18 Park Dr

South Glens Falls, NY 12803

$139,900D+

2 bd · 1.0 ba · 851 sqft · Built 1958 · SingleFamily · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,100/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$312
• HOA: −$0
• Vac / Maint / Mgmt: −$231
• Net cashflow: $-177/mo
• Annual: $-2,120/yr
• Cap rate: 4.78%
• Cash-on-cash: -5.41%
• DSCR: 0.76
• 1% rule: 0.79%
• Cash to close: $39,172

Investor read

• This is a 2-bed/1.0-bath single-family listed at $140k.
• At list price, monthly cash flow is $-177 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $109k (22.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (21.4% below list).
• It's been on market 28 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $109k (22.3% below list) — sets the bar for cash-flow.
• In year one you build about $12k of equity ($967 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: built in 1958 — 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.
• By year 4, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.8% vs local median 2.3% in South Glens Falls — 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.

Questions for listing agent

• 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?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.