36 Maple St

Mechanicville, NY 12118

$229,999F

3 bd · 1.0 ba · 1,121 sqft · Built 1915 · SingleFamily · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,687/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$479
• HOA: −$0
• Vac / Maint / Mgmt: −$354
• Net cashflow: $-352/mo
• Annual: $-4,227/yr
• Cap rate: 4.46%
• Cash-on-cash: -6.56%
• DSCR: 0.71
• 1% rule: 0.73%
• Cash to close: $64,400

Investor read

• This is a 3-bed/1.0-bath single-family listed at $230k.
• At list price, monthly cash flow is $-352 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (27.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (26.7% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $168k (27.1% below list) — sets the bar for cash-flow.
• In year one you build about $25k of equity ($2k loan paydown + $23k 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.
• Zoned schools: Mechanicville Elementary School (math 57% / reading 53%, grade C, #905 of 2,108 statewide, top 43%, 600 students, 52% FRL); Mechanicville Junior/Senior High School (math 60% / reading 62%, grade C+, #843 of 1,100 statewide, top 77%, 746 students, 45% FRL) — zoned schools average 48% FRL vs 30% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 146 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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).
• Saratoga County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 28y 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 $175k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.5% vs local median 1.9% in Mechanicville — 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?
• Built in 1915 — 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.
• 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.
• 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.