684 W End Ave · Carthage, NY 13619

$229,000

28 bd · 16.0 ba · 4,948 sqft · MultiFamily public records · 20 Days on market

Built 1987 7,841 sqft lot

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

4 unit property complete with a total of 7 bedrooms, 4 full baths, full basement and approximately 3,986 SF to enjoy. Great chance to own this dynamic property. Make an offer today.

Key facts

• Strong tenant base
• 4 unit property
• 7,841 sq ft lot

Tags

• TURNKEY INVESTMENT PROPERTY
• 4 UNIT PROPERTY
• STRONG TENANT BASE
• NUMEROUS CAPITAL IMPROVEMENTS
• NEWER HEATING SYSTEMS
• UPDATED WATER HEATERS

Property features AI

Finance

• Other: Four total rental units
• Financial info: Owner pays grounds care, snow removal and water; Operating expenses may include accounting, advertising, insurance, legal, maintenance (structure and general), professional management, snow removal, and water/sewer

Exterior

• Parking: Gravel parking available
• Utilities: Electricity available; Public water connected; Sewer connected
• Home design: Three-story multi-unit building; Resale property
• Construction: Vinyl siding; Asphalt and metal roofing
• Exterior features: Deck; Pie-shaped residential lot; City street frontage

Interior

• Kitchen: Electric and gas water heaters serving units
• Bedrooms: Contains multiple bedrooms across units
• Flooring: Laminate flooring; Luxury vinyl flooring
• Bathrooms: Four full bathrooms (total)
• Heating & cooling: Gas heating with baseboard, forced air and steam components
• Interior features: Full basement; Laminate and luxury vinyl flooring; flooring varies by unit
• Laundry & utility: Separate gas and electric meters for each unit (4 of each)

What this means for you Summary

Snapshot

• This is a 3×2bd/1ba + 1×1bd/1ba units multifamily listed at $229k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $516/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $229k).
• Recommended offer: $226k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.1% vs local median 5.4% in Carthage — 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 69/100 on livability (#506 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, crime B; Watch: schools C-, employment D+, amenities F.
• Carthage Central School District (rural): math 30% / reading 46% proficiency, ranked #539 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 78 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• At $4,714/mo this rent would consume 90% of the median local household income ($63k/yr) (locally 379% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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.
• Current owner paid $52k; list at $229k implies a 340% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $225,565 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 2.06% ✓
• Cap rate: 17.10%
• Cash-on-cash: 38.60%
• DSCR: 2.72
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 54.1%
• Equity multiple: 5.00×
• Total profit: $256,187
• Equity at exit: $206,301

10-year hold

• IRR: 47.6%
• Equity multiple: 11.16×
• Total profit: $651,376
• Equity at exit: $444,897

Cash invested: $64,120 (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 13619

• Home prices YoY: 26.0%
• Active inventory: 78
• Price-to-rent: 16.0×

Monthly cashflow live

• Estimated rent: $4,714 medium
• Mortgage (P&I): −$1,201
• Tax from tax record: −$365 /mo · $4,386/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$990
• Net cashflow: $2,062

Break-even live

Break-even rent $2,104

Max offer price $229,000

Occupancy floor 51%

Sensitivity live

Price	-10% $2,192	-5% $2,127	+0% $2,062	+5% $1,997	+10% $1,933
Rent	-10% $1,690	-5% $1,876	+0% $2,062	+5% $2,248	+10% $2,435
Rate	-1.0pp $2,178	-0.5pp $2,121	base $2,062	+0.5pp $2,003	+1.0pp $1,943

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,567
1× unit	1	1	$1,146
Total (4 units)			$4,714

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $229,000 Active 20 DOM
2. 2026-06-19
   days on market $229,000 Active 18 DOM
3. 2026-06-18
   days on market $229,000 Active 17 DOM
4. 2026-06-17
   days on market $229,000 Active 16 DOM
5. 2026-06-16
   days on market $229,000 Active 15 DOM
6. 2026-06-15
   days on market $229,000 Active 14 DOM
7. 2026-06-14
   days on market $229,000 Active 12 DOM
8. 2026-06-12
   days on market $229,000 Active 11 DOM
9. 2026-06-09
   days on market $229,000 Active 8 DOM
10. 2026-06-08
    days on market $229,000 Active 7 DOM
11. 2026-06-07
    days on market $229,000 Active 6 DOM
12. 2026-06-05
    days on market $229,000 Active 3 DOM
13. 2026-06-03
    days on market $229,000 Active 2 DOM
14. 2026-06-01
    remarks 699-char remark
15. 2026-06-01
    listed $229,000 Active 1 DOM

ⓘ 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: $4,386 · $365/mo
• Projected year-2 tax: $4,386 · $365/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 7/10 Severe 93% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,568
• − Mortgage interest: −$12,828
• − Property taxes: −$4,386
• − Insurance: −$1,145
• − Repairs & maintenance: −$4,525
• − Management: −$4,525
• − Depreciation: −$6,662
• Taxable income: $22,497
• Est. tax owed @ 24.0%: −$5,399
• After-tax cash flow: $19,348/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: Carthage Central School District
• NCES district ID: 3606630
• Math proficiency: 30% ▼ -18.00%
• Reading proficiency: 46% ▲ 2.00%
• Median HH income: $48,450
• Composite: 32.63/100
• National rank: #5668
• State rank: #539 of 590 in NY

Livability — Carthage

• Score: 69/100
• State rank: #506
• US rank: #8895

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carthage, NY
• County: Jefferson County · 47,417 people
• City population: 10,578
• Metro: Watertown-Fort Drum, NY
• Population (ZIP): 10,578
• Household income: $63,120
• Rent vs Own: 43.7% rent · 56.3% own
• Severe rent burden: 379.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 111,748 people
• By 2030: 109,370 · -2.1%
• By 2040: 103,828 · -7.1%
• By 2050: 98,523 · -11.8%
• By 2075: 91,422 · -18.2%
• By 2100: 78,214 · -30.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 8% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Lithuanian 9% Romanian 3% Iranian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% Tagalog/Filipino 1%

Political lean MEDSL · Jefferson

• 2024 margin: Strong R (+23.6) · D 38.2% · R 61.8%
• 2008→2024 swing: -18.3pp toward R · 2008: -5.3pp · 2024: -23.6pp
• All cycles: 2024: R+23.6 2020: R+19.0 2016: R+22.4 2012: R+2.9 2008: R+5.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 84.02%
• Current HPI: 406.9439
• Rent YoY: —
• Metro: Watertown-Fort Drum, NY
• 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

+205.3% since first listed

5 events — show timeline

• 2026-06-01 Listed $229,000 CNYIS
• 2022-02-03 Price Changed $875 RENT.
• 2021-05-20 Sold (MLS) $52,000 CNYIS
• 2020-09-17 Listed $56,300 CNYIS
• 2001-12-03 Sold (Public Records) $75,000 Public Records

Property tax history

-0.7%/yr

Latest (2025): $4,386 · +1.9% YoY. Source: county tax records.