610 Saratoga Rd

East Glenville, NY 12302

$425,000B

4 bd · 3.0 ba · 2,670 sqft · Built 1951 · MultiFamily · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,416/mo
• Mortgage (P&I): −$2,229
• Tax + insurance: −$435
• HOA: −$0
• Vac / Maint / Mgmt: −$1,347
• Net cashflow: $2,405/mo
• Annual: $28,862/yr
• Cap rate: 13.08%
• Cash-on-cash: 24.25%
• DSCR: 2.08
• 1% rule: 1.51%
• Cash to close: $119,000

Investor read

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $425k.
• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $802/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $425k).
• It's been on market 20 days — a 2% lower offer ($419k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $419k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#535 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A-; Watch: cost of living C-, crime D+, amenities F.
• Burnt Hills-Ballston Lake Central School District (suburban): math 64% / reading 73% proficiency, ranked #137 of 590 in NY (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Burnt Hills-Ballston Lake Senior High School (math 97% / reading 98%, grade A+, #49 of 1,100 statewide, top 5%, 928 students, 19% FRL).
• Zoned-school proficiency averages 97% at this address vs 68% district-wide (+29 pts) — the actual schools serving this property are materially stronger than the Burnt Hills-Ballston Lake Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 127 active listings in the ZIP; solid renter incomes; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• Schenectady County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $35k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $350k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $119k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 13.1% vs local median 3.5% in East Glenville — 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?
• Built in 1951 — 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.