31-33 Malta Ave · Ballston Spa, NY 12020

$209,000

8 bd · 4.0 ba · 3,512 sqft · SingleFamily · 97 Days on market

Built 1900 Fair condition 3,484 sqft lot ↓ 16% since listing

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property is being sold as a single family dwelling, current set up is of a 4 unit building. It is being sold as is where is cash only as a single family home located right in Ballston Spa a few buildings off Main Street. The current floor plan will need to be adjusted for the use as a 1 family home as the property zoning has changed and will no longer allow multifamily use on this parcel. The property has a ton to offer with a prime location, over 3,000 sq ft. Many improvements including, bathrooms, kitchens, and interior improvements. The property is a unique property that once converted back to a single family, can have a flexible floor plan for anyone looking for a larger home with sq footage and upswing potential. This is a bank owned property beings sold as-is where is.

Key facts

• Flexible floor plan
• 3,484 sq ft lot
• Built 1900

Tags

• FLEXIBLE FLOOR PLAN
• INTERIOR IMPROVEMENTS

What this means for you Summary

Snapshot

• This is a 8-bed/4.0-bath single-family listed at $209k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $986 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $209k).
• Recommended offer: $190k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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.
• 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).
• This rent runs 34% of the median local income ($107k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 $59k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($190k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $190,190 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.47% ✓
• Cap rate: 11.96%
• Cash-on-cash: 20.22%
• DSCR: 1.90
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 18.0%
• Equity multiple: 1.77×
• Total profit: $45,248
• Equity at exit: $31,163

10-year hold

• IRR: 29.7%
• Equity multiple: 4.32×
• Total profit: $194,468
• Equity at exit: $18,071

Cash invested: $58,520 (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 12020

• Home prices YoY: -14.8%
• Rents YoY: 11.3%
• Active inventory: 223
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $3,077 medium
• Mortgage (P&I): −$1,096
• Tax est. 1.5%: −$261 /mo · $3,135/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$646
• Net cashflow: $986

Break-even live

Break-even rent $1,828

Max offer price $209,000

Occupancy floor 63%

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $209,000 Active 97 DOM
2. 2026-06-17
   days on market $209,000 Active 96 DOM
3. 2026-06-16
   days on market $209,000 Active 95 DOM
4. 2026-06-15
   days on market $209,000 Active 94 DOM
5. 2026-06-14
   days on market $209,000 Active 92 DOM
6. 2026-06-13
   days on market $209,000 Active 91 DOM
7. 2026-06-10
   days on market $209,000 Active 89 DOM
8. 2026-06-09
   days on market $209,000 Active 88 DOM
9. 2026-06-08
   days on market $209,000 Active 87 DOM
10. 2026-06-07
    days on market $209,000 Active 86 DOM
11. 2026-06-03
    days on market $209,000 Active 82 DOM
12. 2026-06-02
    days on market $209,000 Active 81 DOM
13. 2026-06-01
    days on market $209,000 Active 80 DOM
14. 2026-05-31
    days on market $209,000 Active 79 DOM
15. 2026-05-31
    days on market $209,000 Active 78 DOM
16. 2026-03-11
    listed $209,000 Active 791-char remark

    Show marketing remark (791 chars)

    This property is being sold as a single family dwelling, current set up is of a 4 unit building. It is being sold as is where is cash only as a single family home located right in Ballston Spa a few buildings off Main Street. The current floor plan will need to be adjusted for the use as a 1 family home as the property zoning has changed and will no longer allow multifamily use on this parcel. The property has a ton to offer with a prime location, over 3,000 sq ft. Many improvements including, bathrooms, kitchens, and interior improvements. The property is a unique property that once converted back to a single family, can have a flexible floor plan for anyone looking for a larger home with sq footage and upswing potential. This is a bank owned property beings sold as-is where is.

17. 2025-09-05
    status Pending
18. 2025-09-04
    historical
19. 2025-07-10
    price $209,000
20. 2025-05-30
    price $239,900
21. 2025-05-12
    listed $250,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,919
• − Mortgage interest: −$11,707
• − Property taxes: −$3,135
• − Insurance: −$1,045
• − Repairs & maintenance: −$2,954
• − Management: −$2,954
• − Depreciation: −$6,080
• Taxable income: $9,045
• Est. tax owed @ 24.0%: −$2,171
• After-tax cash flow: $9,663/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.

Condition & rehab AI · 6 photos

Fair 45/100 Extensive rehab

This property requires extensive repairs and maintenance, including painting, window replacement, and landscaping. Upgrades in these areas would significantly increase its resale and rental value.

Repairs flagged

• Major siding — Significant wear and tear
• Major exterior paint — Needs repainting
• Major windows — Older windows may need replacement
• Major landscaping — Overgrown yard needs trimming

Value-add opportunities

• Resale paint exterior — Enhances curb appeal
• Resale replace windows — Improves energy efficiency
• Resale landscaping — Enhances curb appeal
• Both HVAC upgrade — Improves comfort and energy efficiency
• Both interior updates — Enhances living space and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Significant wear and tear	Major	$15,000–50,000
exterior paint · Needs repainting	Major	$15,000–50,000
windows · Older windows may need replacement	Major	$15,000–50,000
landscaping · Overgrown yard needs trimming	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Resale paint exterior — Enhances curb appeal ↑
• Resale replace windows — Improves energy efficiency ↑
• Resale landscaping — Enhances curb appeal ↑
• Both HVAC upgrade — Improves comfort and energy efficiency ↑
• Both interior updates — Enhances living space and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-16.4% since first listed

6 events — show timeline

• 2026-03-11 Listed $209,000 Global MLS
• 2025-09-05 Pending — Global MLS
• 2025-09-04 Listing Removed — Global MLS
• 2025-07-10 Price Changed $209,000 Global MLS
• 2025-05-30 Price Changed $239,900 Global MLS
• 2025-05-12 Listed $250,000 Global MLS