40 Leonard St · Fort Edward, NY 12831

$269,900

3 bd · 1.0 ba · 2,636 sqft · SingleFamily public records · 5 Days on market

Built 1901 0.47 ac lot Est $279k · at est.

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Why this score? — see what drove the C- 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 +19.4/30.0
• ARV discount +9.0/15.0
• DSCR +6.1/10.0
• 1% rule +5.6/10.0
• Schools +4.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss out on this 2636 sq.ft. 4BR/1.5BT home. First floor laundry/bath combo. There is original hardwood under much of the carpeted areas. Conveniently located halfway between Saratoga and Lake George. Situated on a .47 acre corner lot with a beautiful backyard. This home is in need of some TLC, but has great potential. Don't wait! Call to schedule your showing now.

Key facts

• Updated electrical
• New hot water tank
• Gas fireplace

Tags

• ORIGINAL HARDWOOD FLOORS
• FIRST-FLOOR LAUNDRY
• UPDATED ELECTRICAL
• NEW HOT WATER TANK
• UPDATED FULL BATHROOM
• GAS FIREPLACE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $270k.

Deal economics

• At list price, monthly cash flow is $302 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $270k).
• Cap rate 7.6% vs local median 4.0% in Fort Edward — 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 73/100 on livability (#334 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: commute D+, employment D, amenities F.
• South Glens Falls Central School District (suburban): math 49% / reading 59% proficiency, ranked #307 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Ballard Elementary School (math 52% / reading 52%, grade C-, #988 of 2,108 statewide, top 49%, 309 students, 32% FRL); South Glens Falls Senior High School (math 92% / reading 91%, grade A+, #197 of 1,100 statewide, top 18%, 908 students, 36% FRL).
• Zoned-school proficiency averages 72% at this address vs 54% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the South Glens Falls Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 113 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 ($100k/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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 29y 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 $186k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $269,900

Questions for the listing agent

1. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.06% ✓
• Cap rate: 7.63%
• Cash-on-cash: 4.79%
• DSCR: 1.21
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $279,416
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
40 Leonard St	0.00mi	4/1.5 (+1)	2,636 (0%)	0mo	$279,900	$106	93

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -8.8%
• Equity multiple: 0.68×
• Total profit: $-24,422
• Equity at exit: $40,243

10-year hold

• IRR: 0.7%
• Equity multiple: 1.05×
• Total profit: $3,900
• Equity at exit: $23,336

Cash invested: $75,572 (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 12831

• Home prices YoY: -12.8%
• Active inventory: 113
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,873 medium
• Mortgage (P&I): −$1,415
• Tax from tax record: −$441 /mo · $5,287/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$603
• Net cashflow: $302

Break-even live

Break-even rent $2,492

Max offer price $269,900

Occupancy floor 84%

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-03-17
   status Pending
2. 2026-03-12
   listed $269,900 Active
3. 2023-04-10
   soldstatus $185,500
4. 2023-03-14
   soldstatus $175,000 Closed 375-char remark

   Show marketing remark (375 chars)

   Don't miss out on this 2636 sq.ft. 4BR/1.5BT home. First floor laundry/bath combo. There is original hardwood under much of the carpeted areas. Conveniently located halfway between Saratoga and Lake George. Situated on a .47 acre corner lot with a beautiful backyard. This home is in need of some TLC, but has great potential. Don't wait! Call to schedule your showing now.

5. 2023-02-25
   status Pending 375-char remark

   Show marketing remark (375 chars)

   Don't miss out on this 2636 sq.ft. 4BR/1.5BT home. First floor laundry/bath combo. There is original hardwood under much of the carpeted areas. Conveniently located halfway between Saratoga and Lake George. Situated on a .47 acre corner lot with a beautiful backyard. This home is in need of some TLC, but has great potential. Don't wait! Call to schedule your showing now.

6. 2023-02-03
   historical Contingent 375-char remark

   Show marketing remark (375 chars)

   Don't miss out on this 2636 sq.ft. 4BR/1.5BT home. First floor laundry/bath combo. There is original hardwood under much of the carpeted areas. Conveniently located halfway between Saratoga and Lake George. Situated on a .47 acre corner lot with a beautiful backyard. This home is in need of some TLC, but has great potential. Don't wait! Call to schedule your showing now.

7. 2023-01-27
   price $185,800 375-char remark

   Show marketing remark (375 chars)

   Don't miss out on this 2636 sq.ft. 4BR/1.5BT home. First floor laundry/bath combo. There is original hardwood under much of the carpeted areas. Conveniently located halfway between Saratoga and Lake George. Situated on a .47 acre corner lot with a beautiful backyard. This home is in need of some TLC, but has great potential. Don't wait! Call to schedule your showing now.

8. 2023-01-06
   listed $195,800 Active 375-char remark

   Show marketing remark (375 chars)

   Don't miss out on this 2636 sq.ft. 4BR/1.5BT home. First floor laundry/bath combo. There is original hardwood under much of the carpeted areas. Conveniently located halfway between Saratoga and Lake George. Situated on a .47 acre corner lot with a beautiful backyard. This home is in need of some TLC, but has great potential. Don't wait! Call to schedule your showing now.

9. 2022-09-14
   historical
10. 2022-09-14
    status Active
11. 2022-07-26
    historical
12. 2022-07-10
    historical Contingent
13. 2022-06-17
    listed $199,800 Active
14. 1998-04-30
    soldstatus $72,500
15. 1998-01-30
    historical
16. 1997-07-31
    listed $84,900

ⓘ 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: $5,287 · $441/mo
• Projected year-2 tax: $5,287 · $441/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $34,481
• − Mortgage interest: −$15,119
• − Property taxes: −$5,287
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,758
• − Management: −$2,758
• − Depreciation: −$7,852
• Taxable loss: −$643
• Est. tax savings @ 24.0%: +$154
• After-tax cash flow: $3,773/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: South Glens Falls Central School District
• NCES district ID: 3627240
• Math proficiency: 49% ▼ -9.00%
• Reading proficiency: 59% ▲ 12.00%
• Median HH income: $59,015
• Composite: 46.93/100
• National rank: #2363
• State rank: #307 of 590 in NY

Livability — Fort Edward

• Score: 73/100
• State rank: #334
• US rank: #5647

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saratoga County · 166,192 people
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 18,025
• Household income: $100,024
• Rent vs Own: 22.8% rent · 77.2% own
• Severe rent burden: 497.0

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 (92%)
• Race & ethnicity: White 92% Hispanic / Latino 3% Two or more races 3% Asian 1%
• Common ancestry: Lithuanian 11% Romanian 4% Iranian 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 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: ▼ -51.79%
• Current HPI: 351.6972
• Rent YoY: —
• 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

+217.9% since first listed

16 events — show timeline

• 2026-03-17 Pending — Global MLS
• 2026-03-12 Listed $269,900 Global MLS
• 2023-04-10 Sold (Public Records) $185,500 Public Records
• 2023-03-14 Sold (MLS) $175,000 Global MLS
• 2023-02-25 Pending — Global MLS
• 2023-02-03 Contingent — Global MLS
• 2023-01-27 Price Changed $185,800 Global MLS
• 2023-01-06 Listed $195,800 Global MLS
• 2022-09-14 Listing Removed — Global MLS
• 2022-09-14 Relisted — Global MLS
• 2022-07-26 Listing Removed — Global MLS
• 2022-07-10 Contingent — Global MLS
• 2022-06-17 Listed $199,800 Global MLS
• 1998-04-30 Sold (MLS) $72,500 Global MLS
• 1998-01-30 Listing Removed — Global MLS
• 1997-07-31 Listed $84,900 Global MLS

Property tax history

+4.0%/yr

Latest (2025): $5,287 · +0.2% YoY. Source: county tax records.