332 Stone Church Rd

Milton, NY 12020

$275,000C

3 bd · 1.0 ba · 1,280 sqft · Built 1972 · SingleFamily · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,724/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$374
• HOA: −$0
• Vac / Maint / Mgmt: −$572
• Net cashflow: $336/mo
• Annual: $4,033/yr
• Cap rate: 7.76%
• Cash-on-cash: 5.24%
• DSCR: 1.23
• 1% rule: 0.99%
• Cash to close: $77,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $275k.
• At list price, monthly cash flow is $336 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $272k (0.9% below list).
• It's been on market 17 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $271k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#652 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities F, commute F, cost of living D-.
• 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: Saratoga Springs High School (math 98% / reading 92%, grade A+, #83 of 1,100 statewide, top 8%, 1,947 students, 26% FRL).
• Zoned-school proficiency averages 95% at this address vs 70% district-wide (+26 pts) — the actual schools serving this property are materially stronger than the Saratoga Springs City SD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+11.3%/yr); 223 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).
• Saratoga County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 4y 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 $234k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $77k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 7.8% vs local median 2.4% in Milton — 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.
• This rent runs 31% of the median local income ($107k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.