3 Park Ave

Ticonderoga, NY 12883

$249,900B+

24 bd · 16.0 ba · 4,487 sqft · Built 1940 · MultiFamily · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,803/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$346
• HOA: −$0
• Vac / Maint / Mgmt: −$1,219
• Net cashflow: $2,928/mo
• Annual: $35,140/yr
• Cap rate: 20.35%
• Cash-on-cash: 50.22%
• DSCR: 3.23
• 1% rule: 2.32%
• Cash to close: $69,972

Investor read

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $250k. Condition is rated poor.
• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $732/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $250k).
• It's been on market 47 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• 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.
• Zoned schools: Ticonderoga Elementary School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 360 students, 65% FRL); Ticonderoga Junior-Senior High School (math 42% / reading 47%, grade F, #1,032 of 1,100 statewide, top 95%, 359 students, 57% FRL) — zoned schools average 61% FRL vs 41% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 87 active listings in the ZIP; 218 units permitted in Essex County in 2024 (63 in 5+ unit buildings).
• Essex County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $130k; list at $250k implies a 92% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 20.4% vs local median 3.9% 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.

Questions for listing agent

• It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant damage visible
• Major: exterior siding — Severe weathering
• Major: paint — Peeling and dull
• Major: flooring — Worn-out carpet
• Major: interior walls — Old and dull paint
• Major: landscaping — Overgrown grass