23 Hudson St

South Glens Falls, NY 12803

$144,000A

4 bd · 1.5 ba · 2,008 sqft · Built 1901 · SingleFamily · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,650/mo
• Mortgage (P&I): −$755
• Tax + insurance: −$438
• HOA: −$0
• Vac / Maint / Mgmt: −$556
• Net cashflow: $900/mo
• Annual: $10,803/yr
• Cap rate: 13.79%
• Cash-on-cash: 26.79%
• DSCR: 2.19
• 1% rule: 1.84%
• Cash to close: $40,320

Investor read

• This is a 4-bed/1.5-bath single-family listed at $144k.
• At list price, monthly cash flow is $900 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $144k).
• It's been on market 34 days — a 3% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $140k (3.0% below list) — sets the bar for market timing.
• In year one you build about $12k of equity ($996 loan paydown + $11k 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: South Glens Falls Senior High School (math 92% / reading 91%, grade A+, #197 of 1,100 statewide, top 18%, 908 students, 36% FRL).
• Zoned-school proficiency averages 92% at this address vs 54% district-wide (+38 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: property tax is 3.2% of price; built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 32 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 6 sale attempts since 27y 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 $32k; list at $144k implies a 350% gain — meaningful room to come down on a strong offer.
• At projected returns (7.9% appreciation + 3.0% rent growth), your $40k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.