40 Terra Cotta Ave · Glens Falls, NY 12801

$275,000

4 bd · 2.0 ba · 1,659 sqft · MultiFamily public records · 5 Days on market

Built 1900 8,712 sqft lot Est $236k · 17% over

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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).

• Cash flow +22.2/30.0
• DSCR +7.1/10.0
• 1% rule +6.2/10.0
• Livability +4.2/5.0
• Schools +4.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Dont miss out on the opportunity to own this 2 family home. Move in ready 1st floor apartment offer 2 bedrooms, living room, dining room, tiled kitchen, washer dryer hook up, bathroom and an enclosed 3 season porch. Upstairs is apartment 2 and has an excellent long term tenant who takes great care of her home. Enclosed stairwell and back porch, eat in kitchen, laundry room, living room, 2 bedrooms and bath. This home has been meticulously maintained and updated. Recently replaced furnaces and 2 hot water heaters. Nothing for the new buyer to do. Conveniently located next to the bike trail and walking distance to town, Extra large parking lot.

Key facts

• Big back porch
• 8,712 sq ft lot
• 6 parking spots

Tags

• BIG BACK PORCH
• WALKING DISTANCE INTO TOWN
• EXTRA LARGE PARKING LOT

Property features AI

Finance

• Financial info: Multi-family (2 units); Tenants pay: trash collection, hot water, heat, internet, electricity; Owner pays: sewer, water, snow removal, grounds care

Exterior

• Parking: 6 parking spaces total; Off-street paved driveway
• Security: Smoke detector(s); Carbon monoxide detector(s)
• Utilities: Public water; Public sewer; 100 amp electric service; Cable connected
• Home design: Duplex; Updated/remodeled; Main road frontage approximately 128 feet
• Construction: Fiber cement and vinyl siding; Block and stone foundation; Metal roof; Built/updated (year not provided)
• Exterior features: Private, level, cleared lot; Rear covered enclosed porch; Porch

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms
• Flooring: Vinyl; Carpet; Hardwood
• Bathrooms: 2 full bathrooms (one on 1st level, one on 2nd level); Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Forced air heating; Natural gas
• Interior features: High-speed internet; Ceramic tile bath; Storm door(s); Insulated windows
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $448 ($5k/yr) — positive. Per door: $224/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Cap rate 8.2% vs local median 4.8% in Glens Falls — 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 83/100 on livability (#60 in NY, #894 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, housing A+.
• Glens Falls City School District (urban): math 44% / reading 53% proficiency, ranked #416 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jackson Heights School (math 42% / reading 57%, grade D, #1,085 of 2,108 statewide, top 56%, 251 students, 65% FRL); Glens Falls Senior High School (math 98% / reading 64%, grade A, #485 of 1,100 statewide, top 45%, 601 students, 41% FRL) — zoned schools average 53% FRL vs 35% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 65% at this address vs 48% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Glens Falls City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 56 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 180 units permitted in Warren County in 2024 (40 in 5+ unit buildings).
• At $3,078/mo this rent would consume 55% of the median local household income ($68k/yr) (locally 866% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Warren County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $275,000

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 1900 — 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. 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?
6. 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.
7. 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.
8. 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: 1.12% ✓
• Cap rate: 8.25%
• Cash-on-cash: 6.98%
• DSCR: 1.31
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $235,578
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8 William St	0.45mi	4/2.0	1,680 (+1%)	12mo	$245,000	$146	67
14 John St	0.27mi	5/3.0 (+1)	1,764 (+6%)	3mo	$250,000	$142	66
160 Bay St	0.34mi	4/2.0	1,501 (-10%)	4mo	$220,000	$147	65
23 Stoddard Ave	0.22mi	4/2.0	1,526 (-8%)	16mo	$220,000	$144	63
26 Grand St	0.52mi	4/2.0	1,780 (+7%)	1mo	$245,000	$138	62
163 Ridge St	0.62mi	4/2.0	1,630 (-2%)	8mo	$264,000	$162	61
20-22 Baldwin Ave	0.14mi	4/2.0	1,874 (+13%)	15mo	$210,000	$112	59
20 Hoyt Ave	0.33mi	4/2.0	1,744 (+5%)	23mo	$210,000	$120	57
10 Auburn Pl	0.60mi	5/2.0 (+1)	1,770 (+7%)	18mo	$240,000	$136	41

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

Projected returns pro-forma

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

5-year hold

• IRR: -5.6%
• Equity multiple: 0.79×
• Total profit: $-15,947
• Equity at exit: $41,003

10-year hold

• IRR: 4.1%
• Equity multiple: 1.30×
• Total profit: $23,230
• Equity at exit: $23,777

Cash invested: $77,000 (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 12801

• Home prices YoY: -13.7%
• Active inventory: 56
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $3,078 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$427 /mo · $5,126/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$646
• Net cashflow: $448

Break-even live

Break-even rent $2,511

Max offer price $275,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,078
Total (2 units)			$3,078

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
173 Bay St Glens Falls, NY	3.0	1.0	1200	$1,795	$1.50	43d	1	0.25mi
492 Glen St Glens Falls, NY	3.0	1.5	1912	$2,650	$1.39	43d	1	0.62mi
140 Cronin Rd Queensbury, NY	1.0–3.0	1.0	1148	$1,685	$1.47	14d	1	0.92mi

Listing history 11 events

1. 2026-06-04
   statusdays on market $275,000 Pending 5 DOM
2. 2026-06-02
   days on market $275,000 Active 4 DOM
3. 2026-06-01
   days on market $275,000 Active 3 DOM
4. 2026-05-31
   days on market $275,000 Active 2 DOM
5. 2026-05-29
   listed $275,000 Active
6. 2023-05-12
   soldstatus $246,500
7. 2023-05-05
   soldstatus $246,500 Closed 653-char remark

   Show marketing remark (653 chars)

   Dont miss out on the opportunity to own this 2 family home. Move in ready 1st floor apartment offer 2 bedrooms, living room, dining room, tiled kitchen, washer dryer hook up, bathroom and an enclosed 3 season porch. Upstairs is apartment 2 and has an excellent long term tenant who takes great care of her home. Enclosed stairwell and back porch, eat in kitchen, laundry room, living room, 2 bedrooms and bath. This home has been meticulously maintained and updated. Recently replaced furnaces and 2 hot water heaters. Nothing for the new buyer to do. Conveniently located next to the bike trail and walking distance to town, Extra large parking lot.

8. 2023-04-28
   status Pending 653-char remark

   Show marketing remark (653 chars)

   Dont miss out on the opportunity to own this 2 family home. Move in ready 1st floor apartment offer 2 bedrooms, living room, dining room, tiled kitchen, washer dryer hook up, bathroom and an enclosed 3 season porch. Upstairs is apartment 2 and has an excellent long term tenant who takes great care of her home. Enclosed stairwell and back porch, eat in kitchen, laundry room, living room, 2 bedrooms and bath. This home has been meticulously maintained and updated. Recently replaced furnaces and 2 hot water heaters. Nothing for the new buyer to do. Conveniently located next to the bike trail and walking distance to town, Extra large parking lot.

9. 2023-03-22
   historical Contingent 653-char remark

   Show marketing remark (653 chars)

   Dont miss out on the opportunity to own this 2 family home. Move in ready 1st floor apartment offer 2 bedrooms, living room, dining room, tiled kitchen, washer dryer hook up, bathroom and an enclosed 3 season porch. Upstairs is apartment 2 and has an excellent long term tenant who takes great care of her home. Enclosed stairwell and back porch, eat in kitchen, laundry room, living room, 2 bedrooms and bath. This home has been meticulously maintained and updated. Recently replaced furnaces and 2 hot water heaters. Nothing for the new buyer to do. Conveniently located next to the bike trail and walking distance to town, Extra large parking lot.

10. 2023-03-17
    listed $229,000 Active 653-char remark

    Show marketing remark (653 chars)

    Dont miss out on the opportunity to own this 2 family home. Move in ready 1st floor apartment offer 2 bedrooms, living room, dining room, tiled kitchen, washer dryer hook up, bathroom and an enclosed 3 season porch. Upstairs is apartment 2 and has an excellent long term tenant who takes great care of her home. Enclosed stairwell and back porch, eat in kitchen, laundry room, living room, 2 bedrooms and bath. This home has been meticulously maintained and updated. Recently replaced furnaces and 2 hot water heaters. Nothing for the new buyer to do. Conveniently located next to the bike trail and walking distance to town, Extra large parking lot.

11. 2003-09-29
    soldstatus $73,000

ⓘ 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: $5,126 · $427/mo
• Projected year-2 tax: $5,126 · $427/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 16 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: $36,936
• − Mortgage interest: −$15,404
• − Property taxes: −$5,126
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,955
• − Management: −$2,955
• − Depreciation: −$8,000
• Taxable income: $1,121
• Est. tax owed @ 24.0%: −$269
• After-tax cash flow: $5,104/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: Glens Falls City School District
• NCES district ID: 3612240
• Math proficiency: 44% ▼ -8.00%
• Reading proficiency: 53% ▲ 6.00%
• Median HH income: $48,216
• Composite: 41.34/100
• National rank: #3499
• State rank: #416 of 590 in NY

Livability — Glens Falls

• Score: 83/100
• State rank: #60
• US rank: #894

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Glens Falls, NY
• County: Warren County · 14,628 people
• City population: 14,628
• Metro: Glens Falls, NY
• Population (ZIP): 14,628
• Household income: $67,577
• Rent vs Own: 47.6% rent · 52.4% own
• Severe rent burden: 866.0

Population outlook (Warren County) Hauer SSP2

• Today (2025): 62,372 people
• By 2030: 60,491 · -3.0%
• By 2040: 55,616 · -10.8%
• By 2050: 50,437 · -19.1%
• By 2075: 40,843 · -34.5%
• By 2100: 31,159 · -50.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 3% Black 2%
• Common ancestry: Lithuanian 9% Romanian 5% Slovak 5%
• Foreign-born: 3% · Canada, Dominican Republic
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Warren

• 2024 margin: Toss-up / Even · D 47.9% · R 52.1%
• 2008→2024 swing: -6.9pp toward R · 2008: 2.6pp · 2024: -4.2pp
• All cycles: 2024: R+4.2 2020: R+0.2 2016: R+10.6 2012: D+2.1 2008: D+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.28%
• Current HPI: 330.581
• Rent YoY: —
• Metro: Glens Falls, NY
• 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

+276.7% since first listed

7 events — show timeline

• 2026-05-29 Listed $275,000 Global MLS
• 2023-05-12 Sold (Public Records) $246,500 Public Records
• 2023-05-05 Sold (MLS) $246,500 Global MLS
• 2023-04-28 Pending — Global MLS
• 2023-03-22 Contingent — Global MLS
• 2023-03-17 Listed $229,000 Global MLS
• 2003-09-29 Sold (Public Records) $73,000 Public Records

Property tax history

+10.1%/yr

Latest (2025): $5,126 · +1.0% YoY. Source: county tax records.