40 Ballston Ave · Ballston Spa, NY 12020

$337,131

4 bd · 1.5 ba · 1,496 sqft · SingleFamily public records · 61 Days on market

Built 1896 0.47 ac lot $225/sqft · at area comps Est $343k · at est.

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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 +13.1/30.0
• ARV discount +8.3/15.0
• Rent growth +5.0/5.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• DSCR +3.9/10.0
• 1% rule +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

BOM pending releases at no fault of seller Classic 1896 Victorian on a Rare Oversized Corner Lot in the Village of Ballston Spa This authentic Victorian offers timeless character, generous space, and an exceptional village setting. Original details shine throughout, including high ceilings, classic woodwork, a grand staircase, and inviting front and back porches. A large walk-up attic provides exciting future potential for additional living space, studio, or storage. Key mechanical updates have already been completed, including a new gas furnace and central air system (2024), new water heater, and a full roof replacement (2022), along with an updated main bath--providing a solid foundati

Key facts

• Oversized corner lot
• New water heater
• Bonus rear lot

Tags

• OVERSIZED CORNER LOT
• BONUS REAR LOT
• WALK-UP ATTIC
• NEW GAS FURNACE
• CENTRAL AIR SYSTEM
• NEW WATER HEATER

Property features AI

Exterior

• Parking: Off-street paved parking; Driveway; Total of 4 parking spaces
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: Single family residence; Entry at first floor
• Construction: Clapboard, shingle siding, and wood siding exterior; Brick and stone foundation; Shingle roof; Built (year not provided)
• Exterior features: Front porch; Rear porch; Paved driveway; Paved drive; Garden; Level, cleared corner lot with road frontage; sloped and irregular areas

Interior

• Kitchen: Built-in electric oven; Oven; Range; Refrigerator
• Bedrooms: Four bedrooms on the second floor
• Flooring: Wood; Hardwood; Laminate; Parquet
• Bathrooms: One full bathroom (second floor); One half bathroom (first floor)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Wall paneling; Full basement with interior entry; Fireplace (1)
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $337k.

Deal economics

• At list price, monthly cash flow is $-13 ($-157/yr) — negative.
• To cash-flow at today's rent, offer at most $335k (0.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (19.0% below list).
• Recommended offer: $273k (19.0% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.3% in Ballston Spa — 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 80/100 on livability (#104 in NY, #1,680 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: cost of living C-, commute F.
• Ballston Spa Central School District (suburban): math 54% / reading 55% proficiency, ranked #289 of 590 in NY (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Malta Avenue Elementary School (math 52% / reading 57%, grade C, #908 of 2,108 statewide, top 46%, 342 students, 29% FRL); Ballston Spa Middle School (math 40% / reading 59%, grade C, #280 of 729 statewide, top 40%, 945 students, 32% FRL); Ballston Spa Senior High School (math 92% / reading 64%, grade A-, #568 of 1,100 statewide, top 52%, 1,249 students, 32% FRL).
• Market conditions: Rents rising fast (+11.3%/yr); 225 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).
• This rent runs 31% of the median local income ($107k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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

• It's been on market 61 days — a 6% lower offer ($317k) is reasonable based on typical stale-listing flexibility.
• 5 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 $102k; list at $337k implies a 229% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $273,010 (19.0% 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. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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.

Investment metrics

• 1% rule: 0.81% ✗
• Cap rate: 6.25%
• Cash-on-cash: -0.17%
• DSCR: 0.99
• GRM: 10.3

CMA / ARV

• ARV (median comp): $343,276
• List price: $337,131
• Delta: -1.79%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
87 Mcmaster St	0.17mi	4/2.0	1,558 (+4%)	14mo	$460,000	$295	71
32 Mclean St	0.39mi	4/1.5	1,457 (-3%)	18mo	$325,000	$223	63
1321 W High St	0.47mi	3/1.0 (-1)	1,428 (-4%)	7mo	$276,000	$193	58
202 Church Ave	0.56mi	4/1.0	1,454 (-3%)	11mo	$315,000	$217	58
50 Lewis St	0.51mi	3/2.0 (-1)	1,372 (-8%)	4mo	$385,000	$281	52
4 Van Buren St	0.39mi	3/2.5 (-1)	1,392 (-7%)	11mo	$415,000	$298	52
6 Currie Ct	0.60mi	4/1.0	1,536 (+3%)	21mo	$319,900	$208	48
102 South St	0.74mi	3/1.5 (-1)	1,554 (+4%)	10mo	$368,000	$237	46
110 Prospect St	0.59mi	3/1.0 (-1)	1,421 (-5%)	20mo	$311,000	$219	41
18 Frederick Ln	0.45mi	3/2.0 (-1)	1,711 (+14%)	17mo	$290,000	$169	34
2 Currie Ct	0.61mi	3/2.0 (-1)	1,694 (+13%)	19mo	$360,000	$213	26
60 Chapman St	0.69mi	3/1.0 (-1)	1,672 (+12%)	20mo	$347,500	$208	25

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: -11.5%
• Equity multiple: 0.56×
• Total profit: $-41,094
• Equity at exit: $50,267

10-year hold

• IRR: 3.5%
• Equity multiple: 1.30×
• Total profit: $28,576
• Equity at exit: $29,149

Cash invested: $94,397 (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 12020

• Home prices YoY: -14.8%
• Rents YoY: 11.3%
• Active inventory: 225
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,730 medium
• Mortgage (P&I): −$1,768
• Tax from tax record: −$261 /mo · $3,138/yr
• Insurance: −$140
• HOA: −$0
• Vacancy / Maint / Mgmt: −$573
• Net cashflow: $-13

Break-even live

Break-even rent $2,747

Max offer price $334,815

Occupancy floor 95%

Sensitivity live

Price	-10% $178	-5% $82	+0% $-13	+5% $-109	+10% $-204
Rent	-10% $-229	-5% $-121	+0% $-13	+5% $95	+10% $203
Rate	-1.0pp $157	-0.5pp $73	base $-13	+0.5pp $-100	+1.0pp $-189

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: $84,283
• Closing costs: $10,114
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1443 Saratoga Rd Ballston Spa, NY	1.0–3.0	1.0–2.0	1042	$2,495	$2.39	16d	1	1.44mi

Listing history 29 events

1. 2026-06-22
   days on market $337,131 Active 61 DOM
2. 2026-06-18
   days on market $337,131 Active 58 DOM
3. 2026-06-17
   days on market $337,131 Active 57 DOM
4. 2026-06-16
   days on market $337,131 Active 56 DOM
5. 2026-06-15
   days on market $337,131 Active 55 DOM
6. 2026-06-14
   days on market $337,131 Active 53 DOM
7. 2026-06-13
   days on market $337,131 Active 52 DOM
8. 2026-06-10
   days on market $337,131 Active 50 DOM
9. 2026-06-09
   days on market $337,131 Active 49 DOM
10. 2026-06-08
    days on market $337,131 Active 48 DOM
11. 2026-06-07
    days on market $337,131 Active 47 DOM
12. 2026-06-03
    days on market $337,131 Active 43 DOM
13. 2026-06-02
    days on market $337,131 Active 42 DOM
14. 2026-06-01
    days on market $337,131 Active 41 DOM
15. 2026-05-31
    days on market $337,131 Active 40 DOM
16. 2026-05-31
    remarks 699-char remark
17. 2026-05-31
    statusdays on market $337,131 Active 39 DOM
18. 2026-05-06
    historical Contingent 1028-char remark
19. 2026-04-21
    listed $337,131 Active 1028-char remark
20. 2026-04-20
    historical
21. 2026-01-15
    listed $337,131 Active
22. 2025-12-31
    historical
23. 2025-09-30
    price $388,000
24. 2025-09-11
    price $410,000
25. 2025-08-13
    listed $425,000 Active
26. 1999-11-22
    soldstatus $102,500
27. 1999-11-15
    soldstatus $99,700
28. 1999-09-02
    historical
29. 1999-07-15
    listed $104,900

ⓘ 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: $3,138 · $261/mo
• Projected year-2 tax: $4,418 · $368/mo
• Expected delta: +$1,280/yr (+$107/mo · 40.8%)

ⓘ 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 3/10 Moderate 5% 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: $32,761
• − Mortgage interest: −$18,885
• − Property taxes: −$3,138
• − Insurance: −$1,686
• − Repairs & maintenance: −$2,621
• − Management: −$2,621
• − Depreciation: −$9,807
• Taxable loss: −$5,996
• Est. tax savings @ 24.0%: +$1,439
• After-tax cash flow: $1,282/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: Ballston Spa Central School District
• NCES district ID: 3603930
• Math proficiency: 54% ▼ -13.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $66,705
• Composite: 48.12/100
• National rank: #2184
• State rank: #289 of 590 in NY

Livability — Ballston Spa

• Score: 80/100
• State rank: #104
• US rank: #1680

Category grades

Amenities A Commute F Cost of living C- Crime C Employment A+ Housing A+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ballston Spa, NY
• County: Saratoga County · 166,192 people
• City population: 34,937
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 34,937
• Household income: $107,112
• Rent vs Own: 29.8% rent · 70.2% own
• Severe rent burden: 607.0

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 (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 4% Asian 2% Black 2%
• Common ancestry: Romanian 6% Lithuanian 6% Iranian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Chinese 1% Spanish 1% Other Asian/Pacific 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: ▼ -60.23%
• Current HPI: 346.5996
• Rent YoY: ▲ 11.26%
• 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

+221.4% since first listed

13 events — show timeline

• 2026-05-29 Relisted — Global MLS
• 2026-05-06 Contingent — Global MLS
• 2026-04-21 Listed $337,131 Global MLS
• 2026-04-20 Listing Removed — Global MLS
• 2026-01-15 Listed $337,131 Global MLS
• 2025-12-31 Listing Removed — Global MLS
• 2025-09-30 Price Changed $388,000 Global MLS
• 2025-09-11 Price Changed $410,000 Global MLS
• 2025-08-13 Listed $425,000 Global MLS
• 1999-11-22 Sold (Public Records) $102,500 Public Records
• 1999-11-15 Sold (MLS) $99,700 Global MLS
• 1999-09-02 Listing Removed — Global MLS
• 1999-07-15 Listed $104,900 Global MLS

Property tax history

+1.7%/yr

Latest (2025): $3,138 · +1.4% YoY. Source: county tax records.