233 Broadway · Fort Edward, NY 12828

$185,000

4 bd · 2.0 ba · 2,208 sqft · MultiFamily public records · 116 Days on market

Built 1900 6,969 sqft lot Est $135k · 37% over

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Why this score? — see what drove the C- 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 +19.2/30.0
• Appreciation +8.0/10.0
• 1% rule +6.8/10.0
• DSCR +6.1/10.0
• Schools +4.3/10.0
• Livability +3.7/5.0
• 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

Come Visit this large 2 family home close to Downtown. Great purchase for an investor or eligible for owner-occupied Buyer with 3.5% down on a FHA loan. Let the extra income unit offset your mortgage payment. Both apartment rental units have a solid rental history and one of the units can vacate to accommodate an owner-occupied Buyer. Many upgrades made to this home. Schedule an Appointment!

Key facts

• 6,969 sq ft lot
• 4 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $201 ($2k/yr) — positive. Per door: $100/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $168k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 4.0% in Fort Edward — 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 73/100 on livability (#334 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: schools D+, commute D+, employment D.
• Fort Edward Union Free School District (suburban): math 50% / reading 45% proficiency, ranked #512 of 755 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 44 active listings in the ZIP; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($1k loan paydown + $11k appreciation (6.1% local appreciation)).
• Washington County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.1% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 29y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $168,350 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.18% ✓
• Cap rate: 7.59%
• Cash-on-cash: 4.65%
• DSCR: 1.21
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $134,688
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
219 Broadway	0.09mi	3/2.0 (-1)	2,102 (-5%)	6mo	$60,000	$29	78
4 Keating Ave	0.26mi	4/2.0	1,914 (-13%)	8mo	$142,140	$74	59
31 East St	0.38mi	4/2.0	2,478 (+12%)	10mo	$210,000	$85	54
95 Mccrea St	0.63mi	3/2.0 (-1)	2,099 (-5%)	6mo	$128,000	$61	52
10 Riverside Dr	0.54mi	5/3.0 (+1)	2,456 (+11%)	13mo	$115,000	$47	36

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

Projected returns pro-forma

6.08% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.4%
• Equity multiple: 2.30×
• Total profit: $67,231
• Equity at exit: $117,207

10-year hold

• IRR: 18.8%
• Equity multiple: 4.63×
• Total profit: $187,887
• Equity at exit: $213,337

Cash invested: $51,800 (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 12828

• Home prices YoY: 1.9%
• Active inventory: 44
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $2,182 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$476 /mo · $5,710/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $201

Break-even live

Break-even rent $1,928

Max offer price $185,000

Occupancy floor 86%

Sensitivity live

Price	-10% $305	-5% $253	+0% $201	+5% $148	+10% $96
Rent	-10% $28	-5% $114	+0% $201	+5% $287	+10% $373
Rate	-1.0pp $294	-0.5pp $248	base $201	+0.5pp $153	+1.0pp $104

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,182
Total (2 units)			$2,182

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-03-25
   status Pending
2. 2025-11-26
   listed $185,000 Active
3. 2023-10-21
   historical
4. 2022-10-20
   listed $175,000 Active
5. 2019-01-11
   soldstatus $210,000
6. 1999-10-23
   historical
7. 1999-07-02
   listed $58,000
8. 1998-05-01
   historical
9. 1997-05-24
   listed $59,000
10. 1993-06-08
    soldstatus $63,500

ⓘ 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: $5,710 · $476/mo
• Projected year-2 tax: $5,710 · $476/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°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: $26,184
• − Mortgage interest: −$10,363
• − Property taxes: −$5,710
• − Insurance: −$925
• − Repairs & maintenance: −$2,095
• − Management: −$2,095
• − Depreciation: −$5,382
• Taxable loss: −$386
• Est. tax savings @ 24.0%: +$93
• After-tax cash flow: $2,501/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 Edward Union Free School District
• NCES district ID: 3611310
• Math proficiency: 50% ▼ -10.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $49,124
• Composite: 42.76/100
• National rank: #6771
• State rank: #512 of 755 in NY

Livability — Fort Edward

• Score: 73/100
• State rank: #334
• US rank: #5647

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Edward, NY
• Population (ZIP): 9,775

Population outlook (Washington County) Hauer SSP2

• Today (2025): 59,576 people
• By 2030: 57,618 · -3.3%
• By 2040: 52,751 · -11.5%
• By 2050: 47,514 · -20.2%
• By 2075: 35,690 · -40.1%
• By 2100: 24,807 · -58.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 12% Iranian 3% Romanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Washington

• 2024 margin: Strong R (+21.2) · D 39.4% · R 60.6%
• 2008→2024 swing: -22.0pp toward R · 2008: 0.8pp · 2024: -21.2pp
• All cycles: 2024: R+21.2 2020: R+15.6 2016: R+20.2 2012: D+1.6 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.08%
• Current HPI: 327.6439
• 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

+191.3% since first listed

10 events — show timeline

• 2026-03-25 Pending — Global MLS
• 2025-11-26 Listed $185,000 Global MLS
• 2023-10-21 Listing Removed — Global MLS
• 2022-10-20 Listed $175,000 Global MLS
• 2019-01-11 Sold (Public Records) $210,000 Public Records
• 1999-10-23 Listing Removed — Global MLS
• 1999-07-02 Listed $58,000 Global MLS
• 1998-05-01 Listing Removed — Global MLS
• 1997-05-24 Listed $59,000 Global MLS
• 1993-06-08 Sold (Public Records) $63,500 Public Records

Property tax history

+3.0%/yr

Latest (2025): $5,710 · +1.7% YoY. Source: county tax records.