23 Pine St

Potsdam, NY 13676

$455,000C-

5 bd · 3.0 ba · 2,960 sqft · Built 2014 · MultiFamily · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,533/mo
• Mortgage (P&I): −$2,386
• Tax + insurance: −$1,186
• HOA: −$0
• Vac / Maint / Mgmt: −$952
• Net cashflow: $9/mo
• Annual: $108/yr
• Cap rate: 6.32%
• Cash-on-cash: 0.08%
• DSCR: 1.00
• 1% rule: 1.00%
• Cash to close: $127,400

Investor read

• This is a 4 × 1-bed/?-bath units multifamily listed at $455k.
• At list price, monthly cash flow is $9 ($108/yr) — positive. Per door: $2/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $453k (0.4% below list).
• It's been on market 76 days — a 6% lower offer ($428k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $428k (6.0% below list) — sets the bar for market timing.
• In year one you build about $49k of equity ($3k loan paydown + $46k appreciation (10.0% local appreciation)).
• Location reads 75/100 on livability (#249 in NY, #3,908 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: crime F, commute F, employment F.
• Potsdam Central School District (town): math 53% / reading 66% proficiency, ranked #258 of 590 in NY (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lawrence Avenue Elementary School (math 72% / reading 72%, grade A-, #378 of 2,108 statewide, top 20%, 551 students, 39% FRL); A A Kingston Middle School (math 27% / reading 54%, grade F, #409 of 729 statewide, top 56%, 368 students, 40% FRL); Potsdam Senior High School (math 92% / reading 92%, grade A+, #171 of 1,100 statewide, top 18%, 372 students, 37% FRL) — zoned schools at 39% FRL track the district average.
• Watch-outs: property tax is 2.6% of price.
• Market conditions: 118 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.
• 4 sale attempts since 3y 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 $35k; list at $455k implies a 1200% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $127k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$78k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% 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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 A-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?
• 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?