229 Middleline Rd · Ballston Spa, NY 12020

$425,000

4 bd · 2.0 ba · 1,658 sqft · MultiFamily public records · 12 Days on market

Built 2004 4.05 ac lot

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Why this score? — see what drove the C- 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 +16.9/30.0
• ARV discount +7.5/15.0
• Schools +6.1/10.0
• DSCR +5.2/10.0
• Rent growth +5.0/5.0
• 1% rule +4.6/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Just Listed! Showings Tuesday 5pm-7pm & Saturday 12pm-2pm. Tucked away on 4 beautiful acres in the sought-after Burnt Hills School District, this well-maintained 2004 duplex offers incredible flexibility for investors, owner-occupants, or multi-generational living. Each unit features 2 bedrooms, 1 full bath, bright kitchens, spacious living areas, private fenced-in yards, and full basements with excellent livable potential. Tenants are currently month-to-month, offering flexibility for future use or investment strategy. Peaceful setting with room to roam, yet conveniently located to Saratoga, Ballston Spa, and the Capital District!

Key facts

• 4 beautiful acres
• Peaceful setting
• Full basements

Tags

• 4 BEAUTIFUL ACRES
• BURNT HILLS SCHOOL DISTRICT
• PRIVATE FENCED-IN YARDS
• FULL BASEMENTS
• PEACEFUL SETTING

Property features AI

Finance

• Financial info: Multifamily property with 2 units; Tenants pay internet, cable TV, electricity, and garage fees

Exterior

• Parking: Attached 2-car garage; Additional parking for a total of 6 vehicles; Driveway; Garage door opener; Stone parking surface
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: 150 Amp electric service with circuit breakers; Shared well water; Septic tank (shared septic); Cable available; DC well pump
• Home design: Duplex; Living area and finished below-grade area reported; Vinyl siding
• Construction: Asphalt roof; Vinyl siding construction; Other foundation type
• Exterior features: Front porch; Patio; Garden; Fenced backyard; Creek on the property; Private, landscaped, wooded and partially cleared lot (approximately 4.05 acres)

Interior

• Kitchen: Each unit includes a kitchen (details unspecified)
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms on the 1st floor)
• Flooring: Vinyl; Tile; Carpet; Ceramic tile
• Bathrooms: Each unit has 1 full bathroom on the 1st floor
• Heating & cooling: Electric heating
• Interior features: Paddle fan; Ceramic tile in bathroom; Double-pane windows
• Laundry & utility: Washer hookup; Electric dryer hookup; Other laundry features

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $278 ($3k/yr) — positive. Per door: $139/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $409k (3.7% below list).
• Recommended offer: $409k (3.7% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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.
• Burnt Hills-Ballston Lake Central School District (suburban): math 64% / reading 73% proficiency, ranked #137 of 590 in NY (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Burnt Hills-Ballston Lake Senior High School (math 97% / reading 98%, grade A+, #49 of 1,100 statewide, top 5%, 928 students, 19% FRL).
• Zoned-school proficiency averages 97% at this address vs 68% district-wide (+29 pts) — the actual schools serving this property are materially stronger than the Burnt Hills-Ballston Lake Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+11.3%/yr); 223 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).
• At $4,091/mo this rent would consume 46% of the median local household income ($107k/yr) (locally 607% 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 $3k of loan paydown is wiped out by about $13k 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 $119k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $409,100 (3.7% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.96% ✗
• Cap rate: 7.08%
• Cash-on-cash: 2.80%
• DSCR: 1.12
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -6.4%
• Equity multiple: 0.75×
• Total profit: $-29,472
• Equity at exit: $63,369

10-year hold

• IRR: 8.6%
• Equity multiple: 1.81×
• Total profit: $95,827
• Equity at exit: $36,746

Cash invested: $119,000 (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: 223
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $4,091 medium
• Mortgage (P&I): −$2,229
• Tax from tax record: −$548 /mo · $6,577/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$859
• Net cashflow: $278

Break-even live

Break-even rent $3,739

Max offer price $425,000

Occupancy floor 88%

Sensitivity live

Price	-10% $519	-5% $398	+0% $278	+5% $158	+10% $37
Rent	-10% $-45	-5% $116	+0% $278	+5% $440	+10% $601
Rate	-1.0pp $492	-0.5pp $386	base $278	+0.5pp $168	+1.0pp $56

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,092
Total (2 units)			$4,091

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: $106,250
• Closing costs: $12,750
• 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	14d	1	1.26mi

Listing history 1 events

1. 2026-05-13
   listed $425,000 Active 643-char remark

ⓘ 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: $6,577 · $548/mo
• Projected year-2 tax: $6,880 · $573/mo
• Expected delta: +$303/yr (+$25/mo · 4.6%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°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: $49,092
• − Mortgage interest: −$23,807
• − Property taxes: −$6,577
• − Insurance: −$2,125
• − Repairs & maintenance: −$3,927
• − Management: −$3,927
• − Depreciation: −$12,364
• Taxable loss: −$3,635
• Est. tax savings @ 24.0%: +$872
• After-tax cash flow: $4,208/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: Burnt Hills-Ballston Lake Central School District
• NCES district ID: 3605940
• Math proficiency: 64% ▼ -8.00%
• Reading proficiency: 73% ▲ 2.00%
• Median HH income: $79,256
• Composite: 60.89/100
• National rank: #813
• State rank: #137 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

• 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

2 events — show timeline

• 2026-05-25 Pending — Global MLS
• 2026-05-13 Listed $425,000 Global MLS

Property tax history

+1.2%/yr

Latest (2025): $6,577 · -0.7% YoY. Source: county tax records.