11284 U.s. 9

Champlain, NY 12919

$146,000B

2 bd · 2.0 ba · 1,364 sqft · Built 1876 · MultiFamily · Active · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,721/mo
• Mortgage (P&I): −$766
• Tax + insurance: −$316
• HOA: −$0
• Vac / Maint / Mgmt: −$361
• Net cashflow: $278/mo
• Annual: $3,336/yr
• Cap rate: 8.58%
• Cash-on-cash: 8.16%
• DSCR: 1.36
• 1% rule: 1.18%
• Cash to close: $40,880

Investor read

• This is a 1×2bd/1ba + 1×1bd/1ba units multifamily listed at $146k. Condition is rated fair.
• At list price, monthly cash flow is $278 ($3k/yr) — positive. Per door: $139/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $146k).
• It's been on market 68 days — a 6% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $137k (6.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($1k loan paydown + $7k appreciation (4.7% local appreciation)).
• Location reads 66/100 on livability (#623 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A, crime A-; Watch: amenities F, commute F, employment D-.
• Northeastern Clinton Central School District (rural): math 63% / reading 63% proficiency, ranked #203 of 590 in NY (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Northeastern Clinton Middle School (math 32% / reading 52%, grade D-, #379 of 729 statewide, top 54%, 277 students, 50% FRL).
• Zoned-school proficiency averages 42% at this address vs 63% district-wide (-21 pts) — the specific schools serving this property underperform the Northeastern Clinton Central School District average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1876 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 active listings in the ZIP; solid renter incomes; 192 units permitted in Clinton County in 2024 (64 in 5+ unit buildings).
• Clinton County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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 $12k; list at $146k implies a 1117% gain — meaningful room to come down on a strong offer.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 68 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 1876 — 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of wear and potential leaks are visible.
• Major: siding — The siding shows signs of wear and discoloration.
• Major: paint — The paint appears faded and uneven.