32 Division St · Fort Plain, NY 13339

$424,900

99 bd · 81.0 ba · 8,704 sqft · MultiFamily public records · 79 Days on market

Built 1950 3,920 sqft lot $49/sqft · 11% below area Est $360k · 18% over

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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 +7.6/10.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 units. confirmed

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

Excellent opportunity to own a 9 unit brick building with all new windows throughout. 80 windows changed after purchase. This is a solid building that needs a little TLC. Rents below market value and due for an increase.

Key facts

• 3,920 sq ft lot
• Built 1950
• Listed 79 days

What this means for you Summary

Snapshot

• This is a 9 × 1-bed/1-bath units multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $4k ($44k/yr) — positive. Per door: $409/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $425k).
• Recommended offer: $399k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#374 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime B+; Watch: schools D, commute F, employment F.
• Fort Plain Central School District (rural): math 43% / reading 57% proficiency, ranked #401 of 590 in NY (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 44 active listings in the ZIP; 210 units permitted in Montgomery County in 2024 (168 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($3k loan paydown + $22k appreciation (5.2% local appreciation)).
• Montgomery County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $119k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($399k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 4y 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 $215k; list at $425k implies a 98% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $399,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% 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 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 2.06% ✓
• Cap rate: 16.86%
• Cash-on-cash: 37.73%
• DSCR: 2.68
• GRM: 4.0

CMA / ARV

• ARV (median comp): $360,047
• List price: $424,900
• Delta: 18.01%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

5.24% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 46.1%
• Equity multiple: 3.85×
• Total profit: $338,753
• Equity at exit: $246,939

10-year hold

• IRR: 43.8%
• Equity multiple: 7.89×
• Total profit: $819,188
• Equity at exit: $431,359

Cash invested: $118,972 (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 13339

• Home prices YoY: 1.7%
• Active inventory: 44
• Price-to-rent: 36.3×

Monthly cashflow live

• Estimated rent: $8,769 medium
• Mortgage (P&I): −$2,228
• Tax from tax record: −$781 /mo · $9,378/yr
• Insurance: −$177
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,841
• Net cashflow: $3,685

Break-even live

Break-even rent $4,104

Max offer price $424,900

Occupancy floor 53%

Sensitivity live

Price	-10% $3,926	-5% $3,806	+0% $3,685	+5% $3,565	+10% $3,445
Rent	-10% $2,992	-5% $3,339	+0% $3,685	+5% $4,032	+10% $4,378
Rate	-1.0pp $3,899	-0.5pp $3,793	base $3,685	+0.5pp $3,575	+1.0pp $3,463

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

Units	Beds	Baths	Est. rent
▸ 9× units	1	1	$8,766
Total (9 units)			$8,769

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: $106,225
• Closing costs: $12,747
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-21
   days on market $424,900 Active 79 DOM
2. 2026-06-18
   days on market $424,900 Active 77 DOM
3. 2026-06-17
   days on market $424,900 Active 76 DOM
4. 2026-06-16
   days on market $424,900 Active 75 DOM
5. 2026-06-15
   days on market $424,900 Active 74 DOM
6. 2026-06-13
   days on market $424,900 Active 72 DOM
7. 2026-06-12
   days on market $424,900 Active 71 DOM
8. 2026-06-09
   days on market $424,900 Active 68 DOM
9. 2026-06-08
   days on market $424,900 Active 67 DOM
10. 2026-06-07
    days on market $424,900 Active 66 DOM
11. 2026-06-07
    days on market $424,900 Active 65 DOM
12. 2026-06-04
    days on market $424,900 Active 62 DOM
13. 2026-06-02
    days on market $424,900 Active 61 DOM
14. 2026-06-01
    days on market $424,900 Active 60 DOM
15. 2026-05-31
    days on market $424,900 Active 59 DOM
16. 2026-04-01
    listed $424,900 Active 221-char remark

    Show marketing remark (221 chars)

    Excellent opportunity to own a 9 unit brick building with all new windows throughout. 80 windows changed after purchase. This is a solid building that needs a little TLC. Rents below market value and due for an increase.

17. 2026-03-01
    historical
18. 2025-11-17
    listed $435,950 Active
19. 2025-11-15
    historical
20. 2025-09-10
    price $439,950
21. 2025-08-01
    listed $449,950 Active
22. 2023-09-14
    soldstatus $215,000
23. 2023-09-07
    soldstatus $215,000 Closed
24. 2023-07-27
    status Pending
25. 2023-07-06
    price $255,000
26. 2023-07-05
    status Active
27. 2023-06-08
    status Pending
28. 2023-05-08
    status Active
29. 2023-05-08
    price $265,000
30. 2023-01-23
    historical Contingent
31. 2022-11-30
    status Active
32. 2022-10-05
    status Pending
33. 2022-09-06
    status Active
34. 2022-08-22
    status Pending
35. 2022-08-22
    status Active
36. 2022-08-11
    historical
37. 2022-08-05
    listed $275,000 Active
38. 2009-09-16
    soldstatus $190,000
39. 2002-12-17
    soldstatus $169,000
40. 1997-10-29
    soldstatus $201,315

ⓘ 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: $9,378 · $781/mo
• Projected year-2 tax: $9,378 · $781/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 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $105,228
• − Mortgage interest: −$23,801
• − Property taxes: −$9,378
• − Insurance: −$2,791
• − Repairs & maintenance: −$8,418
• − Management: −$8,418
• − Depreciation: −$12,361
• Taxable income: $40,061
• Est. tax owed @ 24.0%: −$9,615
• After-tax cash flow: $34,608/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: Fort Plain Central School District
• NCES district ID: 3611370
• Math proficiency: 43% ▲ 4.00%
• Reading proficiency: 57% ▲ 18.00%
• Median HH income: $41,754
• Composite: 41.94/100
• National rank: #3352
• State rank: #401 of 590 in NY

Livability — Fort Plain

• Score: 72/100
• State rank: #374
• US rank: #6455

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Plain, NY
• Population (ZIP): 6,131

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 48,683 people
• By 2030: 47,785 · -1.8%
• By 2040: 45,492 · -6.6%
• By 2050: 43,161 · -11.3%
• By 2075: 38,134 · -21.7%
• By 2100: 32,337 · -33.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Iranian 10% Lithuanian 9% Romanian 5%
• Foreign-born: 1%
• Languages at home: 96% English-only · German/W. Germanic 2% Spanish 2% Other Indo-European 1%

Political lean MEDSL · Montgomery

• 2024 margin: Strong R (+28.7) · D 35.6% · R 64.4%
• 2008→2024 swing: -20.6pp toward R · 2008: -8.1pp · 2024: -28.7pp
• All cycles: 2024: R+28.7 2020: R+22.6 2016: R+26.5 2012: R+4.4 2008: R+8.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.24%
• Current HPI: 320.8989
• 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

25 events — show timeline

• 2026-04-01 Listed $424,900 Global MLS
• 2026-03-01 Listing Removed — Global MLS
• 2025-11-17 Listed $435,950 Global MLS
• 2025-11-15 Listing Removed — Global MLS
• 2025-09-10 Price Changed $439,950 Global MLS
• 2025-08-01 Listed $449,950 Global MLS
• 2023-09-14 Sold (Public Records) $215,000 Public Records
• 2023-09-07 Sold (MLS) $215,000 Global MLS
• 2023-07-27 Pending — Global MLS
• 2023-07-06 Price Changed $255,000 Global MLS
• 2023-07-05 Relisted — Global MLS
• 2023-06-08 Pending — Global MLS
• 2023-05-08 Relisted — Global MLS
• 2023-05-08 Price Changed $265,000 Global MLS
• 2023-01-23 Contingent — Global MLS
• 2022-11-30 Relisted — Global MLS
• 2022-10-05 Pending — Global MLS
• 2022-09-06 Relisted — Global MLS
• 2022-08-22 Pending — Global MLS
• 2022-08-22 Relisted — Global MLS
• 2022-08-11 Listing Removed — Global MLS
• 2022-08-05 Listed $275,000 Global MLS
• 2009-09-16 Sold (Public Records) $190,000 Public Records
• 2002-12-17 Sold (Public Records) $169,000 Public Records
• 1997-10-29 Sold (Public Records) $201,315 Public Records

Property tax history

+1.0%/yr

Latest (2025): $9,378 · +6.6% YoY. Source: county tax records.