32451 Co. Rt. 179

Clayton, NY 13624

$249,000A-

20 bd · 16.0 ba · 2,966 sqft · Built 1900 · MultiFamily · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,212/mo
• Mortgage (P&I): −$1,306
• Tax + insurance: −$415
• HOA: −$0
• Vac / Maint / Mgmt: −$885
• Net cashflow: $1,607/mo
• Annual: $19,280/yr
• Cap rate: 14.04%
• Cash-on-cash: 27.65%
• DSCR: 2.23
• 1% rule: 1.69%
• Cash to close: $69,720

Investor read

• This is a 3×1bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $249k. Condition is rated fair.
• 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).
• It's been on market 57 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (9.4% local appreciation)).
• 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.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 57 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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 1900 — 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 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?
• 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.

Repairs flagged (vision-AI assessment)

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