19 S Melcher St · Johnstown, NY 12095

$135,000

6 bd · 2.0 ba · 2,512 sqft · MultiFamily public records · 4 Days on market

Built 1930 4,280 ac lot Est $123k · 10% over

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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 +10.0/10.0
• Livability +3.9/5.0
• Schools +3.5/10.0
• ARV discount +3.1/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

* * Multiple offers received. Best and Final due Saturday 6/4 at 5pm. Investment Opportunity - Spacious Two-Family Home! Large two-family home offering excellent potential for investors, owner-occupants, or those looking for a renovation project. The exterior features low-maintenance vinyl siding and replacement windows, providing a solid start for your improvements. Inside, the property requires a cleanout and updating, giving you the opportunity to renovate to your own style and maximize value. Generous living space in both units offers flexibility for rental income, multigenerational living, or future resale potential. Conveniently located near local amenities, schools, shopping, and

Key facts

• Two-family home
• Vinyl siding
• Replacement windows

Tags

• TWO-FAMILY HOME
• VINYL SIDING
• REPLACEMENT WINDOWS
• GENEROUS LIVING SPACE
• MULTIGENERATIONAL LIVING

Property features AI

Exterior

• Parking: Driveway parking for 2 vehicles
• Utilities: Public water; Public sewer
• Home design: Duplex; Total living area approximately 2,512
• Construction: Vinyl siding
• Exterior features: Corner lot (corner of South Melcher and Gilbert)

Interior

• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 4 bedrooms
• Flooring: Wood; Hardwood; Linoleum
• Bathrooms: 2 full bathrooms total (one full bath on the 1st level and one full bath on the 2nd level); Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Steam heating; Natural gas
• Interior features: Unfinished basement; Wood, hardwood and linoleum floors

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $744/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• Cap rate 19.5% vs local median 4.0% in Johnstown — 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.

Location & tenants

• Location reads 78/100 on livability (#168 in NY, #2,603 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime D-, amenities D-.
• Johnstown City School District (town): math 35% / reading 47% proficiency, ranked #509 of 590 in NY (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 82 active listings in the ZIP; 112 units permitted in Fulton County in 2024 (50 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($933 loan paydown + $14k appreciation (10.0% local appreciation)).
• Fulton County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.27% ✓
• Cap rate: 19.52%
• Cash-on-cash: 47.23%
• DSCR: 3.10
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $123,088
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Hamilton St	0.37mi	5/3.0 (-1)	2,528 (+1%)	10mo	$155,000	$61	64
15 Water St	0.53mi	6/2.0	2,688 (+7%)	2mo	$73,000	$27	62
8 Fon Clair St	0.54mi	5/2.0 (-1)	2,448 (-2%)	7mo	$119,500	$49	60
4 West St	0.31mi	6/2.0	2,198 (-12%)	10mo	$120,000	$55	56
117 E Clinton St	0.46mi	6/3.0	2,646 (+5%)	15mo	$125,000	$47	53
2 School St	0.14mi	5/2.0 (-1)	2,750 (+10%)	24mo	$120,000	$44	52
208 N Market St	0.43mi	6/4.0	2,745 (+9%)	9mo	$115,000	$42	49
122 Prospect St	0.50mi	6/2.0	2,244 (-11%)	15mo	$132,500	$59	46
106 Dove St	0.73mi	5/2.0 (-1)	2,180 (-13%)	7mo	$127,000	$58	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 61.3%
• Equity multiple: 5.45×
• Total profit: $168,323
• Equity at exit: $121,619

10-year hold

• IRR: 54.8%
• Equity multiple: 12.14×
• Total profit: $421,270
• Equity at exit: $262,275

Cash invested: $37,800 (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 12095

• Home prices YoY: 3.8%
• Active inventory: 82
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $3,070 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$173 /mo · $2,081/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$645
• Net cashflow: $1,488

Break-even live

Break-even rent $1,187

Max offer price $135,000

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1	$3,070
Total (2 units)			$3,070

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-07
   statusdays on market $135,000 Pending 4 DOM
2. 2026-06-03
   remarks 699-char remark
3. 2026-06-03
   listed $135,000 Active 1 DOM

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $2,081 · $173/mo
• Projected year-2 tax: $2,181 · $182/mo
• Expected delta: +$100/yr (+$8/mo · 4.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,840
• − Mortgage interest: −$7,562
• − Property taxes: −$2,081
• − Insurance: −$675
• − Repairs & maintenance: −$2,947
• − Management: −$2,947
• − Depreciation: −$3,927
• Taxable income: $16,700
• Est. tax owed @ 24.0%: −$4,008
• After-tax cash flow: $13,844/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.

Schools (NCES district)

• District: Johnstown City School District
• NCES district ID: 3615980
• Math proficiency: 35% ▼ -8.00%
• Reading proficiency: 47% ▲ 4.00%
• Median HH income: $45,999
• Composite: 34.89/100
• National rank: #5082
• State rank: #509 of 590 in NY

Livability — Johnstown

• Score: 78/100
• State rank: #168
• US rank: #2603

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Johnstown, NY
• Population (ZIP): 12,013

Population outlook (Fulton County) Hauer SSP2

• Today (2025): 51,132 people
• By 2030: 49,114 · -3.9%
• By 2040: 44,373 · -13.2%
• By 2050: 39,321 · -23.1%
• By 2075: 28,503 · -44.3%
• By 2100: 19,268 · -62.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 4% Two or more races 4% Black 2%
• Common ancestry: Iranian 6% Romanian 5% Lithuanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Fulton

• 2024 margin: Solid R (+35.9) · D 32.1% · R 67.9%
• 2008→2024 swing: -26.6pp toward R · 2008: -9.2pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+31.4 2016: R+35.5 2012: R+10.5 2008: R+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.82%
• Current HPI: 297.365
• 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

1 event — show timeline

• 2026-06-02 Listed $135,000 Global MLS

Property tax history

+15.6%/yr

Latest (2025): $2,081 · +184.5% YoY. Source: county tax records.