70 North St

Gloversville, NY 12078

$685,000C-

4 bd · 2.0 ba · 9,324 sqft · Built 1910 · MultiFamily · Active · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,700/mo
• Mortgage (P&I): −$3,592
• Tax + insurance: −$584
• HOA: −$0
• Vac / Maint / Mgmt: −$1,197
• Net cashflow: $327/mo
• Annual: $3,919/yr
• Cap rate: 6.87%
• Cash-on-cash: 2.04%
• DSCR: 1.09
• 1% rule: 0.83%
• Cash to close: $191,800

Investor read

• This is a 4 × 1-bed/?-bath units multifamily listed at $685k.
• 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).
• It's been on market 53 days — a 3% lower offer ($664k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $570k (16.8% below list) — sets the bar for 1% rule.
• In year one you build about $73k of equity ($5k loan paydown + $68k appreciation (10.0% local appreciation)).
• 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.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 172 active listings in the ZIP; 112 units permitted in Fulton County in 2024 (50 in 5+ unit buildings).
• 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.
• Cap rate 6.9% vs local median 8.6% in Gloversville — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• It's been on market 53 days. Have you received any prior offers? Is the seller open to a 17% 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 1910 — 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.
• 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?
• 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.