154 Washington St · Saratoga Springs, NY 12866

$775,000

5 bd · 2.5 ba · 2,600 sqft · MultiFamily public records · 109 Days on market

Built 1875 6,534 sqft lot $298/sqft · 27% below area Est $1056k · 27% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +8.1/30.0
• Schools +6.1/10.0
• Rent growth +4.8/5.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• 1% rule +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Opportunity presents itself in a very well maintained multi family investment. Located a few blocks from Broadway, this 2 unit building is close to everything. Park one block away, Spacious 2 units with a 3 bedroom and 2 bedroom. Book a showing!

Key facts

• Park one block away
• Well maintained
• 6,534 sq ft lot

Tags

• WELL MAINTAINED
• PARK ONE BLOCK AWAY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.2-bath units multifamily listed at $775k.

Deal economics

• At list price, monthly cash flow is $-771 ($-9k/yr) — negative. Per door: $-385/mo.
• To cash-flow at today's rent, offer at most $639k (17.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $523k (32.5% below list).
• Recommended offer: $523k (32.5% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 2.0% in Saratoga Springs — 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 (#83 in NY, #1,284 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A; Watch: amenities D+, cost of living F.
• Saratoga Springs City SD (suburban): math 67% / reading 72% proficiency, ranked #138 of 590 in NY (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Division Street Elementary School (math 67% / reading 72%, grade A-, #447 of 2,108 statewide, top 24%, 414 students, 25% FRL); Maple Avenue Middle School (math 46% / reading 69%, grade B, #187 of 729 statewide, top 26%, 1,392 students, 27% FRL); Saratoga Springs High School (math 98% / reading 92%, grade A+, #83 of 1,100 statewide, top 8%, 1,947 students, 26% FRL).
• Market conditions: Rents rising fast (+9.2%/yr); 474 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).
• At $5,234/mo this rent would consume 62% of the median local household income ($102k/yr) (locally 1424% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $23k of value loss. Plan a longer hold.
• Saratoga County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 109 days — a 9% lower offer ($705k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y 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 $316k; list at $775k implies a 145% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $523,400 (32.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 109 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1875 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.68% ✗
• Cap rate: 5.10%
• Cash-on-cash: -4.26%
• DSCR: 0.81
• GRM: 12.3

CMA / ARV

• ARV (median comp): $1,056,243
• List price: $775,000
• Delta: -26.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
138-140 Church St	0.31mi	5/4.0	2,501 (-4%)	0mo	$975,000	$390	73
74 Walnut St	0.14mi	6/3.0 (+1)	2,908 (+12%)	2mo	$739,900	$254	65
159 Grand Ave	0.04mi	4/3.5 (-1)	2,896 (+11%)	9mo	$790,000	$273	63
38 State St	0.62mi	5/4.0	2,540 (-2%)	9mo	$660,000	$260	54
28 Waterbury St	0.49mi	6/3.0 (+1)	2,294 (-12%)	1mo	$675,000	$294	50
25 Clinton St	0.34mi	6/4.0 (+1)	2,955 (+14%)	17mo	$1,175,000	$398	36

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

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -18.6%
• Equity multiple: 0.32×
• Total profit: $-147,202
• Equity at exit: $115,555

10-year hold

• IRR: -3.9%
• Equity multiple: 0.69×
• Total profit: $-66,290
• Equity at exit: $67,008

Cash invested: $217,000 (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 12866

• Home prices YoY: -31.8%
• Rents YoY: 9.2%
• Active inventory: 474
• Price-to-rent: 24.7×

Monthly cashflow live

• Estimated rent: $5,234 high
• Mortgage (P&I): −$4,064
• Tax from tax record: −$518 /mo · $6,221/yr
• Insurance: −$323
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,099
• Net cashflow: $-771

Break-even live

Break-even rent $6,209

Max offer price $638,867

Occupancy floor —

Sensitivity live

Price	-10% $-332	-5% $-551	+0% $-771	+5% $-990	+10% $-1,209
Rent	-10% $-1,184	-5% $-977	+0% $-771	+5% $-564	+10% $-357
Rate	-1.0pp $-380	-0.5pp $-574	base $-771	+0.5pp $-971	+1.0pp $-1,176

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.2	$5,234
Total (2 units)			$5,234

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: $193,750
• Closing costs: $23,250
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
194 Grand Ave Saratoga Springs, NY	4.0	2.5	2200	$28,000	$12.73	45d	1	0.10mi
55 State St Saratoga Springs, NY	4.0	3.0	2216	$20,000	$9.03	16d	1	0.67mi
77 White St Saratoga Springs, NY	4.0	2.5	2088	$4,950	$2.37	25d	1	0.80mi
10 Marion Pl Saratoga Springs, NY	4.0	2.0	1800	$4,500	$2.50	25d	1	0.83mi
162 Lake Ave Saratoga Springs, NY	4.0	1.5	2525	$3,500	$1.39	25d	1	0.96mi
64 Second St Saratoga Springs, NY	4.0	2.0	1838	$3,400	$1.85	25d	1	1.11mi

Listing history 31 events

1. 2026-06-21
   days on market $775,000 Active 109 DOM
2. 2026-06-18
   days on market $775,000 Active 106 DOM
3. 2026-06-17
   days on market $775,000 Active 105 DOM
4. 2026-06-16
   days on market $775,000 Active 104 DOM
5. 2026-06-15
   days on market $775,000 Active 103 DOM
6. 2026-06-14
   days on market $775,000 Active 101 DOM
7. 2026-06-13
   days on market $775,000 Active 100 DOM
8. 2026-06-10
   days on market $775,000 Active 98 DOM
9. 2026-06-09
   days on market $775,000 Active 97 DOM
10. 2026-06-08
    days on market $775,000 Active 96 DOM
11. 2026-06-07
    days on market $775,000 Active 95 DOM
12. 2026-06-05
    days on market $775,000 Active 92 DOM
13. 2026-06-03
    days on market $775,000 Active 91 DOM
14. 2026-06-02
    days on market $775,000 Active 90 DOM
15. 2026-06-01
    days on market $775,000 Active 89 DOM
16. 2026-05-31
    days on market $775,000 Active 88 DOM
17. 2026-05-31
    days on market $775,000 Active 87 DOM
18. 2026-03-04
    listed $775,000 Active 245-char remark

    Show marketing remark (245 chars)

    Opportunity presents itself in a very well maintained multi family investment. Located a few blocks from Broadway, this 2 unit building is close to everything. Park one block away, Spacious 2 units with a 3 bedroom and 2 bedroom. Book a showing!

19. 2026-01-25
    historical
20. 2026-01-18
    historical $1,900
21. 2025-11-19
    price $1,900
22. 2025-11-18
    price $850,000
23. 2025-07-03
    listed $2,400
24. 2025-06-26
    historical $2,400
25. 2025-01-24
    listed $899,000 Active
26. 2025-01-18
    listed $2,400
27. 2014-04-07
    soldstatus $316,000
28. 2014-03-27
    soldstatus $316,000
29. 2013-11-12
    historical
30. 2013-06-11
    listed $329,900
31. 1999-06-24
    soldstatus $129,000

ⓘ 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: $6,221 · $518/mo
• Projected year-2 tax: $9,659 · $805/mo
• Expected delta: +$3,438/yr (+$287/mo · 55.3%)

ⓘ 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 4% 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: $62,808
• − Mortgage interest: −$43,412
• − Property taxes: −$6,221
• − Insurance: −$3,875
• − Repairs & maintenance: −$5,025
• − Management: −$5,025
• − Depreciation: −$22,545
• Taxable loss: −$23,294
• Est. tax savings @ 24.0%: +$5,591
• After-tax cash flow: $-3,657/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: Saratoga Springs City SD
• NCES district ID: 3625770
• Math proficiency: 67% ▼ -10.00%
• Reading proficiency: 72% ▲ 6.00%
• Median HH income: $69,864
• Composite: 60.83/100
• National rank: #818
• State rank: #138 of 590 in NY

Livability — Saratoga Springs

• Score: 82/100
• State rank: #83
• US rank: #1284

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Saratoga Springs, NY
• County: Saratoga County · 166,192 people
• City population: 40,057
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 40,057
• Household income: $101,901
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1424.0

Population outlook (Saratoga County) Hauer SSP2

• Today (2025): 238,889 people
• By 2030: 243,681 · +2.0%
• By 2040: 249,118 · +4.3%
• By 2050: 248,638 · +4.1%
• By 2075: 241,675 · +1.2%
• By 2100: 213,150 · -10.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 4% Asian 2% Black 2%
• Common ancestry: Romanian 6% Lithuanian 5% Slovak 2%
• Foreign-born: 6% · Canada, South Korea, China
• Languages at home: 92% English-only · Spanish 2% German/W. Germanic 1% Korean 1%

Political lean MEDSL · Saratoga

• 2024 margin: Toss-up / Even · D 50.9% · R 49.1%
• 2008→2024 swing: -1.6pp toward R · 2008: 3.4pp · 2024: 1.8pp
• All cycles: 2024: D+1.8 2020: D+5.4 2016: R+4.4 2012: D+2.1 2008: D+3.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -178.78%
• Current HPI: 382.7429
• Rent YoY: ▲ 9.15%
• Metro: Albany-Schenectady-Troy, NY
• 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

+500.8% since first listed

14 events — show timeline

• 2026-03-04 Listed $775,000 Global MLS
• 2026-01-25 Listing Removed — Global MLS
• 2026-01-18 Rental Removed $1,900 GLOBALMLS
• 2025-11-19 Price Changed $1,900 GLOBALMLS
• 2025-11-18 Price Changed $850,000 Global MLS
• 2025-07-03 Listed for Rent $2,400 GLOBALMLS
• 2025-06-26 Rental Removed $2,400 GLOBALMLS
• 2025-01-24 Listed $899,000 Global MLS
• 2025-01-18 Listed for Rent $2,400 GLOBALMLS
• 2014-04-07 Sold (Public Records) $316,000 Public Records
• 2014-03-27 Sold (MLS) $316,000 Global MLS
• 2013-11-12 Listing Removed — Global MLS
• 2013-06-11 Listed $329,900 Global MLS
• 1999-06-24 Sold (Public Records) $129,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $6,221 · +4.0% YoY. Source: county tax records.