18-20 Depot St · Norwood, NY 13668

$79,500

6 bd · 3.0 ba · 1,200 sqft · MultiFamily · 234 Days on market

Built 1951 Poor condition 0.66 ac lot ↓ 16% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.8/10.0
• Livability +3.4/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Multi-family units

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

Listing remarks MLS

Three unit apartment building located in the Village of Norwood. The one half of the building consist of a three bedroom unit that's both downstairs and upstairs. This would make a great live in unit while you rent out the other two! The other half of the building has one apartment on the ground floor and one apartment on the second floor above it. All units have thier own natural gas furnace and seperate electric meter as well. This income producing property is complete with a spacious back yard.

Key facts

• 0.66 acre lot
• Built 1951
• Listed 233 days

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $80k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $482/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#541 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, schools D+, amenities F.
• Norwood-Norfolk Central School District (rural): math 30% / reading 36% proficiency, ranked #568 of 590 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 26 active listings in the ZIP; 215 units permitted in St. Lawrence County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($550 loan paydown + $3k appreciation (3.6% local appreciation)).
• St. Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.6% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 234 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $69,960 (12.0% below list)

Questions for the listing agent

1. It's been on market 234 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 3.18% ✓
• Cap rate: 28.11%
• Cash-on-cash: 77.92%
• DSCR: 4.47
• GRM: 2.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.6% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 82.9%
• Equity multiple: 5.68×
• Total profit: $104,217
• Equity at exit: $38,456

10-year hold

• IRR: 82.0%
• Equity multiple: 11.74×
• Total profit: $238,981
• Equity at exit: $61,465

Cash invested: $22,260 (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 13668

• Home prices YoY: 1.1%
• Active inventory: 26
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,525 medium
• Mortgage (P&I): −$417
• Tax est. 1.5%: −$99 /mo · $1,192/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$530
• Net cashflow: $1,445

Break-even live

Break-even rent $695

Max offer price $79,500

Occupancy floor 38%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,526
Total (3 units)			$2,525

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: $19,875
• Closing costs: $2,385
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $79,500 Active 234 DOM
2. 2026-06-17
   days on market $79,500 Active 233 DOM
3. 2026-06-16
   days on market $79,500 Active 232 DOM
4. 2026-06-15
   days on market $79,500 Active 231 DOM
5. 2026-06-13
   days on market $79,500 Active 229 DOM
6. 2026-06-12
   days on market $79,500 Active 228 DOM
7. 2026-06-09
   days on market $79,500 Active 225 DOM
8. 2026-06-08
   days on market $79,500 Active 224 DOM
9. 2026-06-07
   days on market $79,500 Active 223 DOM
10. 2026-06-07
    days on market $79,500 Active 222 DOM
11. 2026-06-04
    days on market $79,500 Active 219 DOM
12. 2026-06-02
    days on market $79,500 Active 218 DOM
13. 2026-06-01
    days on market $79,500 Active 217 DOM
14. 2026-05-31
    days on market $79,500 Active 216 DOM
15. 2026-05-13
    price $79,500 503-char remark

    Show marketing remark (503 chars)

    Three unit apartment building located in the Village of Norwood. The one half of the building consist of a three bedroom unit that's both downstairs and upstairs. This would make a great live in unit while you rent out the other two! The other half of the building has one apartment on the ground floor and one apartment on the second floor above it. All units have thier own natural gas furnace and seperate electric meter as well. This income producing property is complete with a spacious back yard.

16. 2026-02-27
    price $84,500 503-char remark

    Show marketing remark (503 chars)

    Three unit apartment building located in the Village of Norwood. The one half of the building consist of a three bedroom unit that's both downstairs and upstairs. This would make a great live in unit while you rent out the other two! The other half of the building has one apartment on the ground floor and one apartment on the second floor above it. All units have thier own natural gas furnace and seperate electric meter as well. This income producing property is complete with a spacious back yard.

17. 2025-12-11
    price $89,500 503-char remark

    Show marketing remark (503 chars)

    Three unit apartment building located in the Village of Norwood. The one half of the building consist of a three bedroom unit that's both downstairs and upstairs. This would make a great live in unit while you rent out the other two! The other half of the building has one apartment on the ground floor and one apartment on the second floor above it. All units have thier own natural gas furnace and seperate electric meter as well. This income producing property is complete with a spacious back yard.

18. 2025-10-28
    listed $94,500 Active 503-char remark

    Show marketing remark (503 chars)

    Three unit apartment building located in the Village of Norwood. The one half of the building consist of a three bedroom unit that's both downstairs and upstairs. This would make a great live in unit while you rent out the other two! The other half of the building has one apartment on the ground floor and one apartment on the second floor above it. All units have thier own natural gas furnace and seperate electric meter as well. This income producing property is complete with a spacious back yard.

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

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 ≥93°F today · 15 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: $30,300
• − Mortgage interest: −$4,453
• − Property taxes: −$1,192
• − Insurance: −$398
• − Repairs & maintenance: −$2,424
• − Management: −$2,424
• − Depreciation: −$2,313
• Taxable income: $17,096
• Est. tax owed @ 24.0%: −$4,103
• After-tax cash flow: $13,241/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.

Condition & rehab AI · 10 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive renovations to bring it up to modern standards and improve its resale and rental value.

Repairs flagged

• Major kitchen cabinets — severely damaged
• Major bathroom tiles — missing tiles
• Major roof — visible damage
• Major exterior siding — peeling paint
• Major flooring — damaged hardwood
• Major interior walls — damaged walls
• Major windows — broken panes
• Major HVAC systems — outdated and inefficient

Value-add opportunities

• Both extensive exterior renovation — enhances curb appeal and value
• Both kitchen and bathroom updates — modernizes spaces and increases value
• Both HVAC system replacement — improves comfort and energy efficiency
• Both landscaping and curb appeal improvements — enhances property's visual appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely damaged	Major	$15,000–50,000
bathroom tiles · missing tiles	Major	$15,000–50,000
roof · visible damage	Major	$15,000–50,000
exterior siding · peeling paint	Major	$15,000–50,000
flooring · damaged hardwood	Major	$15,000–50,000
interior walls · damaged walls	Major	$15,000–50,000
windows · broken panes	Major	$15,000–50,000
HVAC systems · outdated and inefficient	Major	$15,000–50,000
Total estimated repair cost · 8 items		$120,000–400,000

Value-add ROI direction

• Both extensive exterior renovation — enhances curb appeal and value ↑
• Both kitchen and bathroom updates — modernizes spaces and increases value ↑
• Both HVAC system replacement — improves comfort and energy efficiency ↑
• Both landscaping and curb appeal improvements — enhances property's visual appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Norwood-Norfolk Central School District
• NCES district ID: 3621360
• Math proficiency: 30% ▼ -8.00%
• Reading proficiency: 36% ▼ -4.00%
• Median HH income: $43,492
• Composite: 28.05/100
• National rank: #6841
• State rank: #568 of 590 in NY

Livability — Norwood

• Score: 68/100
• State rank: #541
• US rank: #9728

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwood, NY
• City population: 3,313
• Population (ZIP): 3,313

Population outlook (St. Lawrence County) Hauer SSP2

• Today (2025): 110,027 people
• By 2030: 107,455 · -2.3%
• By 2040: 100,492 · -8.7%
• By 2050: 94,254 · -14.3%
• By 2075: 80,175 · -27.1%
• By 2100: 63,140 · -42.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 13% Portuguese 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · St. Lawrence

• 2024 margin: R (+18.0) · D 41.0% · R 59.0%
• 2008→2024 swing: -34.3pp toward R · 2008: 16.3pp · 2024: -18.0pp
• All cycles: 2024: R+18.0 2020: R+11.7 2016: R+10.8 2012: D+16.6 2008: D+16.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.60%
• Current HPI: 318.2533
• 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

-15.9% since first listed

4 events — show timeline

• 2026-05-13 Price Changed $79,500 SLCMLS
• 2026-02-27 Price Changed $84,500 SLCMLS
• 2025-12-11 Price Changed $89,500 SLCMLS
• 2025-10-28 Listed $94,500 SLCMLS