20 Franklin St · Gloversville, NY 12078

$140,000

3 bd · 2.0 ba · 2,116 sqft · MultiFamily public records · 36 Days on market

Built 1900 7,405 sqft lot Est $99k · 41% over ↓ 30% since listing

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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
• 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
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks

Well-maintained two-family home located in the heart of Gloversville, offering excellent investment potential or owner-occupied flexibility. The first-floor unit features 2 bedrooms, a spacious living room, formal dining room, full kitchen, and inviting front and back porches. The second-floor apartment includes 2 bedrooms, a comfortable living room, and an eat-in kitchen. Exterior highlights include a generously sized yard ideal for entertaining, ample off-street parking, and a 2-car garage. Conveniently located near local amenities, this property presents a great opportunity for investors or buyers looking to offset living expenses with rental income.

Key facts

• Full kitchen
• Formal dining room
• Two-family home

Tags

• TWO-FAMILY HOME
• INVESTMENT POTENTIAL
• OWNER-OCCUPIED FLEXIBILITY
• SPACIOUS LIVING ROOM
• FORMAL DINING ROOM
• FULL KITCHEN

Property features AI

Exterior

• Parking: 2-car garage; Total parking for 4 vehicles; Paved driveway and off-street parking
• Security: Security lights; Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; Natural gas
• Home design: Duplex; Two separate units (total of 2 units)
• Construction: Vinyl siding; Composition roof
• Exterior features: Enclosed rear porch; Front porch; Patio; Garage(s)

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom; Full bath located on 1st and 2nd levels
• Heating & cooling: Natural gas heating; Has heating
• Interior features: Security lights; Smoke detectors; Carbon monoxide detectors; Full basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $956 ($11k/yr) — positive. Per door: $478/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.5% vs local median 8.6% 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: 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.
• Zoned schools: Boulevard School (math 24% / reading 35%, grade F, #1,729 of 2,108 statewide, top 84%, 568 students, 72% FRL); Gloversville Middle School (math 6% / reading 35%, grade F, #664 of 729 statewide, top 91%, 548 students, 70% FRL); Gloversville High School (math 82% / reading 77%, grade A-, #518 of 1,100 statewide, top 51%, 697 students, 71% FRL) — zoned schools average 71% FRL vs 54% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 173 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 112 units permitted in Fulton County in 2024 (50 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($968 loan paydown + $14k 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 $39k cash investment doubles in ~2 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

• It's been on market 36 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 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 1900 — 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: 1.63% ✓
• Cap rate: 14.49%
• Cash-on-cash: 29.27%
• DSCR: 2.30
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $99,452
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36 Helwig St	0.33mi	4/2.0 (+1)	2,080 (-2%)	9mo	$110,000	$53	70
336 N Main St	0.33mi	3/2.0	2,088 (-1%)	17mo	$30,000	$14	68
78 Third Ave	0.48mi	4/2.0 (+1)	2,084 (-2%)	18mo	$85,000	$41	55
45 Temple St	0.67mi	4/2.0 (+1)	2,182 (+3%)	6mo	$114,000	$52	53
40 Temple St	0.66mi	4/2.0 (+1)	1,956 (-8%)	2mo	$137,000	$70	50
32 5th Ave	0.41mi	4/2.0 (+1)	1,890 (-11%)	10mo	$88,000	$47	50
38 Temple St	0.66mi	4/2.0 (+1)	2,296 (+8%)	1mo	$107,000	$47	49
65 Temple St	0.64mi	4/2.0 (+1)	2,256 (+7%)	10mo	$160,000	$71	46
69 Yale St	0.51mi	4/2.0 (+1)	2,016 (-5%)	21mo	$70,000	$35	46
189 2nd Ave	0.55mi	4/1.5 (+1)	1,900 (-10%)	10mo	$210,000	$111	42
26 Grand St	0.74mi	3/3.0	2,360 (+12%)	4mo	$110,000	$47	38

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

Projected returns pro-forma

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

5-year hold

• IRR: 46.5%
• Equity multiple: 4.50×
• Total profit: $137,098
• Equity at exit: $126,123

10-year hold

• IRR: 40.4%
• Equity multiple: 10.08×
• Total profit: $355,765
• Equity at exit: $271,989

Cash invested: $39,200 (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: 173
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,280 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$53 /mo · $632/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$479
• Net cashflow: $956

Break-even live

Break-even rent $1,070

Max offer price $140,000

Occupancy floor 53%

Sensitivity live

Price	-10% $1,035	-5% $996	+0% $956	+5% $916	+10% $877
Rent	-10% $776	-5% $866	+0% $956	+5% $1,046	+10% $1,136
Rate	-1.0pp $1,027	-0.5pp $992	base $956	+0.5pp $920	+1.0pp $883

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,280
Total (2 units)			$2,280

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11 Fremont St Gloversville, NY	2.0–3.0	1.5–2.0	1612	$1,650	$1.02	45d	3	0.82mi

Listing history 5 events

1. 2026-05-01
   status Pending
2. 2026-03-26
   listed $140,000 Active
3. 2025-08-05
   historical
4. 2025-05-09
   price $179,000
5. 2025-04-25
   listed $199,000 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: $632 · $53/mo
• Projected year-2 tax: $1,499 · $125/mo
• Expected delta: +$867/yr (+$72/mo · 137.2%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $27,360
• − Mortgage interest: −$7,842
• − Property taxes: −$632
• − Insurance: −$700
• − Repairs & maintenance: −$2,189
• − Management: −$2,189
• − Depreciation: −$4,073
• Taxable income: $9,736
• Est. tax owed @ 24.0%: −$2,337
• After-tax cash flow: $9,136/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

-29.6% since first listed

5 events — show timeline

• 2026-05-01 Pending — Global MLS
• 2026-03-26 Listed $140,000 Global MLS
• 2025-08-05 Listing Removed — Global MLS
• 2025-05-09 Price Changed $179,000 Global MLS
• 2025-04-25 Listed $199,000 Global MLS

Property tax history

+2.1%/yr

Latest (2025): $632 · +19.4% YoY. Source: county tax records.