119 Church St · Saratoga Springs, NY 12866

$859,000

15 bd · 7.5 ba · 2,842 sqft · MultiFamily · 62 Days on market

Built 1860 Fair condition 6,969 sqft lot $302/sqft · 12% below area Est $974k · 12% under

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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 +23.8/30.0
• ARV discount +12.8/15.0
• DSCR +7.7/10.0
• 1% rule +6.2/10.0
• Schools +6.1/10.0
• Rent growth +4.8/5.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Come see this 3 unit building in an awesome location, just a couple blocks from Broadway, This property has all kinds of possibilities. Two apartments ( One 2BR and one 3BR) and a 700+- office/tailor shop in front. Reported income represents only the 3BR unit. Large .16 acre lot with plenty of off street parking, 2 sheds, fence and even a garden! The 2 apartments have recently been nicely renovated. With a variance, the tailor shop can be used as a professional office with a sign and off street parking! The lot goes all the way back to the alley, creating endless possibilities.

Key facts

• 6,969 sq ft lot
• 6 parking spots
• Built 1860

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/2.5-bath units multifamily listed at $859k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $552/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $859k).
• Recommended offer: $807k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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+, schools 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.
• 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 $9,609/mo this rent would consume 113% 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 $6k of loan paydown is wiped out by about $26k 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 + 8.0% rent growth), your $241k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($807k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $807,460 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.12% ✓
• Cap rate: 8.60%
• Cash-on-cash: 8.26%
• DSCR: 1.37
• GRM: 7.4

CMA / ARV

• ARV (median comp): $973,744
• List price: $859,000
• Delta: -11.78%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 1.8%
• Equity multiple: 1.07×
• Total profit: $17,124
• Equity at exit: $128,080

10-year hold

• IRR: 15.8%
• Equity multiple: 2.59×
• Total profit: $382,336
• Equity at exit: $74,271

Cash invested: $240,520 (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: 22.3×

Monthly cashflow live

• Estimated rent: $9,609 medium
• Mortgage (P&I): −$4,505
• Tax est. 1.5%: −$1,074 /mo · $12,885/yr
• Insurance: −$358
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,018
• Net cashflow: $1,655

Break-even live

Break-even rent $7,514

Max offer price $859,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	2.5	$9,609
Total (3 units)			$9,609

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: $214,750
• Closing costs: $25,770
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $859,000 Active 62 DOM
2. 2026-06-17
   days on market $859,000 Active 61 DOM
3. 2026-06-16
   remarks 624-char remark
4. 2026-06-16
   days on market $859,000 Active 60 DOM
5. 2026-06-15
   days on market $859,000 Active 59 DOM
6. 2026-06-14
   days on market $859,000 Active 57 DOM
7. 2026-06-13
   days on market $859,000 Active 56 DOM
8. 2026-06-10
   days on market $859,000 Active 54 DOM
9. 2026-06-09
   days on market $859,000 Active 53 DOM
10. 2026-06-08
    days on market $859,000 Active 52 DOM
11. 2026-06-07
    days on market $859,000 Active 51 DOM
12. 2026-06-05
    days on market $859,000 Active 48 DOM
13. 2026-06-03
    days on market $859,000 Active 47 DOM
14. 2026-06-02
    days on market $859,000 Active 46 DOM
15. 2026-06-01
    days on market $859,000 Active 45 DOM
16. 2026-05-31
    days on market $859,000 Active 44 DOM
17. 2026-05-31
    days on market $859,000 Active 43 DOM
18. 2026-04-16
    listed $859,000 Active 586-char remark

    Show marketing remark (586 chars)

    Come see this 3 unit building in an awesome location, just a couple blocks from Broadway, This property has all kinds of possibilities. Two apartments ( One 2BR and one 3BR) and a 700+- office/tailor shop in front. Reported income represents only the 3BR unit. Large .16 acre lot with plenty of off street parking, 2 sheds, fence and even a garden! The 2 apartments have recently been nicely renovated. With a variance, the tailor shop can be used as a professional office with a sign and off street parking! The lot goes all the way back to the alley, creating endless possibilities.

19. 2025-12-16
    historical
20. 2025-06-16
    listed $959,000 Active
21. 2024-02-22
    historical $1,950
22. 2024-01-12
    listed $1,950

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

Taxation est. · year 1

• Rental income: $115,308
• − Mortgage interest: −$48,117
• − Property taxes: −$12,885
• − Insurance: −$4,295
• − Repairs & maintenance: −$9,225
• − Management: −$9,225
• − Depreciation: −$24,989
• Taxable income: $6,572
• Est. tax owed @ 24.0%: −$1,577
• After-tax cash flow: $18,280/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 · 13 photos

Fair 50/100 Moderate rehab

This multi-family property requires moderate renovations to improve its condition and appeal. A kitchen renovation, appliance upgrade, and landscaping improvements would significantly increase its resale and rental value.

Repairs flagged

• Moderate Kitchen cabinets — The cabinets appear dated and could benefit from an upgrade.
• Moderate Appliances — The appliances appear outdated and could be replaced with modern models.
• Moderate Flooring — The flooring in the kitchen and bathrooms appears worn and could be replaced with more durable materials.
• Moderate Landscaping — The landscaping is basic and could be improved to enhance curb appeal.

Value-add opportunities

• Resale Kitchen renovation — A modern kitchen renovation can significantly increase the home's resale value.
• Rental Landscaping — Improved landscaping can enhance curb appeal and attract tenants.
• Both Appliance upgrade — Upgrading appliances can improve the home's functionality and appeal to both buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · The cabinets appear dated and could benefit from an upgrade.	Moderate	$3,000–15,000
Appliances · The appliances appear outdated and could be replaced with modern models.	Moderate	$3,000–15,000
Flooring · The flooring in the kitchen and bathrooms appears worn and could be replaced with more durable materials.	Moderate	$3,000–15,000
Landscaping · The landscaping is basic and could be improved to enhance curb appeal.	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$12,000–60,000

Value-add ROI direction

• Resale Kitchen renovation — A modern kitchen renovation can significantly increase the home's resale value. ↑
• Rental Landscaping — Improved landscaping can enhance curb appeal and attract tenants. ↑
• Both Appliance upgrade — Upgrading appliances can improve the home's functionality and appeal to both buyers and renters. ↑

ⓘ 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: 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

+43951.3% since first listed

5 events — show timeline

• 2026-04-16 Listed $859,000 Global MLS
• 2025-12-16 Listing Removed — Global MLS
• 2025-06-16 Listed $959,000 Global MLS
• 2024-02-22 Rental Removed $1,950 GLOBALMLS
• 2024-01-12 Listed for Rent $1,950 GLOBALMLS