11 Walke Way

Mechanicville, NY 12118

$489,900D

3 bd · 2.5 ba · 1,700 sqft · Built — · SingleFamily · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,020/mo
• Mortgage (P&I): −$2,569
• Tax + insurance: −$816
• HOA: −$0
• Vac / Maint / Mgmt: −$424
• Net cashflow: $-1,790/mo
• Annual: $-21,479/yr
• Cap rate: 1.91%
• Cash-on-cash: -15.66%
• DSCR: 0.30
• 1% rule: 0.41%
• Cash to close: $137,172

Investor read

• This is a 3-bed/2.5-bath single-family listed at $490k.
• At list price, monthly cash flow is $-2k ($-21k/yr) — negative.
• To cash-flow at today's rent, offer at most $231k (52.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $202k (58.8% below list).
• It's been on market 79 days — a 6% lower offer ($461k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $202k (58.8% below list) — sets the bar for 1% rule.
• In year one you build about $52k of equity ($3k loan paydown + $49k appreciation (10.0% local appreciation)).
• Location reads 67/100 on livability (#568 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: amenities C-, crime D+, employment D.
• Mechanicville City School District (rural): math 57% / reading 57% proficiency, ranked #270 of 590 in NY (top 46%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 145 active listings in the ZIP; 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.
• By year 2, paydown + projected appreciation supports a ~$84k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 79 days. Have you received any prior offers? Is the seller open to a 59% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.