704 East St · Rensselaer, NY 12144

$214,900

4 bd · 2.0 ba · 1,996 sqft · MultiFamily public records · 21 Days on market

Built 1920 3,049 sqft lot Est $224k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +9.2/15.0
• Livability +3.9/5.0
• Rent growth +2.7/5.0
• Schools +2.7/10.0
• 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 property for rental income. Large rooms, good solid structure, 2 bedrooms, plus closed porches and rear decks, nice back yard, newer mechanicals, new electric. Possible owner financing with 50% down. lets talk!! Very Good Condition

Key facts

• Close to schools
• 2-family home
• Bright living spaces

Tags

• 2-FAMILY HOME
• BRIGHT LIVING SPACES
• EFFICIENT KITCHENS
• AMPLE STORAGE
• CLOSE TO SCHOOLS
• CLOSE TO SHOPS

Property features AI

Finance

• Financial info: Two-unit property; Tenants pay trash collection, internet, electricity and gas; Owner pays sewer

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex; Entry level includes main and basement levels
• Construction: Vinyl siding; Permanent foundation; Rubber roof; Built area approximately 1,996 (living area provided)
• Exterior features: Front porch; Rear porch; Deck; Wire fencing; Level lot

Interior

• Bedrooms: Unit 1: 2 bedrooms (both on 1st floor); Unit 2: 3 bedrooms
• Flooring: Vinyl; Carpet; Laminate
• Bathrooms: 2 full bathrooms (one on 1st floor, one on 2nd floor); Each unit has 1 full bath
• Heating & cooling: Baseboard heating; Hot water heating; Natural gas
• Interior features: High-speed internet available; Full basement with walk-out access
• Laundry & utility: Laundry on main level and in basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $528/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $215k).
• Recommended offer: $212k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.2% vs local median 5.0% in Rensselaer — 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 77/100 on livability (#191 in NY, #2,967 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: schools C-, crime D+.
• Rensselaer City School District (suburban): math 28% / reading 34% proficiency, ranked #574 of 590 in NY (top 97%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 102 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• At $3,505/mo this rent would consume 46% of the median local household income ($91k/yr) (locally 541% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Rensselaer County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 0.9% rent growth), your $60k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $60k; list at $215k implies a 258% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $186/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $211,676 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.63% ✓
• Cap rate: 13.23%
• Cash-on-cash: 24.79%
• DSCR: 2.10
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $223,552
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
76 Elm St	0.15mi	4/2.0	1,902 (-5%)	11mo	$240,000	$126	76
35 Partition St	0.13mi	4/2.0	2,150 (+8%)	8mo	$225,000	$105	74
742 East St	0.06mi	3/3.0 (-1)	2,037 (+2%)	15mo	$231,000	$113	73
1001 3rd St	0.30mi	4/2.0	2,068 (+4%)	12mo	$230,000	$111	70
45 2nd Ave	0.55mi	4/2.0	2,004 (+0%)	9mo	$170,000	$85	66
820 1st St	0.16mi	3/2.0 (-1)	1,764 (-12%)	8mo	$205,000	$116	62
800 3rd St	0.16mi	5/2.0 (+1)	2,204 (+10%)	14mo	$314,999	$143	58
1447 Broadway	0.70mi	5/2.0 (+1)	2,138 (+7%)	3mo	$235,000	$110	48
114 3rd Ave	0.52mi	5/2.0 (+1)	2,258 (+13%)	1mo	$310,000	$137	48
47 Pine St	0.45mi	4/2.0	1,772 (-11%)	19mo	$170,000	$96	45
8-10 Spruce St	0.73mi	4/2.0	2,240 (+12%)	7mo	$251,000	$112	39

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 · 0.9% rent growth · sell at horizon

5-year hold

• IRR: 11.0%
• Equity multiple: 1.42×
• Total profit: $25,432
• Equity at exit: $32,042

10-year hold

• IRR: 18.1%
• Equity multiple: 2.35×
• Total profit: $81,069
• Equity at exit: $18,581

Cash invested: $60,172 (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 12144

• Home prices YoY: -33.4%
• Rents YoY: 0.9%
• Active inventory: 102
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $3,505 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$310 /mo · $3,715/yr
• Insurance: −$90
• Flood insurance flood zone: −$186 /mo · $2,232/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$736
• Net cashflow: $1,057

Break-even live

Break-even rent $2,167

Max offer price $214,900

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,504
Total (2 units)			$3,505

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	43d	1	0.96mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	43d	1	1.11mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	23d	1	1.37mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	43d	1	1.43mi

Listing history 20 events

1. 2026-06-18
   days on market $214,900 Active 21 DOM
2. 2026-06-17
   days on market $214,900 Active 20 DOM
3. 2026-06-16
   pricedays on market $214,900 Active 19 DOM
4. 2026-06-15
   days on market $219,900 Active 18 DOM
5. 2026-06-14
   days on market $219,900 Active 16 DOM
6. 2026-06-10
   days on market $219,900 Active 13 DOM
7. 2026-06-09
   days on market $219,900 Active 12 DOM
8. 2026-06-08
   days on market $219,900 Active 11 DOM
9. 2026-06-07
   days on market $219,900 Active 10 DOM
10. 2026-06-05
    days on market $219,900 Active 7 DOM
11. 2026-06-03
    days on market $219,900 Active 6 DOM
12. 2026-06-02
    days on market $219,900 Active 5 DOM
13. 2026-06-01
    days on market $219,900 Active 4 DOM
14. 2026-05-31
    days on market $219,900 Active 3 DOM
15. 2026-05-31
    days on market $219,900 Active 2 DOM
16. 2026-05-28
    listed $219,900 Active
17. 2016-12-05
    soldstatus $60,000
18. 2016-09-16
    soldstatus $60,000 Closed (Final Sale) 237-char remark

    Show marketing remark (237 chars)

    Great property for rental income. Large rooms, good solid structure, 2 bedrooms, plus closed porches and rear decks, nice back yard, newer mechanicals, new electric. Possible owner financing with 50% down. lets talk!! Very Good Condition

19. 2016-08-30
    status Pend (Under Cntr) 237-char remark

    Show marketing remark (237 chars)

    Great property for rental income. Large rooms, good solid structure, 2 bedrooms, plus closed porches and rear decks, nice back yard, newer mechanicals, new electric. Possible owner financing with 50% down. lets talk!! Very Good Condition

20. 2016-08-02
    listed $66,650 New 237-char remark

    Show marketing remark (237 chars)

    Great property for rental income. Large rooms, good solid structure, 2 bedrooms, plus closed porches and rear decks, nice back yard, newer mechanicals, new electric. Possible owner financing with 50% down. lets talk!! Very 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: $3,715 · $310/mo
• Projected year-2 tax: $3,715 · $310/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 9/10 Extreme FEMA zone AO · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°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: $42,060
• − Mortgage interest: −$12,038
• − Property taxes: −$3,715
• − Insurance: −$3,306
• − Repairs & maintenance: −$3,365
• − Management: −$3,365
• − Depreciation: −$6,252
• Taxable income: $10,020
• Est. tax owed @ 24.0%: −$2,405
• After-tax cash flow: $10,278/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: Rensselaer City School District
• NCES district ID: 3624450
• Math proficiency: 28% ▼ -2.00%
• Reading proficiency: 34% ▼ -1.00%
• Median HH income: $48,665
• Composite: 26.89/100
• National rank: #7096
• State rank: #574 of 590 in NY

Livability — Rensselaer

• Score: 77/100
• State rank: #191
• US rank: #2967

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rensselaer, NY
• County: Rensselaer County · 75,590 people
• City population: 22,111
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 22,111
• Household income: $90,738
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 541.0

Population outlook (Rensselaer County) Hauer SSP2

• Today (2025): 162,400 people
• By 2030: 161,746 · -0.4%
• By 2040: 158,095 · -2.7%
• By 2050: 152,966 · -5.8%
• By 2075: 140,767 · -13.3%
• By 2100: 124,727 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Two or more races 8% Asian 7% Hispanic / Latino 6% Black 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 7% Lithuanian 6% Iranian 3%
• Foreign-born: 7% · Philippines, Canada, China
• Languages at home: 91% English-only · Other Asian/Pacific 3% Spanish 2% Chinese 1%

Political lean MEDSL · Rensselaer

• 2024 margin: Toss-up / Even · D 50.7% · R 49.3%
• 2008→2024 swing: -8.0pp toward R · 2008: 9.3pp · 2024: 1.4pp
• All cycles: 2024: D+1.4 2020: D+5.6 2016: R+2.9 2012: D+11.8 2008: D+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -138.26%
• Current HPI: 276.2239
• Rent YoY: ▲ 0.90%
• 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

+229.9% since first listed

5 events — show timeline

• 2026-05-28 Listed $219,900 Global MLS
• 2016-12-05 Sold (Public Records) $60,000 Public Records
• 2016-09-16 Sold (MLS) $60,000 Global MLS
• 2016-08-30 Pending — Global MLS
• 2016-08-02 Listed $66,650 Global MLS

Property tax history

+7.3%/yr

Latest (2025): $3,715 · +0.1% YoY. Source: county tax records.