70 North St · Gloversville, NY 12078

$685,000

4 bd · 2.0 ba · 9,324 sqft · MultiFamily public records · 51 Days on market

Built 1910 0.68 ac lot $73/sqft · 230% above area

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Why this score? — see what drove the C- 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 +15.9/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.9/10.0
• Livability +4.1/5.0
• 1% rule +3.3/10.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Opportunity to own a money making investment with 6 units in total, plus large parking area and warehouse and garaage. Completely fenced parking, garage a nd warehouse as well as rear of dwelling. Excellent income producing property. New Roof, New windows, sidewalks, separate heating and utilities., coin operated tenant laundry.

Key facts

• Warehouse
• Garage
• Large parking area

Tags

• LARGE PARKING AREA
• WAREHOUSE
• GARAGE

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/?-bath units multifamily listed at $685k.

Deal economics

• At list price, monthly cash flow is $327 ($4k/yr) — positive. Per door: $82/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $570k (16.8% below list).
• Recommended offer: $570k (16.8% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 8.7% in Gloversville — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 82/100 on livability (#70 in NY, #1,048 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D, employment F.
• Gloversville City School District (town): math 26% / reading 42% proficiency, ranked #565 of 590 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 165 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 $73k of equity ($5k loan paydown + $68k 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 $192k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$118k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($664k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $570,000 (16.8% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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: 0.83% ✗
• Cap rate: 6.87%
• Cash-on-cash: 2.04%
• DSCR: 1.09
• GRM: 10.0

CMA / ARV

• ARV (median comp): $155,904
• List price: $685,000
• Delta: 339.37%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 25.7%
• Equity multiple: 3.05×
• Total profit: $393,613
• Equity at exit: $617,102

10-year hold

• IRR: 22.6%
• Equity multiple: 6.96×
• Total profit: $1,142,257
• Equity at exit: $1,330,804

Cash invested: $191,800 (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 12078

• Home prices YoY: 12.2%
• Active inventory: 165
• Price-to-rent: 40.1×

Monthly cashflow live

• Estimated rent: $5,700 medium
• Mortgage (P&I): −$3,592
• Tax from tax record: −$299 /mo · $3,585/yr
• Insurance: −$285
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,197
• Net cashflow: $327

Break-even live

Break-even rent $5,287

Max offer price $685,000

Occupancy floor 89%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	—	$5,700
Total (4 units)			$5,700

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: $171,250
• Closing costs: $20,550
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $685,000 Active 51 DOM
2. 2026-06-17
   days on market $685,000 Active 50 DOM
3. 2026-06-16
   days on market $685,000 Active 49 DOM
4. 2026-06-15
   days on market $685,000 Active 48 DOM
5. 2026-06-13
   days on market $685,000 Active 46 DOM
6. 2026-06-12
   days on market $685,000 Active 45 DOM
7. 2026-06-09
   days on market $685,000 Active 42 DOM
8. 2026-06-08
   days on market $685,000 Active 41 DOM
9. 2026-06-07
   days on market $685,000 Active 40 DOM
10. 2026-06-07
    days on market $685,000 Active 39 DOM
11. 2026-06-04
    days on market $685,000 Active 36 DOM
12. 2026-06-02
    days on market $685,000 Active 35 DOM
13. 2026-06-01
    days on market $685,000 Active 34 DOM
14. 2026-05-31
    days on market $685,000 Active 33 DOM
15. 2026-04-27
    listed $685,000 Active 330-char remark

    Show marketing remark (330 chars)

    Opportunity to own a money making investment with 6 units in total, plus large parking area and warehouse and garaage. Completely fenced parking, garage a nd warehouse as well as rear of dwelling. Excellent income producing property. New Roof, New windows, sidewalks, separate heating and utilities., coin operated tenant laundry.

ⓘ 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: $3,585 · $299/mo
• Projected year-2 tax: $7,581 · $632/mo
• Expected delta: +$3,996/yr (+$333/mo · 111.4%)

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

Taxation est. · year 1

• Rental income: $68,400
• − Mortgage interest: −$38,371
• − Property taxes: −$3,585
• − Insurance: −$3,425
• − Repairs & maintenance: −$5,472
• − Management: −$5,472
• − Depreciation: −$19,927
• Taxable loss: −$7,852
• Est. tax savings @ 24.0%: +$1,885
• After-tax cash flow: $5,804/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: Gloversville City School District
• NCES district ID: 3612270
• Math proficiency: 26% ▼ -6.00%
• Reading proficiency: 42% ▲ 7.00%
• Median HH income: $36,775
• Composite: 28.2/100
• National rank: #6806
• State rank: #565 of 590 in NY

Livability — Gloversville

• Score: 82/100
• State rank: #70
• US rank: #1048

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gloversville, NY
• Population (ZIP): 23,087

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 (86%)
• Race & ethnicity: White 86% Two or more races 8% Hispanic / Latino 5% Black 2% Asian 1%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Lithuanian 5% Romanian 4% Iranian 4%
• Foreign-born: 2% · Canada, China
• 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: ▲ 34.22%
• Current HPI: 315.1368
• 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

• 2026-04-27 Listed $685,000 Global MLS

Property tax history

+1.6%/yr

Latest (2025): $3,585 · +5.4% YoY. Source: county tax records.