72 Cornelia St · Plattsburgh, NY 12901

$298,000

5 bd · 2.0 ba · 2,740 sqft · MultiFamily public records · 204 Days on market

Built 1900 4,356 sqft lot $109/sqft · 29% below area Est $422k · 29% under

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Why this score? — see what drove the B- 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 +23.7/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +6.5/10.0
• Livability +3.8/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Centrally located up/down duplex currently used as student housing, offering two large 3-bedroom, 1-bath units, each with laundry. The property is well-maintained and has demonstrated stable performance year after year with efficient operating costs. Rents are under market, creating room for increased income, and utilities could be shifted to tenants. Both units are leased through May 2026, and there is already interest for the following academic year. This property could also be highly profitable as a long-term rental or converted into furnished, short-term housing, with long-term rents projected to approach $40,000 annually. A versatile and attractive investment opportunity.

Key facts

• 4,356 sq ft lot
• Garage
• Built 1900

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1-bath units multifamily listed at $298k.

Deal economics

• At list price, monthly cash flow is $566 ($7k/yr) — positive. Per door: $283/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $298k).
• Recommended offer: $262k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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.

Location & tenants

• 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.
• Market conditions: 176 active listings in the ZIP; 192 units permitted in Clinton County in 2024 (64 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Clinton County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 204 days — a 12% lower offer ($262k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $262,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 204 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.15% ✓
• Cap rate: 8.57%
• Cash-on-cash: 8.13%
• DSCR: 1.36
• GRM: 7.2

CMA / ARV

• ARV (median comp): $421,933
• List price: $298,000
• Delta: -29.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -3.9%
• Equity multiple: 0.85×
• Total profit: $-12,167
• Equity at exit: $44,433

10-year hold

• IRR: 5.8%
• Equity multiple: 1.43×
• Total profit: $36,208
• Equity at exit: $25,766

Cash invested: $83,440 (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 12901

• Home prices YoY: -22.5%
• Active inventory: 176
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $3,431 medium
• Mortgage (P&I): −$1,563
• Tax from tax record: −$458 /mo · $5,497/yr
• Insurance: −$124
• HOA: −$0
• Vacancy / Maint / Mgmt: −$721
• Net cashflow: $566

Break-even live

Break-even rent $2,715

Max offer price $298,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,430
Total (2 units)			$3,431

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: $74,500
• Closing costs: $8,940
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $298,000 Active 204 DOM
2. 2026-06-17
   days on market $298,000 Active 203 DOM
3. 2026-06-16
   days on market $298,000 Active 202 DOM
4. 2026-06-15
   days on market $298,000 Active 201 DOM
5. 2026-06-13
   days on market $298,000 Active 199 DOM
6. 2026-06-12
   days on market $298,000 Active 198 DOM
7. 2026-06-09
   days on market $298,000 Active 195 DOM
8. 2026-06-08
   days on market $298,000 Active 194 DOM
9. 2026-06-07
   days on market $298,000 Active 193 DOM
10. 2026-06-07
    days on market $298,000 Active 192 DOM
11. 2026-06-04
    days on market $298,000 Active 189 DOM
12. 2026-06-02
    days on market $298,000 Active 188 DOM
13. 2026-06-01
    days on market $298,000 Active 187 DOM
14. 2026-05-31
    days on market $298,000 Active 186 DOM
15. 2025-11-26
    price $298,000 685-char remark

    Show marketing remark (685 chars)

    Centrally located up/down duplex currently used as student housing, offering two large 3-bedroom, 1-bath units, each with laundry. The property is well-maintained and has demonstrated stable performance year after year with efficient operating costs. Rents are under market, creating room for increased income, and utilities could be shifted to tenants. Both units are leased through May 2026, and there is already interest for the following academic year. This property could also be highly profitable as a long-term rental or converted into furnished, short-term housing, with long-term rents projected to approach $40,000 annually. A versatile and attractive investment opportunity.

16. 2025-11-23
    listed $288,000 Active 685-char remark

    Show marketing remark (685 chars)

    Centrally located up/down duplex currently used as student housing, offering two large 3-bedroom, 1-bath units, each with laundry. The property is well-maintained and has demonstrated stable performance year after year with efficient operating costs. Rents are under market, creating room for increased income, and utilities could be shifted to tenants. Both units are leased through May 2026, and there is already interest for the following academic year. This property could also be highly profitable as a long-term rental or converted into furnished, short-term housing, with long-term rents projected to approach $40,000 annually. A versatile and attractive investment opportunity.

ⓘ 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: $5,497 · $458/mo
• Projected year-2 tax: $5,497 · $458/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,172
• − Mortgage interest: −$16,693
• − Property taxes: −$5,497
• − Insurance: −$1,490
• − Repairs & maintenance: −$3,294
• − Management: −$3,294
• − Depreciation: −$8,669
• Taxable income: $2,236
• Est. tax owed @ 24.0%: −$537
• After-tax cash flow: $6,250/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: Plattsburgh City School District
• NCES district ID: 3623280
• Math proficiency: 33% ▼ -16.00%
• Reading proficiency: 55% ▲ 5.00%
• Median HH income: $38,322
• Composite: 36.61/100
• National rank: #4626
• State rank: #484 of 590 in NY

Livability — Plattsburgh

• Score: 75/100
• State rank: #262
• US rank: #4134

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Plattsburgh, NY
• Population (ZIP): 32,012

Population outlook (Clinton County) Hauer SSP2

• Today (2025): 78,791 people
• By 2030: 76,848 · -2.5%
• By 2040: 71,579 · -9.2%
• By 2050: 66,471 · -15.6%
• By 2075: 57,361 · -27.2%
• By 2100: 47,232 · -40.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 4% Black 3% Asian 3%
• Common ancestry: Lithuanian 15% Romanian 3% Slovak 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 2% French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · Clinton

• 2024 margin: Toss-up / Even · D 48.9% · R 51.1%
• 2008→2024 swing: -25.1pp toward R · 2008: 22.9pp · 2024: -2.2pp
• All cycles: 2024: R+2.2 2020: D+5.2 2016: D+0.9 2012: D+25.6 2008: D+22.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.55%
• Current HPI: 252.8692
• 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

+3.5% since first listed

2 events — show timeline

• 2025-11-26 Price Changed $298,000 ACVMLS
• 2025-11-23 Listed $288,000 ACVMLS

Property tax history

+1.1%/yr

Latest (2025): $5,497 · +2.7% YoY. Source: county tax records.