187-189 Canal St · Fort Plain, NY 13339

$99,000

5 bd · 2.0 ba · 2,558 sqft · MultiFamily public records · 496 Days on market

Built 1900 3,049 sqft lot Est $118k · 16% under

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Why this score? — see what drove the A 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
• ARV discount +14.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.6/10.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• 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: 2 units. confirmed

Listing remarks

A spacious side by side duplex located on a corner lot. Apt. #187 on the left features a kitchen, dining room, living room, 2 upstairs bedrooms and an enclosed back porch area for extra storage. Apartment #189 on the right features a kitchen, dining room, living room, 3 bedrooms upstairs and an enclosed back porch area which is currently used as a laundry room. The large upper and lower front porches add an extra amenity for each apartment. Dry basement with separate utilities! With some polishing of the hardwood floors and some TLC, this could make a great owner-occupied or as an investment property with a good rental income. Please note that if financing, it will require flood insurance.

Key facts

• Enclosed back porch
• Separate utilities
• Corner lot

Tags

• CORNER LOT
• ENCLOSED BACK PORCH
• DRY BASEMENT
• SEPARATE UTILITIES
• UPPER AND LOWER FRONT PORCHES

What this means for you Summary

Snapshot

• This is a 1×2bd/1.2ba + 1×3bd/1.2ba units multifamily listed at $99k.

Deal economics

• At list price, monthly cash flow is $583 ($7k/yr) — positive. Per door: $292/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#374 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime B+; Watch: schools D, commute F, employment F.
• Fort Plain Central School District (rural): math 43% / reading 57% proficiency, ranked #401 of 590 in NY (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 44 active listings in the ZIP; 210 units permitted in Montgomery County in 2024 (168 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($684 loan paydown + $5k appreciation (5.2% local appreciation)).
• Montgomery County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 496 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $40k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $42k; list at $99k implies a 135% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 496 days. Have you received any prior offers? Is the seller open to a 12% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 2.30% ✓
• Cap rate: 18.94%
• Cash-on-cash: 45.18%
• DSCR: 3.01
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $117,668
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
44 Webster St Unit A & B	0.22mi	5/2.0	2,513 (-2%)	22mo	$115,000	$46	68
50 Hancock St	0.67mi	6/2.0 (+1)	2,812 (+10%)	12mo	$115,000	$41	37

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

Projected returns pro-forma

5.24% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 35.5%
• Equity multiple: 3.22×
• Total profit: $61,674
• Equity at exit: $57,536

10-year hold

• IRR: 33.7%
• Equity multiple: 6.57×
• Total profit: $154,417
• Equity at exit: $100,505

Cash invested: $27,720 (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 13339

• Home prices YoY: 1.7%
• Active inventory: 44
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,274 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$192 /mo · $2,308/yr
• Insurance: −$41
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $583

Break-even live

Break-even rent $1,536

Max offer price $99,000

Occupancy floor 69%

Sensitivity live

Price	-10% $639	-5% $611	+0% $583	+5% $555	+10% $527
Rent	-10% $404	-5% $493	+0% $583	+5% $673	+10% $763
Rate	-1.0pp $633	-0.5pp $608	base $583	+0.5pp $558	+1.0pp $532

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

Units	Beds	Baths	Est. rent
1× unit	2	1.2	$1,084
1× unit	3	1.2	$1,189
Total (2 units)			$2,274

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-04-27
   status Pending
2. 2026-02-26
   price $99,000
3. 2025-11-30
   price $109,900
4. 2025-10-16
   price $115,000
5. 2025-04-12
   status Active
6. 2025-04-12
   price $129,000
7. 2025-03-18
   historical Contingent
8. 2024-12-16
   listed $139,000 Active
9. 2017-11-13
   soldstatus $42,130
10. 2005-01-12
    soldstatus $47,968
11. 2003-02-18
    soldstatus $25,000
12. 2003-02-18
    soldstatus $30,000
13. 1998-12-31
    soldstatus $45,000

ⓘ 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: $2,308 · $192/mo
• Projected year-2 tax: $2,308 · $192/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $27,288
• − Mortgage interest: −$5,546
• − Property taxes: −$2,308
• − Insurance: −$6,020
• − Repairs & maintenance: −$2,183
• − Management: −$2,183
• − Depreciation: −$2,880
• Taxable income: $6,168
• Est. tax owed @ 24.0%: −$1,480
• After-tax cash flow: $5,519/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: Fort Plain Central School District
• NCES district ID: 3611370
• Math proficiency: 43% ▲ 4.00%
• Reading proficiency: 57% ▲ 18.00%
• Median HH income: $41,754
• Composite: 41.94/100
• National rank: #3352
• State rank: #401 of 590 in NY

Livability — Fort Plain

• Score: 72/100
• State rank: #374
• US rank: #6455

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Plain, NY
• Population (ZIP): 6,131

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 48,683 people
• By 2030: 47,785 · -1.8%
• By 2040: 45,492 · -6.6%
• By 2050: 43,161 · -11.3%
• By 2075: 38,134 · -21.7%
• By 2100: 32,337 · -33.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Iranian 10% Lithuanian 9% Romanian 5%
• Foreign-born: 1%
• Languages at home: 96% English-only · German/W. Germanic 2% Spanish 2% Other Indo-European 1%

Political lean MEDSL · Montgomery

• 2024 margin: Strong R (+28.7) · D 35.6% · R 64.4%
• 2008→2024 swing: -20.6pp toward R · 2008: -8.1pp · 2024: -28.7pp
• All cycles: 2024: R+28.7 2020: R+22.6 2016: R+26.5 2012: R+4.4 2008: R+8.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.24%
• Current HPI: 320.8989
• 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

+120.0% since first listed

13 events — show timeline

• 2026-04-27 Pending — Global MLS
• 2026-02-26 Price Changed $99,000 Global MLS
• 2025-11-30 Price Changed $109,900 Global MLS
• 2025-10-16 Price Changed $115,000 Global MLS
• 2025-04-12 Relisted — Global MLS
• 2025-04-12 Price Changed $129,000 Global MLS
• 2025-03-18 Contingent — Global MLS
• 2024-12-16 Listed $139,000 Global MLS
• 2017-11-13 Sold (Public Records) $42,130 Public Records
• 2005-01-12 Sold (Public Records) $47,968 Public Records
• 2003-02-18 Sold (Public Records) $30,000 Public Records
• 2003-02-18 Sold (Public Records) $25,000 Public Records
• 1998-12-31 Sold (Public Records) $45,000 Public Records

Property tax history

-0.1%/yr

Latest (2025): $2,308 · +2.0% YoY. Source: county tax records.