4119 Nys Rt 9N

Saratoga Springs, NY 12833

$344,900D-

3 bd · 2.5 ba · 2,232 sqft · Built 1870 · SingleFamily · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,940/mo
• Mortgage (P&I): −$1,809
• Tax + insurance: −$529
• HOA: −$0
• Vac / Maint / Mgmt: −$407
• Net cashflow: $-805/mo
• Annual: $-9,660/yr
• Cap rate: 3.49%
• Cash-on-cash: -10.00%
• DSCR: 0.55
• 1% rule: 0.56%
• Cash to close: $96,572

Investor read

• This is a 3-bed/2.5-bath single-family listed at $345k.
• At list price, monthly cash flow is $-805 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $203k (41.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (43.8% below list).
• It's been on market 52 days — a 3% lower offer ($335k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (43.8% below list) — sets the bar for 1% rule.
• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (8.7% local appreciation)).
• Location reads 82/100 on livability (#83 in NY, #1,284 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A; Watch: amenities D+, cost of living F.
• Saratoga Springs City SD (suburban): math 67% / reading 72% proficiency, ranked #138 of 590 in NY (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Greenfield Elementary School (math 72% / reading 77%, grade A, #314 of 2,108 statewide, top 17%, 406 students, 36% FRL); Maple Avenue Middle School (math 46% / reading 69%, grade B, #187 of 729 statewide, top 26%, 1,392 students, 27% FRL); Saratoga Springs High School (math 98% / reading 92%, grade A+, #83 of 1,100 statewide, top 8%, 1,947 students, 26% FRL).
• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 47 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.
• 7 sale attempts since 17y ago; this cycle's ask has dropped $45k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $299k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 3.5% vs local median 2.0% in Saratoga Springs — 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

• 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 52 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
• Built in 1870 — 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 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?
• 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.