2664 State Route 30

Tupper Lake, NY 12986

$179,900D

3 bd · 3.0 ba · 2,880 sqft · Built 1955 · MultiFamily · Active · 392 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,307/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$481
• HOA: −$0
• Vac / Maint / Mgmt: −$275
• Net cashflow: $-391/mo
• Annual: $-4,695/yr
• Cap rate: 3.68%
• Cash-on-cash: -9.32%
• DSCR: 0.59
• 1% rule: 0.73%
• Cash to close: $50,372

Investor read

• This is a 3-bed/3.0-bath multifamily listed at $180k.
• At list price, monthly cash flow is $-391 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $111k (38.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (27.3% below list).
• It's been on market 392 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (38.4% below list) — sets the bar for cash-flow.
• In year one you build about $8k of equity ($1k loan paydown + $7k appreciation (4.0% local appreciation)).
• Location reads 66/100 on livability (#661 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+, crime B; Watch: health & safety C-, employment D+, schools D-.
• Tupper Lake Central School District (rural): math 36% / reading 31% proficiency, ranked #561 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.7% of price; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 64 active listings in the ZIP; 124 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $50k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 3.7% vs local median 1.8% in Tupper Lake — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 392 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• Built in 1955 — 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?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?