243 Luzerne Rd

West Glens Falls, NY 12804

$319,900C

4 bd · 3.0 ba · 1,902 sqft · Built 2012 · MultiFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,294/mo
• Mortgage (P&I): −$1,678
• Tax + insurance: −$657
• HOA: −$0
• Vac / Maint / Mgmt: −$692
• Net cashflow: $267/mo
• Annual: $3,208/yr
• Cap rate: 7.30%
• Cash-on-cash: 3.58%
• DSCR: 1.16
• 1% rule: 1.03%
• Cash to close: $89,572

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $320k.
• At list price, monthly cash flow is $267 ($3k/yr) — positive. Per door: $134/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $320k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#388 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, cost of living C-, amenities F.
• Queensbury Union Free School District (suburban): math 57% / reading 62% proficiency, ranked #230 of 590 in NY (top 39%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Queensbury Elementary School (math 67% / reading 62%, grade B, #591 of 2,108 statewide, top 31%, 880 students, 41% FRL); Queensbury Middle School (math 43% / reading 60%, grade C, #256 of 729 statewide, top 35%, 704 students, 36% FRL); Queensbury Senior High School (math 79% / reading 98%, grade A, #299 of 1,100 statewide, top 27%, 980 students, 31% FRL).
• Market conditions: 162 active listings in the ZIP; 180 units permitted in Warren County in 2024 (40 in 5+ unit buildings).
• Warren County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• Current owner paid $158k; list at $320k implies a 103% gain — meaningful room to come down on a strong offer.
• Cap rate 7.3% vs local median 2.4% in West Glens Falls — 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.

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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.