187 Bleecker St · Gloversville, NY 12078

$125,000

6 bd · 3.0 ba · 3,174 sqft · MultiFamily public records · 150 Days on market

Built 1890 0.26 ac lot $39/sqft · 20% below area Est $157k · 20% under

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

A great multiple unit property. 2 long term residents in place that would like to stay, one bedroom unit available for owner occupy or to rent. Schedule a showing today.

Key facts

• 0.26 acre lot
• 4 parking spots
• Built 1890

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.

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: Kingsborough School (332 students, 75% 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 72% FRL vs 54% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 50% at this address vs 34% district-wide (+16 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: 173 active listings in the ZIP; 112 units permitted in Fulton County in 2024 (50 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($864 loan paydown + $12k 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 $35k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 17y 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 $42k; list at $125k implies a 198% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 2.64% ✓
• Cap rate: 22.72%
• Cash-on-cash: 58.67%
• DSCR: 3.61
• GRM: 3.2

CMA / ARV

• ARV (median comp): $156,637
• List price: $125,000
• Delta: -20.20%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
136 Bleecker St	0.12mi	6/3.0	2,976 (-6%)	8mo	$165,000	$55	78
33 Third Ave	0.36mi	6/2.0	2,957 (-7%)	8mo	$190,000	$64	61
381 N Main St	0.56mi	7/2.0 (+1)	3,206 (+1%)	6mo	$216,300	$67	59
34 E 8th Ave	0.56mi	5/3.0 (-1)	3,320 (+5%)	8mo	$175,000	$53	55
104 Lincoln St	0.28mi	5/2.0 (-1)	2,939 (-7%)	13mo	$140,000	$48	54
205 W Fulton St	0.63mi	6/2.0	3,072 (-3%)	9mo	$152,000	$49	54
6 7th Ave	0.43mi	6/2.0	2,822 (-11%)	11mo	$66,000	$23	48
92-94 Washington St	0.62mi	6/3.0	2,752 (-13%)	2mo	$135,000	$49	47
44 Forest St	0.69mi	6/2.0	2,760 (-13%)	9mo	$179,000	$65	34

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: 71.1%
• Equity multiple: 6.06×
• Total profit: $177,136
• Equity at exit: $112,610

10-year hold

• IRR: 64.8%
• Equity multiple: 13.46×
• Total profit: $436,070
• Equity at exit: $242,848

Cash invested: $35,000 (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 12078

• Home prices YoY: 12.2%
• Active inventory: 173
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $3,303 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$191 /mo · $2,287/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$694
• Net cashflow: $1,711

Break-even live

Break-even rent $1,137

Max offer price $125,000

Occupancy floor 43%

Sensitivity live

Price	-10% $1,782	-5% $1,747	+0% $1,711	+5% $1,676	+10% $1,640
Rent	-10% $1,450	-5% $1,581	+0% $1,711	+5% $1,842	+10% $1,972
Rate	-1.0pp $1,774	-0.5pp $1,743	base $1,711	+0.5pp $1,679	+1.0pp $1,646

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,303
Total (3 units)			$3,303

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-05-07
   status Pending 169-char remark

   Show marketing remark (169 chars)

   A great multiple unit property. 2 long term residents in place that would like to stay, one bedroom unit available for owner occupy or to rent. Schedule a showing today.

2. 2025-12-05
   listed $125,000 Active 169-char remark

   Show marketing remark (169 chars)

   A great multiple unit property. 2 long term residents in place that would like to stay, one bedroom unit available for owner occupy or to rent. Schedule a showing today.

3. 2024-11-01
   historical
4. 2024-10-22
   price $115,000
5. 2024-04-02
   listed $120,000 Active
6. 2020-03-20
   soldstatus $42,000
7. 2020-03-17
   status Pend (Under Cntr)
8. 2020-03-17
   soldstatus $42,000 Closed (Final Sale)
9. 2020-01-15
   price $44,900
10. 2019-12-24
    price $49,000
11. 2019-10-25
    listed $46,000 New
12. 2017-06-28
    historical
13. 2016-12-14
    price $59,000
14. 2016-06-28
    listed $69,000 New
15. 2016-04-14
    historical
16. 2015-09-10
    listed $69,000 Active
17. 2011-02-01
    historical
18. 2010-06-22
    listed $58,000
19. 2009-08-06
    historical
20. 2009-02-02
    listed $65,900

ⓘ 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: $2,287 · $191/mo
• Projected year-2 tax: $2,287 · $191/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 2/10 Low 7 d/yr ≥93°F today · 16 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: $39,636
• − Mortgage interest: −$7,002
• − Property taxes: −$2,287
• − Insurance: −$625
• − Repairs & maintenance: −$3,171
• − Management: −$3,171
• − Depreciation: −$3,636
• Taxable income: $19,744
• Est. tax owed @ 24.0%: −$4,739
• After-tax cash flow: $15,796/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

+89.7% since first listed

20 events — show timeline

• 2026-05-07 Pending — Global MLS
• 2025-12-05 Listed $125,000 Global MLS
• 2024-11-01 Listing Removed — Global MLS
• 2024-10-22 Price Changed $115,000 Global MLS
• 2024-04-02 Listed $120,000 Global MLS
• 2020-03-20 Sold (Public Records) $42,000 Public Records
• 2020-03-17 Pending — Global MLS
• 2020-03-17 Sold (MLS) $42,000 Global MLS
• 2020-01-15 Price Changed $44,900 Global MLS
• 2019-12-24 Price Changed $49,000 Global MLS
• 2019-10-25 Listed $46,000 Global MLS
• 2017-06-28 Listing Removed — Global MLS
• 2016-12-14 Price Changed $59,000 Global MLS
• 2016-06-28 Listed $69,000 Global MLS
• 2016-04-14 Listing Removed — Global MLS
• 2015-09-10 Listed $69,000 Global MLS
• 2011-02-01 Listing Removed — Global MLS
• 2010-06-22 Listed $58,000 Global MLS
• 2009-08-06 Listing Removed — Global MLS
• 2009-02-02 Listed $65,900 Global MLS

Property tax history

+1.1%/yr

Latest (2025): $2,287 · +5.4% YoY. Source: county tax records.