29613 State Route 12

Depauville, NY 13624

$399,900B+

48 bd · None ba · 4,867 sqft · Built 1940 · MultiFamily · Active · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,869/mo
• Mortgage (P&I): −$2,097
• Tax + insurance: −$666
• HOA: −$0
• Vac / Maint / Mgmt: −$1,652
• Net cashflow: $3,453/mo
• Annual: $41,435/yr
• Cap rate: 16.65%
• Cash-on-cash: 37.00%
• DSCR: 2.65
• 1% rule: 1.97%
• Cash to close: $111,972

Investor read

• This is a 5×1bd/1ba + 2×?bd/1ba + 1×3bd/1ba units multifamily listed at $400k. Condition is rated fair.
• 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).
• It's been on market 69 days — a 6% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $376k (6.0% below list) — sets the bar for market timing.
• In year one you build about $40k of equity ($3k loan paydown + $38k appreciation (9.4% local appreciation)).
• 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.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 55 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• 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.

Questions for listing agent

• 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?
• 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?
• 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 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?

Repairs flagged (vision-AI assessment)

• 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.