312 King St

Ogdensburg, NY 13669

$79,999C

4 bd · 2.0 ba · 2,299 sqft · Built 1885 · MultiFamily · Active · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,700/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$301
• HOA: −$0
• Vac / Maint / Mgmt: −$777
• Net cashflow: $2,202/mo
• Annual: $26,428/yr
• Cap rate: 39.33%
• Cash-on-cash: 117.98%
• DSCR: 6.25
• 1% rule: 4.63%
• Cash to close: $22,400

Investor read

• This is a 2 × 3-bed/2.5-bath units multifamily listed at $80k. Condition is rated good.
• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $80k).
• It's been on market 98 days — a 9% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (9.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($553 loan paydown + $854 appreciation (1.1% local appreciation)).
• Location reads 66/100 on livability (#624 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime F, amenities F.
• Ogdensburg City School District (town): math 34% / reading 46% proficiency, ranked #531 of 590 in NY (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Madill School (math 27% / reading 57%, grade F, #1,361 of 2,108 statewide, top 67%, 281 students, 56% FRL); Ogdensburg Free Academy (math 48% / reading 42%, grade D-, #1,030 of 1,100 statewide, top 94%, 714 students, 58% FRL).
• Watch-outs: property tax is 4.0% of price; built in 1885 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 233 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 5 sale attempts since 13y 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.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 39.3% vs local median 11.4% in Ogdensburg — 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.
• This rent per unit runs 33% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% 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 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?