1 Lincoln St · Gloversville, NY 12078

$199,900

9 bd · 3.9 ba · 5,715 sqft · MultiFamily public records · 37 Days on market

Built 1920 7,405 sqft lot $35/sqft · 37% below area Est $213k · 6% under

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Why this score? — see what drove the A- 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
• ARV discount +10.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +4.1/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

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

Turnkey four-unit investment property in Gloversville now fully stabilized and 100% occupied, offering immediate, reliable cash flow from day one. The property has been recently cleaned up and improved, creating a stronger operating asset for both new and experienced investors. The building features spacious units with a desirable layout, off-street parking, and a detached garage situated on a prominent corner lot. Conveniently located near downtown shopping, restaurants, and local employers, the property benefits from consistent rental demand and long-term upside potential. Also well suited for a future owner-occupant looking to offset living expenses with rental income while building long-term equity. A solid addition to any portfolio for investors seeking dependable income with flexibility.

Key facts

• Off street parking
• 100 percent occupied
• Fully stabilized

Tags

• FOUR UNIT INVESTMENT PROPERTY
• FULLY STABILIZED
• 100 PERCENT OCCUPIED
• IMPROVED OPERATING ASSET
• SPACIOUS UNITS
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $869/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.9% vs local median 8.7% 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.

Location & tenants

• 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: schools D, 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.
• Market conditions: 165 active listings in the ZIP; 112 units permitted in Fulton County in 2024 (50 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• 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 $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $154k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 2.48% ✓
• Cap rate: 21.94%
• Cash-on-cash: 55.89%
• DSCR: 3.49
• GRM: 3.4

CMA / ARV

• ARV (median comp): $212,765
• List price: $199,900
• Delta: -6.05%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 68.6%
• Equity multiple: 5.91×
• Total profit: $274,940
• Equity at exit: $180,086

10-year hold

• IRR: 62.3%
• Equity multiple: 13.13×
• Total profit: $679,132
• Equity at exit: $388,362

Cash invested: $55,972 (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 12078

• Home prices YoY: 12.2%
• Active inventory: 165
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $4,950 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$172 /mo · $2,063/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,040
• Net cashflow: $2,607

Break-even live

Break-even rent $1,650

Max offer price $199,900

Occupancy floor 42%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$4,950
Total (3 units)			$4,950

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-13
   status Pending 807-char remark

   Show marketing remark (807 chars)

   Turnkey four-unit investment property in Gloversville now fully stabilized and 100% occupied, offering immediate, reliable cash flow from day one. The property has been recently cleaned up and improved, creating a stronger operating asset for both new and experienced investors. The building features spacious units with a desirable layout, off-street parking, and a detached garage situated on a prominent corner lot. Conveniently located near downtown shopping, restaurants, and local employers, the property benefits from consistent rental demand and long-term upside potential. Also well suited for a future owner-occupant looking to offset living expenses with rental income while building long-term equity. A solid addition to any portfolio for investors seeking dependable income with flexibility.

2. 2026-04-27
   price $199,900 807-char remark

   Show marketing remark (807 chars)

   Turnkey four-unit investment property in Gloversville now fully stabilized and 100% occupied, offering immediate, reliable cash flow from day one. The property has been recently cleaned up and improved, creating a stronger operating asset for both new and experienced investors. The building features spacious units with a desirable layout, off-street parking, and a detached garage situated on a prominent corner lot. Conveniently located near downtown shopping, restaurants, and local employers, the property benefits from consistent rental demand and long-term upside potential. Also well suited for a future owner-occupant looking to offset living expenses with rental income while building long-term equity. A solid addition to any portfolio for investors seeking dependable income with flexibility.

3. 2026-04-19
   price $204,900 807-char remark

   Show marketing remark (807 chars)

   Turnkey four-unit investment property in Gloversville now fully stabilized and 100% occupied, offering immediate, reliable cash flow from day one. The property has been recently cleaned up and improved, creating a stronger operating asset for both new and experienced investors. The building features spacious units with a desirable layout, off-street parking, and a detached garage situated on a prominent corner lot. Conveniently located near downtown shopping, restaurants, and local employers, the property benefits from consistent rental demand and long-term upside potential. Also well suited for a future owner-occupant looking to offset living expenses with rental income while building long-term equity. A solid addition to any portfolio for investors seeking dependable income with flexibility.

4. 2026-04-06
   listed $214,900 Active 807-char remark

   Show marketing remark (807 chars)

   Turnkey four-unit investment property in Gloversville now fully stabilized and 100% occupied, offering immediate, reliable cash flow from day one. The property has been recently cleaned up and improved, creating a stronger operating asset for both new and experienced investors. The building features spacious units with a desirable layout, off-street parking, and a detached garage situated on a prominent corner lot. Conveniently located near downtown shopping, restaurants, and local employers, the property benefits from consistent rental demand and long-term upside potential. Also well suited for a future owner-occupant looking to offset living expenses with rental income while building long-term equity. A solid addition to any portfolio for investors seeking dependable income with flexibility.

5. 2023-10-18
   soldstatus $154,255
6. 2023-09-19
   soldstatus $154,255 Closed 167-char remark

   Show marketing remark (167 chars)

   ****Calling all investors! Here's your chance to own a 4 unit rental property. Each unit is currently occupied. Tenants pay own utilities. Don't miss this opportunity!

7. 2023-07-05
   historical Contingent 167-char remark

   Show marketing remark (167 chars)

   ****Calling all investors! Here's your chance to own a 4 unit rental property. Each unit is currently occupied. Tenants pay own utilities. Don't miss this opportunity!

8. 2023-06-19
   listed $159,000 Active 167-char remark

   Show marketing remark (167 chars)

   ****Calling all investors! Here's your chance to own a 4 unit rental property. Each unit is currently occupied. Tenants pay own utilities. Don't miss this opportunity!

9. 2003-07-07
   soldstatus $45,000

ⓘ 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: $2,063 · $172/mo
• Projected year-2 tax: $2,720 · $227/mo
• Expected delta: +$658/yr (+$55/mo · 31.9%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $59,400
• − Mortgage interest: −$11,198
• − Property taxes: −$2,063
• − Insurance: −$1,000
• − Repairs & maintenance: −$4,752
• − Management: −$4,752
• − Depreciation: −$5,815
• Taxable income: $29,821
• Est. tax owed @ 24.0%: −$7,157
• After-tax cash flow: $24,127/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: Gloversville City School District
• NCES district ID: 3612270
• Math proficiency: 26% ▼ -6.00%
• Reading proficiency: 42% ▲ 7.00%
• Median HH income: $36,775
• Composite: 28.2/100
• National rank: #6806
• State rank: #565 of 590 in NY

Livability — Gloversville

• Score: 82/100
• State rank: #70
• US rank: #1048

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gloversville, NY
• Population (ZIP): 23,087

Population outlook (Fulton County) Hauer SSP2

• Today (2025): 51,132 people
• By 2030: 49,114 · -3.9%
• By 2040: 44,373 · -13.2%
• By 2050: 39,321 · -23.1%
• By 2075: 28,503 · -44.3%
• By 2100: 19,268 · -62.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 8% Hispanic / Latino 5% Black 2% Asian 1%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Lithuanian 5% Romanian 4% Iranian 4%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Fulton

• 2024 margin: Solid R (+35.9) · D 32.1% · R 67.9%
• 2008→2024 swing: -26.6pp toward R · 2008: -9.2pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+31.4 2016: R+35.5 2012: R+10.5 2008: R+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 34.22%
• Current HPI: 315.1368
• Rent YoY: —
• Metro: —
• 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

+344.2% since first listed

9 events — show timeline

• 2026-05-13 Pending — Global MLS
• 2026-04-27 Price Changed $199,900 Global MLS
• 2026-04-19 Price Changed $204,900 Global MLS
• 2026-04-06 Listed $214,900 Global MLS
• 2023-10-18 Sold (Public Records) $154,255 Public Records
• 2023-09-19 Sold (MLS) $154,255 Global MLS
• 2023-07-05 Contingent — Global MLS
• 2023-06-19 Listed $159,000 Global MLS
• 2003-07-07 Sold (Public Records) $45,000 Public Records

Property tax history

+0.9%/yr

Latest (2025): $2,063 · +3.4% YoY. Source: county tax records.