4969 S Catherine St

Plattsburgh, NY 12901

$145,000B-

4 bd · 2.0 ba · 1,170 sqft · Built 1900 · MultiFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,300/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$531
• HOA: −$0
• Vac / Maint / Mgmt: −$483
• Net cashflow: $526/mo
• Annual: $6,307/yr
• Cap rate: 10.64%
• Cash-on-cash: 15.53%
• DSCR: 1.69
• 1% rule: 1.59%
• Cash to close: $40,600

Investor read

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $145k.
• At list price, monthly cash flow is $526 ($6k/yr) — positive. Per door: $263/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• It's been on market 29 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $143k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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: schools C-, employment D+, crime 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.
• Watch-outs: property tax is 3.9% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 176 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 $114k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.6% 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 1900 — 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.