28 Waterbury St · Saratoga Springs, NY 12866

$675,000

6 bd · 2.0 ba · 2,294 sqft · MultiFamily public records · 8 Days on market

Built 1910 4,356 sqft lot Est $674k · at est.

---

Why this score? — see what drove the D 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 +12.8/30.0
• ARV discount +7.5/15.0
• Schools +6.1/10.0
• Rent growth +4.8/5.0
• Livability +4.1/5.0
• DSCR +3.8/10.0
• 1% rule +3.0/10.0
• Condition / age +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

GREAT UPDATED INVESTMENT PROPERTY. THIS TWO FAMILY IS LOCATED WALKING DISTANCE FROM DOWNTOWN AND SKIDMORE COLLEGE. NEW ROOF,ELECTRICAL,PLUMBING,APPLIANCES, WINDOWS. MOTIVATED SELLER.MUST SEE INSIDE. Very Good Condition

Key facts

• Quiet street
• Two-family home
• Good rental history

Tags

• TWO-FAMILY HOME
• SHORT WALK FROM DOWNTOWN
• QUIET STREET
• CONVENIENT ON STREET PARKING
• GOOD RENTAL HISTORY

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $675k.

Deal economics

• At list price, monthly cash flow is $-65 ($-776/yr) — negative. Per door: $-32/mo.
• To cash-flow at today's rent, offer at most $664k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $541k (19.8% below list).
• Recommended offer: $541k (19.8% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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.
• 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.
• Zoned schools: Lake Avenue Elementary School (math 82% / reading 82%, grade A+, #138 of 2,108 statewide, top 8%, 393 students, 21% FRL); Maple Avenue Middle School (math 46% / reading 69%, grade B, #187 of 729 statewide, top 26%, 1,392 students, 27% FRL); Saratoga Springs High School (math 98% / reading 92%, grade A+, #83 of 1,100 statewide, top 8%, 1,947 students, 26% FRL).
• 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).
• At $5,412/mo this rent would consume 64% 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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k 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.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 22y 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 $300k; list at $675k implies a 125% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $541,200 (19.8% below list)

Questions for the listing agent

1. 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?
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. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 0.80% ✗
• Cap rate: 6.18%
• Cash-on-cash: -0.41%
• DSCR: 0.98
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $674,436
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
28 Waterbury St	0.00mi	6/3.0	2,294 (0%)	1mo	$675,000	$294	95
138-140 Church St	0.19mi	5/4.0 (-1)	2,501 (+9%)	0mo	$975,000	$390	63
38 State St	0.18mi	5/4.0 (-1)	2,540 (+11%)	9mo	$660,000	$260	54
110 Van Dam St	0.09mi	5/2.0 (-1)	1,960 (-15%)	23mo	$510,000	$260	47
212 Circular St	0.55mi	6/3.0	2,544 (+11%)	15mo	$650,000	$256	40
92 North St	0.74mi	5/2.0 (-1)	2,050 (-11%)	10mo	$520,000	$254	35
248 Nelson Ave	0.74mi	7/4.0 (+1)	2,308 (+1%)	23mo	$905,000	$392	33
9 Avery St	0.74mi	6/4.0	2,632 (+15%)	5mo	$850,000	$323	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -11.9%
• Equity multiple: 0.55×
• Total profit: $-85,015
• Equity at exit: $100,645

10-year hold

• IRR: 3.1%
• Equity multiple: 1.27×
• Total profit: $50,363
• Equity at exit: $58,362

Cash invested: $189,000 (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 12866

• Home prices YoY: -31.8%
• Rents YoY: 9.2%
• Active inventory: 474
• Price-to-rent: 20.8×

Monthly cashflow live

• Estimated rent: $5,412 high
• Mortgage (P&I): −$3,540
• Tax from tax record: −$519 /mo · $6,230/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,137
• Net cashflow: $-65

Break-even live

Break-even rent $5,494

Max offer price $663,575

Occupancy floor 96%

Sensitivity live

Price	-10% $317	-5% $126	+0% $-65	+5% $-256	+10% $-447
Rent	-10% $-492	-5% $-278	+0% $-65	+5% $149	+10% $363
Rate	-1.0pp $275	-0.5pp $107	base $-65	+0.5pp $-240	+1.0pp $-418

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$5,412
Total (2 units)			$5,412

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-04-14
   status Pending
2. 2026-04-06
   listed $675,000 Active
3. 2016-09-16
   soldstatus $300,000
4. 2004-09-28
   soldstatus $255,000
5. 2004-09-13
   soldstatus $255,000 219-char remark

   Show marketing remark (219 chars)

   GREAT UPDATED INVESTMENT PROPERTY. THIS TWO FAMILY IS LOCATED WALKING DISTANCE FROM DOWNTOWN AND SKIDMORE COLLEGE. NEW ROOF,ELECTRICAL,PLUMBING,APPLIANCES, WINDOWS. MOTIVATED SELLER.MUST SEE INSIDE. Very Good Condition

6. 2004-07-29
   historical 219-char remark

   Show marketing remark (219 chars)

   GREAT UPDATED INVESTMENT PROPERTY. THIS TWO FAMILY IS LOCATED WALKING DISTANCE FROM DOWNTOWN AND SKIDMORE COLLEGE. NEW ROOF,ELECTRICAL,PLUMBING,APPLIANCES, WINDOWS. MOTIVATED SELLER.MUST SEE INSIDE. Very Good Condition

7. 2004-07-08
   listed $264,900 219-char remark

   Show marketing remark (219 chars)

   GREAT UPDATED INVESTMENT PROPERTY. THIS TWO FAMILY IS LOCATED WALKING DISTANCE FROM DOWNTOWN AND SKIDMORE COLLEGE. NEW ROOF,ELECTRICAL,PLUMBING,APPLIANCES, WINDOWS. MOTIVATED SELLER.MUST SEE INSIDE. Very Good Condition

8. 1999-07-30
   soldstatus $50,000

ⓘ 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: $6,230 · $519/mo
• Projected year-2 tax: $8,819 · $735/mo
• Expected delta: +$2,589/yr (+$216/mo · 41.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $64,944
• − Mortgage interest: −$37,810
• − Property taxes: −$6,230
• − Insurance: −$3,375
• − Repairs & maintenance: −$5,196
• − Management: −$5,196
• − Depreciation: −$19,636
• Taxable loss: −$12,498
• Est. tax savings @ 24.0%: +$3,000
• After-tax cash flow: $2,224/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: Saratoga Springs City SD
• NCES district ID: 3625770
• Math proficiency: 67% ▼ -10.00%
• Reading proficiency: 72% ▲ 6.00%
• Median HH income: $69,864
• Composite: 60.83/100
• National rank: #818
• State rank: #138 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

• Census place: Saratoga Springs, NY
• County: Saratoga County · 166,192 people
• City population: 40,057
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 40,057
• Household income: $101,901
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1424.0

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 (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 4% Asian 2% Black 2%
• Common ancestry: Romanian 6% Lithuanian 5% Slovak 2%
• Foreign-born: 6% · Canada, South Korea, China
• Languages at home: 92% English-only · Spanish 2% German/W. Germanic 1% Korean 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: ▼ -178.78%
• Current HPI: 382.7429
• Rent YoY: ▲ 9.15%
• 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

+1250.0% since first listed

8 events — show timeline

• 2026-04-14 Pending — Global MLS
• 2026-04-06 Listed $675,000 Global MLS
• 2016-09-16 Sold (Public Records) $300,000 Public Records
• 2004-09-28 Sold (Public Records) $255,000 Public Records
• 2004-09-13 Sold (MLS) $255,000 Global MLS
• 2004-07-29 Listing Removed — Global MLS
• 2004-07-08 Listed $264,900 Global MLS
• 1999-07-30 Sold (Public Records) $50,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $6,230 · +6.6% YoY. Source: county tax records.