137 Charles St · Saranac Lake, NY 12983

$389,000

6 bd · 3.0 ba · 3,060 sqft · MultiFamily public records · 1131 Days on market

Built 1910 7,840 sqft lot $127/sqft · 10% below area Est $430k · 10% under

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Why this score? — see what drove the B- 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 +26.4/30.0
• ARV discount +11.8/15.0
• DSCR +9.0/10.0
• 1% rule +7.0/10.0
• Livability +3.8/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Wonderful renovated and well maintained 3 unit apartment building producing great income for investors or for Buyers to live in one unit and rent the other two out. Tenants pay the utilities. Plenty of off street parking. Desirable location close to downtown, schools, parks and lakes. Please give at least 24 hour notice for showings.

Key facts

• 7,840 sq ft lot
• 6 parking spots
• Built 1910

Property features AI

Exterior

• Parking: Open parking for 6 vehicles; No garage
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Public water; Sewer connected; 200+ amp electric service; Cable available; Underground utilities; Water connected
• Home design: Residential income property (triplex); Updated/Remodeled; Two levels
• Construction: Vinyl siding; Asphalt roof; Crawl space foundation
• Exterior features: Exterior lighting; Paved road access; Wooded lot with many and few trees, mostly level; Has a view

Interior

• Kitchen: Electric oven; Electric range; Refrigerator
• Heating & cooling: Baseboard heating; Electric heating; Propane heating; No cooling
• Interior features: High-speed internet; Double pane and insulated windows; Carbon monoxide and smoke detectors
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1-bath units multifamily listed at $389k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $338/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $389k).
• Recommended offer: $342k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 2.5% in Saranac Lake — 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 75/100 on livability (#274 in NY, #4,341 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: health & safety C-, crime D+, amenities D+.
• Saranac Lake Central School District (town): math 35% / reading 48% proficiency, ranked #497 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 79 active listings in the ZIP; 124 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Franklin County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $109k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 1131 days — a 12% lower offer ($342k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $26k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $342,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 1131 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 1910 — 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. Crime grade is D 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?
9. 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.
10. 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.
11. 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: 1.20% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.16%
• DSCR: 1.50
• GRM: 7.0

CMA / ARV

• ARV (median comp): $430,082
• List price: $389,000
• Delta: -9.55%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 0.4%
• Equity multiple: 1.01×
• Total profit: $1,527
• Equity at exit: $58,001

10-year hold

• IRR: 10.0%
• Equity multiple: 1.78×
• Total profit: $84,625
• Equity at exit: $33,634

Cash invested: $108,920 (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 12983

• Home prices YoY: -12.9%
• Active inventory: 79
• Price-to-rent: 20.9×

Monthly cashflow live

• Estimated rent: $4,660 medium
• Mortgage (P&I): −$2,040
• Tax from tax record: −$467 /mo · $5,599/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$979
• Net cashflow: $1,013

Break-even live

Break-even rent $3,378

Max offer price $389,000

Occupancy floor 73%

Sensitivity live

Price	-10% $1,233	-5% $1,123	+0% $1,013	+5% $903	+10% $793
Rent	-10% $645	-5% $829	+0% $1,013	+5% $1,197	+10% $1,381
Rate	-1.0pp $1,209	-0.5pp $1,112	base $1,013	+0.5pp $912	+1.0pp $809

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,659
Total (3 units)			$4,660

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: $97,250
• Closing costs: $11,670
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-21
   days on market $389,000 Active 1131 DOM
2. 2026-06-18
   days on market $389,000 Active 1129 DOM
3. 2026-06-17
   days on market $389,000 Active 1128 DOM
4. 2026-06-16
   days on market $389,000 Active 1127 DOM
5. 2026-06-15
   days on market $389,000 Active 1126 DOM
6. 2026-06-13
   days on market $389,000 Active 1124 DOM
7. 2026-06-12
   days on market $389,000 Active 1123 DOM
8. 2026-06-09
   days on market $389,000 Active 1120 DOM
9. 2026-06-08
   days on market $389,000 Active 1119 DOM
10. 2026-06-07
    days on market $389,000 Active 1118 DOM
11. 2026-06-07
    days on market $389,000 Active 1117 DOM
12. 2026-06-04
    days on market $389,000 Active 1114 DOM
13. 2026-06-02
    days on market $389,000 Active 1113 DOM
14. 2026-06-01
    days on market $389,000 Active 1112 DOM
15. 2026-05-31
    days on market $389,000 Active 1111 DOM
16. 2024-04-06
    price $389,000
17. 2023-09-15
    price $395,000
18. 2023-09-15
    price $375,000
19. 2023-08-28
    status Active
20. 2023-07-13
    historical
21. 2023-07-03
    price $399,000
22. 2023-03-31
    listed $415,000 Active
23. 2022-12-15
    soldstatus $345,000 Closed 335-char remark

    Show marketing remark (335 chars)

    Wonderful renovated and well maintained 3 unit apartment building producing great income for investors or for Buyers to live in one unit and rent the other two out. Tenants pay the utilities. Plenty of off street parking. Desirable location close to downtown, schools, parks and lakes. Please give at least 24 hour notice for showings.

24. 2022-09-24
    historical 335-char remark

    Show marketing remark (335 chars)

    Wonderful renovated and well maintained 3 unit apartment building producing great income for investors or for Buyers to live in one unit and rent the other two out. Tenants pay the utilities. Plenty of off street parking. Desirable location close to downtown, schools, parks and lakes. Please give at least 24 hour notice for showings.

25. 2022-09-15
    listed $395,000 335-char remark

    Show marketing remark (335 chars)

    Wonderful renovated and well maintained 3 unit apartment building producing great income for investors or for Buyers to live in one unit and rent the other two out. Tenants pay the utilities. Plenty of off street parking. Desirable location close to downtown, schools, parks and lakes. Please give at least 24 hour notice for showings.

26. 2021-04-30
    soldstatus $295,000
27. 2021-04-26
    soldstatus $295,000 936-char remark

    Show marketing remark (936 chars)

    This beautiful completely renovated spacious three unit apartment building is a must see for investors or buyers who are looking to live in a great space and have their mortgage covered by rental income of the other two units. These are some of the nicest, most desirable apartments in Saranac Lake. Located on French Hill, which is walking distance to downtown and schools, and a short distance to miles of lake and rivers, hiking and skiing. Each unit has a washer/dryer hookups and a balcony or patio. Very nice partially fenced back yard. Off street parking for 6 cars. Lots of windows for natural light. Hardwood floors throughout, ceiling fans. All apartments have bonuses rooms such as walk in closets, mudroom, sunroom. This building has been very well maintained and is ready for the next owner to enjoy the investment income. You can not ask for anything more in a multi-family home. Potential for $40,000 yearly gross income.

28. 2020-09-07
    listed $310,000 936-char remark

    Show marketing remark (936 chars)

    This beautiful completely renovated spacious three unit apartment building is a must see for investors or buyers who are looking to live in a great space and have their mortgage covered by rental income of the other two units. These are some of the nicest, most desirable apartments in Saranac Lake. Located on French Hill, which is walking distance to downtown and schools, and a short distance to miles of lake and rivers, hiking and skiing. Each unit has a washer/dryer hookups and a balcony or patio. Very nice partially fenced back yard. Off street parking for 6 cars. Lots of windows for natural light. Hardwood floors throughout, ceiling fans. All apartments have bonuses rooms such as walk in closets, mudroom, sunroom. This building has been very well maintained and is ready for the next owner to enjoy the investment income. You can not ask for anything more in a multi-family home. Potential for $40,000 yearly gross income.

ⓘ 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: $5,599 · $467/mo
• Projected year-2 tax: $6,087 · $507/mo
• Expected delta: +$488/yr (+$41/mo · 8.7%)

ⓘ 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 1/10 Low 7 d/yr ≥88°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,920
• − Mortgage interest: −$21,790
• − Property taxes: −$5,599
• − Insurance: −$1,945
• − Repairs & maintenance: −$4,474
• − Management: −$4,474
• − Depreciation: −$11,316
• Taxable income: $6,322
• Est. tax owed @ 24.0%: −$1,517
• After-tax cash flow: $10,636/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: Saranac Lake Central School District
• NCES district ID: 3625740
• Math proficiency: 35% ▼ -7.00%
• Reading proficiency: 48% ▲ 7.00%
• Median HH income: $50,434
• Composite: 35.73/100
• National rank: #4856
• State rank: #497 of 590 in NY

Livability — Saranac Lake

• Score: 75/100
• State rank: #274
• US rank: #4341

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Saranac Lake, NY
• Population (ZIP): 7,410

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 48,098 people
• By 2030: 46,790 · -2.7%
• By 2040: 44,400 · -7.7%
• By 2050: 41,256 · -14.2%
• By 2075: 32,190 · -33.1%
• By 2100: 23,407 · -51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 3% Hispanic / Latino 3% Black 2%
• Common ancestry: Lithuanian 7% Romanian 5% Slovak 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 1% Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Franklin

• 2024 margin: Lean R (+9.0) · D 45.5% · R 54.5%
• 2008→2024 swing: -31.2pp toward R · 2008: 22.2pp · 2024: -9.0pp
• All cycles: 2024: R+9.0 2020: R+2.2 2016: R+7.4 2012: D+26.3 2008: D+22.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.20%
• Current HPI: 318.7218
• Rent YoY: —
• Metro: —
• 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

+25.5% since first listed

13 events — show timeline

• 2024-04-06 Price Changed $389,000 ACVMLS
• 2023-09-15 Price Changed $395,000 ACVMLS
• 2023-09-15 Price Changed $375,000 ACVMLS
• 2023-08-28 Relisted — ACVMLS
• 2023-07-13 Delisted — ACVMLS
• 2023-07-03 Price Changed $399,000 ACVMLS
• 2023-03-31 Listed $415,000 ACVMLS
• 2022-12-15 Sold (MLS) $345,000 ACVMLS
• 2022-09-24 Delisted — ACVMLS
• 2022-09-15 Listed $395,000 ACVMLS
• 2021-04-30 Sold (Public Records) $295,000 Public Records
• 2021-04-26 Sold (MLS) $295,000 ACVMLS
• 2020-09-07 Listed $310,000 ACVMLS

Property tax history

+2.0%/yr

Latest (2025): $5,599 · +1.2% YoY. Source: county tax records.