12 Burgoyne St

Schuylerville, NY 12871

$474,900A-

30 bd · 25.0 ba · 5,364 sqft · Built 1965 · MultiFamily · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,136/mo
• Mortgage (P&I): −$2,490
• Tax + insurance: −$582
• HOA: −$0
• Vac / Maint / Mgmt: −$1,709
• Net cashflow: $3,355/mo
• Annual: $40,259/yr
• Cap rate: 14.77%
• Cash-on-cash: 30.28%
• DSCR: 2.35
• 1% rule: 1.71%
• Cash to close: $132,972

Investor read

• This is a 5 × 3-bed/1.0-bath units multifamily listed at $475k.
• At list price, monthly cash flow is $3k ($40k/yr) — positive. Per door: $671/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $475k).
• It's been on market 21 days — a 2% lower offer ($468k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $468k (1.5% below list) — sets the bar for market timing.
• In year one you build about $51k of equity ($3k loan paydown + $47k appreciation (10.0% local appreciation)).
• Location reads 77/100 on livability (#186 in NY, #2,863 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: amenities D, commute F.
• Schuylerville Central School District (rural): math 58% / reading 64% proficiency, ranked #201 of 590 in NY (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Schuylerville Elementary School (math 60% / reading 66%, grade B, #669 of 2,108 statewide, top 32%, 597 students, 36% FRL); Schuylerville High School (math 92% / reading 70%, grade A, #495 of 1,100 statewide, top 46%, 482 students, 29% FRL).
• Market conditions: 32 active listings in the ZIP; 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.
• 5 sale attempts since 21y 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 $350k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $133k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$82k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.