60 Wilson Ave

South Glens Falls, NY 12803

$104,000D

1 bd · 1.0 ba · 384 sqft · Built 1920 · Other · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $926/mo
• Mortgage (P&I): −$545
• Tax + insurance: −$375
• HOA: −$0
• Vac / Maint / Mgmt: −$195
• Net cashflow: $-189/mo
• Annual: $-2,268/yr
• Cap rate: 4.11%
• Cash-on-cash: -7.79%
• DSCR: 0.65
• 1% rule: 0.89%
• Cash to close: $29,120

Investor read

• This is a 1-bed/1.0-bath other listed at $104k.
• At list price, monthly cash flow is $-189 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $80k (23.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $93k (10.9% below list).
• It's been on market 79 days — a 6% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (23.4% below list) — sets the bar for cash-flow.
• In year one you build about $9k of equity ($719 loan paydown + $8k appreciation (7.9% local appreciation)).
• Location reads 73/100 on livability (#331 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime B+; Watch: amenities F, commute F.
• South Glens Falls Central School District (suburban): math 49% / reading 59% proficiency, ranked #307 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Harrison Avenue Elementary School (math 42% / reading 62%, grade C-, #988 of 2,108 statewide, top 49%, 264 students, 53% FRL); Oliver W Winch Middle School (math 32% / reading 50%, grade F, #402 of 729 statewide, top 56%, 668 students, 37% FRL); South Glens Falls Senior High School (math 92% / reading 91%, grade A+, #197 of 1,100 statewide, top 18%, 908 students, 36% FRL) — zoned schools average 42% FRL vs 22% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 3.8% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 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 since 2y ago; this cycle's ask has dropped $25k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 4, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.1% vs local median 2.2% in South Glens Falls — 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 79 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.