1276 Ridge Rd · Galway, NY 12074

$359,000

5 bd · 3.5 ba · 2,469 sqft · MultiFamily public records · 28 Days on market

Built 1981 0.52 ac lot $145/sqft · 54% below area Est $553k · 35% under

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Why this score? — see what drove the B+ 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 +24.4/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +7.9/10.0
• 1% rule +5.8/10.0
• Schools +4.9/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

ATTENTION INVESTORS! Multi-unit opportunity in Galway Schools located on a 0.59 acre lot is a rare find! Three unit apartment bldg. All apartments are 2 BR, one BA. Laminate flooring, carpets, great outdoor space. New roof within the last 2 years. Don't miss out, call today!

Key facts

• Outdoor space
• New roof
• 0.52 acre lot

Tags

• MULTI-UNIT OPPORTUNITY
• OUTDOOR SPACE
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1-bath units multifamily listed at $359k.

Deal economics

• At list price, monthly cash flow is $732 ($9k/yr) — positive. Per door: $244/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $359k).
• Recommended offer: $354k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#580 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, schools A-; Watch: crime F, amenities F, commute F.
• Galway Central School District (rural): math 50% / reading 62% proficiency, ranked #274 of 590 in NY (top 46%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 15 active listings in the ZIP; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).

Forward outlook

• In year one you build about $38k of equity ($2k loan paydown + $36k appreciation (10.0% local appreciation)).
• Saratoga County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $101k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$62k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($354k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y 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 $168k; list at $359k implies a 114% gain — meaningful room to come down on a strong offer.

Recommended offer $353,615 (1.5% 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. Crime grade is F 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?
6. 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.
7. 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.
8. 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: 1.08% ✓
• Cap rate: 8.74%
• Cash-on-cash: 8.74%
• DSCR: 1.39
• GRM: 7.7

CMA / ARV

• ARV (median comp): $552,768
• List price: $359,000
• Delta: -35.05%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 30.7%
• Equity multiple: 3.41×
• Total profit: $242,139
• Equity at exit: $323,416

10-year hold

• IRR: 26.5%
• Equity multiple: 7.73×
• Total profit: $676,320
• Equity at exit: $697,458

Cash invested: $100,520 (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 12074

• Home prices YoY: 8.1%
• Active inventory: 15
• Price-to-rent: 23.1×

Monthly cashflow live

• Estimated rent: $3,888 medium
• Mortgage (P&I): −$1,883
• Tax from tax record: −$307 /mo · $3,683/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$816
• Net cashflow: $732

Break-even live

Break-even rent $2,961

Max offer price $359,000

Occupancy floor 76%

Sensitivity live

Price	-10% $936	-5% $834	+0% $732	+5% $631	+10% $529
Rent	-10% $425	-5% $579	+0% $732	+5% $886	+10% $1,040
Rate	-1.0pp $913	-0.5pp $824	base $732	+0.5pp $639	+1.0pp $545

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,888
Total (3 units)			$3,888

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: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-05-04
   status Pending 281-char remark

   Show marketing remark (281 chars)

   ATTENTION INVESTORS! Multi-unit opportunity in Galway Schools located on a 0.59 acre lot is a rare find! Three unit apartment bldg. All apartments are 2 BR, one BA. Laminate flooring, carpets, great outdoor space. New roof within the last 2 years. Don't miss out, call today!

2. 2026-04-06
   listed $359,000 Active 281-char remark

   Show marketing remark (281 chars)

   ATTENTION INVESTORS! Multi-unit opportunity in Galway Schools located on a 0.59 acre lot is a rare find! Three unit apartment bldg. All apartments are 2 BR, one BA. Laminate flooring, carpets, great outdoor space. New roof within the last 2 years. Don't miss out, call today!

3. 2016-12-02
   historical
4. 2016-06-24
   status Extended
5. 2016-06-22
   historical
6. 2016-06-20
   status Extended
7. 2016-06-18
   historical
8. 2016-05-16
   price $177,900
9. 2016-04-16
   price $178,900
10. 2015-11-06
    listed $179,000 Active
11. 2008-03-24
    soldstatus $167,500
12. 2008-03-21
    soldstatus $167,500
13. 2007-09-19
    listed $179,900

ⓘ 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: $3,683 · $307/mo
• Projected year-2 tax: $4,875 · $406/mo
• Expected delta: +$1,192/yr (+$99/mo · 32.4%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $46,656
• − Mortgage interest: −$20,110
• − Property taxes: −$3,683
• − Insurance: −$1,795
• − Repairs & maintenance: −$3,732
• − Management: −$3,732
• − Depreciation: −$10,444
• Taxable income: $3,160
• Est. tax owed @ 24.0%: −$758
• After-tax cash flow: $8,030/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: Galway Central School District
• NCES district ID: 3611730
• Math proficiency: 50% ▼ -9.00%
• Reading proficiency: 62% ▲ 8.00%
• Median HH income: $64,963
• Composite: 49.15/100
• National rank: #2044
• State rank: #274 of 590 in NY

Livability — Galway

• Score: 67/100
• State rank: #580
• US rank: #10479

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,833

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 (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Romanian 18% Lithuanian 5% Iranian 3%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 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: ▲ 26.95%
• Current HPI: 358.2316
• Rent YoY: —
• Metro: —
• 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

+99.6% since first listed

13 events — show timeline

• 2026-05-04 Pending — Global MLS
• 2026-04-06 Listed $359,000 Global MLS
• 2016-12-02 Listing Removed — Global MLS
• 2016-06-24 Relisted — Global MLS
• 2016-06-22 Listing Removed — Global MLS
• 2016-06-20 Relisted — Global MLS
• 2016-06-18 Listing Removed — Global MLS
• 2016-05-16 Price Changed $177,900 Global MLS
• 2016-04-16 Price Changed $178,900 Global MLS
• 2015-11-06 Listed $179,000 Global MLS
• 2008-03-24 Sold (Public Records) $167,500 Public Records
• 2008-03-21 Sold (MLS) $167,500 Global MLS
• 2007-09-19 Listed $179,900 Global MLS

Property tax history

-2.1%/yr

Latest (2025): $3,683 · +2.8% YoY. Source: county tax records.