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September 2, 2021
To Whom It May Concern:
I am a NY5 Licensed Real Estate Braker of 35+ years, and in additior� to listing and
selling residential real estate, I have specialized in track season and off-season rentals
for the past 15 years. My rental inventory ir�cludes close to 200 harnes, condos and
carriage �ouses, and I broker between 100 and 150 leases each year, ranging from 2
night weekends to the full 8-week racing season, as well as off-season and long-term
rentals.
f am very familiar with the property located at 85 Nelsorr Ave Saratoga Springs, NY,
which includes the �-bedroom main houss, a 2-bedroom carriage house and a 1-
l�etiraom rentaf unit. I'�e worked with Ted Waite on a variety of rentals dating back to
his purcf�ase of the �roperty in 2013. This property is particularly suited to rentais given
its proximity to 5aratoga Race Course, downtown anc! the Northway.
In my opinion the rental �alue af the property is signi#icantly higher as a 3 unit property
consisting Qf a 5-bedroom, a 2-bedroam and a 1 bedroom, than it would be as a single
8-bedroom rentaf. Having a range of sizes autamatically increases the pool of potential
renters and decreases the effect of a vacancy. As a 3 unit property, I woulcf estimate
the value of the property to be around $1,500,OQ0, while as a single family, the �alue of
the praperty would decrease substantially, to around $�,00�,000.
R�nts, both durirtg the summer racing season and the rest of the year are not based on
a straignt rrEultiple of the number of bedroorns i.e., arr 8-bedroom unit does not bring 8
times the rent of a 1 bedroom. In additian, the larg�r the unit, the more difFicult it is to
rent; as demand is lower. If there are more than 5 bedrooms in a rentai unit, the
additional bedrooms would actually yield litt�e to no fncrease in the rent. Th� value of
the property from an income approach would be substantially lower if fewer than 3 units
were allowed.
All 3 units are �xtremely marketable as furnished rentals both during the racing season
and the rest of the year. With their size, location ar�d condition, they appeal ta a variety
of renters. During the racing season the 5-bedraom rents for $5,900/week, the 2-
bedroom brings $3,�OO/week and the 1-bedroom rents for $2,4501week.
Off-season, all three units are appealing to students as well as ather pe�ple coming to
the ar�a from large citi�s and/ar to join the ever-grawing tech workfa�rce in th� area.
The 5-bedroom rents for $3,5001manth, the 2-bedroom for $2,0�(l/mo and th� 1-
beclroom for $1,5001month.
Please feel free to contact me with any qu�stions on the abo�e.
Sincerely,
Lori A, Leman
Broker-Owner