426 S 4th St · Fulton, NY 13069

$209,900

28 bd · 18.0 ba · 4,659 sqft · MultiFamily public records · 17 Days on market

Built 1890 8,400 sqft lot

---

Why this score? — see what drove the B+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Schools +3.0/10.0
• 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: 4 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

Unique opportunity to own this well loved Old Style home and all its charm! Located in a convenient location within walking distance to the Bus Stop, Aldi is just around the corner for groceries and only minutes from 481S. This property offers owner occupied or care takers space as well as 3 units to rent out for additional income. Full dry basement with washer and dryer, plenty of space for storage. Off street parking with the expansive paved driveway leading behind the house to the 2 car garage offering additional storage space and privacy in the back yard. New roof done in 2023. This 4,659 sq ft home is a must see with so much potential! Don't hesitate and miss out on a great investment opportunity! * * MULTIPLE OFFERS RECEIVED SELLER HAS REQUESTED OFFER DEADLINE FOR 6/25/24 @ 8pm * *

Key facts

• Notable updates
• Large paved driveway
• Full dry basement

Tags

• LARGE PAVED DRIVEWAY
• TWO-CAR GARAGE
• FULL DRY BASEMENT
• LAUNDRY AND STORAGE SPACE
• NOTABLE UPDATES
• QUICK ACCESS TO MAJOR HIGHWAYS

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/4.5-bath units multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $4k ($43k/yr) — positive. Per door: $892/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $210k).
• Recommended offer: $207k (1.5% below list) — sets the bar for market timing.
• Cap rate 26.7% vs local median 6.7% in Fulton — 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 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: 116 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 $16k of equity ($1k loan paydown + $14k 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.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $176k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $206,751 (1.5% below list)

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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
8. 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.
9. 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.
10. 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: 3.14% ✓
• Cap rate: 26.69%
• Cash-on-cash: 72.86%
• DSCR: 4.24
• GRM: 2.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 80.7%
• Equity multiple: 6.06×
• Total profit: $297,534
• Equity at exit: $141,983

10-year hold

• IRR: 77.5%
• Equity multiple: 12.84×
• Total profit: $695,588
• Equity at exit: $266,616

Cash invested: $58,772 (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: 116
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $6,591 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$450 /mo · $5,401/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,384
• Net cashflow: $3,569

Break-even live

Break-even rent $2,074

Max offer price $209,900

Occupancy floor 41%

Sensitivity live

Price	-10% $3,687	-5% $3,628	+0% $3,569	+5% $3,509	+10% $3,450
Rent	-10% $3,048	-5% $3,308	+0% $3,569	+5% $3,829	+10% $4,089
Rate	-1.0pp $3,674	-0.5pp $3,622	base $3,569	+0.5pp $3,514	+1.0pp $3,459

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

Units	Beds	Baths	Est. rent
▸ 4× units	7	4.5	$6,592
Total (4 units)			$6,591

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-02-27
   status Pending
2. 2026-02-10
   listed $209,900 Active
3. 2024-08-23
   soldstatus $176,500 Closed 801-char remark

   Show marketing remark (801 chars)

   Unique opportunity to own this well loved Old Style home and all its charm! Located in a convenient location within walking distance to the Bus Stop, Aldi is just around the corner for groceries and only minutes from 481S. This property offers owner occupied or care takers space as well as 3 units to rent out for additional income. Full dry basement with washer and dryer, plenty of space for storage. Off street parking with the expansive paved driveway leading behind the house to the 2 car garage offering additional storage space and privacy in the back yard. New roof done in 2023. This 4,659 sq ft home is a must see with so much potential! Don't hesitate and miss out on a great investment opportunity! * * MULTIPLE OFFERS RECEIVED SELLER HAS REQUESTED OFFER DEADLINE FOR 6/25/24 @ 8pm * *

4. 2024-08-23
   soldstatus $176,500

   Show marketing remark (801 chars)

   Unique opportunity to own this well loved Old Style home and all its charm! Located in a convenient location within walking distance to the Bus Stop, Aldi is just around the corner for groceries and only minutes from 481S. This property offers owner occupied or care takers space as well as 3 units to rent out for additional income. Full dry basement with washer and dryer, plenty of space for storage. Off street parking with the expansive paved driveway leading behind the house to the 2 car garage offering additional storage space and privacy in the back yard. New roof done in 2023. This 4,659 sq ft home is a must see with so much potential! Don't hesitate and miss out on a great investment opportunity! * * MULTIPLE OFFERS RECEIVED SELLER HAS REQUESTED OFFER DEADLINE FOR 6/25/24 @ 8pm * *

5. 2024-06-27
   status Pending 801-char remark

   Show marketing remark (801 chars)

   Unique opportunity to own this well loved Old Style home and all its charm! Located in a convenient location within walking distance to the Bus Stop, Aldi is just around the corner for groceries and only minutes from 481S. This property offers owner occupied or care takers space as well as 3 units to rent out for additional income. Full dry basement with washer and dryer, plenty of space for storage. Off street parking with the expansive paved driveway leading behind the house to the 2 car garage offering additional storage space and privacy in the back yard. New roof done in 2023. This 4,659 sq ft home is a must see with so much potential! Don't hesitate and miss out on a great investment opportunity! * * MULTIPLE OFFERS RECEIVED SELLER HAS REQUESTED OFFER DEADLINE FOR 6/25/24 @ 8pm * *

6. 2024-06-19
   listed $162,000 Active 801-char remark

   Show marketing remark (801 chars)

   Unique opportunity to own this well loved Old Style home and all its charm! Located in a convenient location within walking distance to the Bus Stop, Aldi is just around the corner for groceries and only minutes from 481S. This property offers owner occupied or care takers space as well as 3 units to rent out for additional income. Full dry basement with washer and dryer, plenty of space for storage. Off street parking with the expansive paved driveway leading behind the house to the 2 car garage offering additional storage space and privacy in the back yard. New roof done in 2023. This 4,659 sq ft home is a must see with so much potential! Don't hesitate and miss out on a great investment opportunity! * * MULTIPLE OFFERS RECEIVED SELLER HAS REQUESTED OFFER DEADLINE FOR 6/25/24 @ 8pm * *

ⓘ 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: $5,401 · $450/mo
• Projected year-2 tax: $5,401 · $450/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 100% 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: $79,092
• − Mortgage interest: −$11,758
• − Property taxes: −$5,401
• − Insurance: −$1,050
• − Repairs & maintenance: −$6,327
• − Management: −$6,327
• − Depreciation: −$6,106
• Taxable income: $42,123
• Est. tax owed @ 24.0%: −$10,110
• After-tax cash flow: $32,714/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

+29.6% since first listed

6 events — show timeline

• 2026-02-27 Pending — CNYIS
• 2026-02-10 Listed $209,900 CNYIS
• 2024-08-23 Sold (Public Records) $176,500 Public Records
• 2024-08-23 Sold (MLS) $176,500 CNYIS
• 2024-06-27 Pending — CNYIS
• 2024-06-19 Listed $162,000 CNYIS

Property tax history

+0.9%/yr

Latest (2025): $5,401 · +2.2% YoY. Source: county tax records.