119 Church St

Saratoga Springs, NY 12866

$859,000B-

15 bd · 7.5 ba · 2,842 sqft · Built 1860 · MultiFamily · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,609/mo
• Mortgage (P&I): −$4,505
• Tax + insurance: −$1,432
• HOA: −$0
• Vac / Maint / Mgmt: −$2,018
• Net cashflow: $1,655/mo
• Annual: $19,857/yr
• Cap rate: 8.60%
• Cash-on-cash: 8.26%
• DSCR: 1.37
• 1% rule: 1.12%
• Cash to close: $240,520

Investor read

• This is a 3 × 5-bed/2.5-bath units multifamily listed at $859k. Condition is rated fair.
• 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).
• It's been on market 62 days — a 6% lower offer ($807k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $807k (6.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Saratoga County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?

Repairs flagged (vision-AI assessment)

• 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.