513 S 1st St · Fulton, NY 13069

$145,000

4 bd · 2.0 ba · 1,658 sqft · MultiFamily public records · 39 Days on market

Built 1910 5,000 sqft lot $87/sqft · at area comps Est $152k · at est.

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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 +9.6/15.0
• Appreciation +8.4/10.0
• Livability +3.1/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

511-513 South 1st Street, Fulton, NY Monthly Rent: 2nd Floor (2 bedroom)- $1,175 1st Floor (2 bedroom) - $1,050 Also for sale next door- 2 properties on 1 parcel totaling 7 units MLS #S1681682

Key facts

• 5,000 sq ft lot
• 2 parking spots
• Built 1910

Property features AI

Finance

• Financial info: Owner pays water; tenants pay all utilities; Two-unit multi-family property with separate meters for gas and electric; Unit 1 current rent: $1,175; Unit 2 current rent: $1,050; Operating expense details: see remarks

Exterior

• Parking: Paved parking with two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: 2-story building; Resale property
• Construction: Year built: existing; Construction details: see remarks
• Exterior features: Rectangular residential lot; 50 x 100 lot dimensions; City street frontage; Paved parking with two or more spaces

Interior

• Kitchen: Gas water heater (service for units)
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Laminate and varying flooring types
• Bathrooms: Each unit has 1 full bathroom (total of 2 full bathrooms)
• Heating & cooling: Heating available (electric and gas); Baseboard heating
• Interior features: Full basement
• Laundry & utility: Separate gas meters for each unit; Separate electric meters for each unit

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $921 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#907 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, crime F, amenities F.
• Fulton City School District (town): math 29% / reading 43% proficiency, ranked #554 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fairgrieve School (math 8% / reading 22%, grade F, #2,024 of 2,108 statewide, top 97%, 439 students, 75% FRL); Fulton Junior High School (math 15% / reading 34%, grade F, #611 of 729 statewide, top 88%, 500 students, 62% FRL); G Ray Bodley High School (math 83% / reading 86%, grade A, #379 of 1,100 statewide, top 36%, 976 students, 57% FRL).
• Market conditions: 116 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($1k loan paydown + $10k appreciation (6.8% local appreciation)).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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 $40k; list at $145k implies a 262% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,650 (3.0% below list)

Questions for the listing agent

1. 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?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 1.74% ✓
• Cap rate: 13.92%
• Cash-on-cash: 27.23%
• DSCR: 2.21
• GRM: 4.8

CMA / ARV

• ARV (median comp): $152,126
• List price: $145,000
• Delta: -4.68%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
411 S 4th St	0.28mi	3/2.0 (-1)	1,818 (+10%)	8mo	$134,900	$74	59
8 Nestle Ave	0.31mi	4/2.0	1,800 (+9%)	24mo	$70,000	$39	51
314 W 5th St S	0.66mi	4/2.0	1,510 (-9%)	16mo	$97,500	$65	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

6.75% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.7%
• Equity multiple: 3.64×
• Total profit: $107,135
• Equity at exit: $98,082

10-year hold

• IRR: 36.3%
• Equity multiple: 7.60×
• Total profit: $267,926
• Equity at exit: $184,180

Cash invested: $40,600 (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 13069

• Home prices YoY: 2.3%
• Active inventory: 116
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,519 high
• Mortgage (P&I): −$760
• Tax from tax record: −$248 /mo · $2,975/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$529
• Net cashflow: $921

Break-even live

Break-even rent $1,353

Max offer price $145,000

Occupancy floor 58%

Sensitivity live

Price	-10% $1,003	-5% $962	+0% $921	+5% $880	+10% $839
Rent	-10% $722	-5% $822	+0% $921	+5% $1,021	+10% $1,120
Rate	-1.0pp $994	-0.5pp $958	base $921	+0.5pp $884	+1.0pp $845

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,520
Total (2 units)			$2,519

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
303 S 5th St Fulton, NY	4.0	1.5	1800	$1,850	$1.03	15d	1	0.48mi
262 W 4th St S Unit 1 Fulton, NY	3.0	1.0	1316	$1,500	$1.14	45d	1	0.65mi
312 Utica St Fulton, NY	3.0	1.0	1060	$1,300	$1.23	15d	1	0.77mi

Listing history 23 events

1. 2026-06-22
   days on market $145,000 Active 39 DOM
2. 2026-06-18
   days on market $145,000 Active 36 DOM
3. 2026-06-17
   days on market $145,000 Active 35 DOM
4. 2026-06-16
   days on market $145,000 Active 34 DOM
5. 2026-06-15
   days on market $145,000 Active 33 DOM
6. 2026-06-14
   days on market $145,000 Active 31 DOM
7. 2026-06-13
   days on market $145,000 Active 30 DOM
8. 2026-06-10
   pricedays on market $145,000 Active 28 DOM
9. 2026-06-09
   days on market $150,000 Active 27 DOM
10. 2026-06-08
    days on market $150,000 Active 26 DOM
11. 2026-06-07
    days on market $150,000 Active 25 DOM
12. 2026-06-02
    days on market $150,000 Active 20 DOM
13. 2026-06-01
    days on market $150,000 Active 19 DOM
14. 2026-05-31
    days on market $150,000 Active 18 DOM
15. 2026-05-30
    days on market $150,000 Active 17 DOM
16. 2026-05-12
    listed $150,000 Active 201-char remark
17. 2024-12-04
    price $119,000
18. 2024-12-04
    price $11,900
19. 2024-10-14
    price $129,000
20. 2024-10-03
    listed $149,000 Active
21. 2019-02-28
    soldstatus $40,000
22. 2015-10-07
    historical
23. 2015-05-13
    listed $60,000 Active

ⓘ 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: $2,975 · $248/mo
• Projected year-2 tax: $2,975 · $248/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,228
• − Mortgage interest: −$8,122
• − Property taxes: −$2,975
• − Insurance: −$725
• − Repairs & maintenance: −$2,418
• − Management: −$2,418
• − Depreciation: −$4,218
• Taxable income: $9,351
• Est. tax owed @ 24.0%: −$2,244
• After-tax cash flow: $8,811/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: Fulton City School District
• NCES district ID: 3611700
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 43% ▲ 5.00%
• Median HH income: $43,337
• Composite: 30.49/100
• National rank: #6220
• State rank: #554 of 590 in NY

Livability — Fulton

• Score: 61/100
• State rank: #907
• US rank: #17723

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fulton, NY
• Population (ZIP): 23,176

Population outlook (Oswego County) Hauer SSP2

• Today (2025): 114,465 people
• By 2030: 109,968 · -3.9%
• By 2040: 99,205 · -13.3%
• By 2050: 87,979 · -23.1%
• By 2075: 65,100 · -43.1%
• By 2100: 47,117 · -58.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Lithuanian 6% Romanian 6% Iranian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Oswego

• 2024 margin: Strong R (+24.2) · D 37.9% · R 62.1%
• 2008→2024 swing: -26.6pp toward R · 2008: 2.5pp · 2024: -24.2pp
• All cycles: 2024: R+24.2 2020: R+20.2 2016: R+23.2 2012: D+7.9 2008: D+2.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.75%
• Current HPI: 304.443
• 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

+141.7% since first listed

9 events — show timeline

• 2026-06-10 Price Changed $145,000 CNYIS
• 2026-05-12 Listed $150,000 CNYIS
• 2024-12-04 Price Changed $119,000 CNYIS
• 2024-12-04 Price Changed $11,900 CNYIS
• 2024-10-14 Price Changed $129,000 CNYIS
• 2024-10-03 Listed $149,000 CNYIS
• 2019-02-28 Sold (Public Records) $40,000 Public Records
• 2015-10-07 Listing Removed — CNYIS
• 2015-05-13 Listed $60,000 CNYIS

Property tax history

-1.4%/yr

Latest (2025): $2,975 · +7.5% YoY. Source: county tax records.