23 Hickory Cir · Saratoga Springs, NY 12831

$410,000

8 bd · 3.0 ba · 2,736 sqft · MultiFamily · 125 Days on market

Built 1991 Average condition 1.60 ac lot $150/sqft · 45% below area Est $746k · 45% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +4.1/5.0
• Condition / age +2.8/5.0
• Rent growth +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: 2 units. confirmed

Listing remarks MLS

Massive duplex for sale on 1.6 acres and adjoining my 60 acres of forest and trails all on a private road with four other duplexes (two of which are also for sale by me). The road intersects with State Route 50 and is only about 2.5 mile from exit 16 of the Adirondack Northway, Interstate 87 Pictures are all of the left side apartment of the duplex. The right side is even nicer but slightly smaller and has its own driveway. Gas heat will be a rare find soon as New York State has mandated that all new homes will have to be powered by only electricity. Thank God we have gas heat, its much cheaper. Both sides of this duplex have been rented since it was built in 1991. But the tenant of this duplex have been the best we ever had, but they were still tenants. It is not in brand new shape, but close. Its a great deal for a house for someone who like privacy and rural living while still being close to interstate highway. Purchasing a duplex has great financial advantages over a single family home as the rent from the other side can practically pay most of the mortgage payment. In this side of the duplex there is really two apartments full of rooms. It could be two separate apartments if you get a variance from the zoning which already calls for two apartments (duplex) in a house one one acre. We already have an extra 6/10 of an acre left over. The left side apartment started out as a large two bedroom apartment upstairs, and the two long term tenants we had both finished off more living space downstairs and one tenant added the kitchenette and full bathroom downstairs for his daughter and kids. There are three bedrooms downstairs on this left side, two bedrooms upstairs. The right side of this duplex, not pictured here, has two bedrooms up and one bedroom downstairs, and is in even better shape. It won't last long on the market and I will be listing it with an agent soon, which will make it more expensive because of the 6% commission. This left side is empty now and ready to show any time. But if it doesn't sell soon I may have to rent it again. If you are interested call me at 518-480-4026 or email me at [email protected]

Key facts

• Private road
• 1.6 acres
• Gas heat

Tags

• 1.6 ACRES
• ADJOINING 60 ACRES
• PRIVATE ROAD
• GAS HEAT
• EXTRA 6/10 OF AN ACRE
• TWO SEPARATE APARTMENTS

🏷️ Possibly a rental listed for sale. The $410,000 price doesn't fit this home's estimated sale value (~$746,267) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $410k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $2k ($27k/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 $410k).
• Recommended offer: $361k (12.0% 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.
• 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: Ballard Elementary School (math 52% / reading 52%, grade C-, #988 of 2,108 statewide, top 49%, 309 students, 32% FRL); Oliver W Winch Middle School (math 32% / reading 50%, grade F, #402 of 729 statewide, top 56%, 668 students, 37% FRL); South Glens Falls Senior High School (math 92% / reading 91%, grade A+, #197 of 1,100 statewide, top 18%, 908 students, 36% FRL).
• Market conditions: 115 active listings in the ZIP; solid renter incomes; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).
• At $6,443/mo this rent would consume 77% of the median local household income ($100k/yr) (locally 497% 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 $3k of loan paydown is wiped out by about $12k 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 $115k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($361k) is reasonable based on typical stale-listing flexibility.

Recommended offer $360,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. 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: 1.57% ✓
• Cap rate: 12.90%
• Cash-on-cash: 23.59%
• DSCR: 2.05
• GRM: 5.3

CMA / ARV

• ARV (median comp): $746,267
• List price: $410,000
• Delta: -45.06%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 16.7%
• Equity multiple: 1.67×
• Total profit: $77,381
• Equity at exit: $61,132

10-year hold

• IRR: 25.3%
• Equity multiple: 3.20×
• Total profit: $252,840
• Equity at exit: $35,449

Cash invested: $114,800 (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: 115
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $6,443 medium
• Mortgage (P&I): −$2,150
• Tax est. 1.5%: −$512 /mo · $6,150/yr
• Insurance: −$171
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,353
• Net cashflow: $2,257

Break-even live

Break-even rent $3,587

Max offer price $410,000

Occupancy floor 60%

Sensitivity live

Price	-10% $2,540	-5% $2,398	+0% $2,257	+5% $2,115	+10% $1,973
Rent	-10% $1,748	-5% $2,002	+0% $2,257	+5% $2,511	+10% $2,766
Rate	-1.0pp $2,463	-0.5pp $2,361	base $2,257	+0.5pp $2,150	+1.0pp $2,042

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1.5	$6,442
Total (2 units)			$6,443

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: $102,500
• Closing costs: $12,300
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $410,000 Active 125 DOM
2. 2026-06-18
   days on market $410,000 Active 122 DOM
3. 2026-06-17
   days on market $410,000 Active 121 DOM
4. 2026-06-16
   days on market $410,000 Active 120 DOM
5. 2026-06-15
   days on market $410,000 Active 119 DOM
6. 2026-06-14
   days on market $410,000 Active 117 DOM
7. 2026-06-10
   days on market $410,000 Active 114 DOM
8. 2026-06-09
   days on market $410,000 Active 113 DOM
9. 2026-06-08
   days on market $410,000 Active 112 DOM
10. 2026-06-07
    days on market $410,000 Active 111 DOM
11. 2026-06-03
    days on market $410,000 Active 107 DOM
12. 2026-06-02
    days on market $410,000 Active 106 DOM
13. 2026-06-01
    days on market $410,000 Active 105 DOM
14. 2026-05-31
    days on market $410,000 Active 104 DOM
15. 2026-05-31
    days on market $410,000 Active 103 DOM
16. 2026-02-16
    listed $410,000 Active 2167-char remark

    Show marketing remark (2167 chars)

    Massive duplex for sale on 1.6 acres and adjoining my 60 acres of forest and trails all on a private road with four other duplexes (two of which are also for sale by me). The road intersects with State Route 50 and is only about 2.5 mile from exit 16 of the Adirondack Northway, Interstate 87 Pictures are all of the left side apartment of the duplex. The right side is even nicer but slightly smaller and has its own driveway. Gas heat will be a rare find soon as New York State has mandated that all new homes will have to be powered by only electricity. Thank God we have gas heat, its much cheaper. Both sides of this duplex have been rented since it was built in 1991. But the tenant of this duplex have been the best we ever had, but they were still tenants. It is not in brand new shape, but close. Its a great deal for a house for someone who like privacy and rural living while still being close to interstate highway. Purchasing a duplex has great financial advantages over a single family home as the rent from the other side can practically pay most of the mortgage payment. In this side of the duplex there is really two apartments full of rooms. It could be two separate apartments if you get a variance from the zoning which already calls for two apartments (duplex) in a house one one acre. We already have an extra 6/10 of an acre left over. The left side apartment started out as a large two bedroom apartment upstairs, and the two long term tenants we had both finished off more living space downstairs and one tenant added the kitchenette and full bathroom downstairs for his daughter and kids. There are three bedrooms downstairs on this left side, two bedrooms upstairs. The right side of this duplex, not pictured here, has two bedrooms up and one bedroom downstairs, and is in even better shape. It won't last long on the market and I will be listing it with an agent soon, which will make it more expensive because of the 6% commission. This left side is empty now and ready to show any time. But if it doesn't sell soon I may have to rent it again. If you are interested call me at 518-480-4026 or email me at [email protected]

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 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: $77,316
• − Mortgage interest: −$22,966
• − Property taxes: −$6,150
• − Insurance: −$2,050
• − Repairs & maintenance: −$6,185
• − Management: −$6,185
• − Depreciation: −$11,927
• Taxable income: $21,852
• Est. tax owed @ 24.0%: −$5,244
• After-tax cash flow: $21,834/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.

Condition & rehab AI · 12 photos

Average 55/100 Cosmetic rehab

This duplex has average condition with some wear and tear. It requires cosmetic repairs and maintenance to improve its resale and rental value.

Repairs flagged

• Minor exterior paint — Painted exterior walls show some wear
• Minor interior paint — Painted interior walls show some wear
• Minor flooring — Carpeted floors show some wear
• Minor kitchen appliances — Standard kitchen appliances show some wear
• Minor bathroom fixtures — Standard bathroom fixtures show some wear
• Minor HVAC/mechanicals — Standard appliances show some wear

Value-add opportunities

• Both Paint exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace carpeted flooring — New flooring improves comfort and appearance
• Both Replace kitchen appliances — Modern appliances increase functionality and appeal
• Both Replace bathroom fixtures — Upgraded fixtures enhance functionality and aesthetics
• Both Service HVAC/mechanicals — Maintaining HVAC ensures comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Painted exterior walls show some wear	Minor	$500–3,000
interior paint · Painted interior walls show some wear	Minor	$500–3,000
flooring · Carpeted floors show some wear	Minor	$500–3,000
kitchen appliances · Standard kitchen appliances show some wear	Minor	$500–3,000
bathroom fixtures · Standard bathroom fixtures show some wear	Minor	$500–3,000
HVAC/mechanicals · Standard appliances show some wear	Minor	$500–3,000
Total estimated repair cost · 6 items		$3,000–18,000

Value-add ROI direction

• Both Paint exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace carpeted flooring — New flooring improves comfort and appearance ↑
• Both Replace kitchen appliances — Modern appliances increase functionality and appeal ↑
• Both Replace bathroom fixtures — Upgraded fixtures enhance functionality and aesthetics ↑
• Both Service HVAC/mechanicals — Maintaining HVAC ensures comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — 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): 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

1 event — show timeline

• 2026-02-16 Listed $410,000 ForSaleByOwner.com