70 Gates Ave

Victory, NY 12871

$210,000A-

6 bd · 3.0 ba · 2,736 sqft · Built 1870 · MultiFamily · Active · 184 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,721/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$686
• HOA: −$0
• Vac / Maint / Mgmt: −$991
• Net cashflow: $1,943/mo
• Annual: $23,313/yr
• Cap rate: 17.39%
• Cash-on-cash: 39.65%
• DSCR: 2.76
• 1% rule: 2.25%
• Cash to close: $58,800

Investor read

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $210k.
• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $648/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $210k).
• It's been on market 184 days — a 12% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (12.0% below list) — sets the bar for market timing.
• In year one you build about $22k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#865 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: crime F, amenities F, commute F.
• Schuylerville Central School District (rural): math 58% / reading 64% proficiency, ranked #201 of 590 in NY (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Schuylerville Elementary School (math 60% / reading 66%, grade B, #669 of 2,108 statewide, top 32%, 597 students, 36% FRL); Schuylerville Middle School (math 42% / reading 63%, grade C+, #235 of 729 statewide, top 33%, 290 students, 28% FRL); Schuylerville High School (math 92% / reading 70%, grade A, #495 of 1,100 statewide, top 46%, 482 students, 29% FRL).
• Watch-outs: property tax is 3.4% of price; built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 32 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.
• 5 sale attempts since 11y ago; this cycle's ask has dropped $40k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $210k implies a 192% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 184 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1870 — 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?