51 Division St · Gloversville, NY 12078

$149,900

6 bd · 2.0 ba · 2,488 sqft · MultiFamily public records · 354 Days on market

Built 1900 0.76 ac lot $60/sqft · 15% above area Est $130k · 15% over

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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 +0.6/15.0

Multi-family units

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

Listing remarks MLS

Great owner occupied or investment! This two unit home has freshly painted and some kitchen upgrades on the first floor. The second floor is occupied with a model tenant. Newer furnaces for each unit and separate utilities. Located near downtown, the convenience of city living is right at your doorstep. Don't miss out on this opportunity. Contact the listing agent for showings today!

Key facts

• Two unit home
• Kitchen upgrades
• Separate utilities

Tags

• TWO UNIT HOME
• KITCHEN UPGRADES
• NEWER FURNACES
• SEPARATE UTILITIES
• NEAR DOWNTOWN

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $678/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.2% vs local median 8.7% 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: schools D, 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.
• Market conditions: 172 active listings in the ZIP; 112 units permitted in Fulton County in 2024 (50 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k 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 $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 354 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y ago; this cycle's ask has dropped $30k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $150k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 354 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.96% ✓
• Cap rate: 17.15%
• Cash-on-cash: 38.79%
• DSCR: 2.73
• GRM: 4.3

CMA / ARV

• ARV (median comp): $129,857
• List price: $149,900
• Delta: 15.43%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
72 S Judson St	0.11mi	6/3.0	2,450 (-2%)	8mo	$165,000	$67	82
92-94 Washington St	0.15mi	6/3.0	2,752 (+11%)	2mo	$135,000	$49	69
44 Forest St	0.13mi	6/2.0	2,760 (+11%)	9mo	$179,000	$65	68
49 Montgomery St	0.08mi	6/2.0	2,224 (-11%)	19mo	$40,000	$18	63
59 2nd Ave	0.57mi	6/2.0	2,536 (+2%)	13mo	$135,000	$53	59
24 4th Ave	0.63mi	5/2.0 (-1)	2,400 (-4%)	6mo	$120,000	$50	55
26 West St	0.55mi	6/2.0	2,532 (+2%)	20mo	$82,000	$32	55
253 S Main St	0.63mi	5/2.0 (-1)	2,400 (-4%)	7mo	$110,000	$46	54
18 Temple St	0.61mi	6/2.0	2,468 (-1%)	20mo	$93,750	$38	54
89 2nd Ave	0.63mi	5/2.0 (-1)	2,272 (-9%)	13mo	$134,000	$59	41
63 W Pine St	0.55mi	5/3.0 (-1)	2,749 (+10%)	16mo	$219,000	$80	34
23 Lexington Ave	0.68mi	5/2.0 (-1)	2,816 (+13%)	17mo	$125,000	$44	27

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: 54.2%
• Equity multiple: 5.00×
• Total profit: $168,046
• Equity at exit: $135,042

10-year hold

• IRR: 47.8%
• Equity multiple: 11.17×
• Total profit: $426,909
• Equity at exit: $291,223

Cash invested: $41,972 (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: 172
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,931 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$110 /mo · $1,323/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$616
• Net cashflow: $1,357

Break-even live

Break-even rent $1,214

Max offer price $149,900

Occupancy floor 49%

Sensitivity live

Price	-10% $1,442	-5% $1,399	+0% $1,357	+5% $1,314	+10% $1,272
Rent	-10% $1,125	-5% $1,241	+0% $1,357	+5% $1,472	+10% $1,588
Rate	-1.0pp $1,432	-0.5pp $1,395	base $1,357	+0.5pp $1,318	+1.0pp $1,278

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,932
Total (2 units)			$2,931

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-05-20
   status Pending 386-char remark

   Show marketing remark (386 chars)

   Great owner occupied or investment! This two unit home has freshly painted and some kitchen upgrades on the first floor. The second floor is occupied with a model tenant. Newer furnaces for each unit and separate utilities. Located near downtown, the convenience of city living is right at your doorstep. Don't miss out on this opportunity. Contact the listing agent for showings today!

2. 2025-07-29
   status Active 386-char remark

   Show marketing remark (386 chars)

   Great owner occupied or investment! This two unit home has freshly painted and some kitchen upgrades on the first floor. The second floor is occupied with a model tenant. Newer furnaces for each unit and separate utilities. Located near downtown, the convenience of city living is right at your doorstep. Don't miss out on this opportunity. Contact the listing agent for showings today!

3. 2025-07-29
   price $149,900 386-char remark

   Show marketing remark (386 chars)

   Great owner occupied or investment! This two unit home has freshly painted and some kitchen upgrades on the first floor. The second floor is occupied with a model tenant. Newer furnaces for each unit and separate utilities. Located near downtown, the convenience of city living is right at your doorstep. Don't miss out on this opportunity. Contact the listing agent for showings today!

4. 2025-07-21
   status Pending 386-char remark

   Show marketing remark (386 chars)

   Great owner occupied or investment! This two unit home has freshly painted and some kitchen upgrades on the first floor. The second floor is occupied with a model tenant. Newer furnaces for each unit and separate utilities. Located near downtown, the convenience of city living is right at your doorstep. Don't miss out on this opportunity. Contact the listing agent for showings today!

5. 2025-06-13
   price $155,900 386-char remark

   Show marketing remark (386 chars)

   Great owner occupied or investment! This two unit home has freshly painted and some kitchen upgrades on the first floor. The second floor is occupied with a model tenant. Newer furnaces for each unit and separate utilities. Located near downtown, the convenience of city living is right at your doorstep. Don't miss out on this opportunity. Contact the listing agent for showings today!

6. 2025-06-05
   price $159,900 386-char remark

   Show marketing remark (386 chars)

   Great owner occupied or investment! This two unit home has freshly painted and some kitchen upgrades on the first floor. The second floor is occupied with a model tenant. Newer furnaces for each unit and separate utilities. Located near downtown, the convenience of city living is right at your doorstep. Don't miss out on this opportunity. Contact the listing agent for showings today!

7. 2025-05-27
   price $169,900 386-char remark

   Show marketing remark (386 chars)

   Great owner occupied or investment! This two unit home has freshly painted and some kitchen upgrades on the first floor. The second floor is occupied with a model tenant. Newer furnaces for each unit and separate utilities. Located near downtown, the convenience of city living is right at your doorstep. Don't miss out on this opportunity. Contact the listing agent for showings today!

8. 2025-05-23
   listed $179,900 Active 386-char remark

   Show marketing remark (386 chars)

   Great owner occupied or investment! This two unit home has freshly painted and some kitchen upgrades on the first floor. The second floor is occupied with a model tenant. Newer furnaces for each unit and separate utilities. Located near downtown, the convenience of city living is right at your doorstep. Don't miss out on this opportunity. Contact the listing agent for showings today!

9. 2024-04-02
   soldstatus $70,000
10. 2024-03-14
    soldstatus $70,000 Closed 258-char remark

    Show marketing remark (258 chars)

    Great two family with two four bedroom units! Great location with a small backyard and driveway. Can be packaged with a 10 building, 24 unit portfolio! 64 Fox 204 Bleecker 51 Division 33 w Pine 18 Temple 66 w 8th 22 7th 6 Almond 62 milton (Amsterdam) 75 park

11. 2023-12-27
    status Pending 258-char remark

    Show marketing remark (258 chars)

    Great two family with two four bedroom units! Great location with a small backyard and driveway. Can be packaged with a 10 building, 24 unit portfolio! 64 Fox 204 Bleecker 51 Division 33 w Pine 18 Temple 66 w 8th 22 7th 6 Almond 62 milton (Amsterdam) 75 park

12. 2023-10-13
    listed $74,900 Active 258-char remark

    Show marketing remark (258 chars)

    Great two family with two four bedroom units! Great location with a small backyard and driveway. Can be packaged with a 10 building, 24 unit portfolio! 64 Fox 204 Bleecker 51 Division 33 w Pine 18 Temple 66 w 8th 22 7th 6 Almond 62 milton (Amsterdam) 75 park

13. 2017-04-27
    soldstatus $10,000 Closed (Final Sale)
14. 2017-03-12
    status Pend (Under Cntr)
15. 2017-03-01
    historical
16. 2017-03-01
    listed $10,000 New
17. 2016-12-23
    status Pend (Under Cntr)
18. 2016-08-22
    listed $10,000 New
19. 2016-03-14
    status Pend (Under Cntr)
20. 2016-03-12
    historical
21. 2016-02-10
    listed $15,000 New
22. 2005-08-10
    soldstatus $60,000
23. 2005-05-17
    soldstatus $55,000

ⓘ 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: $1,323 · $110/mo
• Projected year-2 tax: $1,928 · $161/mo
• Expected delta: +$605/yr (+$50/mo · 45.8%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°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: $35,172
• − Mortgage interest: −$8,397
• − Property taxes: −$1,323
• − Insurance: −$750
• − Repairs & maintenance: −$2,814
• − Management: −$2,814
• − Depreciation: −$4,361
• Taxable income: $14,715
• Est. tax owed @ 24.0%: −$3,532
• After-tax cash flow: $12,749/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

+172.5% since first listed

23 events — show timeline

• 2026-05-20 Pending — Global MLS
• 2025-07-29 Relisted — Global MLS
• 2025-07-29 Price Changed $149,900 Global MLS
• 2025-07-21 Pending — Global MLS
• 2025-06-13 Price Changed $155,900 Global MLS
• 2025-06-05 Price Changed $159,900 Global MLS
• 2025-05-27 Price Changed $169,900 Global MLS
• 2025-05-23 Listed $179,900 Global MLS
• 2024-04-02 Sold (Public Records) $70,000 Public Records
• 2024-03-14 Sold (MLS) $70,000 Global MLS
• 2023-12-27 Pending — Global MLS
• 2023-10-13 Listed $74,900 Global MLS
• 2017-04-27 Sold (MLS) $10,000 Global MLS
• 2017-03-12 Pending — Global MLS
• 2017-03-01 Listing Removed — Global MLS
• 2017-03-01 Listed $10,000 Global MLS
• 2016-12-23 Pending — Global MLS
• 2016-08-22 Listed $10,000 Global MLS
• 2016-03-14 Pending — Global MLS
• 2016-03-12 Listing Removed — Global MLS
• 2016-02-10 Listed $15,000 Global MLS
• 2005-08-10 Sold (Public Records) $60,000 Public Records
• 2005-05-17 Sold (Public Records) $55,000 Public Records

Property tax history

+1.2%/yr

Latest (2025): $1,323 · +5.4% YoY. Source: county tax records.