48 Lincoln Ave · Saratoga Springs, NY 12866

$720,000

None bd · 3.0 ba · 2,156 sqft · MultiFamily · 174 Days on market

Built 1960 Fair condition 7,405 sqft lot $334/sqft · 33% below area Est $1.073M · 33% under ↓ 8% since listing

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Schools +7.8/10.0
• Cash flow +6.5/30.0
• Rent growth +4.8/5.0
• Livability +4.1/5.0
• Condition / age +2.0/5.0
• 1% rule +1.6/10.0
• DSCR +0.8/10.0
• 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

As a mixed-use property you have many options here to build not just a commercial business but you may also build residential here! Permitted uses in the NC T5 zoning for this property are for a Townhouse, a Single Family Home, a Two-Family Home or if you choose to build your business on the ground floor you will also be permitted per zoning to build a residence above the business.

Key facts

• Build residential
• Mixed-use property
• Nc t5 zoning

Tags

• MIXED-USE PROPERTY
• NC T5 ZONING
• PERMITTED USES
• BUILD RESIDENTIAL

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $720k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative. Per door: $-609/mo.
• To cash-flow at today's rent, offer at most $544k (24.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $476k (33.9% below list).
• Recommended offer: $476k (33.9% below list) — sets the bar for 1% rule.
• Cap rate 4.3% vs local median 1.9% 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+, health & safety 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.
• Zoned schools: Lake Avenue Elementary School (math 82% / reading 82%, grade A+, #138 of 2,108 statewide, top 8%, 393 students, 21% FRL); Maple Avenue Middle School (math 46% / reading 69%, grade B, #187 of 729 statewide, top 26%, 1,392 students, 27% FRL); Saratoga Springs High School (math 98% / reading 92%, grade A+, #83 of 1,100 statewide, top 8%, 1,947 students, 26% FRL).
• Market conditions: Rents rising fast (+9.2%/yr); 649 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k 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.

Negotiation context

• It's been on market 174 days — a 12% lower offer ($634k) is reasonable based on typical stale-listing flexibility.

Recommended offer $475,700 (33.9% below list)

Questions for the listing agent

1. 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?
2. It's been on market 174 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
6. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.66% ✗
• Cap rate: 4.26%
• Cash-on-cash: -7.25%
• DSCR: 0.68
• GRM: 12.6

CMA / ARV

• ARV (median comp): $1,072,943
• List price: $720,000
• Delta: -32.89%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
55 Union St	0.24mi	6/3.0	2,204 (+2%)	1mo	$660,000	$299	84
131 Beekman St	0.66mi	4/2.0	2,056 (-5%)	4mo	$485,000	$236	55
77 White St	0.42mi	4/2.0	2,088 (-3%)	22mo	$780,000	$374	53
59 Union St	0.24mi	4/2.0	1,984 (-8%)	23mo	$465,000	$234	52
8 Aletta St	0.31mi	3/2.0	1,928 (-11%)	22mo	$375,000	$195	46
58 Woodlawn Ave Ave	0.74mi	2/4.0	2,047 (-5%)	10mo	$550,000	$269	44
191 Elm St	0.51mi	4/2.0	1,857 (-14%)	15mo	$550,000	$296	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -23.5%
• Equity multiple: 0.16×
• Total profit: $-169,017
• Equity at exit: $107,354

10-year hold

• IRR: -8.7%
• Equity multiple: 0.34×
• Total profit: $-132,333
• Equity at exit: $62,252

Cash invested: $201,600 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 3 active · 5 under contract
• Months of supply: 4.5 mo (22%/mo absorbed)
• Median asking: $775,000 ($384/sqft)
• Median days on market: 41 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +29.5% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 12866

• Home prices YoY: -31.8%
• Rents YoY: 9.2%
• Active inventory: 649
• Price-to-rent: 25.2×

Monthly cashflow live

• Estimated rent: $4,757 high
• Mortgage (P&I): −$3,776
• Tax est. 1.5%: −$900 /mo · $10,800/yr
• Insurance: −$300
• HOA: −$0
• Vacancy / Maint / Mgmt: −$999
• Net cashflow: $-1,218

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$4,758
Total (2 units)			$4,757

Break-even live

Break-even rent $6,298

Max offer price $543,793

Occupancy floor —

Sensitivity live

Price	-10% $-720	-5% $-969	+0% $-1,218	+5% $-1,467	+10% $-1,715
Rent	-10% $-1,594	-5% $-1,406	+0% $-1,218	+5% $-1,030	+10% $-842
Rate	-1.0pp $-855	-0.5pp $-1,035	base $-1,218	+0.5pp $-1,404	+1.0pp $-1,594

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: $180,000
• Closing costs: $21,600
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
57 Ballston Ave Saratoga Springs, NY	1.0	1.0	—	$1,905	—	6d	1	0.18mi
12 Vanderbilt Ave Saratoga Springs, NY	3.0	2.0	925	$19,000	$20.54	0d	1	0.19mi
75 Union St Saratoga Springs, NY	3.0	1.0	1300	$2,200	$1.69	6d	1	0.20mi
67 Ballston Ave Saratoga Springs, NY	1.0	1.0	700	$1,200	$1.71	62d	1	0.21mi
69 Hamilton St Saratoga Springs, NY	1.0–2.0	1.0	787	$1,908	$2.42	0d	4	0.26mi
21 Park Pl Saratoga Springs, NY	3.0	3.0	2500	$3,250	$1.30	62d	1	0.27mi
21 Park Pl Saratoga Springs, NY	3.0	3.0	2500	$3,250	$1.30	139d	1	0.27mi
99 W Circular St Unit 1388803P Saratoga Springs, NY	2.0	2.5	—	$7,982	—	109d	1	0.30mi
11 Cottage St Saratoga Springs, NY	1.0	1.5	720	$2,500	$3.47	6d	1	0.31mi
18 Spa Dr Saratoga Springs, NY	3.0	1.0	936	$2,950	$3.15	6d	1	0.34mi
4 S Franklin St Unit B Saratoga Springs, NY	2.0	1.0	—	$1,895	—	62d	1	0.35mi
6 S Franklin St Saratoga Springs, NY	3.0	1.0	—	$1,950	—	139d	1	0.35mi
10 S Franklin St Saratoga Springs, NY	3.0	1.0	—	$1,995	—	6d	1	0.36mi
19 S Franklin St Unit 1302143P Saratoga Springs, NY	2.0	1.5	—	$6,562	—	109d	1	0.38mi
86 Jefferson St Saratoga Springs, NY	3.0	1.0	1200	$3,000	$2.50	2d	1	0.41mi
8 Furlong St Saratoga Springs, NY	3.0	2.5	2242	$1,000	$0.45	139d	1	0.42mi
168 Elm St Unit 1 Saratoga Springs, NY	2.0	1.0	864	$1,600	$1.85	139d	1	0.44mi
129 Jefferson St Saratoga Springs, NY	3.0	2.0	1568	$2,950	$1.88	0d	1	0.46mi
1 Spring St Saratoga Springs, NY	3.0	2.0	1340	$4,200	$3.13	6d	1	0.48mi
5 Spring St Saratoga Springs, NY	1.0	1.5	871	$2,700	$3.10	62d	1	0.48mi
153 Regent St Saratoga Springs, NY	2.0	1.5	2000	$2,290	$1.15	6d	1	0.49mi
81 Monroe St Saratoga Springs, NY	2.0	1.0	1160	$2,000	$1.72	6d	1	0.51mi
86 Circular St Saratoga Springs, NY	1.0–2.0	1.0	825	$2,455	$2.98	0d	9	0.51mi
106 Spring St Saratoga Springs, NY	2.0	2.0	1263	$3,999	$3.17	6d	1	0.52mi
19 Washington St Saratoga Springs, NY	1.0	1.0	892	$5,500	$6.17	119d	1	0.52mi
19 Washington St Saratoga Springs, NY	2.0	2.0	1193	$6,500	$5.45	6d	1	0.52mi
73 Spring St Saratoga Springs, NY	1.0	1.0	700	$1,725	$2.46	6d	1	0.52mi
87 Railroad Pl Saratoga Springs, NY	1.0	1.5	1093	$12,000	$10.98	139d	1	0.52mi
37 Henry St Saratoga Springs, NY	2.0	2.0	1890	$22,000	$11.64	139d	1	0.52mi
82 Crescent St Saratoga Springs, NY	1.0–2.0	1.0	750	$1,840	$2.45	0d	9	0.53mi
23 George St Saratoga Springs, NY	2.0	1.0	950	$1,800	$1.89	62d	1	0.55mi
378 Broadway Saratoga Springs, NY	2.0	1.0	750	$2,000	$2.67	6d	1	0.55mi
101 Union Ave Unit 1 Saratoga Springs, NY	2.0	1.0	900	$2,225	$2.47	62d	1	0.55mi
70 Railroad Pl Saratoga Springs, NY	1.0	1.5	1218	$8,500	$6.98	109d	1	0.56mi
101107 Union Ave #1 Saratoga Springs, NY	2.0	1.0	900	$2,225	$2.47	62d	1	0.56mi
124 Phila St Saratoga Springs, NY	1.0	1.0	700	$1,680	$2.40	6d	1	0.58mi
34 Hyde St Saratoga Springs, NY	3.0	2.5	2283	$45,000	$19.71	139d	1	0.59mi
125 Union Ave Saratoga Springs, NY	1.0	1.0	380	$1,400	$3.68	116d	1	0.59mi
18 Division St Saratoga Springs, NY	2.0	2.0	1900	$3,200	$1.68	6d	1	0.60mi
59 Franklin St Saratoga Springs, NY	1.0	1.0	600	$1,975	$3.29	2d	1	0.61mi

Property features AI

Exterior

• Parking: Off-street paved parking for 10 vehicles
• Security: Smoke detectorsCarbon monoxide detectors
• Utilities: Public waterPublic sewerCable available
• Home design: DuplexMain road frontage of 81 feet
• Construction: Asphalt roofOther construction materials
• Exterior features: Cleared lotOther exterior details

Interior

• Bedrooms: Duplex with 2 total units
• Bathrooms: One full bathroomOne half bathroom (in one unit)
• Heating & cooling: Forced air heatingNatural gas heating
• Interior features: Wall paneling

Listing history 50 events

1. 2026-09-23
   days on market $720,000 Active 174 DOM
2. 2026-09-22
   days on market $720,000 Active 173 DOM
3. 2026-09-21
   days on market $720,000 Active 172 DOM
4. 2026-09-20
   days on market $720,000 Active 171 DOM
5. 2026-09-19
   days on market $720,000 Active 170 DOM
6. 2026-09-18
   days on market $720,000 Active 169 DOM
7. 2026-09-17
   days on market $720,000 Active 168 DOM
8. 2026-09-16
   days on market $720,000 Active 167 DOM
9. 2026-09-15
   days on market $720,000 Active 166 DOM
10. 2026-09-14
    days on market $720,000 Active 165 DOM
11. 2026-09-13
    days on market $720,000 Active 164 DOM
12. 2026-09-12
    days on market $720,000 Active 163 DOM
13. 2026-09-11
    days on market $720,000 Active 162 DOM
14. 2026-09-05
    days on market $720,000 Active 156 DOM
15. 2026-09-04
    days on market $720,000 Active 155 DOM
16. 2026-09-03
    days on market $720,000 Active 154 DOM
17. 2026-08-31
    days on market $720,000 Active 151 DOM
18. 2026-08-30
    days on market $720,000 Active 150 DOM
19. 2026-08-29
    days on market $720,000 Active 149 DOM
20. 2026-08-28
    days on market $720,000 Active 148 DOM
21. 2026-08-27
    days on market $720,000 Active 147 DOM
22. 2026-08-26
    days on market $720,000 Active 146 DOM
23. 2026-08-25
    pricedays on market $720,000 Active 145 DOM
24. 2026-08-24
    days on market $780,000 Active 144 DOM
25. 2026-08-23
    days on market $780,000 Active 143 DOM
26. 2026-08-22
    days on market $780,000 Active 142 DOM
27. 2026-08-21
    days on market $780,000 Active 141 DOM
28. 2026-08-20
    days on market $780,000 Active 140 DOM
29. 2026-08-19
    days on market $780,000 Active 139 DOM
30. 2026-08-18
    days on market $780,000 Active 138 DOM
31. 2026-08-17
    days on market $780,000 Active 137 DOM
32. 2026-08-16
    days on market $780,000 Active 136 DOM
33. 2026-08-15
    days on market $780,000 Active 135 DOM
34. 2026-08-14
    days on market $780,000 Active 134 DOM
35. 2026-08-13
    days on market $780,000 Active 133 DOM
36. 2026-08-12
    days on market $780,000 Active 132 DOM
37. 2026-08-11
    days on market $780,000 Active 131 DOM
38. 2026-08-10
    days on market $780,000 Active 130 DOM
39. 2026-08-09
    days on market $780,000 Active 129 DOM
40. 2026-08-08
    days on market $780,000 Active 128 DOM
41. 2026-08-07
    days on market $780,000 Active 127 DOM
42. 2026-08-06
    days on market $780,000 Active 126 DOM
43. 2026-08-05
    days on market $780,000 Active 125 DOM
44. 2026-08-04
    days on market $780,000 Active 124 DOM
45. 2026-08-03
    days on market $780,000 Active 123 DOM
46. 2026-07-31
    days on market $780,000 Active 120 DOM
47. 2026-07-29
    days on market $780,000 Active 118 DOM
48. 2026-07-27
    days on market $780,000 Active 116 DOM
49. 2026-07-25
    days on market $780,000 Active 114 DOM
50. 2026-07-24
    days on market $780,000 Active 113 DOM

ⓘ 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: $57,084
• − Mortgage interest: −$40,331
• − Property taxes: −$10,800
• − Insurance: −$3,600
• − Repairs & maintenance: −$4,567
• − Management: −$4,567
• − Depreciation: −$20,945
• Taxable loss: −$27,726
• Est. tax savings @ 24.0%: +$6,654
• After-tax cash flow: $-7,958/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 · 12 photos

Fair 40/100 Extensive rehab Est. rehab $107,800–$194,040 screening

This property requires extensive renovations to improve its condition and increase its value. Significant repairs and maintenance are needed to address the poor exterior, roof, flooring, interior walls, and systems.

Repairs flagged

• Major siding — Severe weathering
• Major roof — Significant wear
• Major flooring — Concrete in poor condition
• Major interior walls — Exposed subflooring
• Major systems — Exposed wiring and plumbing

Value-add opportunities

• Both exterior renovation — Improves curb appeal and value ↑
• Both roof replacement — Essential for structural integrity and value ↑
• Both flooring replacement — Enhances usability and aesthetics ↑
• Both interior wall repair — Restores structural integrity and enhances value ↑
• Both system upgrades — Ensures functionality and safety ↑

ⓘ Rehab cost is a screening estimate — Extensive scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

B Composite school gradezoned avg 78/100

Zoned Schools

Elementary Lake Avenue Elementary School A+ NY #138/2,108 Nat'l #849/41,679 Middle Maple Avenue Middle School B NY #187/729 Nat'l #2,146/14,009 High Saratoga Springs High School A+ NY #83/1,100 Nat'l #116/17,239

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

A Composite livability gradescore 82/100

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 · 238,889 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: 11% of renters

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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%

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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%

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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

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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

Property features AI

Exterior

• Parking: Off-street paved parking for 10 vehicles
• Security: Smoke detectorsCarbon monoxide detectors
• Utilities: Public waterPublic sewerCable available
• Home design: DuplexMain road frontage of 81 feet
• Construction: Asphalt roofOther construction materials
• Exterior features: Cleared lotOther exterior details

Interior

• Bedrooms: Duplex with 2 total units
• Bathrooms: One full bathroomOne half bathroom (in one unit)
• Heating & cooling: Forced air heatingNatural gas heating
• Interior features: Wall paneling

Price history

-8.2% since first listed

3 events — show timeline

• 2026-05-18 Price Changed $780,000 Global MLS
• 2026-04-27 Price Changed $820,000 Global MLS
• 2026-04-02 Listed $850,000 Global MLS