774 Nys Route 9P · Saratoga Springs, NY 12866

$600,000

5 bd · 3.0 ba · 2,438 sqft · MultiFamily public records · 60 Days on market

Built 1930 0.55 ac lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Rent growth +4.8/5.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

BEAUTIFUL VIEW OF SARATOGA LAKE! 170' PRIV. FRONTAGE! PROPERTY CONSISTS OF2 HOUSES. 1 HSE IS A GRANDFATHERED 3 FAM. THE OTHER A 2 BEDRM MOD. READY TO OCCUPY OR TEAR DOWN & BUILD. GARAGES UNDER OFFSTREET PKG. Very Good Condition

Key facts

• 0.55 acre lot
• 11 parking spots
• Built 1930

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $600k).
• Recommended offer: $582k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.9% 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.

Location & tenants

• 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.
• Stillwater Central School District (suburban): math 56% / reading 60% proficiency, ranked #238 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Stillwater Elementary School (math 57% / reading 62%, grade B-, #745 of 2,108 statewide, top 39%, 499 students, 32% FRL); Stillwater Middle School High School (math 55% / reading 62%, grade C, #877 of 1,100 statewide, top 80%, 525 students, 30% FRL).
• Market conditions: Rents rising fast (+9.2%/yr); 474 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).
• At $9,372/mo this rent would consume 110% of the median local household income ($102k/yr) (locally 1424% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $168k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($582k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y ago; this cycle's ask has dropped $50k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $360k; list at $600k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $582,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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.

Investment metrics

• 1% rule: 1.56% ✓
• Cap rate: 12.86%
• Cash-on-cash: 23.47%
• DSCR: 2.04
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $1,284,826
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
728 Route 9p	0.41mi	6/3.0 (+1)	2,750 (+13%)	22mo	$1,450,000	$527	36

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 22.1%
• Equity multiple: 1.96×
• Total profit: $161,666
• Equity at exit: $89,462

10-year hold

• IRR: 33.2%
• Equity multiple: 4.79×
• Total profit: $636,135
• Equity at exit: $51,877

Cash invested: $168,000 (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 12866

• Home prices YoY: -31.8%
• Rents YoY: 9.2%
• Active inventory: 474
• Price-to-rent: 16.0×

Monthly cashflow live

• Estimated rent: $9,372 medium
• Mortgage (P&I): −$3,146
• Tax from tax record: −$722 /mo · $8,666/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,968
• Net cashflow: $3,285

Break-even live

Break-even rent $5,213

Max offer price $600,000

Occupancy floor 60%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$9,372
Total (3 units)			$9,372

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: $150,000
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9 Woodlake Dr Saratoga Springs, NY	5.0	3.5	2762	$5,194	$1.88	23d	1	0.83mi

Listing history 10 events

1. 2023-08-18
   status Pending
2. 2023-08-01
   historical Contingent
3. 2023-07-21
   price $600,000
4. 2023-06-19
   listed $650,000 Active
5. 2023-03-22
   historical Contingent
6. 2023-03-22
   historical
7. 2022-12-28
   listed $650,000 Active
8. 2003-08-26
   soldstatus $360,000 231-char remark

   Show marketing remark (231 chars)

   BEAUTIFUL VIEW OF SARATOGA LAKE! 170' PRIV. FRONTAGE! PROPERTY CONSISTS OF2 HOUSES. 1 HSE IS A GRANDFATHERED 3 FAM. THE OTHER A 2 BEDRM MOD. READY TO OCCUPY OR TEAR DOWN & BUILD. GARAGES UNDER OFFSTREET PKG. Very Good Condition

9. 2003-02-24
   historical 231-char remark

   Show marketing remark (231 chars)

   BEAUTIFUL VIEW OF SARATOGA LAKE! 170' PRIV. FRONTAGE! PROPERTY CONSISTS OF2 HOUSES. 1 HSE IS A GRANDFATHERED 3 FAM. THE OTHER A 2 BEDRM MOD. READY TO OCCUPY OR TEAR DOWN & BUILD. GARAGES UNDER OFFSTREET PKG. Very Good Condition

10. 2002-09-25
    listed $400,000 231-char remark

    Show marketing remark (231 chars)

    BEAUTIFUL VIEW OF SARATOGA LAKE! 170' PRIV. FRONTAGE! PROPERTY CONSISTS OF2 HOUSES. 1 HSE IS A GRANDFATHERED 3 FAM. THE OTHER A 2 BEDRM MOD. READY TO OCCUPY OR TEAR DOWN & BUILD. GARAGES UNDER OFFSTREET PKG. Very Good Condition

ⓘ 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: $8,666 · $722/mo
• Projected year-2 tax: $9,403 · $784/mo
• Expected delta: +$737/yr (+$61/mo · 8.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $112,464
• − Mortgage interest: −$33,609
• − Property taxes: −$8,666
• − Insurance: −$3,000
• − Repairs & maintenance: −$8,997
• − Management: −$8,997
• − Depreciation: −$17,455
• Taxable income: $31,740
• Est. tax owed @ 24.0%: −$7,618
• After-tax cash flow: $31,805/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: Stillwater Central School District
• NCES district ID: 3628110
• Math proficiency: 56% ▼ -13.00%
• Reading proficiency: 60% ▲ 2.00%
• Median HH income: $72,025
• Composite: 51.51/100
• National rank: #1721
• State rank: #238 of 590 in NY

Livability — Saratoga Springs

• Score: 82/100
• State rank: #83
• US rank: #1284

Category grades

Amenities D+ Commute A- Cost of living F Crime B Employment A+ 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
• City population: 40,057
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 40,057
• Household income: $101,901
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1424.0

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 (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 4% Asian 2% Black 2%
• Common ancestry: Romanian 6% Lithuanian 5% Slovak 2%
• Foreign-born: 6% · Canada, South Korea, China
• Languages at home: 92% English-only · Spanish 2% German/W. Germanic 1% Korean 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: ▼ -178.78%
• Current HPI: 382.7429
• Rent YoY: ▲ 9.15%
• 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

+50.0% since first listed

10 events — show timeline

• 2023-08-18 Pending — Global MLS
• 2023-08-01 Contingent — Global MLS
• 2023-07-21 Price Changed $600,000 Global MLS
• 2023-06-19 Listed $650,000 Global MLS
• 2023-03-22 Contingent — Global MLS
• 2023-03-22 Listing Removed — Global MLS
• 2022-12-28 Listed $650,000 Global MLS
• 2003-08-26 Sold (MLS) $360,000 Global MLS
• 2003-02-24 Listing Removed — Global MLS
• 2002-09-25 Listed $400,000 Global MLS

Property tax history

+2.1%/yr

Latest (2025): $8,666 · +1.2% YoY. Source: county tax records.