82-88 Woodlawn Ave

Massena, NY 13662

$199,900B-

8 bd · 4.0 ba · 3,600 sqft · Built 1960 · MultiFamily · Pending · 124 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,864/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$333
• HOA: −$0
• Vac / Maint / Mgmt: −$811
• Net cashflow: $1,671/mo
• Annual: $20,053/yr
• Cap rate: 16.32%
• Cash-on-cash: 35.83%
• DSCR: 2.59
• 1% rule: 1.93%
• Cash to close: $55,972

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $200k. Condition is rated poor.
• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $418/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $200k).
• It's been on market 124 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#330 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, crime D-, commute F.
• Massena Central School District (town): math 43% / reading 49% proficiency, ranked #456 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 174 active listings in the ZIP; 215 units permitted in St. Lawrence County in 2024 (0 in 5+ unit buildings).
• St. Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 16.3% vs local median 5.2% in Massena — 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 124 days. Have you received any prior offers? Is the seller open to a 12% 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 1960 — 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?

Repairs flagged (vision-AI assessment)

• Major: siding — Significant damage and wear
• Major: roof — Weathered and potentially leaking
• Major: flooring — No visible flooring, likely in poor condition
• Major: interior walls — No visible interior walls, likely in poor condition
• Major: HVAC/mechanicals — No visible HVAC/mechanicals, likely in poor condition