23 Dodge Pl

Gouverneur, NY 13642

$150,000B+

9 bd · 3.9 ba · 4,584 sqft · Built 1950 · MultiFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,342/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$340
• HOA: −$0
• Vac / Maint / Mgmt: −$702
• Net cashflow: $1,514/mo
• Annual: $18,168/yr
• Cap rate: 18.41%
• Cash-on-cash: 43.26%
• DSCR: 2.92
• 1% rule: 2.23%
• Cash to close: $42,000

Investor read

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $150k.
• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $505/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $10k of equity ($1k loan paydown + $9k appreciation (6.2% local appreciation)).
• Location reads 67/100 on livability (#605 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: amenities F, commute F, employment F.
• Gouverneur Central School District (town): math 23% / reading 34% proficiency, ranked #582 of 590 in NY (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Gouverneur Elementary School (math 12% / reading 32%, grade F, #1,923 of 2,108 statewide, top 92%, 506 students, 62% FRL); Gouverneur Middle School (math 12% / reading 34%, grade F, #646 of 729 statewide, top 89%, 472 students, 68% FRL); Gouverneur High School (math 92% / reading 75%, grade A, #409 of 1,100 statewide, top 39%, 467 students, 63% FRL) — zoned schools average 64% FRL vs 46% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 43% at this address vs 28% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Gouverneur Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 63 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.
• 12 sale attempts since 13y 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 $105k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (6.2% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 18.4% vs local median 7.5% in Gouverneur — 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

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.
• 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.