31 Park St · Norwood, NY 13668

$135,000

4 bd · 3.0 ba · 2,032 sqft · MultiFamily · 191 Days on market

Built 1890 Fair condition $66/sqft · 35% below area Est $208k · 35% under ↓ 7% since listing

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Why this score? — see what drove the A- 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
• Appreciation +6.8/10.0
• Livability +3.4/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

EXCELLENT INCOME OPPORTUNITY! This property features two spacious apartments, each offering 2 bedrooms and 1.5 bathrooms. Both units include a covered front porch and a covered back deck, perfect for relaxing outdoors. One unit has been fully remodeled with new appliances, while the other is in great condition. With tenants already in place, you’ll begin earning income from day one. Each apartment has its own washer/dryer hookups located in the basement—one set conveys with the home, while the other belongs to the tenant. Both units are equipped with their own forced-air natural gas furnace, each less than 5 years old, as well as separate natural gas water heaters. Outside, you’ll find a large yard, ideal for gatherings or relaxing. Conveniently located near Potsdam, Canton, Norfolk, and Madrid, this property offers an excellent option for investors or owner-occupants alike. Live in one unit and rent the other—the rental income could cover most of your mortgage! Schedule your showing today!

Key facts

• Covered front porch
• Fully remodeled
• Covered back deck

Tags

• COVERED FRONT PORCH
• COVERED BACK DECK
• FULLY REMODELED
• WASHER DRYER HOOKUPS
• FORCED AIR NATURAL GAS FURNACE
• NATURAL GAS WATER HEATERS

🏷️ Possibly a rental listed for sale. The $135,000 price doesn't fit this home's estimated sale value (~$207,568) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $135k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $611 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#541 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, schools D+, amenities F.
• Norwood-Norfolk Central School District (rural): math 30% / reading 36% proficiency, ranked #568 of 590 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 26 active listings in the ZIP; 215 units permitted in St. Lawrence County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($933 loan paydown + $5k appreciation (3.6% local appreciation)).
• St. Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.6% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 191 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 191 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.50% ✓
• Cap rate: 12.22%
• Cash-on-cash: 21.17%
• DSCR: 1.94
• GRM: 5.6

CMA / ARV

• ARV (median comp): $207,568
• List price: $135,000
• Delta: -34.96%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25 Spring St	0.06mi	3/3.0 (-1)	1,925 (-5%)	21mo	$106,000	$55	66
49 North Main St	0.40mi	4/3.0	2,186 (+8%)	6mo	$75,000	$34	64
43 Prospect St	0.18mi	4/2.0	1,749 (-14%)	16mo	$138,500	$79	51
15 Morgan St	0.45mi	5/2.0 (+1)	2,266 (+12%)	20mo	$115,000	$51	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.6% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.0%
• Equity multiple: 2.58×
• Total profit: $59,584
• Equity at exit: $65,303

10-year hold

• IRR: 27.1%
• Equity multiple: 5.03×
• Total profit: $152,441
• Equity at exit: $104,375

Cash invested: $37,800 (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 13668

• Home prices YoY: 1.1%
• Active inventory: 26
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,025 medium
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $611

Break-even live

Break-even rent $1,251

Max offer price $135,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,024
Total (2 units)			$2,025

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $135,000 Active 191 DOM
2. 2026-06-17
   days on market $135,000 Active 190 DOM
3. 2026-06-16
   days on market $135,000 Active 189 DOM
4. 2026-06-15
   days on market $135,000 Active 188 DOM
5. 2026-06-13
   days on market $135,000 Active 186 DOM
6. 2026-06-12
   days on market $135,000 Active 185 DOM
7. 2026-06-09
   days on market $135,000 Active 182 DOM
8. 2026-06-08
   days on market $135,000 Active 181 DOM
9. 2026-06-07
   days on market $135,000 Active 180 DOM
10. 2026-06-07
    days on market $135,000 Active 179 DOM
11. 2026-06-04
    days on market $135,000 Active 176 DOM
12. 2026-06-02
    days on market $135,000 Active 175 DOM
13. 2026-06-01
    days on market $135,000 Active 174 DOM
14. 2026-05-31
    days on market $135,000 Active 173 DOM
15. 2026-02-23
    price $140,000 1029-char remark

    Show marketing remark (1029 chars)

    EXCELLENT INCOME OPPORTUNITY! This property features two spacious apartments, each offering 2 bedrooms and 1.5 bathrooms. Both units include a covered front porch and a covered back deck, perfect for relaxing outdoors. One unit has been fully remodeled with new appliances, while the other is in great condition. With tenants already in place, you’ll begin earning income from day one. Each apartment has its own washer/dryer hookups located in the basement—one set conveys with the home, while the other belongs to the tenant. Both units are equipped with their own forced-air natural gas furnace, each less than 5 years old, as well as separate natural gas water heaters. Outside, you’ll find a large yard, ideal for gatherings or relaxing. Conveniently located near Potsdam, Canton, Norfolk, and Madrid, this property offers an excellent option for investors or owner-occupants alike. Live in one unit and rent the other—the rental income could cover most of your mortgage! Schedule your showing today!

16. 2025-12-09
    listed $150,000 Active 1029-char remark

    Show marketing remark (1029 chars)

    EXCELLENT INCOME OPPORTUNITY! This property features two spacious apartments, each offering 2 bedrooms and 1.5 bathrooms. Both units include a covered front porch and a covered back deck, perfect for relaxing outdoors. One unit has been fully remodeled with new appliances, while the other is in great condition. With tenants already in place, you’ll begin earning income from day one. Each apartment has its own washer/dryer hookups located in the basement—one set conveys with the home, while the other belongs to the tenant. Both units are equipped with their own forced-air natural gas furnace, each less than 5 years old, as well as separate natural gas water heaters. Outside, you’ll find a large yard, ideal for gatherings or relaxing. Conveniently located near Potsdam, Canton, Norfolk, and Madrid, this property offers an excellent option for investors or owner-occupants alike. Live in one unit and rent the other—the rental income could cover most of your mortgage! Schedule your showing today!

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X · 79% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,300
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$1,342
• − Repairs & maintenance: −$1,944
• − Management: −$1,944
• − Depreciation: −$3,927
• Taxable income: $5,556
• Est. tax owed @ 24.0%: −$1,333
• After-tax cash flow: $6,002/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations, particularly to the exterior and interior, to improve its condition and value.

Repairs flagged

• Major Exterior siding — Weathered and in need of replacement
• Major Kitchen and bathrooms — No photos, but given the poor condition of the exterior, likely in need of renovation

Value-add opportunities

• Both Landscaping and exterior painting — Improves curb appeal and can increase both resale and rental value
• Both Kitchen and bathroom renovations — Both units need updates, and renovations can significantly boost value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and in need of replacement	Major	$15,000–50,000
Kitchen and bathrooms · No photos, but given the poor condition of the exterior, likely in need of renovation	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Landscaping and exterior painting — Improves curb appeal and can increase both resale and rental value ↑
• Both Kitchen and bathroom renovations — Both units need updates, and renovations can significantly boost value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Norwood-Norfolk Central School District
• NCES district ID: 3621360
• Math proficiency: 30% ▼ -8.00%
• Reading proficiency: 36% ▼ -4.00%
• Median HH income: $43,492
• Composite: 28.05/100
• National rank: #6841
• State rank: #568 of 590 in NY

Livability — Norwood

• Score: 68/100
• State rank: #541
• US rank: #9728

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwood, NY
• City population: 3,313
• Population (ZIP): 3,313

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 (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 13% Portuguese 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · French/Haitian/Cajun 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: ▲ 3.60%
• Current HPI: 318.2533
• 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

-6.7% since first listed

2 events — show timeline

• 2026-02-23 Price Changed $140,000 SLCMLS
• 2025-12-09 Listed $150,000 SLCMLS