103 Broad St

Gloversville, NY 12078

$129,900B-

4 bd · 2.0 ba · 2,320 sqft · Built 1880 · MultiFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,650/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$346
• Net cashflow: $540/mo
• Annual: $6,479/yr
• Cap rate: 11.28%
• Cash-on-cash: 17.81%
• DSCR: 1.79
• 1% rule: 1.27%
• Cash to close: $36,372

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $130k.
• At list price, monthly cash flow is $540 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $14k of equity ($898 loan paydown + $13k 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: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 173 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 11.3% 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.

Questions for listing agent

• Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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.