48 Prospect Ave · Gloversville, NY 12078

$95,000

3 bd · 3.0 ba · 2,536 sqft · MultiFamily public records · 4 Days on market

Built 1900 6,534 sqft lot Est $142k · 33% under

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Why this score? — see what drove the C+ 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 +15.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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: 4 units. confirmed

Listing remarks

Attention Investors! Here is a fully occupied four unit property in Gloversville offering immediate income potential. This quadplex includes a total of six bedrooms and four full bathrooms across apx. 2,500 square feet of living space. The building features two one bedroom units and two two bedroom units. All four apartments are currently occupied with tenants on month to month leases, providing flexibility for future planning while generating steady rental income from day one. Each unit includes its own kitchen, living area, and full bath. Separate electric and gas meters are in place for all units, offering simplified utility management. The property also includes off street parking. Loca

Key facts

• Off street parking
• Strong opportunity
• Local amenities

Tags

• IMMEDIATE INCOME POTENTIAL
• FOUR UNIT PROPERTY
• OFF STREET PARKING
• ESTABLISHED NEIGHBORHOOD
• LOCAL AMENITIES
• STRONG OPPORTUNITY

🏷️ Possibly a rental listed for sale. The $95,000 price doesn't fit this home's estimated sale value (~$142,016) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $95k.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $815/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $95k).
• Cap rate 47.5% vs local median 8.7% 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: 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.
• Zoned-school proficiency averages 80% at this address vs 34% district-wide (+46 pts) — the actual schools serving this property are materially stronger than the Gloversville City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 165 active listings in the ZIP; 1 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 $10k of equity ($657 loan paydown + $10k 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 $27k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 13y 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 $45k; list at $95k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,000

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. 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. 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: 5.33% ✓
• Cap rate: 47.50%
• Cash-on-cash: 147.16%
• DSCR: 7.55
• GRM: 1.6

CMA / ARV

• ARV (on-the-fly): $142,016
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26 Grand St	0.33mi	3/3.0	2,360 (-7%)	4mo	$110,000	$47	69
136 Prospect Ave	0.33mi	4/2.0 (+1)	2,632 (+4%)	6mo	$216,000	$82	64
48 Fourth Ave	0.25mi	4/4.0 (+1)	2,598 (+2%)	19mo	$144,500	$56	59
226 E Fulton St	0.44mi	3/1.5	2,345 (-8%)	4mo	$137,000	$58	58
38 Temple St	0.41mi	4/2.0 (+1)	2,296 (-10%)	1mo	$107,000	$47	56
64 Spring St	0.48mi	4/2.0 (+1)	2,484 (-2%)	15mo	$125,000	$50	53
45 Temple St	0.45mi	4/2.0 (+1)	2,182 (-14%)	6mo	$114,000	$52	42
65 Temple St	0.51mi	4/2.0 (+1)	2,256 (-11%)	10mo	$160,000	$71	41
128 Broad St	0.69mi	4/2.0 (+1)	2,336 (-8%)	6mo	$150,000	$64	40
98 W 8th Ave	0.59mi	4/2.0 (+1)	2,268 (-11%)	20mo	$53,000	$23	29

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: —
• Equity multiple: 10.76×
• Total profit: $259,623
• Equity at exit: $85,584

10-year hold

• IRR: —
• Equity multiple: 23.61×
• Total profit: $601,423
• Equity at exit: $184,564

Cash invested: $26,600 (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: 165
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $5,065 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$202 /mo · $2,419/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,064
• Net cashflow: $3,262

Break-even live

Break-even rent $936

Max offer price $95,000

Occupancy floor 31%

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$5,064
Total (4 units)			$5,065

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	43d	3	0.21mi

Listing history 7 events

1. 2026-03-03
   status Pending
2. 2026-02-27
   listed $95,000 Active
3. 2014-07-14
   historical
4. 2014-01-13
   listed $51,900
5. 2013-12-14
   historical
6. 2013-06-13
   listed $59,900
7. 1995-08-14
   soldstatus $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: $2,419 · $202/mo
• Projected year-2 tax: $2,419 · $202/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 ≥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: $60,780
• − Mortgage interest: −$5,321
• − Property taxes: −$2,419
• − Insurance: −$475
• − Repairs & maintenance: −$4,862
• − Management: −$4,862
• − Depreciation: −$2,764
• Taxable income: $40,076
• Est. tax owed @ 24.0%: −$9,618
• After-tax cash flow: $29,525/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

+111.1% since first listed

7 events — show timeline

• 2026-03-03 Pending — Global MLS
• 2026-02-27 Listed $95,000 Global MLS
• 2014-07-14 Listing Removed — Global MLS
• 2014-01-13 Listed $51,900 Global MLS
• 2013-12-14 Listing Removed — Global MLS
• 2013-06-13 Listed $59,900 Global MLS
• 1995-08-14 Sold (Public Records) $45,000 Public Records

Property tax history

+1.1%/yr

Latest (2025): $2,419 · +5.4% YoY. Source: county tax records.