32451 Co. Rt. 179 · Clayton, NY 13624

$249,000

20 bd · 16.0 ba · 2,966 sqft · MultiFamily · 57 Days on market

Built 1900 Fair condition 0.95 ac lot $84/sqft · 50% below area

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Why this score? — see what drove the A- 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
• Appreciation +9.7/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

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

Listing remarks MLS

Nicely kept 4-plex 15 miles to Watertown. Deep lot has Riverfront at back. Square footage from Jefferson County tax records. Units are heated with lp monitors. Sewer fees paid by owner. Generous parking and owner states units have been easy to rent. 24 hour notice to show please.

Key facts

• Washer dryer hookups
• 0.95 acre lot
• 2 parking spots

Tags

• WASHER DRYER HOOKUPS
• FRONTAGE ON THE CHAUMONT RIVER
• 20 TREE APPLE ORCHARD

Property features AI

Finance

• Financial info: Gross income reported at $36,000; Units produce listed rents: $850; $800; $700; $650; Owner pays grounds care, snow removal and water; Operating expenses include insurance, maintenance, professional management and water/sewer

Exterior

• Parking: Gravel parking with two or more spaces
• Utilities: Well water source; Sewer connected; Cable available; Circuit breaker electrical service
• Home design: 2-story multifamily building; Existing condition
• Construction: Vinyl and wood siding; Shingle roof; Stone foundation; Copper plumbing; Built as existing structure (year built details listed as existing)
• Exterior features: Rectangular residential lot with approximately 99 feet frontage; Beach, river and stream access (Chaumont River); City street frontage

Interior

• Kitchen: Oven/Range in units; Refrigerator in some units; Dishwasher in one unit; Dining area included in some units
• Bedrooms: Four units: one 2-bedroom unit and three 1-bedroom units (unit-level details below)
• Flooring: Laminate and varying flooring types
• Bathrooms: Four full bathrooms total (one full bathroom per unit)
• Heating & cooling: Heating present: electric and propane options; Baseboard and forced air heating
• Interior features: Full basement with sump pump; Varied laminate and other flooring
• Laundry & utility: Electric water heater; Owned water softener

What this means for you Summary

Snapshot

• This is a 3×1bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $249k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $402/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $249k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.0% vs local median 1.5% in Clayton — 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 66/100 on livability (#621 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living B+; Watch: employment C-, health & safety D, amenities F.
• Thousand Islands Central School District (rural): math 60% / reading 56% proficiency, ranked #262 of 590 in NY (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Guardino Elementary School (math 57% / reading 52%, grade C, #908 of 2,108 statewide, top 46%, 293 students, 44% FRL); Thousand Islands Middle School (math 50% / reading 56%, grade C+, #233 of 729 statewide, top 32%, 209 students, 50% FRL); Thousand Islands High School (math 92% / reading 70%, grade A, #495 of 1,100 statewide, top 46%, 247 students, 47% FRL) — zoned schools average 47% FRL vs 29% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 57 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (9.4% local appreciation)).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.4% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y 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 $106k; list at $249k implies a 134% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $241,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
9. 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.
10. 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: 1.69% ✓
• Cap rate: 14.04%
• Cash-on-cash: 27.65%
• DSCR: 2.23
• GRM: 4.9

CMA / ARV

• ARV (median comp): $502,190
• List price: $249,000
• Delta: -50.42%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

9.39% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 44.3%
• Equity multiple: 4.27×
• Total profit: $227,643
• Equity at exit: $213,294

10-year hold

• IRR: 38.7%
• Equity multiple: 9.43×
• Total profit: $587,623
• Equity at exit: $448,729

Cash invested: $69,720 (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 13624

• Home prices YoY: 2.3%
• Active inventory: 57
• Price-to-rent: 19.9×

Monthly cashflow live

• Estimated rent: $4,212 medium
• Mortgage (P&I): −$1,306
• Tax est. 1.5%: −$311 /mo · $3,735/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$885
• Net cashflow: $1,607

Break-even live

Break-even rent $2,178

Max offer price $249,000

Occupancy floor 57%

Sensitivity live

Price	-10% $1,779	-5% $1,693	+0% $1,607	+5% $1,521	+10% $1,435
Rent	-10% $1,274	-5% $1,440	+0% $1,607	+5% $1,773	+10% $1,939
Rate	-1.0pp $1,732	-0.5pp $1,670	base $1,607	+0.5pp $1,542	+1.0pp $1,477

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,132
1× unit	2	1	$1,080
Total (4 units)			$4,212

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-22
   days on market $249,000 Active 57 DOM
2. 2026-06-19
   days on market $249,000 Active 54 DOM
3. 2026-06-18
   days on market $249,000 Active 53 DOM
4. 2026-06-17
   days on market $249,000 Active 52 DOM
5. 2026-06-16
   days on market $249,000 Active 51 DOM
6. 2026-06-15
   days on market $249,000 Active 50 DOM
7. 2026-06-14
   days on market $249,000 Active 48 DOM
8. 2026-06-12
   days on market $249,000 Active 47 DOM
9. 2026-06-09
   days on market $249,000 Active 44 DOM
10. 2026-06-08
    days on market $249,000 Active 43 DOM
11. 2026-06-07
    days on market $249,000 Active 42 DOM
12. 2026-06-02
    days on market $249,000 Active 37 DOM
13. 2026-06-01
    days on market $249,000 Active 36 DOM
14. 2026-05-31
    days on market $249,000 Active 35 DOM
15. 2026-05-30
    days on market $249,000 Active 34 DOM
16. 2026-04-26
    listed $249,000 Active 744-char remark
17. 2026-04-20
    historical
18. 2026-04-17
    historical
19. 2026-04-17
    price $249,000
20. 2025-11-21
    historical
21. 2025-09-03
    listed $2,050,000 Active
22. 2012-07-16
    soldstatus $106,314

    Show marketing remark (280 chars)

    Nicely kept 4-plex 15 miles to Watertown. Deep lot has Riverfront at back. Square footage from Jefferson County tax records. Units are heated with lp monitors. Sewer fees paid by owner. Generous parking and owner states units have been easy to rent. 24 hour notice to show please.

23. 2011-01-30
    listed $115,500

    Show marketing remark (280 chars)

    Nicely kept 4-plex 15 miles to Watertown. Deep lot has Riverfront at back. Square footage from Jefferson County tax records. Units are heated with lp monitors. Sewer fees paid by owner. Generous parking and owner states units have been easy to rent. 24 hour notice to show please.

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

Taxation est. · year 1

• Rental income: $50,544
• − Mortgage interest: −$13,948
• − Property taxes: −$3,735
• − Insurance: −$1,245
• − Repairs & maintenance: −$4,044
• − Management: −$4,044
• − Depreciation: −$7,244
• Taxable income: $16,285
• Est. tax owed @ 24.0%: −$3,909
• After-tax cash flow: $15,372/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 · 1 photo

Fair 45/100 Moderate rehab

This 4-family house requires moderate repairs and maintenance, particularly in the exterior and landscaping. Upgrading these areas would significantly improve its curb appeal and value.

Repairs flagged

• Moderate Exterior siding — Weathered and slightly faded, indicating wear and tear.
• Moderate Landscaping — Overgrown and needs trimming and maintenance to improve curb appeal.

Value-add opportunities

• Both Landscaping and exterior painting — Improving curb appeal and exterior appearance would attract more tenants and increase property value.
• Rental HVAC maintenance — Ensuring HVAC systems are functioning properly would reduce tenant complaints and improve tenant satisfaction.
• Resale Interior painting — Fresh paint can make the interior look more inviting and modern, enhancing the home's resale value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and slightly faded, indicating wear and tear.	Moderate	$3,000–15,000
Landscaping · Overgrown and needs trimming and maintenance to improve curb appeal.	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$6,000–30,000

Value-add ROI direction

• Both Landscaping and exterior painting — Improving curb appeal and exterior appearance would attract more tenants and increase property value. ↑
• Rental HVAC maintenance — Ensuring HVAC systems are functioning properly would reduce tenant complaints and improve tenant satisfaction. ↑
• Resale Interior painting — Fresh paint can make the interior look more inviting and modern, enhancing the home's resale value. ↑

ⓘ 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: Thousand Islands Central School District
• NCES district ID: 3607650
• Math proficiency: 60% ▼ -2.00%
• Reading proficiency: 56% ▼ -2.00%
• Median HH income: $55,233
• Composite: 49.94/100
• National rank: #1930
• State rank: #262 of 590 in NY

Livability — Clayton

• Score: 66/100
• State rank: #621
• US rank: #11271

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clayton, NY
• Population (ZIP): 4,438

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 111,748 people
• By 2030: 109,370 · -2.1%
• By 2040: 103,828 · -7.1%
• By 2050: 98,523 · -11.8%
• By 2075: 91,422 · -18.2%
• By 2100: 78,214 · -30.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 6% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Lithuanian 9% Romanian 5% Slovak 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Jefferson

• 2024 margin: Strong R (+23.6) · D 38.2% · R 61.8%
• 2008→2024 swing: -18.3pp toward R · 2008: -5.3pp · 2024: -23.6pp
• All cycles: 2024: R+23.6 2020: R+19.0 2016: R+22.4 2012: R+2.9 2008: R+5.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.39%
• Current HPI: 418.5008
• 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

+115.6% since first listed

8 events — show timeline

• 2026-04-26 Listed $249,000 CNYIS
• 2026-04-20 Listing Removed — CNYIS
• 2026-04-17 Listing Removed — CNYIS
• 2026-04-17 Price Changed $249,000 CNYIS
• 2025-11-21 Listing Removed — CNYIS
• 2025-09-03 Listed $2,050,000 CNYIS
• 2012-07-16 Sold (MLS) $106,314 CNYIS
• 2011-01-30 Listed $115,500 CNYIS