29613 State Route 12 · Depauville, NY 13624

$399,900

48 bd · None ba · 4,867 sqft · MultiFamily · 69 Days on market

Built 1940 Fair condition 1.50 ac lot ↓ 4% since listing

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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 +9.7/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Fantastic investment opportunity at highly visible Gunns Corners! This 8-unit apartment building sits prominently at the intersection of NYS Route 12 and NYS Route 180, offering excellent visibility, strong rental appeal, and easy accessibility. Set on a generous 1.50-acre lot, the property features 4,867 square feet of living space with convenient one-story layouts throughout. The unit mix includes five 1-bedroom apartments, two studio units, and one spacious 3-bedroom apartment—providing a well-balanced and versatile rental portfolio. The remodeled 1-bedroom unit is currently vacant and ready for immediate occupancy, with projected rental income of $800–$900/month. This unit has been thoughtfully updated with new flooring, modern countertops, and brand-new kitchen appliances, making it highly attractive to prospective tenants. The property currently generates $5,370/month in rental income from existing tenants, delivering solid in-place cash flow with clear upside potential upon leasing the vacant unit. The actual Net Operating Income (NOI) for 2025 exceeded $51,000, highlighting the property’s strong financial performance. A stable, long-term tenant base enhances reliability, while the large open parking area provides ample off-street parking for residents and guests. With strong financials and value-add potential, this property is an excellent addition to any investment portfolio. Whether you're expanding your holdings or entering the multi-family market, this asset offers both performance and growth opportunity. Schedule your private showing today!

Key facts

• 1.5 acre lot
• 3 parking spots
• Built 1940

What this means for you Summary

Snapshot

• This is a 5×1bd/1ba + 2×?bd/1ba + 1×3bd/1ba units multifamily listed at $400k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive. Per door: $432/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $400k).
• Recommended offer: $376k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 54/100 on livability (#1,147 in NY) — a working-class tenant base; expect higher turnover. Strengths: employment A+, crime A; Watch: health & safety D, schools F, amenities F.
• Thousand Islands Central School District (rural): math 60% / reading 56% proficiency, ranked #262 of 590 in NY (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 55 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $40k of equity ($3k loan paydown + $38k appreciation (9.4% local appreciation)).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.4% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$65k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($376k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $375,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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.
10. 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.
11. 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: 1.97% ✓
• Cap rate: 16.65%
• Cash-on-cash: 37.00%
• DSCR: 2.65
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.39% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 51.9%
• Equity multiple: 4.76×
• Total profit: $421,187
• Equity at exit: $342,555

10-year hold

• IRR: 46.0%
• Equity multiple: 10.50×
• Total profit: $1,063,763
• Equity at exit: $720,669

Cash invested: $111,972 (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 13624

• Home prices YoY: 2.3%
• Active inventory: 55
• Price-to-rent: 34.9×

Monthly cashflow live

• Estimated rent: $7,869 medium
• Mortgage (P&I): −$2,097
• Tax est. 1.5%: −$500 /mo · $5,998/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,652
• Net cashflow: $3,453

Break-even live

Break-even rent $3,498

Max offer price $399,900

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$4,770
▸ 2× units	0	1	$1,898
1× unit	3	1	$1,204
Total (8 units)			$7,869

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $399,900 Active 69 DOM
2. 2026-06-18
   days on market $399,900 Active 68 DOM
3. 2026-06-17
   days on market $399,900 Active 67 DOM
4. 2026-06-16
   days on market $399,900 Active 66 DOM
5. 2026-06-15
   days on market $399,900 Active 65 DOM
6. 2026-06-14
   days on market $399,900 Active 63 DOM
7. 2026-06-12
   days on market $399,900 Active 62 DOM
8. 2026-06-09
   days on market $399,900 Active 59 DOM
9. 2026-06-08
   days on market $399,900 Active 58 DOM
10. 2026-06-07
    days on market $399,900 Active 57 DOM
11. 2026-06-02
    days on market $399,900 Active 52 DOM
12. 2026-06-01
    days on market $399,900 Active 51 DOM
13. 2026-05-31
    days on market $399,900 Active 50 DOM
14. 2026-05-30
    days on market $399,900 Active 49 DOM
15. 2026-05-05
    price $399,900 1597-char remark

    Show marketing remark (1597 chars)

    Fantastic investment opportunity at highly visible Gunns Corners! This 8-unit apartment building sits prominently at the intersection of NYS Route 12 and NYS Route 180, offering excellent visibility, strong rental appeal, and easy accessibility. Set on a generous 1.50-acre lot, the property features 4,867 square feet of living space with convenient one-story layouts throughout. The unit mix includes five 1-bedroom apartments, two studio units, and one spacious 3-bedroom apartment—providing a well-balanced and versatile rental portfolio. The remodeled 1-bedroom unit is currently vacant and ready for immediate occupancy, with projected rental income of $800–$900/month. This unit has been thoughtfully updated with new flooring, modern countertops, and brand-new kitchen appliances, making it highly attractive to prospective tenants. The property currently generates $5,370/month in rental income from existing tenants, delivering solid in-place cash flow with clear upside potential upon leasing the vacant unit. The actual Net Operating Income (NOI) for 2025 exceeded $51,000, highlighting the property’s strong financial performance. A stable, long-term tenant base enhances reliability, while the large open parking area provides ample off-street parking for residents and guests. With strong financials and value-add potential, this property is an excellent addition to any investment portfolio. Whether you're expanding your holdings or entering the multi-family market, this asset offers both performance and growth opportunity. Schedule your private showing today!

16. 2026-04-30
    price $410,000 1597-char remark

    Show marketing remark (1597 chars)

    Fantastic investment opportunity at highly visible Gunns Corners! This 8-unit apartment building sits prominently at the intersection of NYS Route 12 and NYS Route 180, offering excellent visibility, strong rental appeal, and easy accessibility. Set on a generous 1.50-acre lot, the property features 4,867 square feet of living space with convenient one-story layouts throughout. The unit mix includes five 1-bedroom apartments, two studio units, and one spacious 3-bedroom apartment—providing a well-balanced and versatile rental portfolio. The remodeled 1-bedroom unit is currently vacant and ready for immediate occupancy, with projected rental income of $800–$900/month. This unit has been thoughtfully updated with new flooring, modern countertops, and brand-new kitchen appliances, making it highly attractive to prospective tenants. The property currently generates $5,370/month in rental income from existing tenants, delivering solid in-place cash flow with clear upside potential upon leasing the vacant unit. The actual Net Operating Income (NOI) for 2025 exceeded $51,000, highlighting the property’s strong financial performance. A stable, long-term tenant base enhances reliability, while the large open parking area provides ample off-street parking for residents and guests. With strong financials and value-add potential, this property is an excellent addition to any investment portfolio. Whether you're expanding your holdings or entering the multi-family market, this asset offers both performance and growth opportunity. Schedule your private showing today!

17. 2026-04-11
    listed $415,000 Active 1597-char remark

    Show marketing remark (1597 chars)

    Fantastic investment opportunity at highly visible Gunns Corners! This 8-unit apartment building sits prominently at the intersection of NYS Route 12 and NYS Route 180, offering excellent visibility, strong rental appeal, and easy accessibility. Set on a generous 1.50-acre lot, the property features 4,867 square feet of living space with convenient one-story layouts throughout. The unit mix includes five 1-bedroom apartments, two studio units, and one spacious 3-bedroom apartment—providing a well-balanced and versatile rental portfolio. The remodeled 1-bedroom unit is currently vacant and ready for immediate occupancy, with projected rental income of $800–$900/month. This unit has been thoughtfully updated with new flooring, modern countertops, and brand-new kitchen appliances, making it highly attractive to prospective tenants. The property currently generates $5,370/month in rental income from existing tenants, delivering solid in-place cash flow with clear upside potential upon leasing the vacant unit. The actual Net Operating Income (NOI) for 2025 exceeded $51,000, highlighting the property’s strong financial performance. A stable, long-term tenant base enhances reliability, while the large open parking area provides ample off-street parking for residents and guests. With strong financials and value-add potential, this property is an excellent addition to any investment portfolio. Whether you're expanding your holdings or entering the multi-family market, this asset offers both performance and growth opportunity. Schedule your private showing today!

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $94,428
• − Mortgage interest: −$22,401
• − Property taxes: −$5,998
• − Insurance: −$2,000
• − Repairs & maintenance: −$7,554
• − Management: −$7,554
• − Depreciation: −$11,633
• Taxable income: $37,287
• Est. tax owed @ 24.0%: −$8,949
• After-tax cash flow: $32,486/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 · 2 photos

Fair 45/100 Moderate rehab

This 8-unit apartment building requires significant repairs and maintenance, including roof replacement, exterior siding and paint, flooring, HVAC, and landscaping. Immediate action is needed to improve the property's condition and increase its value.

Repairs flagged

• Major roof — Significant wear and tear visible.
• Major exterior siding — Significant wear and tear visible.
• Major flooring — Significant wear and tear visible.
• Major interior walls/paint — Significant wear and tear visible.
• Major HVAC units — Old and may need replacement.
• Major landscaping — Minimal and lack maintenance.

Value-add opportunities

• Both roof replacement — Significant wear and tear, urgent need.
• Both exterior siding and paint — Significant wear and tear, urgent need.
• Both flooring replacement — Significant wear and tear, urgent need.
• Both HVAC replacement — Old and may need replacement.
• Both landscaping and curb appeal — Minimal and lack maintenance, can improve curb appeal and value.
• Both interior paint and updates — Significant wear and tear, can improve interior appearance and value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant wear and tear visible.	Major	$15,000–50,000
exterior siding · Significant wear and tear visible.	Major	$15,000–50,000
flooring · Significant wear and tear visible.	Major	$15,000–50,000
interior walls/paint · Significant wear and tear visible.	Major	$15,000–50,000
HVAC units · Old and may need replacement.	Major	$15,000–50,000
landscaping · Minimal and lack maintenance.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both roof replacement — Significant wear and tear, urgent need. ↑
• Both exterior siding and paint — Significant wear and tear, urgent need. ↑
• Both flooring replacement — Significant wear and tear, urgent need. ↑
• Both HVAC replacement — Old and may need replacement. ↑
• Both landscaping and curb appeal — Minimal and lack maintenance, can improve curb appeal and value. ↑
• Both interior paint and updates — Significant wear and tear, can improve interior appearance and value. ↑

ⓘ 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: Thousand Islands Central School District
• NCES district ID: 3607650
• Math proficiency: 60% ▼ -2.00%
• Reading proficiency: 56% ▼ -2.00%
• Median HH income: $55,233
• Composite: 49.94/100
• National rank: #1930
• State rank: #262 of 590 in NY

Livability — Depauville

• Score: 54/100
• State rank: #1147
• US rank: #23925

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 128
• Population (ZIP): 4,438

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 111,748 people
• By 2030: 109,370 · -2.1%
• By 2040: 103,828 · -7.1%
• By 2050: 98,523 · -11.8%
• By 2075: 91,422 · -18.2%
• By 2100: 78,214 · -30.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 6% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Lithuanian 9% Romanian 5% Slovak 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Jefferson

• 2024 margin: Strong R (+23.6) · D 38.2% · R 61.8%
• 2008→2024 swing: -18.3pp toward R · 2008: -5.3pp · 2024: -23.6pp
• All cycles: 2024: R+23.6 2020: R+19.0 2016: R+22.4 2012: R+2.9 2008: R+5.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.39%
• Current HPI: 418.5008
• 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

-3.6% since first listed

3 events — show timeline

• 2026-05-05 Price Changed $399,900 CNYIS
• 2026-04-30 Price Changed $410,000 CNYIS
• 2026-04-11 Listed $415,000 CNYIS