207 Main St

South Glens Falls, NY 12803

$299,900D-

4 bd · 3.0 ba · 1,936 sqft · Built 1853 · MultiFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,609/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$391
• HOA: −$0
• Vac / Maint / Mgmt: −$338
• Net cashflow: $-693/mo
• Annual: $-8,315/yr
• Cap rate: 3.52%
• Cash-on-cash: -9.90%
• DSCR: 0.56
• 1% rule: 0.54%
• Cash to close: $83,972

Investor read

• This is a 4-bed/3.0-bath multifamily listed at $300k.
• At list price, monthly cash flow is $-693 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (40.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (46.4% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $161k (46.4% below list) — sets the bar for 1% rule.
• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (7.9% local appreciation)).
• 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: Harrison Avenue Elementary School (math 42% / reading 62%, grade C-, #988 of 2,108 statewide, top 49%, 264 students, 53% FRL); South Glens Falls Senior High School (math 92% / reading 91%, grade A+, #197 of 1,100 statewide, top 18%, 908 students, 36% FRL) — zoned schools average 44% FRL vs 22% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 72% at this address vs 54% district-wide (+18 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.
• Watch-outs: built in 1853 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 32 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.
• 3 sale attempts since 14y 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 $75k; list at $300k implies a 300% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

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?
• Built in 1853 — 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.
• 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.
• 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.