197 Salisbury St · Sandy Creek, NY 13145

$139,000

4 bd · 2.0 ba · 2,241 sqft · MultiFamily public records · 363 Days on market

Built 1870 0.45 ac lot $62/sqft · 26% below area Est $188k · 26% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.9/10.0
• Schools +4.1/10.0
• Livability +3.2/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to 197 Salisbury St, a rare find with built-in versatility and room to grow, tucked in the peaceful heart of Sandy Creek. Whether you’re a savvy investor seeking dual rental income or a homeowner envisioning a spacious single-family conversion, this property delivers the space and setup to make it happen. Currently configured as a 2-unit residence, each apartment offers generous square footage, its own full kitchen, private laundry, and comfortable living space. That’s right, both units include in unit laundry for maximum convenience and independence. Boasting over 2,300 square feet, the home features 6+ bedrooms, 2 full bathrooms, and a layout with flexibility for a variety of lifestyle needs. Bonus rooms provide options for offices, playrooms, or hobby spaces, and the deep backyard adds even more value with potential for gardens, outdoor entertaining, or expansion. Recent updates include a newer roof and solid mechanicals, giving you a strong base to renovate, refresh, or redesign. Just minutes from Lake Ontario, the Salmon River, and I-81, this home offers the perfect balance of small-town calm with quick access to Syracuse, Watertown, and Fort Drum.

Key facts

• Private laundry
• Newer roof
• Bonus rooms

Tags

• DUAL RENTAL INCOME
• PRIVATE LAUNDRY
• BONUS ROOMS
• DEEP BACKYARD
• NEWER ROOF
• QUICK ACCESS TO SYRACUSE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $139k.

Deal economics

• At list price, monthly cash flow is $816 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#826 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: health & safety D, crime F, amenities F.
• Sandy Creek Central School District (rural): math 44% / reading 52% proficiency, ranked #425 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 14 active listings in the ZIP; 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($961 loan paydown + $11k appreciation (7.8% local appreciation)).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.8% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 363 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $66k; list at $139k implies a 112% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 363 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.64% ✓
• Cap rate: 13.34%
• Cash-on-cash: 25.17%
• DSCR: 2.12
• GRM: 5.1

CMA / ARV

• ARV (median comp): $188,495
• List price: $139,000
• Delta: -26.26%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

7.82% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.7%
• Equity multiple: 3.77×
• Total profit: $107,678
• Equity at exit: $103,867

10-year hold

• IRR: 35.5%
• Equity multiple: 8.04×
• Total profit: $273,836
• Equity at exit: $204,541

Cash invested: $38,920 (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 13145

• Home prices YoY: 2.5%
• Active inventory: 14
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,277 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$196 /mo · $2,346/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $816

Break-even live

Break-even rent $1,243

Max offer price $139,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,278
Total (2 units)			$2,277

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-04
   days on market $139,000 Active 363 DOM
2. 2026-06-02
   days on market $139,000 Active 362 DOM
3. 2026-06-01
   days on market $139,000 Active 361 DOM
4. 2026-05-31
   days on market $139,000 Active 360 DOM
5. 2025-06-05
   listed $139,000 Active 1191-char remark

   Show marketing remark (1191 chars)

   Welcome to 197 Salisbury St, a rare find with built-in versatility and room to grow, tucked in the peaceful heart of Sandy Creek. Whether you’re a savvy investor seeking dual rental income or a homeowner envisioning a spacious single-family conversion, this property delivers the space and setup to make it happen. Currently configured as a 2-unit residence, each apartment offers generous square footage, its own full kitchen, private laundry, and comfortable living space. That’s right, both units include in unit laundry for maximum convenience and independence. Boasting over 2,300 square feet, the home features 6+ bedrooms, 2 full bathrooms, and a layout with flexibility for a variety of lifestyle needs. Bonus rooms provide options for offices, playrooms, or hobby spaces, and the deep backyard adds even more value with potential for gardens, outdoor entertaining, or expansion. Recent updates include a newer roof and solid mechanicals, giving you a strong base to renovate, refresh, or redesign. Just minutes from Lake Ontario, the Salmon River, and I-81, this home offers the perfect balance of small-town calm with quick access to Syracuse, Watertown, and Fort Drum.

6. 2011-08-31
   soldstatus $65,500
7. 2005-10-18
   soldstatus $60,000
8. 2004-09-29
   soldstatus $59,500

ⓘ 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: $2,346 · $196/mo
• Projected year-2 tax: $2,348 · $196/mo
• Expected delta: +$2/yr ($0/mo · 0.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,324
• − Mortgage interest: −$7,786
• − Property taxes: −$2,346
• − Insurance: −$695
• − Repairs & maintenance: −$2,186
• − Management: −$2,186
• − Depreciation: −$4,044
• Taxable income: $8,081
• Est. tax owed @ 24.0%: −$1,940
• After-tax cash flow: $7,858/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: Sandy Creek Central School District
• NCES district ID: 3625650
• Math proficiency: 44% ▼ -8.00%
• Reading proficiency: 52% ▲ 8.00%
• Median HH income: $46,647
• Composite: 40.78/100
• National rank: #3642
• State rank: #425 of 590 in NY

Livability — Sandy Creek

• Score: 63/100
• State rank: #826
• US rank: #16019

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sandy Creek, NY
• Population (ZIP): 1,794

Population outlook (Oswego County) Hauer SSP2

• Today (2025): 114,465 people
• By 2030: 109,968 · -3.9%
• By 2040: 99,205 · -13.3%
• By 2050: 87,979 · -23.1%
• By 2075: 65,100 · -43.1%
• By 2100: 47,117 · -58.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Hispanic / Latino 1% Two or more races 1%
• Common ancestry: German 8% Lithuanian 7% Romanian 5%
• Foreign-born: 0% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Oswego

• 2024 margin: Strong R (+24.2) · D 37.9% · R 62.1%
• 2008→2024 swing: -26.6pp toward R · 2008: 2.5pp · 2024: -24.2pp
• All cycles: 2024: R+24.2 2020: R+20.2 2016: R+23.2 2012: D+7.9 2008: D+2.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.82%
• Current HPI: 323.0282
• 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

+133.6% since first listed

4 events — show timeline

• 2025-06-05 Listed $139,000 CNYIS
• 2011-08-31 Sold (Public Records) $65,500 Public Records
• 2005-10-18 Sold (Public Records) $60,000 Public Records
• 2004-09-29 Sold (Public Records) $59,500 Public Records

Property tax history

+1.7%/yr

Latest (2025): $2,346 · -1.4% YoY. Source: county tax records.