55 W Main St · Norfolk, NY 13667

$199,000

11 bd · 5.0 ba · 5,260 sqft · MultiFamily public records · 196 Days on market

Built 1900 2,700 sqft lot $38/sqft · 83% below area Est $357k · 44% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Appreciation +4.9/10.0
• Livability +3.2/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Investor Alert: Prime Downtown Norfolk Income Property Exceptional opportunity to own a fully occupied, income-producing apartment building in the heart of downtown Norfolk. This five-unit property boasts a proven rental history, generating $3,875/month, with each unit separately metered for electricity, ensuring convenience and efficiency. On-site coin-operated laundry adds to tenant satisfaction and ease of management. Unit Breakdown: Apartments 1 & 2 (ground floor): 3 bedrooms each Apartments 3 & 4 (second floor): 2 bedrooms each Apartment 5: 1 bedroom Perfectly positioned within walking distance to local shops, cafes, and small-town amenities, while offering a short drive to libraries, parks, museums, Clarkson University, SUNY Potsdam, SUNY Canton, and seasonal outdoor adventures including hiking, skiing, swimming, fishing, and boating. Norfolk is just minutes from the nearby airport with fast direct flights to Boston and convenient access to larger regional cities like Plattsburgh, Ottawa, Montreal, and the Saint Regis Mohawk Reservation, which features a casino and year-round cultural events. This property is ideal for real estate investors seeking multi-family units in upstate New York with strong cash flow potential, as well as professionals and workers drawn to affordable, economical electricity services and high-speed internet in a quiet, small-town setting. No sign on property. Don’t miss this exceptional investment opportunity—contact us today to schedule a viewing and secure your piece of Norfolk’s thriving rental market.

Key facts

• Short drive to parks
• Fully occupied
• 2,700 sq ft lot

Tags

• FULLY OCCUPIED
• PROVEN RENTAL HISTORY
• ON SITE COIN OPERATED LAUNDRY
• SHORT DRIVE TO LIBRARIES
• SHORT DRIVE TO PARKS
• SHORT DRIVE TO MUSEUMS

🏷️ Possibly a rental listed for sale. The $199,000 price doesn't fit this home's estimated sale value (~$356,575) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 6-bed/?-bath units multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $744 ($9k/yr) — positive. Per door: $372/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#737 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools D, crime 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: 30 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 $1k of equity ($1k loan paydown + $-355 appreciation (-0.2% 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 (-0.2% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 196 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $108k; list at $199k implies a 84% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 196 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. 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?
8. 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?
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: 1.36% ✓
• Cap rate: 10.78%
• Cash-on-cash: 16.01%
• DSCR: 1.71
• GRM: 6.1

CMA / ARV

• ARV (median comp): $356,575
• List price: $199,000
• Delta: -44.19%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-0.18% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.1%
• Equity multiple: 1.72×
• Total profit: $39,927
• Equity at exit: $56,017

10-year hold

• IRR: 19.8%
• Equity multiple: 3.16×
• Total profit: $120,213
• Equity at exit: $65,941

Cash invested: $55,720 (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 13667

• Home prices YoY: -0.1%
• Active inventory: 30
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $2,710 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$271 /mo · $3,251/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$569
• Net cashflow: $744

Break-even live

Break-even rent $1,769

Max offer price $199,000

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	6	—	$2,710
Total (2 units)			$2,710

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-04
   status Pending 1595-char remark

   Show marketing remark (1595 chars)

   Investor Alert: Prime Downtown Norfolk Income Property Exceptional opportunity to own a fully occupied, income-producing apartment building in the heart of downtown Norfolk. This five-unit property boasts a proven rental history, generating $3,875/month, with each unit separately metered for electricity, ensuring convenience and efficiency. On-site coin-operated laundry adds to tenant satisfaction and ease of management. Unit Breakdown: Apartments 1 & 2 (ground floor): 3 bedrooms each Apartments 3 & 4 (second floor): 2 bedrooms each Apartment 5: 1 bedroom Perfectly positioned within walking distance to local shops, cafes, and small-town amenities, while offering a short drive to libraries, parks, museums, Clarkson University, SUNY Potsdam, SUNY Canton, and seasonal outdoor adventures including hiking, skiing, swimming, fishing, and boating. Norfolk is just minutes from the nearby airport with fast direct flights to Boston and convenient access to larger regional cities like Plattsburgh, Ottawa, Montreal, and the Saint Regis Mohawk Reservation, which features a casino and year-round cultural events. This property is ideal for real estate investors seeking multi-family units in upstate New York with strong cash flow potential, as well as professionals and workers drawn to affordable, economical electricity services and high-speed internet in a quiet, small-town setting. No sign on property. Don’t miss this exceptional investment opportunity—contact us today to schedule a viewing and secure your piece of Norfolk’s thriving rental market.

2. 2025-10-20
   listed $199,000 Active 1595-char remark

   Show marketing remark (1595 chars)

   Investor Alert: Prime Downtown Norfolk Income Property Exceptional opportunity to own a fully occupied, income-producing apartment building in the heart of downtown Norfolk. This five-unit property boasts a proven rental history, generating $3,875/month, with each unit separately metered for electricity, ensuring convenience and efficiency. On-site coin-operated laundry adds to tenant satisfaction and ease of management. Unit Breakdown: Apartments 1 & 2 (ground floor): 3 bedrooms each Apartments 3 & 4 (second floor): 2 bedrooms each Apartment 5: 1 bedroom Perfectly positioned within walking distance to local shops, cafes, and small-town amenities, while offering a short drive to libraries, parks, museums, Clarkson University, SUNY Potsdam, SUNY Canton, and seasonal outdoor adventures including hiking, skiing, swimming, fishing, and boating. Norfolk is just minutes from the nearby airport with fast direct flights to Boston and convenient access to larger regional cities like Plattsburgh, Ottawa, Montreal, and the Saint Regis Mohawk Reservation, which features a casino and year-round cultural events. This property is ideal for real estate investors seeking multi-family units in upstate New York with strong cash flow potential, as well as professionals and workers drawn to affordable, economical electricity services and high-speed internet in a quiet, small-town setting. No sign on property. Don’t miss this exceptional investment opportunity—contact us today to schedule a viewing and secure your piece of Norfolk’s thriving rental market.

3. 2024-10-31
   listed $199,000 Active
4. 2023-06-05
   soldstatus $108,000
5. 2023-06-02
   soldstatus $108,000
6. 2022-11-25
   listed $125,000
7. 2005-04-19
   soldstatus $75,000
8. 2003-09-29
   soldstatus $8,500
9. 2000-10-31
   soldstatus $13,000

ⓘ 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: $3,251 · $271/mo
• Projected year-2 tax: $3,307 · $276/mo
• Expected delta: +$56/yr (+$5/mo · 1.7%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $32,520
• − Mortgage interest: −$11,147
• − Property taxes: −$3,251
• − Insurance: −$995
• − Repairs & maintenance: −$2,602
• − Management: −$2,602
• − Depreciation: −$5,789
• Taxable income: $6,135
• Est. tax owed @ 24.0%: −$1,472
• After-tax cash flow: $7,450/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: 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 — Norfolk

• Score: 64/100
• State rank: #737
• US rank: #14031

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norfolk, NY
• Population (ZIP): 3,460

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 (93%)
• Race & ethnicity: White 93% Two or more races 5% Native American 2%
• Common ancestry: Lithuanian 12% Serbian 3% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · German/W. Germanic 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: ▼ -0.18%
• Current HPI: 268.2319
• 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

+1430.8% since first listed

9 events — show timeline

• 2026-05-04 Pending — SLCMLS
• 2025-10-20 Listed $199,000 SLCMLS
• 2024-10-31 Listed $199,000 SLCMLS
• 2023-06-05 Sold (MLS) $108,000 SLCMLS
• 2023-06-02 Sold (Public Records) $108,000 Public Records
• 2022-11-25 Listed $125,000 SLCMLS
• 2005-04-19 Sold (Public Records) $75,000 Public Records
• 2003-09-29 Sold (Public Records) $8,500 Public Records
• 2000-10-31 Sold (Public Records) $13,000 Public Records

Property tax history

-1.0%/yr

Latest (2025): $3,251 · -3.8% YoY. Source: county tax records.