4 Garden St

Potsdam, NY 13676

$158,000A-

8 bd · 3.9 ba · 1,600 sqft · Built 1904 · MultiFamily · Active · 227 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,352/mo
• Mortgage (P&I): −$829
• Tax + insurance: −$263
• HOA: −$0
• Vac / Maint / Mgmt: −$704
• Net cashflow: $1,556/mo
• Annual: $18,674/yr
• Cap rate: 18.11%
• Cash-on-cash: 42.21%
• DSCR: 2.88
• 1% rule: 2.12%
• Cash to close: $44,240

Investor read

• This is a 3 × 1-bed/1-bath units multifamily listed at $158k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $519/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $158k).
• It's been on market 227 days — a 12% lower offer ($139k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $139k (12.0% below list) — sets the bar for market timing.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Location reads 75/100 on livability (#249 in NY, #3,908 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: crime F, commute F, employment F.
• Potsdam Central School District (town): math 53% / reading 66% proficiency, ranked #258 of 590 in NY (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lawrence Avenue Elementary School (math 72% / reading 72%, grade A-, #378 of 2,108 statewide, top 20%, 551 students, 39% FRL); A A Kingston Middle School (math 27% / reading 54%, grade F, #409 of 729 statewide, top 56%, 368 students, 40% FRL); Potsdam Senior High School (math 92% / reading 92%, grade A+, #171 of 1,100 statewide, top 18%, 372 students, 37% FRL) — zoned schools at 39% FRL track the district average.
• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 205 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; this cycle's ask has dropped $16k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $44k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 18.1% vs local median 4.6% in Potsdam — 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 227 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1904 — 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?

Repairs flagged (vision-AI assessment)

• Moderate: siding — Signs of wear and discoloration
• Moderate: roof — Aged appearance
• Minor: landscaping — Could benefit from trimming and planting