8720 Sh 56 · Norfolk, NY 13678

$139,900

40 bd · 25.0 ba · 1,400 sqft · MultiFamily · 196 Days on market

Built 1950 Poor condition

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +3.2/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Multi-family units

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

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

Large 5-unit apartment building. Includes acreage and parking area. Great investment opportunity.

Key facts

• Built 1950
• Listed 196 days

What this means for you Summary

Snapshot

• This is a 5 × 8-bed/5.0-bath units multifamily listed at $140k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $3k ($36k/yr) — positive. Per door: $595/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $140k).
• Recommended offer: $123k (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: 2 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 $5k of equity ($967 loan paydown + $4k appreciation (3.0% 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 (3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 196 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,112 (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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 3.57% ✓
• Cap rate: 31.81%
• Cash-on-cash: 91.12%
• DSCR: 5.05
• GRM: 2.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 95.4%
• Equity multiple: 6.27×
• Total profit: $206,375
• Equity at exit: $62,905

10-year hold

• IRR: 95.0%
• Equity multiple: 12.98×
• Total profit: $469,299
• Equity at exit: $96,944

Cash invested: $39,172 (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 13678

• Active inventory: 2
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $4,989 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,048
• Net cashflow: $2,974

Break-even live

Break-even rent $1,224

Max offer price $139,900

Occupancy floor 35%

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

Units	Beds	Baths	Est. rent
▸ 5× units	8	5	$4,990
Total (5 units)			$4,989

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $139,900 Active 196 DOM
2. 2026-06-17
   days on market $139,900 Active 195 DOM
3. 2026-06-16
   days on market $139,900 Active 194 DOM
4. 2026-06-15
   days on market $139,900 Active 193 DOM
5. 2026-06-13
   days on market $139,900 Active 191 DOM
6. 2026-06-12
   days on market $139,900 Active 190 DOM
7. 2026-06-09
   days on market $139,900 Active 187 DOM
8. 2026-06-08
   days on market $139,900 Active 186 DOM
9. 2026-06-07
   days on market $139,900 Active 185 DOM
10. 2026-06-07
    days on market $139,900 Active 184 DOM
11. 2026-06-04
    days on market $139,900 Active 181 DOM
12. 2026-06-02
    days on market $139,900 Active 180 DOM
13. 2026-06-01
    days on market $139,900 Active 179 DOM
14. 2026-05-31
    days on market $139,900 Active 178 DOM
15. 2025-07-11
    listed $139,900 Active 97-char remark

    Show marketing remark (97 chars)

    Large 5-unit apartment building. Includes acreage and parking area. Great investment opportunity.

ⓘ 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: $59,868
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$4,789
• − Management: −$4,789
• − Depreciation: −$4,070
• Taxable income: $35,585
• Est. tax owed @ 24.0%: −$8,540
• After-tax cash flow: $27,154/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

Poor 20/100 Extensive rehab

This 5-unit apartment building requires extensive repairs and renovations to bring it up to code and improve its value for resale or rental.

Repairs flagged

• Major siding — Severe weathering and damage
• Major paint — Peeling and general wear
• Major roof — Visible damage and potential leaks
• Major flooring — Worn and likely damaged
• Major windows — Visible damage and potential leaks
• Major HVAC/mechanicals — Likely outdated and in need of replacement
• Major landscaping — Overgrown vegetation and general lack of maintenance

Value-add opportunities

• Both exterior renovation — Improves curb appeal and structural integrity
• Both HVAC upgrade — Enhances comfort and energy efficiency
• Both landscaping — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Severe weathering and damage	Major	$15,000–50,000
paint · Peeling and general wear	Major	$15,000–50,000
roof · Visible damage and potential leaks	Major	$15,000–50,000
flooring · Worn and likely damaged	Major	$15,000–50,000
windows · Visible damage and potential leaks	Major	$15,000–50,000
HVAC/mechanicals · Likely outdated and in need of replacement	Major	$15,000–50,000
landscaping · Overgrown vegetation and general lack of maintenance	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both exterior renovation — Improves curb appeal and structural integrity ↑
• Both HVAC upgrade — Enhances comfort and energy efficiency ↑
• Both landscaping — Enhances curb appeal and property 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: 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

• Population (ZIP): 19

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 (100%)
• Race & ethnicity: White 100%

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: —
• Current HPI: —
• 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

1 event — show timeline

• 2025-07-11 Listed $139,900 SLCMLS