50 Montgomery St · Gloversville, NY 12078

$199,900

7 bd · 2.0 ba · 2,440 sqft · MultiFamily public records · 71 Days on market

Built 1890 8,276 sqft lot $82/sqft · 44% above area Est $139k · 44% 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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.6/10.0
• 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 MLS

Excellent Investment opportunity featuring large two family home with Long term tenant and separate utilities located near shopping and transportation, 3 bedrooms apartments on each floor, 2car garage with long driveway.

Key facts

• 8,276 sq ft lot
• 2 garage spots
• Built 1890

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.2-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $996 ($12k/yr) — positive. Per door: $498/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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; 112 units permitted in Fulton County in 2024 (50 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k 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 $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y 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.
• Current owner paid $80k; list at $200k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $187,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% 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 1890 — 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: 1.46% ✓
• Cap rate: 12.27%
• Cash-on-cash: 21.35%
• DSCR: 1.95
• GRM: 5.7

CMA / ARV

• ARV (median comp): $138,859
• List price: $199,900
• Delta: 43.96%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
72 S Judson St	0.07mi	6/3.0 (-1)	2,450 (+0%)	8mo	$165,000	$67	80
49 Montgomery St	0.02mi	6/2.0 (-1)	2,224 (-9%)	19mo	$40,000	$18	63
92-94 Washington St	0.18mi	6/3.0 (-1)	2,752 (+13%)	2mo	$135,000	$49	60
44 Forest St	0.18mi	6/2.0 (-1)	2,760 (+13%)	9mo	$179,000	$65	57
38 Forest St	0.20mi	6/2.0 (-1)	2,652 (+9%)	20mo	$61,500	$23	54
59 2nd Ave	0.60mi	6/2.0 (-1)	2,536 (+4%)	13mo	$135,000	$53	50
18 Temple St	0.66mi	6/2.0 (-1)	2,468 (+1%)	20mo	$93,750	$38	46
26 West St	0.62mi	6/2.0 (-1)	2,532 (+4%)	20mo	$82,000	$32	43
75 Park St	0.31mi	6/2.0 (-1)	2,080 (-15%)	20mo	$80,000	$38	39

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: 40.2%
• Equity multiple: 4.08×
• Total profit: $172,285
• Equity at exit: $180,086

10-year hold

• IRR: 34.7%
• Equity multiple: 9.17×
• Total profit: $457,491
• Equity at exit: $388,362

Cash invested: $55,972 (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: 165
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,925 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$184 /mo · $2,203/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$614
• Net cashflow: $996

Break-even live

Break-even rent $1,665

Max offer price $199,900

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.2	$2,924
Total (2 units)			$2,925

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-18
   days on market $199,900 Active 71 DOM
2. 2026-06-17
   days on market $199,900 Active 70 DOM
3. 2026-06-16
   days on market $199,900 Active 69 DOM
4. 2026-06-15
   days on market $199,900 Active 68 DOM
5. 2026-06-13
   days on market $199,900 Active 66 DOM
6. 2026-06-12
   days on market $199,900 Active 65 DOM
7. 2026-06-09
   days on market $199,900 Active 62 DOM
8. 2026-06-08
   days on market $199,900 Active 61 DOM
9. 2026-06-07
   days on market $199,900 Active 60 DOM
10. 2026-06-07
    days on market $199,900 Active 59 DOM
11. 2026-06-04
    days on market $199,900 Active 56 DOM
12. 2026-06-02
    days on market $199,900 Active 55 DOM
13. 2026-06-01
    days on market $199,900 Active 54 DOM
14. 2026-05-31
    days on market $199,900 Active 53 DOM
15. 2026-04-08
    listed $199,900 Active 220-char remark

    Show marketing remark (220 chars)

    Excellent Investment opportunity featuring large two family home with Long term tenant and separate utilities located near shopping and transportation, 3 bedrooms apartments on each floor, 2car garage with long driveway.

16. 2025-08-19
    status Pending
17. 2025-06-12
    historical
18. 2025-05-29
    listed $165,000 Active
19. 2025-01-08
    soldstatus $80,000
20. 2025-01-03
    soldstatus $80,000 Closed
21. 2024-11-04
    historical Contingent
22. 2024-10-28
    status Active
23. 2024-10-25
    status Pending
24. 2024-06-20
    listed $89,900 Active
25. 2005-12-14
    soldstatus $61,000
26. 2004-11-29
    soldstatus $18,000
27. 2004-11-05
    soldstatus $18,000
28. 2004-10-25
    historical
29. 2004-06-08
    listed $27,000

ⓘ 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: $2,203 · $184/mo
• Projected year-2 tax: $2,791 · $233/mo
• Expected delta: +$588/yr (+$49/mo · 26.7%)

ⓘ 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 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: $35,100
• − Mortgage interest: −$11,198
• − Property taxes: −$2,203
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,808
• − Management: −$2,808
• − Depreciation: −$5,815
• Taxable income: $9,269
• Est. tax owed @ 24.0%: −$2,225
• After-tax cash flow: $9,723/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

+640.4% since first listed

15 events — show timeline

• 2026-04-08 Listed $199,900 Global MLS
• 2025-08-19 Pending — Global MLS
• 2025-06-12 Listing Removed — Global MLS
• 2025-05-29 Listed $165,000 Global MLS
• 2025-01-08 Sold (Public Records) $80,000 Public Records
• 2025-01-03 Sold (MLS) $80,000 Global MLS
• 2024-11-04 Contingent — Global MLS
• 2024-10-28 Relisted — Global MLS
• 2024-10-25 Pending — Global MLS
• 2024-06-20 Listed $89,900 Global MLS
• 2005-12-14 Sold (Public Records) $61,000 Public Records
• 2004-11-29 Sold (Public Records) $18,000 Public Records
• 2004-11-05 Sold (MLS) $18,000 Global MLS
• 2004-10-25 Listing Removed — Global MLS
• 2004-06-08 Listed $27,000 Global MLS

Property tax history

+0.9%/yr

Latest (2025): $2,203 · +3.4% YoY. Source: county tax records.