4 Wallingford Ct

West Glens Falls, NY 12831

$474,900D-

4 bd · 2.5 ba · 1,968 sqft · Built 2003 · SingleFamily · Pending · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,246/mo
• Mortgage (P&I): −$2,490
• Tax + insurance: −$684
• HOA: −$0
• Vac / Maint / Mgmt: −$682
• Net cashflow: $-610/mo
• Annual: $-7,320/yr
• Cap rate: 4.75%
• Cash-on-cash: -5.51%
• DSCR: 0.76
• 1% rule: 0.68%
• Cash to close: $132,972

Investor read

• This is a 4-bed/2.5-bath single-family listed at $475k.
• At list price, monthly cash flow is $-610 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $367k (22.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $325k (31.6% below list).
• It's been on market 55 days — a 3% lower offer ($461k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $325k (31.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k 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-, schools 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.
• Market conditions: 115 active listings in the ZIP; solid renter incomes; 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.
• 2 sale attempts since 23y ago; this cycle's ask has dropped $25k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $198k; list at $475k implies a 140% gain — meaningful room to come down on a strong offer.
• Cap rate 4.8% 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.
• This rent runs 39% of the median local income ($100k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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 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.