21 Whispering Pines Rd

Saratoga Springs, NY 12831

$278,400C

2 bd · 1.5 ba · 1,392 sqft · Built 1984 · Townhouse · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,525/mo
• Mortgage (P&I): −$1,460
• Tax + insurance: −$319
• HOA: −$0
• Vac / Maint / Mgmt: −$530
• Net cashflow: $215/mo
• Annual: $2,583/yr
• Cap rate: 7.22%
• Cash-on-cash: 3.31%
• DSCR: 1.15
• 1% rule: 0.91%
• Cash to close: $77,952

Investor read

• This is a 2-bed/1.5-bath townhouse listed at $278k.
• At list price, monthly cash flow is $215 ($3k/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 $252k (9.3% below list).
• It's been on market 20 days — a 2% lower offer ($274k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $252k (9.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#83 in NY, #1,284 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A; Watch: amenities D+, cost of living F.
• Saratoga Springs City SD (suburban): math 67% / reading 72% proficiency, ranked #138 of 590 in NY (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Dorothy Nolan Elementary School (math 69% / reading 68%, grade B+, #517 of 2,108 statewide, top 25%, 688 students, 22% FRL); Saratoga Springs High School (math 98% / reading 92%, grade A+, #83 of 1,100 statewide, top 8%, 1,947 students, 26% FRL).
• Zoned-school proficiency averages 82% at this address vs 70% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Saratoga Springs City SD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 113 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 2 sale attempts since 3y 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 $230k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 7.2% vs local median 2.0% in Saratoga Springs — 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.
• This rent runs 30% of the median local income ($100k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.
• 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.