32 Nolan Rd

East Glenville, NY 12019

$289,000D

2 bd · 1.0 ba · 1,260 sqft · Built 1958 · SingleFamily · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,154/mo
• Mortgage (P&I): −$1,516
• Tax + insurance: −$463
• HOA: −$0
• Vac / Maint / Mgmt: −$452
• Net cashflow: $-277/mo
• Annual: $-3,322/yr
• Cap rate: 5.14%
• Cash-on-cash: -4.10%
• DSCR: 0.82
• 1% rule: 0.75%
• Cash to close: $80,920

Investor read

• This is a 2-bed/1.0-bath single-family listed at $289k.
• At list price, monthly cash flow is $-277 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $240k (16.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (25.5% below list).
• It's been on market 39 days — a 3% lower offer ($280k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $215k (25.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#535 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A-; Watch: cost of living C-, crime D+, amenities F.
• Burnt Hills-Ballston Lake Central School District (suburban): math 64% / reading 73% proficiency, ranked #137 of 590 in NY (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Francis L Stevens Elementary School (math 67% / reading 77%, grade A-, #378 of 2,108 statewide, top 20%, 486 students, 17% FRL); Richard H O'Rourke Middle School (math 42% / reading 65%, grade C+, #228 of 729 statewide, top 31%, 724 students, 19% FRL); Burnt Hills-Ballston Lake Senior High School (math 97% / reading 98%, grade A+, #49 of 1,100 statewide, top 5%, 928 students, 19% FRL).
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 112 active listings in the ZIP; 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.
• 2 sale attempts; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.1% vs local median 3.5% in East Glenville — 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.

Questions for listing agent

• 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?
• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1958 — 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?
• 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.