25 Steele Ave · Gloversville, NY 12078

$114,900

5 bd · 2.0 ba · 1,915 sqft · MultiFamily public records · 55 Days on market

Built 1915 8,712 sqft lot $60/sqft · 14% below area Est $134k · 14% 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 +13.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +4.1/5.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This 2 unit Gloversville home is priced to sell. Up and down unit, separate utilities. Top unit is currently rented bottom unit is vacant. Owner is motivated and willing to help with closing costs.

Key facts

• 8,712 sq ft lot
• 2 parking spots
• Built 1915

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $115k.

Deal economics

• At list price, monthly cash flow is $771 ($9k/yr) — positive. Per door: $386/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $111k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.3% vs local median 8.6% in Gloversville — 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 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: 173 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 $12k of equity ($794 loan paydown + $11k 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 $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y 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 $38k; list at $115k implies a 202% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,453 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% 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 1915 — 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: 1.73% ✓
• Cap rate: 14.35%
• Cash-on-cash: 28.76%
• DSCR: 2.28
• GRM: 4.8

CMA / ARV

• ARV (median comp): $133,621
• List price: $114,900
• Delta: -14.01%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
73 Fremont St	0.26mi	5/2.0	1,914 (-0%)	8mo	$75,000	$39	81
82 E Pine St	0.16mi	4/2.0 (-1)	1,939 (+1%)	12mo	$105,000	$54	76
55 Montgomery St	0.08mi	6/2.0 (+1)	2,044 (+7%)	10mo	$147,000	$72	72
73 Park St	0.22mi	4/2.0 (-1)	1,848 (-4%)	18mo	$59,500	$32	64
26 E Pine St	0.31mi	4/2.0 (-1)	1,856 (-3%)	18mo	$65,000	$35	60
75 Park St	0.23mi	6/2.0 (+1)	2,080 (+9%)	20mo	$80,000	$38	53
96 Woodside Ave	0.65mi	4/2.0 (-1)	2,020 (+6%)	8mo	$70,000	$35	48
73 Grand St	0.72mi	4/2.0 (-1)	1,920 (+0%)	18mo	$95,000	$49	46
260 S Main St	0.64mi	4/2.0 (-1)	2,130 (+11%)	13mo	$142,000	$67	36
35 Pearl St	0.69mi	4/2.0 (-1)	2,080 (+9%)	17mo	$135,000	$65	34
69 Yale St	0.75mi	4/2.0 (-1)	2,016 (+5%)	21mo	$70,000	$35	34
78 Third Ave	0.74mi	4/2.0 (-1)	2,084 (+9%)	18mo	$85,000	$41	31

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: 46.1%
• Equity multiple: 4.47×
• Total profit: $111,726
• Equity at exit: $103,511

10-year hold

• IRR: 40.0%
• Equity multiple: 10.03×
• Total profit: $290,459
• Equity at exit: $223,225

Cash invested: $32,172 (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: 173
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,990 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$151 /mo · $1,807/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$418
• Net cashflow: $771

Break-even live

Break-even rent $1,014

Max offer price $114,900

Occupancy floor 56%

Sensitivity live

Price	-10% $836	-5% $804	+0% $771	+5% $739	+10% $706
Rent	-10% $614	-5% $693	+0% $771	+5% $850	+10% $928
Rate	-1.0pp $829	-0.5pp $800	base $771	+0.5pp $741	+1.0pp $711

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,990
Total (2 units)			$1,990

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $114,900 Active 55 DOM
2. 2026-06-21
   days on market $114,900 Active 54 DOM
3. 2026-06-18
   days on market $114,900 Active 52 DOM
4. 2026-06-17
   days on market $114,900 Active 51 DOM
5. 2026-06-16
   days on market $114,900 Active 50 DOM
6. 2026-06-15
   days on market $114,900 Active 49 DOM
7. 2026-06-13
   days on market $114,900 Active 47 DOM
8. 2026-06-12
   pricestatusdays on market $114,900 Active 46 DOM
9. 2026-06-07
   statusdays on market $119,900 Pending 44 DOM
10. 2026-06-04
    days on market $119,900 Active 43 DOM
11. 2026-06-02
    days on market $119,900 Active 42 DOM
12. 2026-06-01
    days on market $119,900 Active 41 DOM
13. 2026-05-31
    days on market $119,900 Active 40 DOM
14. 2026-04-21
    listed $119,900 Active 199-char remark

    Show marketing remark (199 chars)

    This 2 unit Gloversville home is priced to sell. Up and down unit, separate utilities. Top unit is currently rented bottom unit is vacant. Owner is motivated and willing to help with closing costs.

15. 2025-07-14
    listed $899,000 Active 412-char remark

    Show marketing remark (412 chars)

    Property consists of 3 parcels totaling 29.9 acres on busy Route 30A in Gloversville, just minutes from Walmart Plaza. Great development opportunity with frontage on both 30A (1,500+ feet) and Steele Avenue. NYS approved break in access from Route 30A. See documents for more information from the local municipality. * Property is in OPPORTUNITY ZONE where new investments may be eligible for tax incentives. *

16. 2017-02-23
    soldstatus $38,000
17. 2002-10-16
    soldstatus $55,000
18. 2002-10-02
    soldstatus $18,250
19. 2002-04-03
    historical
20. 2002-03-07
    listed $19,000
21. 1999-05-18
    soldstatus $28,600
22. 1997-04-07
    soldstatus $12,500

ⓘ 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: $1,807 · $151/mo
• Projected year-2 tax: $1,874 · $156/mo
• Expected delta: +$68/yr (+$6/mo · 3.7%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $23,880
• − Mortgage interest: −$6,436
• − Property taxes: −$1,807
• − Insurance: −$574
• − Repairs & maintenance: −$1,910
• − Management: −$1,910
• − Depreciation: −$3,343
• Taxable income: $7,899
• Est. tax owed @ 24.0%: −$1,896
• After-tax cash flow: $7,358/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

+859.2% since first listed

9 events — show timeline

• 2026-04-21 Listed $119,900 Global MLS
• 2025-07-14 Listed $899,000 Global MLS
• 2017-02-23 Sold (Public Records) $38,000 Public Records
• 2002-10-16 Sold (Public Records) $55,000 Public Records
• 2002-10-02 Sold (MLS) $18,250 Global MLS
• 2002-04-03 Listing Removed — Global MLS
• 2002-03-07 Listed $19,000 Global MLS
• 1999-05-18 Sold (Public Records) $28,600 Public Records
• 1997-04-07 Sold (Public Records) $12,500 Public Records

Property tax history

+0.9%/yr

Latest (2025): $1,807 · +3.4% YoY. Source: county tax records.