58 Fiddlers Ln

Latham, NY 12110

$379,900D

4 bd · 2.5 ba · 1,404 sqft · Built 1940 · SingleFamily · Pending · 159 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,990/mo
• Mortgage (P&I): −$1,992
• Tax + insurance: −$594
• HOA: −$0
• Vac / Maint / Mgmt: −$628
• Net cashflow: $-225/mo
• Annual: $-2,697/yr
• Cap rate: 5.58%
• Cash-on-cash: -2.54%
• DSCR: 0.89
• 1% rule: 0.79%
• Cash to close: $106,372

Investor read

• This is a 4-bed/2.5-bath single-family listed at $380k.
• At list price, monthly cash flow is $-225 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $340k (10.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $299k (21.3% below list).
• It's been on market 159 days — a 12% lower offer ($334k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $299k (21.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• North Colonie CSD (suburban): math 70% / reading 76% proficiency, ranked #102 of 590 in NY (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Zoned schools: Shaker Middle School (math 54% / reading 72%, grade B+, #129 of 729 statewide, top 18%, 1,423 students, 26% FRL); Shaker High School (math 98% / reading 93%, grade A+, #76 of 1,100 statewide, top 7%, 2,018 students, 25% FRL).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 103 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 10y 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 $181k; list at $380k implies a 110% gain — meaningful room to come down on a strong offer.
• Cap rate 5.6% vs local median 2.4% in Latham — 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.
• This rent runs 34% of the median local income ($105k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• It's been on market 159 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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.
• 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.