68 Virginia St · Saranac Lake, NY 12983

$185,000

6 bd · 3.0 ba · 2,964 sqft · Townhouse public records · 53 Days on market

Built 1910 $62/sqft · at area comps Est $181k · at est.

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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).

• Cash flow +15.3/30.0
• ARV discount +6.6/15.0
• 1% rule +5.0/10.0
• DSCR +4.7/10.0
• Livability +3.8/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 unit apartment building in Saranac Lake. New roof in the last 5 years. Common area with laundry. Strong rental history. All utilities are currently paid by the landlord. Two - 1 bedroom units and a two bedroom. 3 off street parking spots.

Key facts

• Off street parking
• Common area
• New roof

Tags

• NEW ROOF
• COMMON AREA
• STRONG RENTAL HISTORY
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath townhouse listed at $185k.

Deal economics

• At list price, monthly cash flow is $67 ($810/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 $184k (0.3% below list).
• Recommended offer: $179k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.7% vs local median 2.5% in Saranac Lake — 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 75/100 on livability (#274 in NY, #4,341 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: health & safety C-, crime D+, amenities D+.
• Saranac Lake Central School District (town): math 35% / reading 48% proficiency, ranked #497 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 79 active listings in the ZIP; 124 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Franklin County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $179,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.00% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.56%
• DSCR: 1.07
• GRM: 8.4

CMA / ARV

• ARV (median comp): $181,305
• List price: $185,000
• Delta: 2.04%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -13.7%
• Equity multiple: 0.51×
• Total profit: $-25,585
• Equity at exit: $27,584

10-year hold

• IRR: -4.8%
• Equity multiple: 0.68×
• Total profit: $-16,355
• Equity at exit: $15,995

Cash invested: $51,800 (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 12983

• Home prices YoY: -12.9%
• Active inventory: 79
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,845 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$343 /mo · $4,111/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $67

Break-even live

Break-even rent $1,759

Max offer price $185,000

Occupancy floor 91%

Sensitivity live

Price	-10% $172	-5% $120	+0% $67	+5% $15	+10% $-37
Rent	-10% $-78	-5% $-5	+0% $67	+5% $140	+10% $213
Rate	-1.0pp $161	-0.5pp $115	base $67	+0.5pp $20	+1.0pp $-29

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-19
   status Pending 240-char remark

   Show marketing remark (240 chars)

   3 unit apartment building in Saranac Lake. New roof in the last 5 years. Common area with laundry. Strong rental history. All utilities are currently paid by the landlord. Two - 1 bedroom units and a two bedroom. 3 off street parking spots.

2. 2026-03-27
   listed $185,000 Active 240-char remark

   Show marketing remark (240 chars)

   3 unit apartment building in Saranac Lake. New roof in the last 5 years. Common area with laundry. Strong rental history. All utilities are currently paid by the landlord. Two - 1 bedroom units and a two bedroom. 3 off street parking spots.

3. 2025-08-24
   price $199,000
4. 2025-07-21
   price $209,000
5. 2024-09-20
   soldstatus $175,000
6. 1993-03-09
   soldstatus $30,000

ⓘ 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: $4,111 · $343/mo
• Projected year-2 tax: $4,111 · $343/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥88°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,136
• − Mortgage interest: −$10,363
• − Property taxes: −$4,111
• − Insurance: −$925
• − Repairs & maintenance: −$1,771
• − Management: −$1,771
• − Depreciation: −$5,382
• Taxable loss: −$2,186
• Est. tax savings @ 24.0%: +$525
• After-tax cash flow: $1,334/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: Saranac Lake Central School District
• NCES district ID: 3625740
• Math proficiency: 35% ▼ -7.00%
• Reading proficiency: 48% ▲ 7.00%
• Median HH income: $50,434
• Composite: 35.73/100
• National rank: #4856
• State rank: #497 of 590 in NY

Livability — Saranac Lake

• Score: 75/100
• State rank: #274
• US rank: #4341

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Saranac Lake, NY
• Population (ZIP): 7,410

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 48,098 people
• By 2030: 46,790 · -2.7%
• By 2040: 44,400 · -7.7%
• By 2050: 41,256 · -14.2%
• By 2075: 32,190 · -33.1%
• By 2100: 23,407 · -51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 3% Hispanic / Latino 3% Black 2%
• Common ancestry: Lithuanian 7% Romanian 5% Slovak 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 1% Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Franklin

• 2024 margin: Lean R (+9.0) · D 45.5% · R 54.5%
• 2008→2024 swing: -31.2pp toward R · 2008: 22.2pp · 2024: -9.0pp
• All cycles: 2024: R+9.0 2020: R+2.2 2016: R+7.4 2012: D+26.3 2008: D+22.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.20%
• Current HPI: 318.7218
• Rent YoY: —
• Metro: —
• 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

+516.7% since first listed

6 events — show timeline

• 2026-05-19 Pending — ACVMLS
• 2026-03-27 Listed $185,000 ACVMLS
• 2025-08-24 Price Changed $199,000 ACVMLS
• 2025-07-21 Price Changed $209,000 ACVMLS
• 2024-09-20 Sold (Public Records) $175,000 Public Records
• 1993-03-09 Sold (Public Records) $30,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $4,111 · +1.2% YoY. Source: county tax records.