10 Franklin St · Gloversville, NY 12078

$45,000

3 bd · 1.5 ba · 1,184 sqft · SingleFamily public records · 34 Days on market

Built 1930 7,405 sqft lot $38/sqft · 73% below area ↓ 24% since listing

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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 +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.1/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Investor special in Gloversville! 10 Franklin Street offers a full renovation opportunity for those looking to bring their vision to life. The property has been partially taken down to the studs, with some areas already opened up while others still retain existing sheetrock. The seller has purchased windows and sheetrock that he is willing to leave.This provides flexibility to continue the current renovation or reimagine the layout entirely. Ideal for investors, contractors, or flippers ready to take on a project. Conveniently located near local amenities, shopping, and main roadways. Cash offers only. The seller has purchased windows and sheetrock that he is willing to leave.

Key facts

• Existing sheetrock
• Purchased windows
• Purchased sheetrock

Tags

• FULL RENOVATION OPPORTUNITY
• EXISTING SHEETROCK
• PURCHASED WINDOWS
• PURCHASED SHEETROCK

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $670 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $44k (3.0% below list) — sets the bar for market timing.
• Cap rate 24.1% 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: 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.
• Zoned schools: Boulevard School (math 24% / reading 35%, grade F, #1,729 of 2,108 statewide, top 84%, 568 students, 72% FRL); Gloversville Middle School (math 6% / reading 35%, grade F, #664 of 729 statewide, top 91%, 548 students, 70% FRL); Gloversville High School (math 82% / reading 77%, grade A-, #518 of 1,100 statewide, top 51%, 697 students, 71% FRL) — zoned schools average 71% FRL vs 54% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 173 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 112 units permitted in Fulton County in 2024 (50 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($311 loan paydown + $4k 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 $13k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y ago; this cycle's ask has dropped $15k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $39k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 4.1% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.03% ✓
• Cap rate: 24.15%
• Cash-on-cash: 63.76%
• DSCR: 3.84
• GRM: 2.8

CMA / ARV

• ARV (median comp): $169,462
• List price: $45,000
• Delta: -73.45%
• 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
10 Franklin St	0.00mi	2/1.0 (-1)	1,184 (0%)	1mo	$43,000	$36	92
13 Newman St	0.08mi	3/2.0	1,152 (-3%)	8mo	$160,000	$139	83
62 3rd Ave	0.48mi	3/2.0	1,209 (+2%)	3mo	$135,000	$112	69
120 East Blvd	0.41mi	3/1.5	1,200 (+1%)	15mo	$180,000	$150	66
8 Grandoe Ln	0.34mi	3/1.0	1,162 (-2%)	16mo	$162,000	$139	66
3 State Cir	0.60mi	3/1.0	1,189 (+0%)	6mo	$219,000	$184	64
119 5th Ave	0.26mi	3/1.0	1,350 (+14%)	1mo	$146,260	$108	62
139 5th Ave	0.29mi	3/1.0	1,332 (+12%)	5mo	$105,000	$79	60
56 W State St	0.72mi	3/1.0	1,172 (-1%)	6mo	$195,000	$166	58
31 E State St	0.42mi	2/1.5 (-1)	1,282 (+8%)	10mo	$185,400	$145	54
20 Easterly St	0.49mi	3/2.0	1,350 (+14%)	4mo	$198,000	$147	49
124 East Blvd	0.39mi	4/2.5 (+1)	1,354 (+14%)	5mo	$165,000	$122	45

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: 75.5%
• Equity multiple: 6.34×
• Total profit: $67,229
• Equity at exit: $40,540

10-year hold

• IRR: 69.5%
• Equity multiple: 14.06×
• Total profit: $164,604
• Equity at exit: $87,425

Cash invested: $12,600 (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: 2.8×

Monthly cashflow live

• Estimated rent: $1,363 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$152 /mo · $1,827/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $670

Break-even live

Break-even rent $515

Max offer price $45,000

Occupancy floor 46%

Sensitivity live

Price	-10% $695	-5% $682	+0% $670	+5% $657	+10% $644
Rent	-10% $562	-5% $616	+0% $670	+5% $723	+10% $777
Rate	-1.0pp $692	-0.5pp $681	base $670	+0.5pp $658	+1.0pp $646

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11 Fremont St Gloversville, NY	2.0–3.0	1.5–2.0	1612	$1,650	$1.02	45d	3	0.82mi
4 Fruit St Unit 2 Gloversville, NY	2.0	1.0	850	$995	$1.17	45d	1	1.02mi

Listing history 14 events

1. 2026-05-06
   status Pending 685-char remark

   Show marketing remark (685 chars)

   Investor special in Gloversville! 10 Franklin Street offers a full renovation opportunity for those looking to bring their vision to life. The property has been partially taken down to the studs, with some areas already opened up while others still retain existing sheetrock. The seller has purchased windows and sheetrock that he is willing to leave.This provides flexibility to continue the current renovation or reimagine the layout entirely. Ideal for investors, contractors, or flippers ready to take on a project. Conveniently located near local amenities, shopping, and main roadways. Cash offers only. The seller has purchased windows and sheetrock that he is willing to leave.

2. 2026-04-26
   price $45,000 685-char remark

   Show marketing remark (685 chars)

   Investor special in Gloversville! 10 Franklin Street offers a full renovation opportunity for those looking to bring their vision to life. The property has been partially taken down to the studs, with some areas already opened up while others still retain existing sheetrock. The seller has purchased windows and sheetrock that he is willing to leave.This provides flexibility to continue the current renovation or reimagine the layout entirely. Ideal for investors, contractors, or flippers ready to take on a project. Conveniently located near local amenities, shopping, and main roadways. Cash offers only. The seller has purchased windows and sheetrock that he is willing to leave.

3. 2026-04-23
   price $50,000 685-char remark

   Show marketing remark (685 chars)

   Investor special in Gloversville! 10 Franklin Street offers a full renovation opportunity for those looking to bring their vision to life. The property has been partially taken down to the studs, with some areas already opened up while others still retain existing sheetrock. The seller has purchased windows and sheetrock that he is willing to leave.This provides flexibility to continue the current renovation or reimagine the layout entirely. Ideal for investors, contractors, or flippers ready to take on a project. Conveniently located near local amenities, shopping, and main roadways. Cash offers only. The seller has purchased windows and sheetrock that he is willing to leave.

4. 2026-03-31
   listed $60,000 Active 685-char remark

   Show marketing remark (685 chars)

   Investor special in Gloversville! 10 Franklin Street offers a full renovation opportunity for those looking to bring their vision to life. The property has been partially taken down to the studs, with some areas already opened up while others still retain existing sheetrock. The seller has purchased windows and sheetrock that he is willing to leave.This provides flexibility to continue the current renovation or reimagine the layout entirely. Ideal for investors, contractors, or flippers ready to take on a project. Conveniently located near local amenities, shopping, and main roadways. Cash offers only. The seller has purchased windows and sheetrock that he is willing to leave.

5. 2024-10-30
   soldstatus $39,100 Closed 198-char remark

   Show marketing remark (198 chars)

   Cottage style home built in 1930 and offers 1184 sq ft, 3 bedrooms, 1.5 baths, public utilities, 2 car detached garage, full unfinished basement, situated on 0.16 acres, located in Gloversville CSD.

6. 2024-10-07
   status Pending 198-char remark

   Show marketing remark (198 chars)

   Cottage style home built in 1930 and offers 1184 sq ft, 3 bedrooms, 1.5 baths, public utilities, 2 car detached garage, full unfinished basement, situated on 0.16 acres, located in Gloversville CSD.

7. 2024-09-18
   listed $34,900 Active 198-char remark

   Show marketing remark (198 chars)

   Cottage style home built in 1930 and offers 1184 sq ft, 3 bedrooms, 1.5 baths, public utilities, 2 car detached garage, full unfinished basement, situated on 0.16 acres, located in Gloversville CSD.

8. 2018-06-30
   historical
9. 2017-07-02
   price $32,500
10. 2017-07-02
    status Price Change
11. 2017-06-30
    historical
12. 2016-07-01
    listed $47,500 New
13. 2014-12-04
    historical
14. 2013-12-03
    listed $59,000

ⓘ 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: $1,827 · $152/mo
• Projected year-2 tax: $1,827 · $152/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 2/10 Low
• 🌡 Heat 2/10 Low 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: $16,352
• − Mortgage interest: −$2,521
• − Property taxes: −$1,827
• − Insurance: −$225
• − Repairs & maintenance: −$1,308
• − Management: −$1,308
• − Depreciation: −$1,309
• Taxable income: $7,854
• Est. tax owed @ 24.0%: −$1,885
• After-tax cash flow: $6,149/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

-23.7% since first listed

14 events — show timeline

• 2026-05-06 Pending — Global MLS
• 2026-04-26 Price Changed $45,000 Global MLS
• 2026-04-23 Price Changed $50,000 Global MLS
• 2026-03-31 Listed $60,000 Global MLS
• 2024-10-30 Sold (MLS) $39,100 Global MLS
• 2024-10-07 Pending — Global MLS
• 2024-09-18 Listed $34,900 Global MLS
• 2018-06-30 Listing Removed — Global MLS
• 2017-07-02 Price Changed $32,500 Global MLS
• 2017-07-02 Relisted — Global MLS
• 2017-06-30 Listing Removed — Global MLS
• 2016-07-01 Listed $47,500 Global MLS
• 2014-12-04 Listing Removed — Global MLS
• 2013-12-03 Listed $59,000 Global MLS

Property tax history

+0.9%/yr

Latest (2025): $1,827 · +3.4% YoY. Source: county tax records.