17 Fort Covington St · Malone, NY 12953

$74,800

3 bd · 2.0 ba · 1,411 sqft · MultiFamily public records · 112 Days on market

Built 1886 $53/sqft · 28% below area Est $103k · 28% 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 +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0

Multi-family units

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

Listing remarks MLS

Ideal for investors or owner-occupants looking to offset housing costs, this well-maintained duplex presents a strong income opportunity. Both the upper and lower apartments have been updated and offer separate electric meters and individual heating systems, allowing for efficient and independent utility management. The property is well suited for those seeking a low-maintenance investment or a first-time buyer looking to generate rental income. A solid opportunity to enter the multi-unit market or expand an existing portfolio.

Key facts

• Updated apartments
• Garage
• Built 1886

Tags

• WELL MAINTAINED DUPLEX
• STRONG INCOME OPPORTUNITY
• UPDATED APARTMENTS
• SEPARATE ELECTRIC METERS
• INDIVIDUAL HEATING SYSTEMS
• LOW MAINTENANCE INVESTMENT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $75k.

Deal economics

• At list price, monthly cash flow is $702 ($8k/yr) — positive. Per door: $351/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $68k (9.0% below list) — sets the bar for market timing.
• Cap rate 17.6% vs local median 5.3% in Malone — 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 70/100 on livability (#437 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, employment D+, crime D-.
• Malone Central School District (town): math 27% / reading 29% proficiency, ranked #581 of 590 in NY (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 113 active listings in the ZIP; 124 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($517 loan paydown + $7k appreciation (10.0% local appreciation)).
• Franklin County population projected at -14% 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 $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1886 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,068 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% 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 1886 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.14% ✓
• Cap rate: 17.56%
• Cash-on-cash: 40.23%
• DSCR: 2.79
• GRM: 3.9

CMA / ARV

• ARV (median comp): $103,223
• List price: $74,800
• Delta: -27.54%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 55.4%
• Equity multiple: 5.08×
• Total profit: $85,512
• Equity at exit: $67,386

10-year hold

• IRR: 49.0%
• Equity multiple: 11.35×
• Total profit: $216,753
• Equity at exit: $145,320

Cash invested: $20,944 (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 12953

• Home prices YoY: 7.2%
• Active inventory: 113
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,600 medium
• Mortgage (P&I): −$392
• Tax from tax record: −$138 /mo · $1,661/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $702

Break-even live

Break-even rent $711

Max offer price $74,800

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,600
Total (2 units)			$1,600

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: $18,700
• Closing costs: $2,244
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-15
   price $74,800 533-char remark

   Show marketing remark (533 chars)

   Ideal for investors or owner-occupants looking to offset housing costs, this well-maintained duplex presents a strong income opportunity. Both the upper and lower apartments have been updated and offer separate electric meters and individual heating systems, allowing for efficient and independent utility management. The property is well suited for those seeking a low-maintenance investment or a first-time buyer looking to generate rental income. A solid opportunity to enter the multi-unit market or expand an existing portfolio.

2. 2026-02-05
   listed $79,800 Active 533-char remark

   Show marketing remark (533 chars)

   Ideal for investors or owner-occupants looking to offset housing costs, this well-maintained duplex presents a strong income opportunity. Both the upper and lower apartments have been updated and offer separate electric meters and individual heating systems, allowing for efficient and independent utility management. The property is well suited for those seeking a low-maintenance investment or a first-time buyer looking to generate rental income. A solid opportunity to enter the multi-unit market or expand an existing portfolio.

3. 2024-12-19
   soldstatus $68,000 Closed 118-char remark

   Show marketing remark (118 chars)

   This 2-Unit Home is in excellent interior condition can use a exterior Paint job-good monthly income, come take a look

4. 2024-10-16
   status Pending 118-char remark

   Show marketing remark (118 chars)

   This 2-Unit Home is in excellent interior condition can use a exterior Paint job-good monthly income, come take a look

5. 2024-05-23
   listed $79,500 Active 118-char remark

   Show marketing remark (118 chars)

   This 2-Unit Home is in excellent interior condition can use a exterior Paint job-good monthly income, come take a look

6. 2018-12-20
   soldstatus $37,000
7. 2018-12-19
   soldstatus $37,000
8. 2018-03-12
   listed $45,000

ⓘ 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: $1,661 · $138/mo
• Projected year-2 tax: $1,661 · $138/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 3/10 Moderate FEMA zone X · 20% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥90°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,200
• − Mortgage interest: −$4,190
• − Property taxes: −$1,661
• − Insurance: −$374
• − Repairs & maintenance: −$1,536
• − Management: −$1,536
• − Depreciation: −$2,176
• Taxable income: $7,727
• Est. tax owed @ 24.0%: −$1,855
• After-tax cash flow: $6,572/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: Malone Central School District
• NCES district ID: 3618180
• Math proficiency: 27% ▼ -16.00%
• Reading proficiency: 29% ▼ -11.00%
• Median HH income: $46,681
• Composite: 24.23/100
• National rank: #7725
• State rank: #581 of 590 in NY

Livability — Malone

• Score: 70/100
• State rank: #437
• US rank: #7656

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Malone, NY
• Population (ZIP): 12,842

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 48,098 people
• By 2030: 46,790 · -2.7%
• By 2040: 44,400 · -7.7%
• By 2050: 41,256 · -14.2%
• By 2075: 32,190 · -33.1%
• By 2100: 23,407 · -51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 9% Hispanic / Latino 6%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Lithuanian 16% Slovak 5% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Franklin

• 2024 margin: Lean R (+9.0) · D 45.5% · R 54.5%
• 2008→2024 swing: -31.2pp toward R · 2008: 22.2pp · 2024: -9.0pp
• All cycles: 2024: R+9.0 2020: R+2.2 2016: R+7.4 2012: D+26.3 2008: D+22.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 17.73%
• Current HPI: 263.2406
• 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

+66.2% since first listed

8 events — show timeline

• 2026-05-15 Price Changed $74,800 ACVMLS
• 2026-02-05 Listed $79,800 ACVMLS
• 2024-12-19 Sold (MLS) $68,000 ACVMLS
• 2024-10-16 Pending — ACVMLS
• 2024-05-23 Listed $79,500 ACVMLS
• 2018-12-20 Sold (Public Records) $37,000 Public Records
• 2018-12-19 Sold (MLS) $37,000 ACVMLS
• 2018-03-12 Listed $45,000 ACVMLS

Property tax history

+0.7%/yr

Latest (2025): $1,661 · -0.7% YoY. Source: county tax records.