22 Spring St · Norwood, NY 13668

$129,000

4 bd · 2.0 ba · 1,988 sqft · MultiFamily public records · 235 Days on market

Built 1870 7,630 sqft lot $65/sqft · 38% below area Est $208k · 38% under

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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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Appreciation +6.8/10.0
• Livability +3.4/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

GREAT INCOME POTENTIAL – CHARMING VICTORIAN 2-UNIT RENTAL! Discover a wonderful investment opportunity with this lovely Victorian two unit ideally located near Potsdam, Canton, Madrid, and Winthrop. This property offers excellent rental income potential or the option to live in one unit while renting the other. The first-floor unit features 2 bedrooms, 1 bathroom, beautiful hardwood floors, tall ceilings, and both an enclosed front porch and a covered front porch—perfect for relaxing and enjoying the neighborhood charm. The second-floor unit also offers 2 bedrooms and 1 bathroom, a bright kitchen with hickory cabinets, and a covered balcony for your enjoyment. Additional features include a natural gas furnace and natural gas hot water heater for efficient heating. This property combines timeless character with solid income potential—ideal for investors or owner-occupants alike. Don’t miss this opportunity—schedule your private showing today!

Key facts

• Covered front porch
• Victorian two unit
• Covered balcony

Tags

• VICTORIAN TWO UNIT
• ENCLOSED FRONT PORCH
• COVERED FRONT PORCH
• COVERED BALCONY
• NATURAL GAS FURNACE
• NATURAL GAS HOT WATER HEATER

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $129k.

Deal economics

• At list price, monthly cash flow is $450 ($5k/yr) — positive. Per door: $225/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Recommended offer: $114k (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 ($892 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 $36k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 235 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $46k; list at $129k implies a 177% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; flood insurance adds $56/mo; built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 235 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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.
11. 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.
12. 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: 1.49% ✓
• Cap rate: 10.99%
• Cash-on-cash: 16.79%
• DSCR: 1.75
• GRM: 5.6

CMA / ARV

• ARV (median comp): $207,568
• List price: $129,000
• Delta: -37.85%
• 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	0.03mi	3/3.0 (-1)	1,925 (-3%)	21mo	$106,000	$55	67
43 Prospect St	0.22mi	4/2.0	1,749 (-12%)	16mo	$138,500	$79	56
49 North Main St	0.40mi	4/3.0	2,186 (+10%)	6mo	$75,000	$34	56
15 Morgan St	0.43mi	5/2.0 (+1)	2,266 (+14%)	20mo	$115,000	$51	35

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: 22.9%
• Equity multiple: 2.34×
• Total profit: $48,457
• Equity at exit: $62,401

10-year hold

• IRR: 23.4%
• Equity multiple: 4.53×
• Total profit: $127,583
• Equity at exit: $99,736

Cash invested: $36,120 (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 13668

• Home prices YoY: 1.1%
• Active inventory: 26
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,927 medium
• Mortgage (P&I): −$676
• Tax from tax record: −$287 /mo · $3,442/yr
• Insurance: −$54
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $450

Break-even live

Break-even rent $1,358

Max offer price $129,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,926
Total (2 units)			$1,927

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $129,000 Active 235 DOM
2. 2026-06-17
   days on market $129,000 Active 234 DOM
3. 2026-06-16
   days on market $129,000 Active 233 DOM
4. 2026-06-15
   days on market $129,000 Active 232 DOM
5. 2026-06-13
   days on market $129,000 Active 230 DOM
6. 2026-06-12
   days on market $129,000 Active 229 DOM
7. 2026-06-09
   days on market $129,000 Active 226 DOM
8. 2026-06-08
   days on market $129,000 Active 225 DOM
9. 2026-06-07
   days on market $129,000 Active 224 DOM
10. 2026-06-07
    days on market $129,000 Active 223 DOM
11. 2026-06-04
    days on market $129,000 Active 220 DOM
12. 2026-06-02
    days on market $129,000 Active 219 DOM
13. 2026-06-01
    days on market $129,000 Active 218 DOM
14. 2026-05-31
    days on market $129,000 Active 217 DOM
15. 2026-02-23
    price $140,000 985-char remark

    Show marketing remark (985 chars)

    GREAT INCOME POTENTIAL – CHARMING VICTORIAN 2-UNIT RENTAL! Discover a wonderful investment opportunity with this lovely Victorian two unit ideally located near Potsdam, Canton, Madrid, and Winthrop. This property offers excellent rental income potential or the option to live in one unit while renting the other. The first-floor unit features 2 bedrooms, 1 bathroom, beautiful hardwood floors, tall ceilings, and both an enclosed front porch and a covered front porch—perfect for relaxing and enjoying the neighborhood charm. The second-floor unit also offers 2 bedrooms and 1 bathroom, a bright kitchen with hickory cabinets, and a covered balcony for your enjoyment. Additional features include a natural gas furnace and natural gas hot water heater for efficient heating. This property combines timeless character with solid income potential—ideal for investors or owner-occupants alike. Don’t miss this opportunity—schedule your private showing today!

16. 2025-10-23
    listed $150,000 Active 985-char remark

    Show marketing remark (985 chars)

    GREAT INCOME POTENTIAL – CHARMING VICTORIAN 2-UNIT RENTAL! Discover a wonderful investment opportunity with this lovely Victorian two unit ideally located near Potsdam, Canton, Madrid, and Winthrop. This property offers excellent rental income potential or the option to live in one unit while renting the other. The first-floor unit features 2 bedrooms, 1 bathroom, beautiful hardwood floors, tall ceilings, and both an enclosed front porch and a covered front porch—perfect for relaxing and enjoying the neighborhood charm. The second-floor unit also offers 2 bedrooms and 1 bathroom, a bright kitchen with hickory cabinets, and a covered balcony for your enjoyment. Additional features include a natural gas furnace and natural gas hot water heater for efficient heating. This property combines timeless character with solid income potential—ideal for investors or owner-occupants alike. Don’t miss this opportunity—schedule your private showing today!

17. 2023-02-21
    soldstatus $46,500

ⓘ 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: $3,442 · $287/mo
• Projected year-2 tax: $3,442 · $287/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 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: $23,124
• − Mortgage interest: −$7,226
• − Property taxes: −$3,442
• − Insurance: −$1,312
• − Repairs & maintenance: −$1,850
• − Management: −$1,850
• − Depreciation: −$3,753
• Taxable income: $3,692
• Est. tax owed @ 24.0%: −$886
• After-tax cash flow: $4,511/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: 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

+201.1% since first listed

3 events — show timeline

• 2026-02-23 Price Changed $140,000 SLCMLS
• 2025-10-23 Listed $150,000 SLCMLS
• 2023-02-21 Sold (Public Records) $46,500 Public Records

Property tax history

-0.0%/yr

Latest (2025): $3,442 · -14.5% YoY. Source: county tax records.