1057 Nys Route 9N

Saratoga Springs, NY 12866

$265,000B

3 bd · 2.0 ba · 2,336 sqft · Built 1953 · MultiFamily · Active · 256 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,515/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$421
• HOA: −$0
• Vac / Maint / Mgmt: −$1,158
• Net cashflow: $2,546/mo
• Annual: $30,554/yr
• Cap rate: 17.82%
• Cash-on-cash: 41.18%
• DSCR: 2.83
• 1% rule: 2.08%
• Cash to close: $74,200

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $265k.
• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $265k).
• It's been on market 256 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $233k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#83 in NY, #1,284 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, schools 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.
• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+9.2%/yr); 474 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.
• 8 sale attempts since 16y ago; this cycle's ask has dropped $60k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $74k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 17.8% 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.
• At $5,515/mo this rent would consume 65% 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.

Questions for listing agent

• It's been on market 256 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.