493 Glen St

Glens Falls, NY 12801

$579,900B

45 bd · 30.0 ba · 6,191 sqft · Built 1975 · MultiFamily · Pending · 117 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,919/mo
• Mortgage (P&I): −$3,041
• Tax + insurance: −$1,143
• HOA: −$0
• Vac / Maint / Mgmt: −$2,293
• Net cashflow: $4,442/mo
• Annual: $53,305/yr
• Cap rate: 15.48%
• Cash-on-cash: 32.83%
• DSCR: 2.46
• 1% rule: 1.88%
• Cash to close: $162,372

Investor read

• This is a 5 × 9-bed/6.0-bath units multifamily listed at $580k.
• 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).
• It's been on market 117 days — a 9% lower offer ($528k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $528k (9.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Warren County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.