12 Smith St St

Plattsburgh, NY 12901

$155,000B-

5 bd · 2.0 ba · 1,106 sqft · Built 1900 · MultiFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,700/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$466
• HOA: −$0
• Vac / Maint / Mgmt: −$567
• Net cashflow: $854/mo
• Annual: $10,246/yr
• Cap rate: 13.42%
• Cash-on-cash: 25.45%
• DSCR: 2.13
• 1% rule: 1.74%
• Cash to close: $43,400

Investor read

• This is a 1×3bd/1.0ba + 1×1bd/0.75ba units multifamily listed at $155k.
• At list price, monthly cash flow is $854 ($10k/yr) — positive. Per door: $427/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $155k).
• It's been on market 29 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $153k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• 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: employment D+, crime F, commute 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.
• Zoned schools: Arthur P Momot Elementary School (math 8% / reading 52%, grade F, #1,702 of 2,108 statewide, top 82%, 369 students, 59% FRL); Stafford Middle School (math 22% / reading 57%, grade F, #418 of 729 statewide, top 59%, 372 students, 53% FRL); Plattsburgh Senior High School (math 98% / reading 75%, grade A, #342 of 1,100 statewide, top 31%, 552 students, 44% FRL).
• Watch-outs: property tax is 2.6% of price; flood insurance adds $66/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 184 active listings in the ZIP; 192 units permitted in Clinton County in 2024 (64 in 5+ unit buildings).
• Clinton County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $40k; list at $155k implies a 288% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 13.4% 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.

Questions for listing agent

• 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?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.