137 Second St · Waterford, NY 12188

$289,000

4 bd · 2.0 ba · 2,540 sqft · MultiFamily public records · 11 Days on market

Built 1930 5,227 sqft lot Est $249k · 16% over

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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 +29.9/30.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Schools +5.1/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.3/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This two family is on the river. Gorgeous views! Perfect for owner occupied or investment. Each unit has gorgeous built in cabinets, original woodwork and hardwood floors! Each unit is 3 bedrooms with out a formal dinning room, huge closet in the Living room/ bedroom area. Truly a must see! Very Good Condition

Key facts

• Huge walk up attic
• Hudson river views
• 5,227 sq ft lot

Tags

• HUDSON RIVER VIEWS
• HUGE WALK UP ATTIC
• WASHER AND DRYER HOOK UPS

Property features AI

Finance

• Financial info: Owner pays sewer, snow removal, water, central air, electricity, gas, heat and internet; Tenants pay hot water

Exterior

• Security: Carbon monoxide detector(s); Additional unspecified security features
• Utilities: Public water; Public sewer; Cable available
• Home design: Duplex; Updated/remodeled condition; Block foundation; Vinyl siding; Shingle (asphalt) roof
• Construction: Vinyl siding construction; Block foundation; Shingle/asphalt roof
• Exterior features: Front porch, rear porch and enclosed porch; Patio; Fenced backyard with security fencing; Shed(s); Landscaped yard; Riverfront on the Hudson River

Interior

• Bedrooms: Two units with 3 bedrooms each (one unit's bedrooms are on the 1st floor; the other unit's bedrooms are on the 2nd floor)
• Flooring: Wood flooring
• Bathrooms: Two full bathrooms total (one full bath on the 1st floor and one full bath on the 2nd floor)
• Heating & cooling: Forced air heating (natural gas); Window air-conditioning units
• Interior features: High-speed internet available; Walk-in closets; Ceramic tile bathrooms; Crown molding; Double-pane windows

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $289k.

Deal economics

• At list price, monthly cash flow is $641 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $289k).

Location & tenants

• Location reads 74/100 on livability (#285 in NY, #4,586 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A-; Watch: commute D+, amenities D.
• Waterford-Halfmoon Union Free School District (rural): math 60% / reading 54% proficiency, ranked #322 of 755 in NY (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Waterford-Halfmoon Elementary School (math 42% / reading 62%, grade C-, #988 of 2,108 statewide, top 49%, 402 students, 45% FRL); Waterford-Halfmoon Junior-Senior High School (math 62% / reading 44%, grade C-, #934 of 1,100 statewide, top 86%, 336 students, 36% FRL).
• Market conditions: 48 active listings in the ZIP; solid renter incomes; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).
• At $4,004/mo this rent would consume 52% of the median local household income ($92k/yr) (locally 129% 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 $2k of loan paydown is wiped out by about $9k 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 8y 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 $190k; list at $289k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $289,000

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.39% ✓
• Cap rate: 10.73%
• Cash-on-cash: 15.83%
• DSCR: 1.70
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $248,920
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15-17 4th St	0.50mi	5/3.0 (+1)	2,548 (+0%)	6mo	$354,000	$139	62
2 4th St	0.54mi	4/2.0	2,576 (+1%)	16mo	$243,999	$95	59
3 9th St	0.65mi	5/2.0 (+1)	2,624 (+3%)	4mo	$263,200	$100	56
306 Lansing Ave	0.48mi	4/2.0	2,460 (-3%)	23mo	$241,000	$98	53
902 3rd Ave	0.62mi	4/2.0	2,244 (-12%)	1mo	$231,540	$103	51
97 3rd St	0.18mi	5/2.0 (+1)	2,804 (+10%)	22mo	$190,550	$68	51
41 Middle St	0.46mi	5/3.5 (+1)	2,432 (-4%)	23mo	$209,000	$86	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-5,623
• Equity at exit: $43,091

10-year hold

• IRR: 8.0%
• Equity multiple: 1.61×
• Total profit: $49,228
• Equity at exit: $24,987

Cash invested: $80,920 (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 12188

• Home prices YoY: -13.3%
• Active inventory: 48
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $4,004 high
• Mortgage (P&I): −$1,516
• Tax from tax record: −$460 /mo · $5,516/yr
• Insurance: −$120
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$841
• Net cashflow: $641

Break-even live

Break-even rent $3,193

Max offer price $289,000

Occupancy floor 79%

Sensitivity live

Price	-10% $805	-5% $723	+0% $641	+5% $559	+10% $477
Rent	-10% $325	-5% $483	+0% $641	+5% $799	+10% $957
Rate	-1.0pp $787	-0.5pp $714	base $641	+0.5pp $566	+1.0pp $490

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,004
Total (2 units)			$4,004

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: $72,250
• Closing costs: $8,670
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-18
   days on market $289,000 Active 11 DOM
2. 2026-06-17
   days on market $289,000 Active 10 DOM
3. 2026-06-16
   days on market $289,000 Active 9 DOM
4. 2026-06-15
   days on market $289,000 Active 8 DOM
5. 2026-06-14
   days on market $289,000 Active 6 DOM
6. 2026-06-13
   remarks 530-char remark
7. 2026-06-13
   days on market $289,000 Active 5 DOM
8. 2026-06-10
   days on market $289,000 Active 3 DOM
9. 2026-06-09
   days on market $289,000 Active 2 DOM
10. 2026-06-07
    remarks 470-char remark
11. 2026-06-07
    listed $289,000 Active 1 DOM

ⓘ 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: $5,516 · $460/mo
• Projected year-2 tax: $5,516 · $460/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,048
• − Mortgage interest: −$16,188
• − Property taxes: −$5,516
• − Insurance: −$6,564
• − Repairs & maintenance: −$3,844
• − Management: −$3,844
• − Depreciation: −$8,407
• Taxable income: $3,685
• Est. tax owed @ 24.0%: −$884
• After-tax cash flow: $6,807/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: Waterford-Halfmoon Union Free School District
• NCES district ID: 3630060
• Math proficiency: 60% ▲ 3.00%
• Reading proficiency: 54% ▲ 2.00%
• Median HH income: $53,359
• Composite: 50.65/100
• National rank: #3943
• State rank: #322 of 755 in NY

Livability — Waterford

• Score: 74/100
• State rank: #285
• US rank: #4586

Category grades

Amenities D Commute D+ Cost of living B+ Crime A- Employment B- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterford, NY
• County: Saratoga County · 166,192 people
• City population: 10,988
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 10,988
• Household income: $92,279
• Rent vs Own: 26.2% rent · 73.8% own
• Severe rent burden: 129.0

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 4% Two or more races 4% Black 3% Native American 2% Asian 1%
• Common ancestry: Lithuanian 8% Romanian 4% German 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · French/Haitian/Cajun 2% Other Indo-European 2% Spanish 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: ▼ -48.55%
• Current HPI: 316.5619
• Rent YoY: —
• 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

+80.6% since first listed

9 events — show timeline

• 2026-06-06 Listed $289,000 Global MLS
• 2022-01-11 Sold (Public Records) $190,000 Public Records
• 2021-03-04 Listing Removed — Global MLS
• 2021-02-23 Listed $185,000 Global MLS
• 2019-06-04 Sold (Public Records) $167,500 Public Records
• 2019-05-31 Sold (MLS) $167,480 Global MLS
• 2019-03-14 Pending — Global MLS
• 2018-11-24 Listed $172,000 Global MLS
• 2017-07-07 Sold (Public Records) $160,000 Public Records

Property tax history

+5.0%/yr

Latest (2025): $5,516 · +2.0% YoY. Source: county tax records.