5 Limerick Ln · Ballston Spa, NY 12020

$430,000

4 bd · 3.0 ba · 2,052 sqft · MultiFamily public records · 29 Days on market

Built 1988 0.40 ac lot

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Why this score? — see what drove the C- 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 +17.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Rent growth +5.0/5.0
• Schools +4.8/10.0
• 1% rule +4.7/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

represented buyer only. sold before print. very similar to MLS: 201222849 -- Excellent Condition

Key facts

• 0.4 acre lot
• 4 parking spots
• Built 1988

Property features AI

Finance

• Other: Located about 5 minutes from downtown Ballston Spa
• HOA & community: Has association with semi-annual fees; Association fee covers: Other

Exterior

• Parking: Off-street parking; Driveway; Total of 4 parking spaces
• Utilities: Water source: Other; Sewer: Unknown
• Home design: Duplex; Living area recorded as 2,052
• Construction: Construction material: Other
• Exterior features: Lot about 0.4 acres

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms; Additional bedroom counts listed: 4 bedrooms (appears in entries for each unit)
• Bathrooms: Two full bathrooms (both on 2nd level); Two half bathrooms (both on 1st level)
• Interior features: Two-unit duplex

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $430k.

Deal economics

• At list price, monthly cash flow is $340 ($4k/yr) — positive. Per door: $170/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $416k (3.1% below list).
• Recommended offer: $416k (3.1% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 3.3% in Ballston Spa — 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 80/100 on livability (#104 in NY, #1,680 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: cost of living C-, commute F.
• Ballston Spa Central School District (suburban): math 54% / reading 55% proficiency, ranked #289 of 590 in NY (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Ballston Spa Senior High School (math 92% / reading 64%, grade A-, #568 of 1,100 statewide, top 52%, 1,249 students, 32% FRL).
• Zoned-school proficiency averages 78% at this address vs 54% district-wide (+24 pts) — the actual schools serving this property are materially stronger than the Ballston Spa Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+11.3%/yr); 223 active listings in the ZIP; solid renter incomes; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).
• At $4,165/mo this rent would consume 47% of the median local household income ($107k/yr) (locally 607% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Saratoga County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $120k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($424k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y 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 $185k; list at $430k implies a 132% gain — meaningful room to come down on a strong offer.

Recommended offer $416,500 (3.1% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.97% ✗
• Cap rate: 7.24%
• Cash-on-cash: 3.39%
• DSCR: 1.15
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $242,136
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8 Limerick Ln	0.03mi	4/3.0	2,052 (0%)	23mo	$310,000	$151	80
155 Maple Ave	0.10mi	4/2.0	2,286 (+11%)	2mo	$269,900	$118	70
20 Knickerbocker St	0.45mi	5/2.0 (+1)	2,176 (+6%)	13mo	$155,348	$71	49

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

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -5.5%
• Equity multiple: 0.78×
• Total profit: $-25,979
• Equity at exit: $64,114

10-year hold

• IRR: 9.3%
• Equity multiple: 1.88×
• Total profit: $105,625
• Equity at exit: $37,179

Cash invested: $120,400 (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 12020

• Home prices YoY: -14.8%
• Rents YoY: 11.3%
• Active inventory: 223
• Price-to-rent: 17.2×

Monthly cashflow live

• Estimated rent: $4,165 medium
• Mortgage (P&I): −$2,255
• Tax from tax record: −$516 /mo · $6,198/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$875
• Net cashflow: $340

Break-even live

Break-even rent $3,735

Max offer price $430,000

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$4,164
Total (2 units)			$4,165

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: $107,500
• Closing costs: $12,900
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $430,000 Active 29 DOM
2. 2026-06-17
   days on market $430,000 Active 28 DOM
3. 2026-06-16
   days on market $430,000 Active 27 DOM
4. 2026-06-15
   days on market $430,000 Active 26 DOM
5. 2026-06-14
   days on market $430,000 Active 24 DOM
6. 2026-06-13
   days on market $430,000 Active 23 DOM
7. 2026-06-10
   days on market $430,000 Active 21 DOM
8. 2026-06-09
   days on market $430,000 Active 20 DOM
9. 2026-06-08
   days on market $430,000 Active 19 DOM
10. 2026-06-07
    days on market $430,000 Active 18 DOM
11. 2026-06-03
    days on market $430,000 Active 14 DOM
12. 2026-06-02
    days on market $430,000 Active 13 DOM
13. 2026-06-01
    days on market $430,000 Active 12 DOM
14. 2026-05-31
    days on market $430,000 Active 11 DOM
15. 2026-05-31
    days on market $430,000 Active 10 DOM
16. 2026-05-20
    listed $430,000 Active
17. 2013-03-19
    soldstatus $185,000
18. 2013-03-16
    soldstatus $185,000 96-char remark

    Show marketing remark (96 chars)

    represented buyer only. sold before print. very similar to MLS: 201222849 -- Excellent Condition

19. 2013-03-01
    listed $185,000 96-char remark

    Show marketing remark (96 chars)

    represented buyer only. sold before print. very similar to MLS: 201222849 -- Excellent Condition

20. 2005-08-18
    soldstatus $180,000

ⓘ 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: $6,198 · $516/mo
• Projected year-2 tax: $6,732 · $561/mo
• Expected delta: +$535/yr (+$45/mo · 8.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,980
• − Mortgage interest: −$24,087
• − Property taxes: −$6,198
• − Insurance: −$2,150
• − Repairs & maintenance: −$3,998
• − Management: −$3,998
• − Depreciation: −$12,509
• Taxable loss: −$2,960
• Est. tax savings @ 24.0%: +$710
• After-tax cash flow: $4,787/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: Ballston Spa Central School District
• NCES district ID: 3603930
• Math proficiency: 54% ▼ -13.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $66,705
• Composite: 48.12/100
• National rank: #2184
• State rank: #289 of 590 in NY

Livability — Ballston Spa

• Score: 80/100
• State rank: #104
• US rank: #1680

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ballston Spa, NY
• County: Saratoga County · 166,192 people
• City population: 34,937
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 34,937
• Household income: $107,112
• Rent vs Own: 29.8% rent · 70.2% own
• Severe rent burden: 607.0

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 (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 4% Asian 2% Black 2%
• Common ancestry: Romanian 6% Lithuanian 6% Iranian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Chinese 1% Spanish 1% Other Asian/Pacific 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: ▼ -60.23%
• Current HPI: 346.5996
• Rent YoY: ▲ 11.26%
• 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

+138.9% since first listed

5 events — show timeline

• 2026-05-20 Listed $430,000 Global MLS
• 2013-03-19 Sold (Public Records) $185,000 Public Records
• 2013-03-16 Sold (MLS) $185,000 Global MLS
• 2013-03-01 Listed $185,000 Global MLS
• 2005-08-18 Sold (Public Records) $180,000 Public Records

Property tax history

+5.0%/yr

Latest (2025): $6,198 · +1.5% YoY. Source: county tax records.