184-186 Broadway · Fort Edward, NY 12828

$229,000

6 bd · 4.0 ba · 4,266 sqft · MultiFamily · 7 Days on market

Built 1800 Good condition 7,405 sqft 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 +24.7/30.0
• DSCR +8.0/10.0
• Appreciation +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +4.3/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This is a must see spacious side by side two family home located in the heart of the historical village of Fort Edward. Unit 186 is a 3BR/2BT. This unit boasts of a very large kitchen, primary bedroom en-suite, and 1st floor laundry. New carpet was just installed in the bedrooms and living room. Unit 184 is a 3BR/2BT and has a large kitchen/dinning area, large living room, and 1st fl laundry. When purchased in 2009 the owner updated all plumbing, removed all plaster walls and replaced them with sheetrock, installed new electrical panels in both units, replaced all double hung windows with new vinyl windows. Historical note-This property is the house where the original Charter was signed for Fort Edward & was once used as offices for the town.

Key facts

• Ample living space
• First floor laundry
• New shingle roof

Tags

• NEW SHINGLE ROOF
• FULLY INSULATED ATTICS
• NEW WATER AND SEWER LINES
• NEW HOT WATER HEATERS
• FIRST FLOOR LAUNDRY
• AMPLE LIVING SPACE

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $229k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $423 ($5k/yr) — positive. Per door: $212/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $229k).
• Cap rate 8.8% vs local median 3.8% in Fort Edward — 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 73/100 on livability (#334 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: schools D+, commute D+, employment D.
• Fort Edward Union Free School District (suburban): math 50% / reading 45% proficiency, ranked #512 of 755 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 45 active listings in the ZIP; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($2k loan paydown + $14k appreciation (6.1% local appreciation)).
• Washington County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.1% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 17y 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 $61k; list at $229k implies a 275% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1800 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $229,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1800 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.14% ✓
• Cap rate: 8.80%
• Cash-on-cash: 8.96%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.08% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.1%
• Equity multiple: 2.47×
• Total profit: $94,189
• Equity at exit: $145,083

10-year hold

• IRR: 21.0%
• Equity multiple: 4.99×
• Total profit: $255,821
• Equity at exit: $264,077

Cash invested: $64,120 (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 12828

• Home prices YoY: 1.9%
• Active inventory: 45
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $2,609 medium
• Mortgage (P&I): −$1,201
• Tax est. 1.5%: −$286 /mo · $3,435/yr
• Insurance: −$95
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$548
• Net cashflow: $423

Break-even live

Break-even rent $2,074

Max offer price $229,000

Occupancy floor 79%

Sensitivity live

Price	-10% $581	-5% $502	+0% $423	+5% $344	+10% $265
Rent	-10% $217	-5% $320	+0% $423	+5% $526	+10% $629
Rate	-1.0pp $538	-0.5pp $481	base $423	+0.5pp $364	+1.0pp $303

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,608
Total (2 units)			$2,609

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-04-24
   status Pending
2. 2026-04-15
   listed $229,000 Active
3. 2023-03-17
   historical 759-char remark

   Show marketing remark (759 chars)

   This is a must see spacious side by side two family home located in the heart of the historical village of Fort Edward. Unit 186 is a 3BR/2BT. This unit boasts of a very large kitchen, primary bedroom en-suite, and 1st floor laundry. New carpet was just installed in the bedrooms and living room. Unit 184 is a 3BR/2BT and has a large kitchen/dinning area, large living room, and 1st fl laundry. When purchased in 2009 the owner updated all plumbing, removed all plaster walls and replaced them with sheetrock, installed new electrical panels in both units, replaced all double hung windows with new vinyl windows. Historical note-This property is the house where the original Charter was signed for Fort Edward & was once used as offices for the town.

4. 2023-02-09
   status Pending 759-char remark

   Show marketing remark (759 chars)

   This is a must see spacious side by side two family home located in the heart of the historical village of Fort Edward. Unit 186 is a 3BR/2BT. This unit boasts of a very large kitchen, primary bedroom en-suite, and 1st floor laundry. New carpet was just installed in the bedrooms and living room. Unit 184 is a 3BR/2BT and has a large kitchen/dinning area, large living room, and 1st fl laundry. When purchased in 2009 the owner updated all plumbing, removed all plaster walls and replaced them with sheetrock, installed new electrical panels in both units, replaced all double hung windows with new vinyl windows. Historical note-This property is the house where the original Charter was signed for Fort Edward & was once used as offices for the town.

5. 2023-01-20
   historical Contingent 759-char remark

   Show marketing remark (759 chars)

   This is a must see spacious side by side two family home located in the heart of the historical village of Fort Edward. Unit 186 is a 3BR/2BT. This unit boasts of a very large kitchen, primary bedroom en-suite, and 1st floor laundry. New carpet was just installed in the bedrooms and living room. Unit 184 is a 3BR/2BT and has a large kitchen/dinning area, large living room, and 1st fl laundry. When purchased in 2009 the owner updated all plumbing, removed all plaster walls and replaced them with sheetrock, installed new electrical panels in both units, replaced all double hung windows with new vinyl windows. Historical note-This property is the house where the original Charter was signed for Fort Edward & was once used as offices for the town.

6. 2022-11-02
   price $189,000 759-char remark

   Show marketing remark (759 chars)

   This is a must see spacious side by side two family home located in the heart of the historical village of Fort Edward. Unit 186 is a 3BR/2BT. This unit boasts of a very large kitchen, primary bedroom en-suite, and 1st floor laundry. New carpet was just installed in the bedrooms and living room. Unit 184 is a 3BR/2BT and has a large kitchen/dinning area, large living room, and 1st fl laundry. When purchased in 2009 the owner updated all plumbing, removed all plaster walls and replaced them with sheetrock, installed new electrical panels in both units, replaced all double hung windows with new vinyl windows. Historical note-This property is the house where the original Charter was signed for Fort Edward & was once used as offices for the town.

7. 2022-10-14
   listed $199,000 Active 759-char remark

   Show marketing remark (759 chars)

   This is a must see spacious side by side two family home located in the heart of the historical village of Fort Edward. Unit 186 is a 3BR/2BT. This unit boasts of a very large kitchen, primary bedroom en-suite, and 1st floor laundry. New carpet was just installed in the bedrooms and living room. Unit 184 is a 3BR/2BT and has a large kitchen/dinning area, large living room, and 1st fl laundry. When purchased in 2009 the owner updated all plumbing, removed all plaster walls and replaced them with sheetrock, installed new electrical panels in both units, replaced all double hung windows with new vinyl windows. Historical note-This property is the house where the original Charter was signed for Fort Edward & was once used as offices for the town.

8. 2022-07-31
   historical
9. 2022-04-22
   listed $199,000 Active
10. 2009-07-08
    soldstatus $61,000
11. 2009-04-30
    listed $70,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $31,308
• − Mortgage interest: −$12,828
• − Property taxes: −$3,435
• − Insurance: −$1,812
• − Repairs & maintenance: −$2,505
• − Management: −$2,505
• − Depreciation: −$6,662
• Taxable income: $1,563
• Est. tax owed @ 24.0%: −$375
• After-tax cash flow: $4,701/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This two-family home is in good condition with updated kitchens and bathrooms. The exterior and interior appear to be in good condition, but there are some areas that could be improved with painting and landscaping. The home is a good investment opportunity with potential for rental value.

Value-add opportunities

• Resale Paint the exterior siding and trim — Painting the exterior can enhance the home's curb appeal and make it more attractive to potential buyers.
• Rental Trim and maintain the landscaping — Well-maintained landscaping can increase the rental value by making the property more attractive to tenants.
• Both Inspect and clean the gutters — Clean gutters can prevent water damage and improve the overall appearance of the home.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint the exterior siding and trim — Painting the exterior can enhance the home's curb appeal and make it more attractive to potential buyers. ↑
• Rental Trim and maintain the landscaping — Well-maintained landscaping can increase the rental value by making the property more attractive to tenants. ↑
• Both Inspect and clean the gutters — Clean gutters can prevent water damage and improve the overall appearance of the home. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Fort Edward Union Free School District
• NCES district ID: 3611310
• Math proficiency: 50% ▼ -10.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $49,124
• Composite: 42.76/100
• National rank: #6771
• State rank: #512 of 755 in NY

Livability — Fort Edward

• Score: 73/100
• State rank: #334
• US rank: #5647

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Edward, NY
• Population (ZIP): 9,775

Population outlook (Washington County) Hauer SSP2

• Today (2025): 59,576 people
• By 2030: 57,618 · -3.3%
• By 2040: 52,751 · -11.5%
• By 2050: 47,514 · -20.2%
• By 2075: 35,690 · -40.1%
• By 2100: 24,807 · -58.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 12% Iranian 3% Romanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Washington

• 2024 margin: Strong R (+21.2) · D 39.4% · R 60.6%
• 2008→2024 swing: -22.0pp toward R · 2008: 0.8pp · 2024: -21.2pp
• All cycles: 2024: R+21.2 2020: R+15.6 2016: R+20.2 2012: D+1.6 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.08%
• Current HPI: 327.6439
• 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

+227.1% since first listed

11 events — show timeline

• 2026-04-24 Pending — Global MLS
• 2026-04-15 Listed $229,000 Global MLS
• 2023-03-17 Listing Removed — Global MLS
• 2023-02-09 Pending — Global MLS
• 2023-01-20 Contingent — Global MLS
• 2022-11-02 Price Changed $189,000 Global MLS
• 2022-10-14 Listed $199,000 Global MLS
• 2022-07-31 Listing Removed — Global MLS
• 2022-04-22 Listed $199,000 Global MLS
• 2009-07-08 Sold (MLS) $61,000 Global MLS
• 2009-04-30 Listed $70,000 Global MLS