13 Leonard St · South Glens Falls, NY 12831

$175,000

2 bd · 1.5 ba · 2,998 sqft · SingleFamily public records · 8 Days on market

Built 1860 0.40 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 +29.1/30.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• 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

Here is your opportunity to acquire a former church property with tremendous flexibility and future potential. Situated on a level 0.40-acre lot, with an AADT traffic count over 3000, this 2,998-square-foot building features a spacious main assembly hall (33'-2'' X 47'-9'') ideal for worship services, community gatherings, banquet events, wedding receptions, educational programs, conferences, nonprofit organizations, and meeting facilities. The property's Hamlet zoning supports a wide variety of uses, making it attractive not only for religious organizations but also for investors and entrepreneurs seeking space for offices, retail operations, restaurants, fitness facilities, medical practi

Key facts

• Full basement
• Level 0.40 acre lot
• Drilled well

Tags

• LEVEL 0.40 ACRE LOT
• SPACIOUS MAIN ASSEMBLY HALL
• EXPANSIVE PARKING AREA
• FULL BASEMENT
• NATURAL GAS FORCED AIR HEATING
• DRILLED WELL

Property features AI

Finance

• Financial info: 5 total residential units

Exterior

• Parking: Off-street parking for 30 vehicles
• Utilities: Septic tank
• Home design: Multi-family property
• Construction: Vinyl siding
• Exterior features: Level lot; Other exterior features

Interior

• Bedrooms: Unit 1: 2 bedrooms
• Bathrooms: 2 bathrooms total (1 full, 1 half)
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Full unfinished basement; Porch

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $604 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 10.4% vs local median 2.3% in South 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.

Location & tenants

• Location reads 73/100 on livability (#331 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime B+; Watch: amenities F, commute 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: 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 92% at this address vs 54% district-wide (+38 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 + 3.0% rent growth), your $49k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 21y 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 $96k; list at $175k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,000

Questions for the listing agent

1. Built in 1860 — 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. 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.
4. 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.
5. 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: 1.40% ✓
• Cap rate: 10.44%
• Cash-on-cash: 14.80%
• DSCR: 1.66
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 5.4%
• Equity multiple: 1.21×
• Total profit: $10,238
• Equity at exit: $26,093

10-year hold

• IRR: 14.8%
• Equity multiple: 2.20×
• Total profit: $58,915
• Equity at exit: $15,131

Cash invested: $49,000 (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 12831

• Home prices YoY: -12.8%
• Active inventory: 113
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,444 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$336 /mo · $4,029/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$513
• Net cashflow: $604

Break-even live

Break-even rent $1,679

Max offer price $175,000

Occupancy floor 70%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $175,000 Active 8 DOM
2. 2026-06-17
   days on market $175,000 Active 7 DOM
3. 2026-06-16
   days on market $175,000 Active 6 DOM
4. 2026-06-15
   days on market $175,000 Active 5 DOM
5. 2026-06-14
   remarks 699-char remark
6. 2026-06-14
   listed $175,000 Active 3 DOM

ⓘ 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: $4,029 · $336/mo
• Projected year-2 tax: $4,029 · $336/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 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,327
• − Mortgage interest: −$9,803
• − Property taxes: −$4,029
• − Insurance: −$875
• − Repairs & maintenance: −$2,346
• − Management: −$2,346
• − Depreciation: −$5,091
• Taxable income: $4,837
• Est. tax owed @ 24.0%: −$1,161
• After-tax cash flow: $6,091/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 — South Glens Falls

• Score: 73/100
• State rank: #331
• US rank: #5457

Category grades

Amenities F Commute F Cost of living B Crime B+ Employment C 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: 8,915
• 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

+82.3% since first listed

6 events — show timeline

• 2026-06-10 Listed $175,000 Global MLS
• 2013-10-21 Listing Removed — Global MLS
• 2013-08-19 Listed $249,000 Global MLS
• 2005-07-19 Listing Removed — Global MLS
• 2005-01-20 Listed $169,900 Global MLS
• 2003-10-16 Sold (Public Records) $95,981 Public Records

Property tax history

+3.3%/yr

Latest (2025): $4,029 · +1.6% YoY. Source: county tax records.