389 S Main St · Massena, NY 13662

$98,500

2 bd · 2.0 ba · 1,248 sqft · MultiFamily public records · 1087 Days on market

Built 1920 4,920 sqft lot $79/sqft · 21% below area Est $130k · 24% under ↓ 20% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

This cute two unit apartment home is the perfect investment starter! There are two apartments, downstairs there is a one bedroom/one bath apartment and upstairs there is a one bedroom/one bath apartment. There are two separate driveways, one for each unit, one gravel and one concrete. The house is vinyl sided with a metal roof. There is laundry in both apartments. Don’t miss out on this opportunity! Update May 2025-200 Amp service upgrade to the home! Downstairs apartment 200Amp box and upstairs 100Amp box.

Key facts

• 4,920 sq ft lot
• Built 1920
• Listed 1087 days

Property features AI

Finance

• Other: Lot approximately 41' x 120'

Exterior

• Parking: Concrete parking; Gravel parking
• Utilities: Public water; Public sewer; Cable available; Natural gas available
• Home design: Multi-family residential income property; 2 stories
• Construction: Vinyl siding
• Exterior features: Metal roof

Interior

• Kitchen: Electric cooktop
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Electric forced air heating
• Interior features: Walk-in closet(s)
• Laundry & utility: Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $98k.

Deal economics

• At list price, monthly cash flow is $698 ($8k/yr) — positive. Per door: $349/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $98k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.8% vs local median 5.2% in Massena — 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.

Location & tenants

• Location reads 73/100 on livability (#330 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, crime D-, commute F.
• Massena Central School District (town): math 43% / reading 49% proficiency, ranked #456 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 174 active listings in the ZIP; 215 units permitted in St. Lawrence County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $681 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• 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 $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 1087 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $25k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,680 (12.0% below list)

Questions for the listing agent

1. It's been on market 1087 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. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. Crime grade is D 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?
9. 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.
10. 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.
11. 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: 1.89% ✓
• Cap rate: 14.80%
• Cash-on-cash: 30.39%
• DSCR: 2.35
• GRM: 4.4

CMA / ARV

• ARV (median comp): $129,673
• List price: $98,500
• Delta: -24.04%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 25.1%
• Equity multiple: 2.04×
• Total profit: $28,612
• Equity at exit: $14,687

10-year hold

• IRR: 32.9%
• Equity multiple: 3.99×
• Total profit: $82,550
• Equity at exit: $8,516

Cash invested: $27,580 (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 13662

• Home prices YoY: -6.4%
• Active inventory: 174
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,866 medium
• Mortgage (P&I): −$517
• Tax from tax record: −$218 /mo · $2,617/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $698

Break-even live

Break-even rent $982

Max offer price $98,500

Occupancy floor 58%

Sensitivity live

Price	-10% $754	-5% $726	+0% $698	+5% $671	+10% $643
Rent	-10% $551	-5% $625	+0% $698	+5% $772	+10% $846
Rate	-1.0pp $748	-0.5pp $724	base $698	+0.5pp $673	+1.0pp $647

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,866
Total (2 units)			$1,866

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: $24,625
• Closing costs: $2,955
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $98,500 Active 1087 DOM
2. 2026-06-18
   days on market $98,500 Active 1085 DOM
3. 2026-06-17
   days on market $98,500 Active 1084 DOM
4. 2026-06-16
   days on market $98,500 Active 1083 DOM
5. 2026-06-15
   days on market $98,500 Active 1082 DOM
6. 2026-06-13
   days on market $98,500 Active 1080 DOM
7. 2026-06-12
   days on market $98,500 Active 1079 DOM
8. 2026-06-09
   days on market $98,500 Active 1076 DOM
9. 2026-06-08
   days on market $98,500 Active 1075 DOM
10. 2026-06-07
    days on market $98,500 Active 1074 DOM
11. 2026-06-04
    days on market $98,500 Active 1070 DOM
12. 2026-06-02
    days on market $98,500 Active 1069 DOM
13. 2026-06-01
    days on market $98,500 Active 1068 DOM
14. 2026-05-31
    days on market $98,500 Active 1067 DOM
15. 2026-02-24
    status Active
16. 2025-10-07
    price $98,500
17. 2025-10-07
    status Active
18. 2024-08-19
    status Active
19. 2024-07-30
    price $111,000
20. 2024-02-19
    status Active
21. 2023-08-18
    status Active
22. 2023-08-17
    historical
23. 2023-06-24
    price $119,000
24. 2023-03-06
    listed $123,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $2,617 · $218/mo
• Projected year-2 tax: $2,617 · $218/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,392
• − Mortgage interest: −$5,518
• − Property taxes: −$2,617
• − Insurance: −$492
• − Repairs & maintenance: −$1,791
• − Management: −$1,791
• − Depreciation: −$2,865
• Taxable income: $7,317
• Est. tax owed @ 24.0%: −$1,756
• After-tax cash flow: $6,626/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.

Schools (NCES district)

• District: Massena Central School District
• NCES district ID: 3618660
• Math proficiency: 43% ▼ -10.00%
• Reading proficiency: 49% ▲ 1.00%
• Median HH income: $42,610
• Composite: 38.75/100
• National rank: #4123
• State rank: #456 of 590 in NY

Livability — Massena

• Score: 73/100
• State rank: #330
• US rank: #5449

Category grades

Amenities D Commute F Cost of living A+ Crime D- Employment D- Housing A+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Massena, NY
• City population: 15,737
• Population (ZIP): 15,737

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 (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 12% Slovak 2% Romanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · French/Haitian/Cajun 1% Spanish 1% Russian/Polish/Slavic 1%

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: ▼ -16.77%
• Current HPI: 243.4674
• 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

-20.2% since first listed

10 events — show timeline

• 2026-02-24 Relisted — SLCMLS
• 2025-10-07 Price Changed $98,500 SLCMLS
• 2025-10-07 Relisted — SLCMLS
• 2024-08-19 Relisted — SLCMLS
• 2024-07-30 Price Changed $111,000 SLCMLS
• 2024-02-19 Relisted — SLCMLS
• 2023-08-18 Relisted — SLCMLS
• 2023-08-17 Delisted — SLCMLS
• 2023-06-24 Price Changed $119,000 SLCMLS
• 2023-03-06 Listed $123,500 SLCMLS

Property tax history

+0.8%/yr

Latest (2025): $2,617 · -1.1% YoY. Source: county tax records.