215 23rd St · Watervliet, NY 12189

$220,000

5 bd · 2.0 ba · 2,592 sqft · MultiFamily public records · 37 Days on market

Built 1910 2,613 sqft lot $85/sqft · 47% below area Est $417k · 47% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

Great owner occupied. Needs a little TLC. This is an estate..sold 'as is' condition. Good Condition

Key facts

• Two-family home
• Convenient location
• Laundry hookups

Tags

• TWO-FAMILY HOME
• LAUNDRY HOOKUPS
• CONVENIENT LOCATION

Property features AI

Finance

• Other: Annual property tax listed
• Financial info: Two-unit property; Tenants pay hot water, heat, electricity, and gas; Owner pays water

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex; Living area approximately 2,592
• Construction: Stone construction; Rubber roof
• Exterior features: Back yard fencing; Lot approximately 0.06 acres

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 4 bedrooms
• Bathrooms: 2 full bathrooms total (one full bath on the 1st level, one full bath on the 2nd level); Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Heating available; Electric and natural gas heating
• Interior features: Full unfinished basement
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $634/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $220k).
• Recommended offer: $213k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.2% 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; 4 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 $3,654/mo this rent would consume 67% 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 $7k 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 $62k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $50k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $147k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $213,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.66% ✓
• Cap rate: 13.21%
• Cash-on-cash: 24.70%
• DSCR: 2.10
• GRM: 5.0

CMA / ARV

• ARV (median comp): $417,345
• List price: $220,000
• Delta: -47.29%
• 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
2344 Broadway	0.13mi	6/2.0 (+1)	2,582 (-0%)	5mo	$215,000	$83	84
610 23rd St	0.21mi	4/2.0 (-1)	2,620 (+1%)	8mo	$292,000	$111	77
1834 6th Ave	0.26mi	6/2.0 (+1)	2,680 (+3%)	3mo	$250,000	$93	75
2315 3rd Ave	0.05mi	6/2.0 (+1)	2,334 (-10%)	6mo	$221,100	$95	71
902 19th St	0.39mi	6/2.5 (+1)	2,560 (-1%)	2mo	$250,000	$98	71
1525 6th Ave	0.44mi	5/2.0	2,464 (-5%)	2mo	$240,000	$97	70
804 25th St	0.35mi	6/3.5 (+1)	2,688 (+4%)	6mo	$308,455	$115	62
153 2nd St	0.66mi	5/2.0	2,640 (+2%)	7mo	$350,000	$133	60
1624 3rd Ave	0.28mi	5/3.0	2,957 (+14%)	2mo	$330,000	$112	57
1316 5th Ave	0.64mi	5/2.0	2,346 (-10%)	5mo	$280,000	$119	50
1801 9th Ave	0.46mi	6/3.0 (+1)	2,244 (-13%)	2mo	$340,000	$152	46
1235 5th Ave	0.70mi	4/3.0 (-1)	2,328 (-10%)	6mo	$290,000	$125	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 · 6.61% rent growth · sell at horizon

5-year hold

• IRR: 22.3%
• Equity multiple: 1.96×
• Total profit: $58,984
• Equity at exit: $32,803

10-year hold

• IRR: 32.7%
• Equity multiple: 4.52×
• Total profit: $216,621
• Equity at exit: $19,022

Cash invested: $61,600 (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 →

ZIP-level market 12189

• Home prices YoY: -28.7%
• Rents YoY: 6.6%
• Active inventory: 72
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $3,654 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$373 /mo · $4,478/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$767
• Net cashflow: $1,268

Break-even live

Break-even rent $2,049

Max offer price $220,000

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,654
Total (2 units)			$3,654

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17 State St Troy, NY	4.0	1.0–1.5	1810	$3,635	$2.01	14d	7	0.54mi
150 2nd St Troy, NY	4.0	1.5	2442	$3,000	$1.23	21d	1	0.69mi
904 Peoples Ave Troy, NY	4.0	1.0	1800	$645	$0.36	19d	1	1.03mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	19d	1	1.25mi

Listing history 19 events

1. 2026-06-15
   status $220,000 Pending 37 DOM
2. 2026-06-15
   days on market $220,000 Active 37 DOM
3. 2026-06-14
   days on market $220,000 Active 35 DOM
4. 2026-06-10
   days on market $220,000 Active 32 DOM
5. 2026-06-09
   days on market $220,000 Active 31 DOM
6. 2026-06-08
   days on market $220,000 Active 30 DOM
7. 2026-06-07
   days on market $220,000 Active 29 DOM
8. 2026-06-05
   days on market $220,000 Active 26 DOM
9. 2026-06-03
   days on market $220,000 Active 25 DOM
10. 2026-06-02
    days on market $220,000 Active 24 DOM
11. 2026-06-01
    days on market $220,000 Active 23 DOM
12. 2026-06-01
    price $220,000 Active 22 DOM
13. 2026-05-31
    days on market $250,000 Active 22 DOM
14. 2026-05-31
    days on market $250,000 Active 21 DOM
15. 2026-05-17
    price $250,000 662-char remark
16. 2026-05-09
    listed $270,000 Active 662-char remark
17. 2017-06-12
    soldstatus $147,000 Closed (Final Sale) 100-char remark

    Show marketing remark (100 chars)

    Great owner occupied. Needs a little TLC. This is an estate..sold 'as is' condition. Good Condition

18. 2017-03-30
    status Pend (Under Cntr) 100-char remark

    Show marketing remark (100 chars)

    Great owner occupied. Needs a little TLC. This is an estate..sold 'as is' condition. Good Condition

19. 2017-03-27
    listed $159,000 New 100-char remark

    Show marketing remark (100 chars)

    Great owner occupied. Needs a little TLC. This is an estate..sold 'as is' condition. Good Condition

ⓘ 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: $4,478 · $373/mo
• Projected year-2 tax: $4,478 · $373/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 6/10 Major FEMA zone X (unshaded) · 66% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $43,848
• − Mortgage interest: −$12,323
• − Property taxes: −$4,478
• − Insurance: −$1,100
• − Repairs & maintenance: −$3,508
• − Management: −$3,508
• − Depreciation: −$6,400
• Taxable income: $12,531
• Est. tax owed @ 24.0%: −$3,007
• After-tax cash flow: $12,210/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

+38.4% since first listed

7 events — show timeline

• 2026-06-15 Pending — Global MLS
• 2026-05-31 Price Changed $220,000 Global MLS
• 2026-05-17 Price Changed $250,000 Global MLS
• 2026-05-09 Listed $270,000 Global MLS
• 2017-06-12 Sold (MLS) $147,000 Global MLS
• 2017-03-30 Pending — Global MLS
• 2017-03-27 Listed $159,000 Global MLS

Property tax history

+15.4%/yr

Latest (2025): $4,478 · +2.8% YoY. Source: county tax records.