15 Ogden St

Glens Falls, NY 12801

$269,000C

5 bd · 2.0 ba · 1,966 sqft · Built 1920 · MultiFamily · Pending · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,186/mo
• Mortgage (P&I): −$1,411
• Tax + insurance: −$577
• HOA: −$0
• Vac / Maint / Mgmt: −$669
• Net cashflow: $529/mo
• Annual: $6,350/yr
• Cap rate: 8.65%
• Cash-on-cash: 8.43%
• DSCR: 1.38
• 1% rule: 1.18%
• Cash to close: $75,320

Investor read

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $269k.
• At list price, monthly cash flow is $529 ($6k/yr) — positive. Per door: $265/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $269k).
• It's been on market 39 days — a 3% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $261k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#60 in NY, #894 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, housing A+.
• Glens Falls City School District (urban): math 44% / reading 53% proficiency, ranked #416 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jackson Heights School (math 42% / reading 57%, grade D, #1,085 of 2,108 statewide, top 56%, 251 students, 65% FRL); Glens Falls Middle School (math 25% / reading 46%, grade F, #473 of 729 statewide, top 66%, 588 students, 46% FRL); Glens Falls Senior High School (math 98% / reading 64%, grade A, #485 of 1,100 statewide, top 45%, 601 students, 41% FRL) — zoned schools average 50% FRL vs 35% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 56 active listings in the ZIP; 180 units permitted in Warren County in 2024 (40 in 5+ unit buildings).
• Warren County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 28y 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 $205k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 8.7% vs local median 4.8% in Glens Falls — 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.
• At $3,186/mo this rent would consume 57% of the median local household income ($68k/yr) (locally 866% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1920 — 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.
• 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.