519 S 1st St #517 · Fulton, NY 13069

$350,000

8 bd · 0.0 ba · 3,264 sqft · MultiFamily public records · 36 Days on market

Built 1950 10,000 sqft lot $107/sqft · 78% above area Est $384k · 9% under ↓ 18% since listing

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Why this score? — see what drove the D+ 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).

• ARV discount +11.5/15.0
• Cash flow +9.5/30.0
• Appreciation +8.4/10.0
• 1% rule +4.3/10.0
• Livability +3.1/5.0
• Schools +3.0/10.0
• DSCR +2.7/10.0
• 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: 2 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

2 properties on 1 parcel. 7 units investment property 517 South 1st St - 3 units (One 1br apartment, One 2br apartment, & One 3br apartment) 3 furnaces 519 South 1st St - 4 units (Two 1br apartment & Two 2br apartment) Boiler 517-519 South 1st Street, Fulton, NY Monthly Rent: 517 1st Floor (2 bedroom) - $1,100 517 2Rear (2 bedroom) - $750 517 2Front (1 bedroom) - $650 519 1L (1 bedroom) - $750 519 2L (2 bedroom) - $1,030 519 1R (1 bedroom) - vacant will be renovated 519 2R (2 bedroom) - property manager's unit Off street parking for 8+ cars Super on-site for turn key management Value add potential for new owner Also has 2 family next door for sale MLS# S1681681

Key facts

• Boiler
• Off street parking
• Value add potential

Tags

• 3 FURNACES
• BOILER
• OFF STREET PARKING
• TURN KEY MANAGEMENT
• VALUE ADD POTENTIAL

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $-244 ($-3k/yr) — negative. Per door: $-122/mo.
• To cash-flow at today's rent, offer at most $307k (12.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $326k (6.9% below list).
• Recommended offer: $307k (12.3% below list) — sets the bar for cash-flow.
• Cap rate 5.5% vs local median 6.9% in Fulton — 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 61/100 on livability (#907 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, schools D-, crime F.
• Fulton City School District (town): math 29% / reading 43% proficiency, ranked #554 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 115 active listings in the ZIP; 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).

Forward outlook

• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (6.8% local appreciation)).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $25k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $306,881 (12.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.93% ✗
• Cap rate: 5.46%
• Cash-on-cash: -2.99%
• DSCR: 0.87
• GRM: 9.0

CMA / ARV

• ARV (median comp): $384,151
• List price: $350,000
• Delta: -8.89%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
609-611 E Broadway #609	0.55mi	8/3.0	3,144 (-4%)	7mo	$158,000	$50	51

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

Projected returns pro-forma

6.75% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.8%
• Equity multiple: 2.04×
• Total profit: $101,524
• Equity at exit: $236,751

10-year hold

• IRR: 14.9%
• Equity multiple: 4.14×
• Total profit: $307,959
• Equity at exit: $444,571

Cash invested: $98,000 (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 13069

• Home prices YoY: 2.3%
• Active inventory: 115
• Price-to-rent: 17.9×

Monthly cashflow live

• Estimated rent: $3,257 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$836 /mo · $10,030/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$684
• Net cashflow: $-244

Break-even live

Break-even rent $3,566

Max offer price $306,881

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$3,256
Total (2 units)			$3,257

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $350,000 Active 36 DOM
2. 2026-06-17
   days on market $350,000 Active 35 DOM
3. 2026-06-16
   days on market $350,000 Active 34 DOM
4. 2026-06-15
   days on market $350,000 Active 33 DOM
5. 2026-06-14
   days on market $350,000 Active 31 DOM
6. 2026-06-13
   days on market $350,000 Active 30 DOM
7. 2026-06-10
   pricedays on market $350,000 Active 28 DOM
8. 2026-06-09
   days on market $375,000 Active 27 DOM
9. 2026-06-08
   days on market $375,000 Active 26 DOM
10. 2026-06-07
    days on market $375,000 Active 25 DOM
11. 2026-06-02
    days on market $375,000 Active 20 DOM
12. 2026-06-01
    days on market $375,000 Active 19 DOM
13. 2026-05-31
    days on market $375,000 Active 18 DOM
14. 2026-05-30
    days on market $375,000 Active 17 DOM
15. 2026-05-12
    listed $375,000 Active 706-char remark

    Show marketing remark (706 chars)

    2 properties on 1 parcel. 7 units investment property 517 South 1st St - 3 units (One 1br apartment, One 2br apartment, & One 3br apartment) 3 furnaces 519 South 1st St - 4 units (Two 1br apartment & Two 2br apartment) Boiler 517-519 South 1st Street, Fulton, NY Monthly Rent: 517 1st Floor (2 bedroom) - $1,100 517 2Rear (2 bedroom) - $750 517 2Front (1 bedroom) - $650 519 1L (1 bedroom) - $750 519 2L (2 bedroom) - $1,030 519 1R (1 bedroom) - vacant will be renovated 519 2R (2 bedroom) - property manager's unit Off street parking for 8+ cars Super on-site for turn key management Value add potential for new owner Also has 2 family next door for sale MLS# S1681681

16. 2024-12-04
    price $399,000
17. 2024-10-14
    price $409,000
18. 2024-10-03
    listed $459,000 Active

ⓘ 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: $10,030 · $836/mo
• Projected year-2 tax: $10,030 · $836/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,084
• − Mortgage interest: −$19,605
• − Property taxes: −$10,030
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,127
• − Management: −$3,127
• − Depreciation: −$10,182
• Taxable loss: −$8,737
• Est. tax savings @ 24.0%: +$2,097
• After-tax cash flow: $-832/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: Fulton City School District
• NCES district ID: 3611700
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 43% ▲ 5.00%
• Median HH income: $43,337
• Composite: 30.49/100
• National rank: #6220
• State rank: #554 of 590 in NY

Livability — Fulton

• Score: 61/100
• State rank: #907
• US rank: #17723

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fulton, NY
• Population (ZIP): 23,176

Population outlook (Oswego County) Hauer SSP2

• Today (2025): 114,465 people
• By 2030: 109,968 · -3.9%
• By 2040: 99,205 · -13.3%
• By 2050: 87,979 · -23.1%
• By 2075: 65,100 · -43.1%
• By 2100: 47,117 · -58.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Lithuanian 6% Romanian 6% Iranian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Oswego

• 2024 margin: Strong R (+24.2) · D 37.9% · R 62.1%
• 2008→2024 swing: -26.6pp toward R · 2008: 2.5pp · 2024: -24.2pp
• All cycles: 2024: R+24.2 2020: R+20.2 2016: R+23.2 2012: D+7.9 2008: D+2.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.75%
• Current HPI: 304.443
• 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

-18.3% since first listed

4 events — show timeline

• 2026-05-12 Listed $375,000 CNYIS
• 2024-12-04 Price Changed $399,000 CNYIS
• 2024-10-14 Price Changed $409,000 CNYIS
• 2024-10-03 Listed $459,000 CNYIS

Property tax history

+5.2%/yr

Latest (2025): $10,030 · +2.2% YoY. Source: county tax records.