18 Bellevue Ave

Gloversville, NY 12078

$137,000C

2 bd · 2.0 ba · 2,101 sqft · Built 1931 · SingleFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,425/mo
• Mortgage (P&I): −$718
• Tax + insurance: −$350
• HOA: −$0
• Vac / Maint / Mgmt: −$299
• Net cashflow: $57/mo
• Annual: $683/yr
• Cap rate: 6.79%
• Cash-on-cash: 1.78%
• DSCR: 1.08
• 1% rule: 1.04%
• Cash to close: $38,360

Investor read

• This is a 2-bed/2.0-bath single-family listed at $137k.
• At list price, monthly cash flow is $57 ($683/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $137k).
• It's been on market 20 days — a 2% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (1.5% below list) — sets the bar for market timing.
• In year one you build about $15k of equity ($947 loan paydown + $14k appreciation (10.0% local appreciation)).
• 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.
• Watch-outs: property tax is 2.6% of price; built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Fulton County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 19y 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.