23 Hickory Cir

Saratoga Springs, NY 12831

$410,000B+

8 bd · 3.0 ba · 2,736 sqft · Built 1991 · MultiFamily · Active · 125 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,443/mo
• Mortgage (P&I): −$2,150
• Tax + insurance: −$683
• HOA: −$0
• Vac / Maint / Mgmt: −$1,353
• Net cashflow: $2,257/mo
• Annual: $27,079/yr
• Cap rate: 12.90%
• Cash-on-cash: 23.59%
• DSCR: 2.05
• 1% rule: 1.57%
• Cash to close: $114,800

Investor read

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $410k. Condition is rated average.
• 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).
• It's been on market 125 days — a 12% lower offer ($361k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $361k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• 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