5 Limerick Ln

Ballston Spa, NY 12020

$430,000C-

4 bd · 3.0 ba · 2,052 sqft · Built 1988 · MultiFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,165/mo
• Mortgage (P&I): −$2,255
• Tax + insurance: −$696
• HOA: −$0
• Vac / Maint / Mgmt: −$875
• Net cashflow: $340/mo
• Annual: $4,077/yr
• Cap rate: 7.24%
• Cash-on-cash: 3.39%
• DSCR: 1.15
• 1% rule: 0.97%
• Cash to close: $120,400

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $430k.
• 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).
• It's been on market 29 days — a 2% lower offer ($424k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $416k (3.1% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Saratoga County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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 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.