2521 W Fulton Rd · Cobleskill, NY 12149

$219,900

6 bd · 3.0 ba · 2,100 sqft · MultiFamily public records · 22 Days on market

Built 1920 0.40 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
• DSCR +10.0/10.0
• Appreciation +9.9/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +3.1/5.0
• 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

What an opportunity to get started with investment properties. Apt. 3 makes a great owner-occupied apartment, and the other apartments rent will help pay the mortgage. The present owner has taken very good care of this property, and everything is in tip top shape. The utilities are all separate and you will have the benefit of Richmondville Power and Light for heat and electric. Village water is available if you want to hook up and maybe a potential for public sewer also. Property is easy to show and don't hesitate --make your appointment today. There is a shed for storage and a nice backyard for easy parking. Easy access to SUNY Cobleskill, downtown Cobleskill and also g

Key facts

• Shed for storage
• Separate utilities
• Commuter spot

Tags

• SEPARATE UTILITIES
• VILLAGE WATER AVAILABLE
• SHED FOR STORAGE
• NICE BACKYARD
• EASY ACCESS TO SUNY COBLESKILL
• COMMUTER SPOT

Property features AI

Finance

• Other: Air purifier included
• Financial info: Multi-family property with 3 total units; Tenants pay trash collection and electricity

Exterior

• Parking: Off-street parking for 5 vehicles
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: 100 amp electric service with circuit breakers; Septic system (shared septic); Cable available
• Home design: Triplex; Living area approximately 2,100; Block and vinyl siding construction; Block foundation
• Construction: Shingle/asphalt roof
• Exterior features: Deck; Shed(s); Level lot with road frontage; Waterfront: Other

Interior

• Bedrooms: Unit 1: 1 bedroom; Unit 2: 1 bedroom; Unit 3: 2 bedrooms
• Flooring: Wood flooring; Laminate flooring
• Bathrooms: Three full bathrooms (two on the 1st level, one on the 2nd level)
• Heating & cooling: Baseboard heating; Electric heating
• Interior features: High-speed internet available; Walk-in closets; Built-in features; Screens; Double-pane windows

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $217k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.9% vs local median 2.3% in Cobleskill — 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 62/100 on livability (#876 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A, housing A, health & safety A; Watch: schools D, amenities F, commute F.
• Cobleskill-Richmondville Central School District (town): math 53% / reading 52% proficiency, ranked #336 of 590 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 25 active listings in the ZIP; 35 units permitted in Schoharie County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $23k of equity ($2k loan paydown + $21k appreciation (9.8% local appreciation)).
• Schoharie County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.8% appreciation + 3.0% rent growth), your $62k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, 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 22 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $84k; list at $220k implies a 162% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $216,601 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.48% ✓
• Cap rate: 11.85%
• Cash-on-cash: 19.85%
• DSCR: 1.88
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.77% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.7%
• Equity multiple: 3.94×
• Total profit: $181,275
• Equity at exit: $194,447

10-year hold

• IRR: 33.5%
• Equity multiple: 8.83×
• Total profit: $482,041
• Equity at exit: $415,500

Cash invested: $61,572 (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 12149

• Home prices YoY: 3.0%
• Active inventory: 25
• Price-to-rent: 16.9×

Monthly cashflow live

• Estimated rent: $3,249 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$303 /mo · $3,638/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$682
• Net cashflow: $1,019

Break-even live

Break-even rent $1,959

Max offer price $219,900

Occupancy floor 64%

Sensitivity live

Price	-10% $1,143	-5% $1,081	+0% $1,019	+5% $956	+10% $894
Rent	-10% $762	-5% $890	+0% $1,019	+5% $1,147	+10% $1,275
Rate	-1.0pp $1,129	-0.5pp $1,075	base $1,019	+0.5pp $962	+1.0pp $904

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,249
Total (3 units)			$3,249

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $219,900 Active 22 DOM
2. 2026-06-18
   days on market $219,900 Active 20 DOM
3. 2026-06-17
   days on market $219,900 Active 19 DOM
4. 2026-06-16
   days on market $219,900 Active 18 DOM
5. 2026-06-15
   days on market $219,900 Active 17 DOM
6. 2026-06-13
   days on market $219,900 Active 15 DOM
7. 2026-06-12
   days on market $219,900 Active 14 DOM
8. 2026-06-09
   days on market $219,900 Active 11 DOM
9. 2026-06-08
   days on market $219,900 Active 10 DOM
10. 2026-06-07
    days on market $219,900 Active 9 DOM
11. 2026-06-07
    days on market $219,900 Active 8 DOM
12. 2026-06-04
    days on market $219,900 Active 5 DOM
13. 2026-06-02
    days on market $219,900 Active 4 DOM
14. 2026-06-01
    days on market $219,900 Active 3 DOM
15. 2026-05-31
    days on market $219,900 Active 2 DOM
16. 2026-05-29
    listed $219,900 Active
17. 2018-03-27
    soldstatus $84,000
18. 2004-08-06
    soldstatus $85,000

ⓘ 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: $3,638 · $303/mo
• Projected year-2 tax: $3,677 · $306/mo
• Expected delta: +$39/yr (+$3/mo · 1.1%)

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

Taxation est. · year 1

• Rental income: $38,988
• − Mortgage interest: −$12,318
• − Property taxes: −$3,638
• − Insurance: −$1,100
• − Repairs & maintenance: −$3,119
• − Management: −$3,119
• − Depreciation: −$6,397
• Taxable income: $9,297
• Est. tax owed @ 24.0%: −$2,231
• After-tax cash flow: $9,993/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: Cobleskill-Richmondville Central School District
• NCES district ID: 3600010
• Math proficiency: 53% ▲ 2.00%
• Reading proficiency: 52% ▲ 10.00%
• Median HH income: $49,555
• Composite: 44.83/100
• National rank: #2734
• State rank: #336 of 590 in NY

Livability — Cobleskill

• Score: 62/100
• State rank: #876
• US rank: #16581

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,176

Population outlook (Schoharie County) Hauer SSP2

• Today (2025): 29,080 people
• By 2030: 27,417 · -5.7%
• By 2040: 23,835 · -18.0%
• By 2050: 20,482 · -29.6%
• By 2075: 14,323 · -50.7%
• By 2100: 9,636 · -66.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Iranian 7% Lithuanian 5% Romanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Russian/Polish/Slavic 3% Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Schoharie

• 2024 margin: Solid R (+30.5) · D 34.7% · R 65.3%
• 2008→2024 swing: -16.2pp toward R · 2008: -14.3pp · 2024: -30.5pp
• All cycles: 2024: R+30.5 2020: R+29.0 2016: R+34.7 2012: R+16.6 2008: R+14.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.77%
• Current HPI: 339.6179
• 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

+158.7% since first listed

3 events — show timeline

• 2026-05-29 Listed $219,900 Global MLS
• 2018-03-27 Sold (Public Records) $84,000 Public Records
• 2004-08-06 Sold (Public Records) $85,000 Public Records

Property tax history

+1.1%/yr

Latest (2025): $3,638 · -0.9% YoY. Source: county tax records.