17 Chloes Way

Saratoga Springs, NY 12866

$1,012,900F

4 bd · 2.5 ba · 2,473 sqft · Built 2026 · Land · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,494/mo
• Mortgage (P&I): −$5,312
• Tax + insurance: −$1,688
• HOA: −$0
• Vac / Maint / Mgmt: −$734
• Net cashflow: $-4,239/mo
• Annual: $-50,872/yr
• Cap rate: 1.27%
• Cash-on-cash: -17.94%
• DSCR: 0.20
• 1% rule: 0.34%
• Cash to close: $283,612

Investor read

• This is a 4-bed/2.5-bath land listed at $1.01M. Condition is rated fair.
• At list price, monthly cash flow is $-4k ($-51k/yr) — negative.
• To cash-flow at today's rent, offer at most $399k (60.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $349k (65.5% below list).
• It's been on market 74 days — a 6% lower offer ($952k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $349k (65.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k 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: Lake Avenue Elementary School (math 82% / reading 82%, grade A+, #138 of 2,108 statewide, top 8%, 393 students, 21% FRL); Maple Avenue Middle School (math 46% / reading 69%, grade B, #187 of 729 statewide, top 26%, 1,392 students, 27% FRL); Saratoga Springs High School (math 98% / reading 92%, grade A+, #83 of 1,100 statewide, top 8%, 1,947 students, 26% FRL).
• Market conditions: Rents rising fast (+9.2%/yr); 649 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 63d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 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.
• Cap rate 1.3% vs local median 1.9% in Saratoga Springs — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 41% of the median local income ($102k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 74 days. Have you received any prior offers? Is the seller open to a 66% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinetry and countertops — The kitchen appears to have outdated and worn cabinetry and countertops.
• Major: Bathroom fixtures — The bathrooms show signs of wear and outdated fixtures.
• Major: Interior walls — The interior walls show signs of discoloration and possible paint peeling.
• Major: Landscaping — The landscaping appears to be overgrown and in need of trimming and maintenance.