42 Garfield St

Glens Falls, NY 12801

$180,000D+

3 bd · 1.5 ba · 1,232 sqft · Built 1936 · SingleFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,848/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$578
• HOA: −$0
• Vac / Maint / Mgmt: −$388
• Net cashflow: $-63/mo
• Annual: $-752/yr
• Cap rate: 5.88%
• Cash-on-cash: -1.49%
• DSCR: 0.93
• 1% rule: 1.03%
• Cash to close: $50,400

Investor read

• This is a 3-bed/1.5-bath single-family listed at $180k.
• At list price, monthly cash flow is $-63 ($-752/yr) — negative.
• To cash-flow at today's rent, offer at most $169k (6.1% below list).
• Meets the 1% rule at list price ($2k rent vs $180k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $169k (6.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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: Kensington Road School (math 77% / reading 82%, grade A, #188 of 2,108 statewide, top 11%, 280 students, 22% FRL); Glens Falls Middle School (math 25% / reading 46%, grade F, #473 of 729 statewide, top 66%, 588 students, 46% FRL); Glens Falls Senior High School (math 98% / reading 64%, grade A, #485 of 1,100 statewide, top 45%, 601 students, 41% FRL) — zoned schools at 36% FRL track the district average.
• Zoned-school proficiency averages 65% at this address vs 48% district-wide (+17 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.
• Watch-outs: property tax is 3.4% of price; built in 1936 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 58 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• Cap rate 5.9% vs local median 4.8% in Glens Falls — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 33% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.