77 3rd St · Gloversville, NY 12078

$40,000

3 bd · 1.0 ba · 1,296 sqft · SingleFamily public records · 55 Days on market

Built 1893 7,405 sqft lot $31/sqft · 71% below area

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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
• ARV discount +7.5/15.0
• Livability +4.1/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Opportunity on the edge of town. 77 3rd St in Gloversville offers 3 bedrooms, 1 bathroom, and 1,296 sq ft of space ready for its next chapter. This property features hardwood floors in some areas, a newer roof, and low-maintenance vinyl siding. The layout provides a solid starting point for a full interior renovation. The home will require significant work throughout and is being sold as-is. Utilities are not currently on, and the property is best suited for cash buyers. Whether you're looking for your next project or an addition to your portfolio, this is a straightforward opportunity

Key facts

• Newer roof
• Interior renovation
• Vinyl siding

Tags

• HARDWOOD FLOORS
• NEWER ROOF
• VINYL SIDING
• INTERIOR RENOVATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $964 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 35.2% 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: 165 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 $4k of equity ($277 loan paydown + $4k 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 $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, 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 55 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $32k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price; built in 1893 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1893 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 4.12% ✓
• Cap rate: 35.22%
• Cash-on-cash: 103.33%
• DSCR: 5.60
• GRM: 2.0

CMA / ARV

• ARV (median comp): $136,798
• List price: $40,000
• Delta: -70.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6 Highland Ter	0.59mi	3/1.0	1,300 (+0%)	6mo	$176,900	$136	67
72 Park St	0.71mi	3/1.5	1,272 (-2%)	4mo	$131,000	$103	59
51 Orchard St	0.42mi	3/1.0	1,386 (+7%)	18mo	$90,000	$65	53
50 Summer St	0.33mi	2/1.0 (-1)	1,470 (+13%)	6mo	$110,000	$75	52
46 Bloomingdale Ave	0.70mi	4/2.0 (+1)	1,292 (-0%)	22mo	$170,000	$132	39
65 Park St	0.71mi	2/2.0 (-1)	1,142 (-12%)	4mo	$99,000	$87	34
105 Division St	0.72mi	3/1.5	1,403 (+8%)	20mo	$118,000	$84	34

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: —
• Equity multiple: 8.43×
• Total profit: $83,270
• Equity at exit: $36,035

10-year hold

• IRR: —
• Equity multiple: 18.59×
• Total profit: $197,041
• Equity at exit: $77,711

Cash invested: $11,200 (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: 165
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $1,650 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$113 /mo · $1,352/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $964

Break-even live

Break-even rent $429

Max offer price $40,000

Occupancy floor 37%

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: $10,000
• Closing costs: $1,200
• 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	43d	3	0.67mi

Listing history 14 events

1. 2026-06-09
   statusdays on market $40,000 Pending 55 DOM
2. 2026-06-08
   days on market $40,000 Contingent 54 DOM
3. 2026-06-07
   days on market $40,000 Contingent 53 DOM
4. 2026-06-07
   days on market $40,000 Contingent 52 DOM
5. 2026-06-04
   days on market $40,000 Contingent 49 DOM
6. 2026-06-02
   days on market $40,000 Contingent 48 DOM
7. 2026-06-01
   days on market $40,000 Contingent 47 DOM
8. 2026-05-31
   days on market $40,000 Contingent 46 DOM
9. 2026-04-14
   listed $40,000 Active 601-char remark

   Show marketing remark (601 chars)

   Opportunity on the edge of town. 77 3rd St in Gloversville offers 3 bedrooms, 1 bathroom, and 1,296 sq ft of space ready for its next chapter. This property features hardwood floors in some areas, a newer roof, and low-maintenance vinyl siding. The layout provides a solid starting point for a full interior renovation. The home will require significant work throughout and is being sold as-is. Utilities are not currently on, and the property is best suited for cash buyers. Whether you're looking for your next project or an addition to your portfolio, this is a straightforward opportunity

10. 2026-03-24
    price $42,500
11. 2026-03-03
    price $45,000
12. 2025-12-03
    price $55,000
13. 2025-09-25
    price $59,400
14. 2024-06-26
    soldstatus $32,000

ⓘ 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: $1,352 · $113/mo
• Projected year-2 tax: $1,352 · $113/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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°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: $19,800
• − Mortgage interest: −$2,241
• − Property taxes: −$1,352
• − Insurance: −$200
• − Repairs & maintenance: −$1,584
• − Management: −$1,584
• − Depreciation: −$1,164
• Taxable income: $11,675
• Est. tax owed @ 24.0%: −$2,802
• After-tax cash flow: $8,770/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

+25.0% since first listed

6 events — show timeline

• 2026-04-14 Listed $40,000 Global MLS
• 2026-03-24 Price Changed $42,500 CNYIS
• 2026-03-03 Price Changed $45,000 CNYIS
• 2025-12-03 Price Changed $55,000 CNYIS
• 2025-09-25 Price Changed $59,400 CNYIS
• 2024-06-26 Sold (Public Records) $32,000 Public Records

Property tax history

+12.8%/yr

Latest (2025): $1,352 · +3.4% YoY. Source: county tax records.