389 S Main St

Massena, NY 13662

$98,500B+

2 bd · 2.0 ba · 1,248 sqft · Built 1920 · MultiFamily · Active · 1087 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,866/mo
• Mortgage (P&I): −$517
• Tax + insurance: −$259
• HOA: −$0
• Vac / Maint / Mgmt: −$392
• Net cashflow: $698/mo
• Annual: $8,382/yr
• Cap rate: 14.80%
• Cash-on-cash: 30.39%
• DSCR: 2.35
• 1% rule: 1.89%
• Cash to close: $27,580

Investor read

• This is a 2 × 1-bed/1-bath units multifamily listed at $98k.
• 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).
• It's been on market 1087 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: property tax is 2.7% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 174 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.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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 1920 — 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.
• 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?