146 East Orvis St

Massena, NY 13662

$105,000B+

5 bd · 3.0 ba · 2,274 sqft · Built 1960 · MultiFamily · Active · 814 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,874/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$175
• HOA: −$0
• Vac / Maint / Mgmt: −$604
• Net cashflow: $1,545/mo
• Annual: $18,538/yr
• Cap rate: 23.95%
• Cash-on-cash: 63.05%
• DSCR: 3.81
• 1% rule: 2.74%
• Cash to close: $29,400

Investor read

• This is a 5-bed/3.0-bath multifamily listed at $105k. Condition is rated poor.
• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $105k).
• It's been on market 814 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#330 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, crime D-, commute F.
• Massena Central School District (town): math 43% / reading 49% proficiency, ranked #456 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 175 active listings in the ZIP; 215 units permitted in St. Lawrence County in 2024 (0 in 5+ unit buildings).
• St. Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $45k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 23.9% vs local median 5.2% in Massena — 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

• It's been on market 814 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen appliances — Old and outdated
• Major: windows — Broken and missing
• Major: HVAC units — Old and inefficient