1540 8th Ave · Watervliet, NY 12189

$275,000

5 bd · 2.0 ba · 2,231 sqft · MultiFamily public records · 35 Days on market

Built 1970 2,613 sqft lot $123/sqft · 37% below area Est $434k · 37% under

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Why this score? — see what drove the B- 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 +24.7/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +7.6/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Schools +3.4/10.0
• 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

Fully renovated two-family property in a convenient Watervliet location! This turnkey investment features a spacious 3-bedroom unit upstairs and a 2-bedroom unit on the first floor, both currently unoccupied. Second floor unit has a private backyard. Whether you're looking to expand your portfolio or owner-occupy in the future, this is a solid opportunity with strong rental history and minimal upkeep needed.

Key facts

• Fully renovated
• Private backyard
• Turnkey investment

Tags

• FULLY RENOVATED
• PRIVATE BACKYARD
• TURNKEY INVESTMENT
• STRONG RENTAL HISTORY
• MINIMAL UPKEEP

Property features AI

Finance

• Financial info: Multi-family with 2 total units; Tenants pay electricity; Owner pays trash collection, sewer, management, snow removal, and water

Exterior

• Parking: 4 parking spaces
• Utilities: Public water; Public sewer
• Home design: Duplex; Living area approximately 2,231
• Construction: Vinyl siding
• Exterior features: Shingle roof; Back yard with chain link fencing

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 3 bedrooms
• Bathrooms: 2 full bathrooms total (one full bath on the 1st level and one full bath on the 2nd level); Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Electric heating; Hot water heating
• Interior features: Partial basement with an apartment-style area

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $577 ($7k/yr) — positive. Per door: $289/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $267k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 5.9% in Watervliet — 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 84/100 on livability (#51 in NY, #786 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: crime D+, schools D.
• Watervliet City School District (suburban): math 36% / reading 45% proficiency, ranked #524 of 590 in NY (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.6%/yr); 72 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,454/mo this rent would consume 63% of the median local household income ($65k/yr) (locally 1224% 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 $8k of value loss. Plan a longer hold.
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $77k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $115k; list at $275k implies a 139% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price.

Recommended offer $266,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. 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: 1.26% ✓
• Cap rate: 8.81%
• Cash-on-cash: 9.00%
• DSCR: 1.40
• GRM: 6.6

CMA / ARV

• ARV (median comp): $433,645
• List price: $275,000
• Delta: -36.58%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1801 9th Ave	0.15mi	6/3.0 (+1)	2,244 (+1%)	2mo	$340,000	$152	82
1525 6th Ave	0.09mi	5/2.0	2,464 (+10%)	2mo	$240,000	$97	77
1316 5th Ave	0.26mi	5/2.0	2,346 (+5%)	5mo	$280,000	$119	75
1506-08 7th Ave	0.09mi	4/4.0 (-1)	2,108 (-6%)	0mo	$190,000	$90	74
1551 4th Ave	0.17mi	6/2.0 (+1)	2,058 (-8%)	5mo	$230,000	$112	70
25 13th St	0.46mi	5/2.0	2,106 (-6%)	1mo	$289,900	$138	69
2127 2nd Ave	0.42mi	5/2.0	2,345 (+5%)	8mo	$188,000	$80	65
1235 5th Ave	0.30mi	4/3.0 (-1)	2,328 (+4%)	6mo	$290,000	$125	64
2315 3rd Ave	0.45mi	6/2.0 (+1)	2,334 (+5%)	6mo	$221,100	$95	61
818 24th St	0.44mi	4/2.0 (-1)	2,066 (-7%)	8mo	$274,000	$133	56
2327 12th Ave	0.54mi	4/2.0 (-1)	2,068 (-7%)	5mo	$290,000	$140	54
902 19th St	0.29mi	6/2.5 (+1)	2,560 (+15%)	2mo	$250,000	$98	54

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 · 6.61% rent growth · sell at horizon

5-year hold

• IRR: 1.8%
• Equity multiple: 1.07×
• Total profit: $5,416
• Equity at exit: $41,003

10-year hold

• IRR: 14.9%
• Equity multiple: 2.43×
• Total profit: $110,366
• Equity at exit: $23,777

Cash invested: $77,000 (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 12189

• Home prices YoY: -28.7%
• Rents YoY: 6.6%
• Active inventory: 72
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $3,454 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$595 /mo · $7,135/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$725
• Net cashflow: $577

Break-even live

Break-even rent $2,723

Max offer price $275,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,454
Total (2 units)			$3,454

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
150 2nd St Troy, NY	4.0	1.5	2442	$3,000	$1.23	21d	1	0.80mi
17 State St Troy, NY	4.0	1.0–1.5	1810	$3,635	$2.01	14d	7	0.83mi
1520 6th Ave Troy, NY	2.0–4.0	2.0–4.0	1209	$1,349	$1.12	23d	8	1.07mi
904 Peoples Ave Troy, NY	4.0	1.0	1800	$645	$0.36	18d	1	1.40mi
53 13th St Troy, NY	4.0	1.0	1500	$650	$0.43	18d	1	1.42mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	18d	1	1.45mi
79 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	18d	1	1.45mi
97 14th St Troy, NY	4.0	2.0	1500	$650	$0.43	18d	1	1.46mi
97 14th St Unit 2 Troy, NY	5.0	2.0	1600	$625	$0.39	18d	1	1.46mi
136 9th St Unit 3 Troy, NY	4.0	1.0	1500	$595	$0.40	18d	1	1.46mi
88 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	18d	1	1.47mi

Listing history 21 events

1. 2026-06-18
   days on market $275,000 Active 35 DOM
2. 2026-06-17
   days on market $275,000 Active 34 DOM
3. 2026-06-16
   days on market $275,000 Active 33 DOM
4. 2026-06-15
   days on market $275,000 Active 32 DOM
5. 2026-06-14
   days on market $275,000 Active 30 DOM
6. 2026-06-10
   days on market $275,000 Active 27 DOM
7. 2026-06-09
   days on market $275,000 Active 26 DOM
8. 2026-06-08
   days on market $275,000 Active 25 DOM
9. 2026-06-07
   days on market $275,000 Active 24 DOM
10. 2026-06-05
    days on market $275,000 Active 21 DOM
11. 2026-06-03
    days on market $275,000 Active 20 DOM
12. 2026-06-02
    days on market $275,000 Active 19 DOM
13. 2026-06-01
    days on market $275,000 Active 18 DOM
14. 2026-05-31
    days on market $275,000 Active 17 DOM
15. 2026-05-31
    days on market $275,000 Active 16 DOM
16. 2026-05-11
    historical
17. 2026-05-11
    listed $275,000 Active 411-char remark
18. 2026-03-27
    listed $275,000 Active
19. 2023-02-06
    soldstatus $115,000
20. 2022-11-29
    historical
21. 2022-11-25
    listed $139,000 Active

ⓘ 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: $7,135 · $595/mo
• Projected year-2 tax: $7,135 · $595/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°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: $41,448
• − Mortgage interest: −$15,404
• − Property taxes: −$7,135
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,316
• − Management: −$3,316
• − Depreciation: −$8,000
• Taxable income: $2,902
• Est. tax owed @ 24.0%: −$696
• After-tax cash flow: $6,232/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: Watervliet City School District
• NCES district ID: 3630210
• Math proficiency: 36% ▼ -2.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $43,276
• Composite: 34.23/100
• National rank: #5261
• State rank: #524 of 590 in NY

Livability — Watervliet

• Score: 84/100
• State rank: #51
• US rank: #786

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Watervliet, NY
• County: Albany County · 196,626 people
• City population: 18,656
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 18,656
• Household income: $65,276
• Rent vs Own: 60.3% rent · 39.7% own
• Severe rent burden: 1224.0

Population outlook (Albany County) Hauer SSP2

• Today (2025): 320,794 people
• By 2030: 327,401 · +2.1%
• By 2040: 338,218 · +5.4%
• By 2050: 348,467 · +8.6%
• By 2075: 381,693 · +19.0%
• By 2100: 393,809 · +22.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Two or more races 8% Asian 8% Black 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Dominican 1%
• Common ancestry: Lithuanian 6% Romanian 5% Scotch-Irish 4%
• Foreign-born: 11% · Canada, China, South Korea
• Languages at home: 88% English-only · Other Indo-European 4% Spanish 2% Other Asian/Pacific 2%

Political lean MEDSL · Albany

• 2024 margin: Strong D (+25.8) · D 62.9% · R 37.1%
• 2008→2024 swing: -3.6pp toward R · 2008: 29.4pp · 2024: 25.8pp
• All cycles: 2024: D+25.8 2020: D+31.4 2016: D+24.3 2012: D+31.0 2008: D+29.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -110.16%
• Current HPI: 273.8109
• Rent YoY: ▲ 6.61%
• 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

+97.8% since first listed

6 events — show timeline

• 2026-05-11 Listed $275,000 Global MLS
• 2026-05-11 Listing Removed — Global MLS
• 2026-03-27 Listed $275,000 Global MLS
• 2023-02-06 Sold (Public Records) $115,000 Public Records
• 2022-11-29 Listing Removed — Global MLS
• 2022-11-25 Listed $139,000 Global MLS

Property tax history

+7.1%/yr

Latest (2025): $7,135 · +30.7% YoY. Source: county tax records.