106 Church Street St

Champlain, NY 12919

$85,000B+

3 bd · 3.0 ba · 1,661 sqft · Built 1901 · MultiFamily · Active · 350 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,003/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$353
• HOA: −$0
• Vac / Maint / Mgmt: −$421
• Net cashflow: $783/mo
• Annual: $9,398/yr
• Cap rate: 18.29%
• Cash-on-cash: 42.84%
• DSCR: 2.91
• 1% rule: 2.36%
• Cash to close: $23,800

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $85k. Condition is rated fair.
• At list price, monthly cash flow is $783 ($9k/yr) — positive. Per door: $392/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• It's been on market 350 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($588 loan paydown + $4k appreciation (4.7% local appreciation)).
• Location reads 66/100 on livability (#623 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A, crime A-; Watch: amenities F, commute F, employment D-.
• Northeastern Clinton Central School District (rural): math 63% / reading 63% proficiency, ranked #203 of 590 in NY (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Northeastern Clinton Middle School (math 32% / reading 52%, grade D-, #379 of 729 statewide, top 54%, 277 students, 50% FRL).
• Zoned-school proficiency averages 42% at this address vs 63% district-wide (-21 pts) — the specific schools serving this property underperform the Northeastern Clinton Central School District average; the district grade overstates school quality for this exact location.
• Watch-outs: property tax is 3.6% of price; flood insurance adds $66/mo; built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 39 active listings in the ZIP; solid renter incomes; 192 units permitted in Clinton County in 2024 (64 in 5+ unit buildings).
• Clinton County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $34k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $85k implies a 183% gain — meaningful room to come down on a strong offer.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 350 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?

Repairs flagged (vision-AI assessment)

• Major: roof — The independent image shows a new roof in 2025, but the listing photos show a worn roof.
• Major: exterior siding — The listing photos show peeling paint and a worn exterior.
• Major: flooring — The listing photos show worn flooring in the living room and attic.
• Major: interior walls/paint — The listing photos show peeling paint in the living room and attic.
• Major: bathrooms — The listing photos show outdated and worn bathrooms.
• Major: systems — The listing photos show outdated and worn systems.