events

1. 2026-06-19
   days on market $210,000 Active 233 DOM
2. 2026-06-18
   days on market $210,000 Active 232 DOM
3. 2026-06-17
   days on market $210,000 Active 231 DOM
4. 2026-06-16
   days on market $210,000 Active 230 DOM
5. 2026-06-15
   days on market $210,000 Active 229 DOM
6. 2026-06-14
   days on market $210,000 Active 227 DOM
7. 2026-06-12
   days on market $210,000 Active 226 DOM
8. 2026-06-09
   days on market $210,000 Active 223 DOM
9. 2026-06-08
   days on market $210,000 Active 222 DOM
10. 2026-06-07
    days on market $210,000 Active 221 DOM
11. 2026-06-05
    days on market $210,000 Active 218 DOM
12. 2026-06-03
    days on market $210,000 Active 217 DOM
13. 2026-06-02
    days on market $210,000 Active 216 DOM
14. 2026-06-01
    days on market $210,000 Active 215 DOM
15. 2026-05-31
    days on market $210,000 Active 214 DOM
16. 2026-05-30
    days on market $210,000 Active 213 DOM
17. 2025-10-29
    listed $210,000 Active 537-char remark

    Show marketing remark (537 chars)

    Excellent Investment Opportunity in Carthage, NY! This triplex is featuring three separate units. a three bedroom and one bathroom apartment. A two bedroom and one bedroom apartment. A one bedroom and one bathroom apartment. Each unit offers comfortable living spaces and solid rental potential. Located on a 0.25-acre lot, this property includes off-street parking and is conveniently close to local amenities. A great opportunity for investors looking to expand their portfolio or those seeking a property with strong income potential.

18. 2022-05-17
    soldstatus $140,000
19. 2022-05-13
    soldstatus $140,000 Closed Sale or Rented 634-char remark

    Show marketing remark (634 chars)

    Looking to invest in some real estate? Here's a property for you! Awesome, updated, income producing 3 unit. Rent of $2300 per month. Could be the perfect owner occupying property while the other 2 units pay your mortgage to allow you to live for FREE !!! Home was fully remodeled in 2018- Brand New hot water heater, New furnace, New roof, New siding just to name a few. This property has 1- 3 bedroom, 1- 2 bedroom and 1-1 bedroom apartment. All utilities are included in rent. All 3 tenants are currently month to month. 2 driveways- 1 is shared and the other solely for this property. Contact your agent to set up your showing !!

20. 2022-02-02
    historical Continue to Show- Under Contract 634-char remark

    Show marketing remark (634 chars)

    Looking to invest in some real estate? Here's a property for you! Awesome, updated, income producing 3 unit. Rent of $2300 per month. Could be the perfect owner occupying property while the other 2 units pay your mortgage to allow you to live for FREE !!! Home was fully remodeled in 2018- Brand New hot water heater, New furnace, New roof, New siding just to name a few. This property has 1- 3 bedroom, 1- 2 bedroom and 1-1 bedroom apartment. All utilities are included in rent. All 3 tenants are currently month to month. 2 driveways- 1 is shared and the other solely for this property. Contact your agent to set up your showing !!

21. 2022-01-29
    price $165,000 634-char remark

    Show marketing remark (634 chars)

    Looking to invest in some real estate? Here's a property for you! Awesome, updated, income producing 3 unit. Rent of $2300 per month. Could be the perfect owner occupying property while the other 2 units pay your mortgage to allow you to live for FREE !!! Home was fully remodeled in 2018- Brand New hot water heater, New furnace, New roof, New siding just to name a few. This property has 1- 3 bedroom, 1- 2 bedroom and 1-1 bedroom apartment. All utilities are included in rent. All 3 tenants are currently month to month. 2 driveways- 1 is shared and the other solely for this property. Contact your agent to set up your showing !!

22. 2021-09-17
    listed $175,000 Active 634-char remark

    Show marketing remark (634 chars)

    Looking to invest in some real estate? Here's a property for you! Awesome, updated, income producing 3 unit. Rent of $2300 per month. Could be the perfect owner occupying property while the other 2 units pay your mortgage to allow you to live for FREE !!! Home was fully remodeled in 2018- Brand New hot water heater, New furnace, New roof, New siding just to name a few. This property has 1- 3 bedroom, 1- 2 bedroom and 1-1 bedroom apartment. All utilities are included in rent. All 3 tenants are currently month to month. 2 driveways- 1 is shared and the other solely for this property. Contact your agent to set up your showing !!

23. 2016-03-15
    soldstatus $45,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $3,371 · $281/mo
• Projected year-2 tax: $3,460 · $288/mo
• Expected delta: +$89/yr (+$7/mo · 2.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,168
• − Mortgage interest: −$11,763
• − Property taxes: −$3,371
• − Insurance: −$1,050
• − Repairs & maintenance: −$3,133
• − Management: −$3,133
• − Depreciation: −$6,109
• Taxable income: $10,607
• Est. tax owed @ 24.0%: −$2,546
• After-tax cash flow: $10,760/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Carthage Central School District
• NCES district ID: 3606630
• Math proficiency: 30% ▼ -18.00%
• Reading proficiency: 46% ▲ 2.00%
• Median HH income: $48,450
• Composite: 32.63/100
• National rank: #5668
• State rank: #539 of 590 in NY

Livability — Carthage

• Score: 69/100
• State rank: #506
• US rank: #8895

Category grades

Amenities F Commute F Cost of living A Crime B Employment D+ Housing B- Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carthage, NY
• County: Jefferson County · 47,417 people
• City population: 10,578
• Metro: Watertown-Fort Drum, NY
• Population (ZIP): 10,578
• Household income: $63,120
• Rent vs Own: 43.7% rent · 56.3% own
• Severe rent burden: 379.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 111,748 people
• By 2030: 109,370 · -2.1%
• By 2040: 103,828 · -7.1%
• By 2050: 98,523 · -11.8%
• By 2075: 91,422 · -18.2%
• By 2100: 78,214 · -30.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 8% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Lithuanian 9% Romanian 3% Iranian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% Tagalog/Filipino 1%

Political lean MEDSL · Jefferson

• 2024 margin: Strong R (+23.6) · D 38.2% · R 61.8%
• 2008→2024 swing: -18.3pp toward R · 2008: -5.3pp · 2024: -23.6pp
• All cycles: 2024: R+23.6 2020: R+19.0 2016: R+22.4 2012: R+2.9 2008: R+5.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 84.02%
• Current HPI: 406.9439
• Rent YoY: —
• Metro: Watertown-Fort Drum, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+366.7% since first listed

7 events — show timeline

• 2025-10-29 Listed $210,000 CNYIS
• 2022-05-17 Sold (Public Records) $140,000 Public Records
• 2022-05-13 Sold (MLS) $140,000 CNYIS
• 2022-02-02 Contingent — CNYIS
• 2022-01-29 Price Changed $165,000 CNYIS
• 2021-09-17 Listed $175,000 CNYIS
• 2016-03-15 Sold (Public Records) $45,000 Public Records

Property tax history

+0.2%/yr

Latest (2025): $3,371 · +6.7% YoY. Source: county tax records.