415 N Clinton St

Carthage, NY 13619

$209,000A

4 bd · 2.0 ba · 2,132 sqft · Built 1920 · MultiFamily · Active · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,171/mo
• Mortgage (P&I): −$1,096
• Tax + insurance: −$417
• HOA: −$0
• Vac / Maint / Mgmt: −$666
• Net cashflow: $992/mo
• Annual: $11,904/yr
• Cap rate: 11.99%
• Cash-on-cash: 20.34%
• DSCR: 1.91
• 1% rule: 1.52%
• Cash to close: $58,520

Investor read

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $209k.
• At list price, monthly cash flow is $992 ($12k/yr) — positive. Per door: $331/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $209k).
• It's been on market 50 days — a 3% lower offer ($203k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $203k (3.0% below list) — sets the bar for market timing.
• In year one you build about $22k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#506 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, crime B; Watch: schools C-, employment D+, amenities F.
• Carthage Central School District (rural): math 30% / reading 46% proficiency, ranked #539 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 77 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.
• 4 sale attempts since 20y 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 $138k; list at $209k implies a 51% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.0% vs local median 5.5% in Carthage — 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 50 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?
• Built in 1920 — 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.
• 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.