147 Forbes St · Amsterdam, NY 12010

$138,000

6 bd · 2.0 ba · 2,340 sqft · MultiFamily public records · 6 Days on market

Built 1926 Est $215k · 36% under

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• 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 MLS

Great investment opportunity or live there and have the other unit pay for the mortgage. $13,200 yearly rental income from long term tenants. 3 bedrooms, living room, dining room, 1 bath in each unit. Wood flooring and wood trim. Off street parking. Taxes include water, sewer, garbage. Good Condition

Key facts

• Fully renovated
• Charming porch
• Two-family home

Tags

• TWO-FAMILY HOME
• QUIET NEIGHBORHOOD
• LARGE PRIVATE SIDE YARD
• CHARMING PORCH
• FULLY RENOVATED

Property features AI

Exterior

• Parking: Off-street parking; On-site parking lot
• Utilities: Public sewer; Cable available; Electricity connected; Natural gas connected; Trash collection (public); Water connected
• Home design: Duplex
• Construction: Wood siding
• Exterior features: Off-street parking and parking lot; Not waterfront

Interior

• Bedrooms: Two 3-bedroom units
• Heating & cooling: Natural gas heating; Wall/window air conditioning units
• Interior features: High-speed internet available; Open floor plan; Open kitchen

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $138k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $619/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $138k).
• Cap rate 17.1% vs local median 6.3% in Amsterdam — 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 75/100 on livability (#247 in NY, #3,884 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment F.
• Amsterdam City School District (town): math 35% / reading 41% proficiency, ranked #546 of 590 in NY (top 92%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: William B Tecler Arts In Education (math 27% / reading 42%, grade F, #1,577 of 2,108 statewide, top 77%, 461 students, 56% FRL); Wilbur H Lynch Literacy Academy (math 9% / reading 37%, grade F, #646 of 729 statewide, top 89%, 817 students, 75% FRL); Amsterdam High School (math 75% / reading 82%, grade A-, #563 of 1,100 statewide, top 52%, 1,179 students, 68% FRL) — zoned schools average 66% FRL vs 40% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 164 active listings in the ZIP; 210 units permitted in Montgomery County in 2024 (168 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($954 loan paydown + $14k appreciation (10.0% local appreciation)).
• Montgomery County population projected at -11% 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 $39k 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 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 12y ago 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 $35k; list at $138k implies a 294% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $138,000

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 1926 — 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. 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?
6. Crime grade is F 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?
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: 1.99% ✓
• Cap rate: 17.06%
• Cash-on-cash: 38.45%
• DSCR: 2.71
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $215,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
45 Pulaski St	0.13mi	6/2.0	2,348 (+0%)	5mo	$242,500	$103	89
36 Hibbard St	0.16mi	6/2.0	2,406 (+3%)	4mo	$224,000	$93	84
329 E Main St	0.21mi	6/2.0	2,164 (-8%)	3mo	$199,900	$92	75
17 Hawk St	0.50mi	6/2.0	2,296 (-2%)	2mo	$198,000	$86	72
225 Church St	0.55mi	6/2.0	2,328 (-0%)	5mo	$215,000	$92	70
26 Van Derveer St	0.73mi	6/2.0	2,300 (-2%)	1mo	$148,000	$64	63
240-242 Vrooman Ave	0.18mi	6/2.0	2,652 (+13%)	9mo	$235,000	$89	62
28 Gorski St	0.60mi	5/2.0 (-1)	2,388 (+2%)	7mo	$271,000	$113	58
17-19 Brookside Ave	0.71mi	5/2.0 (-1)	2,400 (+3%)	2mo	$135,000	$56	56
38 Milton Ave	0.63mi	6/2.0	2,148 (-8%)	2mo	$211,400	$98	55
35 Milton Ave	0.63mi	7/2.5 (+1)	2,384 (+2%)	8mo	$240,000	$101	54
3 Hawk St	0.52mi	6/2.0	2,688 (+15%)	6mo	$173,000	$64	46

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: 53.9%
• Equity multiple: 4.99×
• Total profit: $154,042
• Equity at exit: $124,321

10-year hold

• IRR: 47.5%
• Equity multiple: 11.14×
• Total profit: $391,665
• Equity at exit: $268,104

Cash invested: $38,640 (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 12010

• Home prices YoY: 4.0%
• Active inventory: 164
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,741 high
• Mortgage (P&I): −$724
• Tax from tax record: −$146 /mo · $1,753/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$576
• Net cashflow: $1,238

Break-even live

Break-even rent $1,174

Max offer price $138,000

Occupancy floor 50%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,742
Total (2 units)			$2,741

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: $34,500
• Closing costs: $4,140
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $138,000 Active 6 DOM
2. 2026-06-17
   days on market $138,000 Active 5 DOM
3. 2026-06-16
   days on market $138,000 Active 4 DOM
4. 2026-06-15
   days on market $138,000 Active 3 DOM
5. 2026-06-13
   remarks 441-char remark
6. 2026-06-13
   listed $138,000 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: $1,753 · $146/mo
• Projected year-2 tax: $2,042 · $170/mo
• Expected delta: +$290/yr (+$24/mo · 16.5%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $32,892
• − Mortgage interest: −$7,730
• − Property taxes: −$1,753
• − Insurance: −$690
• − Repairs & maintenance: −$2,631
• − Management: −$2,631
• − Depreciation: −$4,015
• Taxable income: $13,442
• Est. tax owed @ 24.0%: −$3,226
• After-tax cash flow: $11,632/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: Amsterdam City School District
• NCES district ID: 3602970
• Math proficiency: 35% ▲ 5.00%
• Reading proficiency: 41% ▲ 10.00%
• Median HH income: $41,735
• Composite: 32.03/100
• National rank: #5824
• State rank: #546 of 590 in NY

Livability — Amsterdam

• Score: 75/100
• State rank: #247
• US rank: #3884

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Amsterdam, NY
• City population: 27,339
• Population (ZIP): 27,339

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 48,683 people
• By 2030: 47,785 · -1.8%
• By 2040: 45,492 · -6.6%
• By 2050: 43,161 · -11.3%
• By 2075: 38,134 · -21.7%
• By 2100: 32,337 · -33.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 23% Two or more races 9% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 18%
• Common ancestry: Romanian 12% Lithuanian 2% Iranian 2%
• Foreign-born: 5% · Canada
• Languages at home: 86% English-only · Spanish 11% Russian/Polish/Slavic 1% Other Indo-European 1%

Political lean MEDSL · Montgomery

• 2024 margin: Strong R (+28.7) · D 35.6% · R 64.4%
• 2008→2024 swing: -20.6pp toward R · 2008: -8.1pp · 2024: -28.7pp
• All cycles: 2024: R+28.7 2020: R+22.6 2016: R+26.5 2012: R+4.4 2008: R+8.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.12%
• Current HPI: 312.4966
• 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

+178.8% since first listed

9 events — show timeline

• 2026-06-12 Listed $138,000 OneKey® MLS as Distributed by MLS Grid
• 2017-04-07 Sold (Public Records) $34,999 Public Records
• 2017-04-07 Sold (MLS) $35,000 Global MLS
• 2017-02-09 Pending — Global MLS
• 2015-10-13 Relisted — Global MLS
• 2015-10-12 Listing Removed — Global MLS
• 2015-09-10 Listed $40,000 Global MLS
• 2014-07-31 Listing Removed — Global MLS
• 2014-02-12 Listed $49,500 Global MLS

Property tax history

+1.1%/yr

Latest (2025): $1,753 · -5.4% YoY. Source: county tax records.