34 Williams St

Mechanicville, NY 12118

$3,499,000A-

60 bd · 18.0 ba · 38,880 sqft · Built 1925 · MultiFamily · Active · 335 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $53,798/mo
• Mortgage (P&I): −$18,349
• Tax + insurance: −$2,185
• HOA: −$0
• Vac / Maint / Mgmt: −$11,298
• Net cashflow: $21,966/mo
• Annual: $263,598/yr
• Cap rate: 13.83%
• Cash-on-cash: 26.91%
• DSCR: 2.20
• 1% rule: 1.54%
• Cash to close: $979,720

Investor read

• This is a 20 × 3-bed/?-bath units multifamily listed at $3.50M. Condition is rated good.
• At list price, monthly cash flow is $22k ($264k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($54k rent vs $3.50M).
• It's been on market 335 days — a 12% lower offer ($3.08M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $3.08M (12.0% below list) — sets the bar for market timing.
• In year one you build about $374k of equity ($24k loan paydown + $350k appreciation (10.0% local appreciation)).
• 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.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 144 active listings in the ZIP; 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.
• 6 sale attempts since 2y ago; this cycle's ask is 225642% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $980k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$601k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 13.8% 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.
• At $53,798/mo this rent would consume 696% 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.

Questions for listing agent

• It's been on market 335 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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?