493 Glen St · Glens Falls, NY 12801

$579,900

45 bd · 30.0 ba · 6,191 sqft · MultiFamily public records · 117 Days on market

Built 1975 0.28 ac lot

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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
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Schools +4.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Investment opportunity! 5 Unit building comprised of 1 Bedroom/2 Bedroom/ 3 Bedroom and a studio. It's not often you find such opportunity with potential numbers that work in an owner/occupied or total investment property. Current rents are lower than market value, there's more room to make more! Check it out today!

Key facts

• Bonus office space
• 0.28 acre lot
• 8 parking spots

Tags

• INVESTMENT OPPORTUNITY
• BONUS OFFICE SPACE
• STRONG RENTAL HISTORY
• AMPLE OFF-STREET PARKING
• DIRECT ACCESS TO BUS LINE
• WALKING DISTANCE TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 5 × 9-bed/6.0-bath units multifamily listed at $580k.

Deal economics

• At list price, monthly cash flow is $4k ($53k/yr) — positive. Per door: $888/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $580k).
• Recommended offer: $528k (9.0% below list) — sets the bar for market timing.
• Cap rate 15.5% 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.

Location & tenants

• 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: Glens Falls Senior High School (math 98% / reading 64%, grade A, #485 of 1,100 statewide, top 45%, 601 students, 41% FRL).
• Zoned-school proficiency averages 81% at this address vs 48% district-wide (+32 pts) — the actual schools serving this property are materially stronger than the Glens Falls City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 56 active listings in the ZIP; 180 units permitted in Warren County in 2024 (40 in 5+ unit buildings).
• At $10,919/mo this rent would consume 194% 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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Warren County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $162k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($528k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 18y ago; this cycle's ask has dropped $50k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $480k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $527,709 (9.0% below list)

Questions for the listing agent

1. It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% 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 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.88% ✓
• Cap rate: 15.48%
• Cash-on-cash: 32.83%
• DSCR: 2.46
• GRM: 4.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 28.0%
• Equity multiple: 2.17×
• Total profit: $189,221
• Equity at exit: $86,465

10-year hold

• IRR: 35.5%
• Equity multiple: 4.27×
• Total profit: $530,180
• Equity at exit: $50,139

Cash invested: $162,372 (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 12801

• Home prices YoY: -13.7%
• Active inventory: 56
• Price-to-rent: 22.1×

Monthly cashflow live

• Estimated rent: $10,919 medium
• Mortgage (P&I): −$3,041
• Tax from tax record: −$901 /mo · $10,815/yr
• Insurance: −$242
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,293
• Net cashflow: $4,442

Break-even live

Break-even rent $5,296

Max offer price $579,900

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 5× units	9	6	$10,920
Total (5 units)			$10,919

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: $144,975
• Closing costs: $17,397
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-01-21
   status Pending
2. 2025-11-03
   price $579,900
3. 2025-09-26
   listed $629,900 Active
4. 2022-12-14
   soldstatus $480,000
5. 2022-08-17
   historical Contingent 317-char remark

   Show marketing remark (317 chars)

   Investment opportunity! 5 Unit building comprised of 1 Bedroom/2 Bedroom/ 3 Bedroom and a studio. It's not often you find such opportunity with potential numbers that work in an owner/occupied or total investment property. Current rents are lower than market value, there's more room to make more! Check it out today!

6. 2022-07-13
   listed $458,000 Active 317-char remark

   Show marketing remark (317 chars)

   Investment opportunity! 5 Unit building comprised of 1 Bedroom/2 Bedroom/ 3 Bedroom and a studio. It's not often you find such opportunity with potential numbers that work in an owner/occupied or total investment property. Current rents are lower than market value, there's more room to make more! Check it out today!

7. 2019-03-01
   historical
8. 2016-02-01
   historical
9. 2016-01-31
   historical
10. 2015-07-01
    listed $279,900
11. 2015-07-01
    historical
12. 2015-07-01
    listed $279,900
13. 2015-02-16
    listed $279,900
14. 2015-02-16
    listed $279,900
15. 2011-09-23
    soldstatus $221,000
16. 2011-09-16
    soldstatus $221,000
17. 2010-02-16
    listed $245,000
18. 2009-09-18
    historical
19. 2008-12-18
    listed $325,000

ⓘ 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: $10,815 · $901/mo
• Projected year-2 tax: $10,815 · $901/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $131,028
• − Mortgage interest: −$32,483
• − Property taxes: −$10,815
• − Insurance: −$2,900
• − Repairs & maintenance: −$10,482
• − Management: −$10,482
• − Depreciation: −$16,870
• Taxable income: $46,995
• Est. tax owed @ 24.0%: −$11,279
• After-tax cash flow: $42,026/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: Glens Falls City School District
• NCES district ID: 3612240
• Math proficiency: 44% ▼ -8.00%
• Reading proficiency: 53% ▲ 6.00%
• Median HH income: $48,216
• Composite: 41.34/100
• National rank: #3499
• State rank: #416 of 590 in NY

Livability — Glens Falls

• Score: 83/100
• State rank: #60
• US rank: #894

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Glens Falls, NY
• County: Warren County · 14,628 people
• City population: 14,628
• Metro: Glens Falls, NY
• Population (ZIP): 14,628
• Household income: $67,577
• Rent vs Own: 47.6% rent · 52.4% own
• Severe rent burden: 866.0

Population outlook (Warren County) Hauer SSP2

• Today (2025): 62,372 people
• By 2030: 60,491 · -3.0%
• By 2040: 55,616 · -10.8%
• By 2050: 50,437 · -19.1%
• By 2075: 40,843 · -34.5%
• By 2100: 31,159 · -50.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 3% Black 2%
• Common ancestry: Lithuanian 9% Romanian 5% Slovak 5%
• Foreign-born: 3% · Canada, Dominican Republic
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Warren

• 2024 margin: Toss-up / Even · D 47.9% · R 52.1%
• 2008→2024 swing: -6.9pp toward R · 2008: 2.6pp · 2024: -4.2pp
• All cycles: 2024: R+4.2 2020: R+0.2 2016: R+10.6 2012: D+2.1 2008: D+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.28%
• Current HPI: 330.581
• Rent YoY: —
• Metro: Glens Falls, NY
• 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

+78.4% since first listed

19 events — show timeline

• 2026-01-21 Pending — Global MLS
• 2025-11-03 Price Changed $579,900 Global MLS
• 2025-09-26 Listed $629,900 Global MLS
• 2022-12-14 Sold (Public Records) $480,000 Public Records
• 2022-08-17 Contingent — Global MLS
• 2022-07-13 Listed $458,000 Global MLS
• 2019-03-01 Listing Removed — Global MLS
• 2016-02-01 Listing Removed — Global MLS
• 2016-01-31 Listing Removed — Global MLS
• 2015-07-01 Listed $279,900 Global MLS
• 2015-07-01 Listing Removed — Global MLS
• 2015-07-01 Listed $279,900 Global MLS
• 2015-02-16 Listed $279,900 Global MLS
• 2015-02-16 Listed $279,900 Global MLS
• 2011-09-23 Sold (Public Records) $221,000 Public Records
• 2011-09-16 Sold (MLS) $221,000 Global MLS
• 2010-02-16 Listed $245,000 Global MLS
• 2009-09-18 Listing Removed — Global MLS
• 2008-12-18 Listed $325,000 Global MLS

Property tax history

+9.1%/yr

Latest (2025): $10,815 · +1.0% YoY. Source: county tax records.