8720 US 56, St

Norfolk, NY 13667

$159,900B+

9 bd · 5.1 ba · 3,200 sqft · Built 1950 · MultiFamily · Active · 212 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,181/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$266
• HOA: −$0
• Vac / Maint / Mgmt: −$668
• Net cashflow: $1,408/mo
• Annual: $16,895/yr
• Cap rate: 16.86%
• Cash-on-cash: 37.74%
• DSCR: 2.68
• 1% rule: 1.99%
• Cash to close: $44,772

Investor read

• This is a 3 × 3-bed/1.7-bath units multifamily listed at $160k. Condition is rated good.
• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $469/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• It's been on market 212 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• In year one you build about $821 of equity ($1k loan paydown + $-285 appreciation (-0.2% local appreciation)).
• 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-, crime F, amenities 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.
• Zoned schools: Norwood-Norfolk Elementary School (math 17% / reading 42%, grade F, #1,729 of 2,108 statewide, top 84%, 363 students, 56% FRL); Norwood-Norfolk Middle School (math 17% / reading 34%, grade F, #597 of 729 statewide, top 82%, 295 students, 64% FRL); Norwood-Norfolk School (math 95%, 314 students, 59% FRL) — zoned schools average 60% FRL vs 44% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 30 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.
• At projected returns (-0.2% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 212 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?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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?