389 S Main St

Massena, NY 13662

$80,000B-

2 bd · 2.0 ba · 1,248 sqft · Built 1920 · MultiFamily · Active · 1222 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,987/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$251
• HOA: −$0
• Vac / Maint / Mgmt: −$417
• Net cashflow: $899/mo
• Annual: $10,786/yr
• Cap rate: 19.77%
• Cash-on-cash: 48.15%
• DSCR: 3.14
• 1% rule: 2.48%
• Cash to close: $22,400

Investor read

• This is a 2 × 1-bed/1-bath units multifamily listed at $80k. Condition is rated fair.
• At list price, monthly cash flow is $899 ($11k/yr) — positive. Per door: $449/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• It's been on market 1222 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k 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.
• Zoned schools: J William Leary Junior High School (math 29% / reading 36%, grade F, #504 of 729 statewide, top 70%, 368 students, 61% FRL); Massena Senior High School (math 87% / reading 75%, grade A, #485 of 1,100 statewide, top 45%, 826 students, 61% FRL).
• Watch-outs: property tax is 3.3% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 287 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.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $44k (35%) 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 $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.8% vs local median 5.7% 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 1222 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Worn and dated appearance, but not structurally compromised.
• Minor: Bathroom fixtures — Standard fixtures, but could be replaced for a more modern look.
• Minor: Exterior paint — Vinyl siding appears intact, but could be repainted for a refreshed look.
• Minor: Carpet — Carpeted floors in living areas, but could be replaced with hardwood or tile for a more modern aesthetic.
• Minor: Paint — Painted walls in fair condition, but could benefit from fresh paint for a more updated look.
• Minor: HVAC system — Standard system, but could benefit from a tune-up or replacement for optimal performance.