59 Montcalm St · Ticonderoga, NY 12883

$199,900

5 bd · 5.0 ba · 3,137 sqft · MultiFamily · 150 Days on market

Built 1930 Poor condition 0.40 ac lot $64/sqft · 54% below area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

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

Excellent main street investment opportunity. 3 apartments ( full and rents up to date) and a commercial rental pizzeria/restaurant/takeout fully furnished. Town sewer and water. Walk to all facilities! Great visibility and traffic count. Be a part of the downtown revitalization going on.

Key facts

• Commercial rental
• Town sewer and water
• 0.4 acre lot

Tags

• COMMERCIAL RENTAL
• TOWN SEWER AND WATER
• WALK TO ALL FACILITIES

What this means for you Summary

Snapshot

• This is a 5-bed/5.0-bath multifamily listed at $200k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 2.2% in Ticonderoga — 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 77/100 on livability (#182 in NY, #2,828 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment C-, amenities D+, commute F.
• Ticonderoga Central School District (rural): math 41% / reading 50% proficiency, ranked #459 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 59 active listings in the ZIP; 218 units permitted in Essex County in 2024 (63 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Essex County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago; this cycle's ask is 14% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.55% ✓
• Cap rate: 12.68%
• Cash-on-cash: 22.80%
• DSCR: 2.01
• GRM: 5.4

CMA / ARV

• ARV (median comp): $435,992
• List price: $199,900
• Delta: -54.15%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 41.4%
• Equity multiple: 4.16×
• Total profit: $176,658
• Equity at exit: $180,086

10-year hold

• IRR: 35.7%
• Equity multiple: 9.34×
• Total profit: $467,051
• Equity at exit: $388,362

Cash invested: $55,972 (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 12883

• Home prices YoY: 14.5%
• Active inventory: 59
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $3,095 medium
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$650
• Net cashflow: $1,064

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 61%

Sensitivity live

Price	-10% $1,202	-5% $1,133	+0% $1,064	+5% $995	+10% $925
Rent	-10% $819	-5% $941	+0% $1,064	+5% $1,186	+10% $1,308
Rate	-1.0pp $1,164	-0.5pp $1,114	base $1,064	+0.5pp $1,012	+1.0pp $959

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,096
Total (3 units)			$3,095

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $199,900 Active 150 DOM
2. 2026-06-17
   days on market $199,900 Active 149 DOM
3. 2026-06-16
   days on market $199,900 Active 148 DOM
4. 2026-06-15
   days on market $199,900 Active 147 DOM
5. 2026-06-13
   days on market $199,900 Active 145 DOM
6. 2026-06-12
   days on market $199,900 Active 144 DOM
7. 2026-06-09
   days on market $199,900 Active 141 DOM
8. 2026-06-08
   days on market $199,900 Active 140 DOM
9. 2026-06-07
   days on market $199,900 Active 139 DOM
10. 2026-06-07
    days on market $199,900 Active 138 DOM
11. 2026-06-04
    days on market $199,900 Active 135 DOM
12. 2026-06-02
    days on market $199,900 Active 134 DOM
13. 2026-06-01
    days on market $199,900 Active 133 DOM
14. 2026-05-31
    days on market $199,900 Active 132 DOM
15. 2026-05-15
    price $199,900 296-char remark

    Show marketing remark (296 chars)

    Excellent main street investment opportunity. 3 apartments ( full and rents up to date) and a commercial rental pizzeria/restaurant/takeout fully furnished. Town sewer and water. Walk to all facilities! Great visibility and traffic count. Be a part of the downtown revitalization going on.

16. 2026-01-26
    price $179,000 296-char remark

    Show marketing remark (296 chars)

    Excellent main street investment opportunity. 3 apartments ( full and rents up to date) and a commercial rental pizzeria/restaurant/takeout fully furnished. Town sewer and water. Walk to all facilities! Great visibility and traffic count. Be a part of the downtown revitalization going on.

17. 2026-01-26
    status Active 296-char remark

    Show marketing remark (296 chars)

    Excellent main street investment opportunity. 3 apartments ( full and rents up to date) and a commercial rental pizzeria/restaurant/takeout fully furnished. Town sewer and water. Walk to all facilities! Great visibility and traffic count. Be a part of the downtown revitalization going on.

18. 2026-01-07
    status Active 296-char remark

    Show marketing remark (296 chars)

    Excellent main street investment opportunity. 3 apartments ( full and rents up to date) and a commercial rental pizzeria/restaurant/takeout fully furnished. Town sewer and water. Walk to all facilities! Great visibility and traffic count. Be a part of the downtown revitalization going on.

19. 2025-07-23
    historical Contingent 296-char remark

    Show marketing remark (296 chars)

    Excellent main street investment opportunity. 3 apartments ( full and rents up to date) and a commercial rental pizzeria/restaurant/takeout fully furnished. Town sewer and water. Walk to all facilities! Great visibility and traffic count. Be a part of the downtown revitalization going on.

20. 2025-07-23
    historical 296-char remark

    Show marketing remark (296 chars)

    Excellent main street investment opportunity. 3 apartments ( full and rents up to date) and a commercial rental pizzeria/restaurant/takeout fully furnished. Town sewer and water. Walk to all facilities! Great visibility and traffic count. Be a part of the downtown revitalization going on.

21. 2025-07-14
    listed $175,000 Active 296-char remark

    Show marketing remark (296 chars)

    Excellent main street investment opportunity. 3 apartments ( full and rents up to date) and a commercial rental pizzeria/restaurant/takeout fully furnished. Town sewer and water. Walk to all facilities! Great visibility and traffic count. Be a part of the downtown revitalization going on.

22. 2023-03-29
    status Pending
23. 2022-10-18
    status Pending
24. 2022-04-21
    historical
25. 2020-06-30
    listed $159,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $37,140
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,971
• − Management: −$2,971
• − Depreciation: −$5,815
• Taxable income: $10,187
• Est. tax owed @ 24.0%: −$2,445
• After-tax cash flow: $10,318/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.

Condition & rehab AI · 4 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and renovations to bring it up to a livable and marketable condition.

Repairs flagged

• Major exterior siding — Severe weathering and peeling
• Major roof — Signs of aging or damage
• Major flooring — Visible wear and tear
• Major interior walls/paint — Painted walls appear old and dull
• Major HVAC/mechanicals — No visible photos of systems

Value-add opportunities

• Both exterior renovation — Enhances curb appeal and property value
• Both interior renovation — Improves living conditions and rental appeal
• Both HVAC upgrade — Enhances comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering and peeling	Major	$15,000–50,000
roof · Signs of aging or damage	Major	$15,000–50,000
flooring · Visible wear and tear	Major	$15,000–50,000
interior walls/paint · Painted walls appear old and dull	Major	$15,000–50,000
HVAC/mechanicals · No visible photos of systems	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both exterior renovation — Enhances curb appeal and property value ↑
• Both interior renovation — Improves living conditions and rental appeal ↑
• Both HVAC upgrade — Enhances comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Ticonderoga Central School District
• NCES district ID: 3628680
• Math proficiency: 41% ▼ -5.00%
• Reading proficiency: 50% ▲ 7.00%
• Median HH income: $46,111
• Composite: 38.65/100
• National rank: #4150
• State rank: #459 of 590 in NY

Livability — Ticonderoga

• Score: 77/100
• State rank: #182
• US rank: #2828

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ticonderoga, NY
• Population (ZIP): 4,781

Population outlook (Essex County) Hauer SSP2

• Today (2025): 36,758 people
• By 2030: 35,697 · -2.9%
• By 2040: 32,697 · -11.0%
• By 2050: 29,248 · -20.4%
• By 2075: 22,641 · -38.4%
• By 2100: 16,602 · -54.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Lithuanian 12% Romanian 4% Italian 3%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Other Indo-European 1% German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Essex

• 2024 margin: Toss-up / Even · D 50.2% · R 49.8%
• 2008→2024 swing: -12.8pp toward R · 2008: 13.3pp · 2024: 0.5pp
• All cycles: 2024: D+0.5 2020: D+5.0 2016: R+3.4 2012: D+15.0 2008: D+13.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 38.24%
• Current HPI: 301.3984
• 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

+25.0% since first listed

11 events — show timeline

• 2026-05-15 Price Changed $199,900 Global MLS
• 2026-01-26 Price Changed $179,000 Global MLS
• 2026-01-26 Relisted — Global MLS
• 2026-01-07 Relisted — Global MLS
• 2025-07-23 Contingent — Global MLS
• 2025-07-23 Listing Removed — Global MLS
• 2025-07-14 Listed $175,000 Global MLS
• 2023-03-29 Pending — Global MLS
• 2022-10-18 Pending — Global MLS
• 2022-04-21 Listing Removed — Global MLS
• 2020-06-30 Listed $159,900 Global MLS