34 Leonard St · Mechanicville, NY 12118

$449,000

9 bd · 3.9 ba · 6,000 sqft · MultiFamily public records · 129 Days on market

Built 1920 0.33 ac lot $75/sqft · 37% below area Est $562k · 20% under

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Why this score? — see what drove the A 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Schools +4.9/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Fully Rented - 1st Floor Left - $800 2nd Floor Left - $1075 1st Floor Right - $1200 2nd Floor Right - $1200 All separate utilities - massive property (almost 5000 s.f.) with tons of offstreet parking - lots of ''add value'' to be made - rents are way below market value

Key facts

• 0.33 acre lot
• 8 parking spots
• Built 1920

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $449k.

Deal economics

• At list price, monthly cash flow is $4k ($43k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $449k).
• Recommended offer: $395k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.0% 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.

Location & tenants

• 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).
• At $8,070/mo this rent would consume 104% of the median local household income ($93k/yr) (locally 552% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $48k of equity ($3k loan paydown + $45k appreciation (10.0% local appreciation)).
• Saratoga County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $126k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$77k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($395k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $285k; list at $449k implies a 58% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $395,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.80% ✓
• Cap rate: 15.96%
• Cash-on-cash: 34.52%
• DSCR: 2.54
• GRM: 4.6

CMA / ARV

• ARV (median comp): $561,917
• List price: $449,000
• Delta: -20.09%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
502 Broadway	0.45mi	10/4.0 (+1)	5,700 (-5%)	4mo	$408,000	$72	62

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 50.7%
• Equity multiple: 4.78×
• Total profit: $474,818
• Equity at exit: $404,495

10-year hold

• IRR: 44.4%
• Equity multiple: 10.68×
• Total profit: $1,216,919
• Equity at exit: $872,308

Cash invested: $125,720 (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 12118

• Home prices YoY: 8.3%
• Active inventory: 145
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $8,070 medium
• Mortgage (P&I): −$2,355
• Tax from tax record: −$217 /mo · $2,599/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,695
• Net cashflow: $3,617

Break-even live

Break-even rent $3,491

Max offer price $449,000

Occupancy floor 50%

Sensitivity live

Price	-10% $3,871	-5% $3,744	+0% $3,617	+5% $3,490	+10% $3,363
Rent	-10% $2,979	-5% $3,298	+0% $3,617	+5% $3,936	+10% $4,255
Rate	-1.0pp $3,843	-0.5pp $3,731	base $3,617	+0.5pp $3,501	+1.0pp $3,382

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$8,070
Total (3 units)			$8,070

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: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $449,000 Active 129 DOM
2. 2026-06-18
   days on market $449,000 Active 126 DOM
3. 2026-06-17
   days on market $449,000 Active 125 DOM
4. 2026-06-16
   days on market $449,000 Active 124 DOM
5. 2026-06-15
   days on market $449,000 Active 123 DOM
6. 2026-06-14
   days on market $449,000 Active 121 DOM
7. 2026-06-13
   days on market $449,000 Active 120 DOM
8. 2026-06-10
   days on market $449,000 Active 118 DOM
9. 2026-06-09
   days on market $449,000 Active 117 DOM
10. 2026-06-08
    days on market $449,000 Active 116 DOM
11. 2026-06-07
    days on market $449,000 Active 115 DOM
12. 2026-06-05
    days on market $449,000 Active 112 DOM
13. 2026-06-03
    days on market $449,000 Active 111 DOM
14. 2026-06-02
    days on market $449,000 Active 110 DOM
15. 2026-06-01
    days on market $449,000 Active 109 DOM
16. 2026-05-31
    days on market $449,000 Active 108 DOM
17. 2026-05-31
    days on market $449,000 Active 107 DOM
18. 2026-04-23
    price $449,000 277-char remark

    Show marketing remark (277 chars)

    Fully Rented - 1st Floor Left - $800 2nd Floor Left - $1075 1st Floor Right - $1200 2nd Floor Right - $1200 All separate utilities - massive property (almost 5000 s.f.) with tons of offstreet parking - lots of ''add value'' to be made - rents are way below market value

19. 2026-03-28
    price $454,000 277-char remark

    Show marketing remark (277 chars)

    Fully Rented - 1st Floor Left - $800 2nd Floor Left - $1075 1st Floor Right - $1200 2nd Floor Right - $1200 All separate utilities - massive property (almost 5000 s.f.) with tons of offstreet parking - lots of ''add value'' to be made - rents are way below market value

20. 2026-02-12
    listed $459,000 Active 277-char remark

    Show marketing remark (277 chars)

    Fully Rented - 1st Floor Left - $800 2nd Floor Left - $1075 1st Floor Right - $1200 2nd Floor Right - $1200 All separate utilities - massive property (almost 5000 s.f.) with tons of offstreet parking - lots of ''add value'' to be made - rents are way below market value

21. 2020-04-24
    soldstatus $285,000
22. 2020-04-03
    soldstatus $285,000 Closed (Final Sale) 226-char remark

    Show marketing remark (226 chars)

    Well maintained 4 unit on a large lot and a quiet street. Plenty of off street parking newer rinnai heaters. Updated kitchen and mechanicals. Lifetime warranty on window and siding. Units are all rented. Excellent Condition

23. 2020-03-05
    status Pend (Under Cntr) 226-char remark

    Show marketing remark (226 chars)

    Well maintained 4 unit on a large lot and a quiet street. Plenty of off street parking newer rinnai heaters. Updated kitchen and mechanicals. Lifetime warranty on window and siding. Units are all rented. Excellent Condition

24. 2020-02-27
    listed $289,900 New 226-char remark

    Show marketing remark (226 chars)

    Well maintained 4 unit on a large lot and a quiet street. Plenty of off street parking newer rinnai heaters. Updated kitchen and mechanicals. Lifetime warranty on window and siding. Units are all rented. Excellent Condition

25. 2019-03-20
    soldstatus $245,000
26. 2019-01-22
    soldstatus $245,000 Closed (Final Sale)
27. 2018-11-21
    status Pend (Under Cntr)
28. 2018-11-19
    price $259,900
29. 2018-10-10
    listed $279,500 New

ⓘ 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: $2,599 · $217/mo
• Projected year-2 tax: $5,094 · $424/mo
• Expected delta: +$2,495/yr (+$208/mo · 96.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $96,840
• − Mortgage interest: −$25,151
• − Property taxes: −$2,599
• − Insurance: −$2,245
• − Repairs & maintenance: −$7,747
• − Management: −$7,747
• − Depreciation: −$13,062
• Taxable income: $38,289
• Est. tax owed @ 24.0%: −$9,189
• After-tax cash flow: $34,215/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: Mechanicville City School District
• NCES district ID: 3618900
• Math proficiency: 57% ▼ -3.00%
• Reading proficiency: 57% ▲ 5.00%
• Median HH income: $57,701
• Composite: 49.33/100
• National rank: #2021
• State rank: #270 of 590 in NY

Livability — Mechanicville

• Score: 67/100
• State rank: #568
• US rank: #10227

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mechanicville, NY
• County: Saratoga County · 166,192 people
• City population: 17,069
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 17,069
• Household income: $92,710
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 552.0

Population outlook (Saratoga County) Hauer SSP2

• Today (2025): 238,889 people
• By 2030: 243,681 · +2.0%
• By 2040: 249,118 · +4.3%
• By 2050: 248,638 · +4.1%
• By 2075: 241,675 · +1.2%
• By 2100: 213,150 · -10.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 5% Hispanic / Latino 4% Asian 3%
• Common ancestry: Lithuanian 8% Romanian 8% Iranian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Saratoga

• 2024 margin: Toss-up / Even · D 50.9% · R 49.1%
• 2008→2024 swing: -1.6pp toward R · 2008: 3.4pp · 2024: 1.8pp
• All cycles: 2024: D+1.8 2020: D+5.4 2016: R+4.4 2012: D+2.1 2008: D+3.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 26.43%
• Current HPI: 343.9893
• Rent YoY: —
• Metro: Albany-Schenectady-Troy, NY
• 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

+60.6% since first listed

12 events — show timeline

• 2026-04-23 Price Changed $449,000 Global MLS
• 2026-03-28 Price Changed $454,000 Global MLS
• 2026-02-12 Listed $459,000 Global MLS
• 2020-04-24 Sold (Public Records) $285,000 Public Records
• 2020-04-03 Sold (MLS) $285,000 Global MLS
• 2020-03-05 Pending — Global MLS
• 2020-02-27 Listed $289,900 Global MLS
• 2019-03-20 Sold (Public Records) $245,000 Public Records
• 2019-01-22 Sold (MLS) $245,000 Global MLS
• 2018-11-21 Pending — Global MLS
• 2018-11-19 Price Changed $259,900 Global MLS
• 2018-10-10 Listed $279,500 Global MLS

Property tax history

-59.7%/yr

Latest (2015): $2,599 · -59.7% YoY. Source: county tax records.