36 Champlain St

Plattsburgh, NY 12901

$175,000B+

5 bd · 2.0 ba · 1,628 sqft · Built 1910 · MultiFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,922/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$505
• HOA: −$0
• Vac / Maint / Mgmt: −$614
• Net cashflow: $886/mo
• Annual: $10,631/yr
• Cap rate: 12.37%
• Cash-on-cash: 21.70%
• DSCR: 1.97
• 1% rule: 1.67%
• Cash to close: $49,000

Investor read

• This is a 1×2bd/1ba + 1×3bd/1ba units multifamily listed at $175k.
• At list price, monthly cash flow is $886 ($11k/yr) — positive. Per door: $443/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#262 in NY, #4,134 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: employment D+, crime F, commute F.
• Plattsburgh City School District (town): math 33% / reading 55% proficiency, ranked #484 of 590 in NY (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Thomas E Glasgow Elementary School (209 students, 38% FRL); Stafford Middle School (math 22% / reading 57%, grade F, #418 of 729 statewide, top 59%, 372 students, 53% FRL); Plattsburgh Senior High School (math 98% / reading 75%, grade A, #342 of 1,100 statewide, top 31%, 552 students, 44% FRL) — zoned schools at 45% FRL track the district average.
• Zoned-school proficiency averages 63% at this address vs 44% district-wide (+19 pts) — the actual schools serving this property are materially stronger than the Plattsburgh City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 3.0% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 184 active listings in the ZIP; 192 units permitted in Clinton County in 2024 (64 in 5+ unit buildings).
• Clinton County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $140k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.4% vs local median 2.8% in Plattsburgh — 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

• 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 1910 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F 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?
• 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.
• 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.