13 Second St · Ravena, NY 12045

$175,000

3 bd · 2.0 ba · 1,424 sqft · MultiFamily · 36 Days on market

Built 1920 Fair condition 1,306 sqft lot $123/sqft · 48% below area Est $334k · 48% 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 +28.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Appreciation +5.6/10.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

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

Enjoy the view of the river from both apartments. One apartment has a deck in the back for privacy. Top floor has a long-term tenant. walk to Yanni's for dinner and drinks all summer and enjoy concerts in the park from your apartment! Public parking directly across the street. Owner provides heat. Separate electric. Vacant lot next door could possibly be purchased. Both tenants would like to stay.

Key facts

• Public parking
• View of the river
• Deck in the back

Tags

• VIEW OF THE RIVER
• DECK IN THE BACK
• PUBLIC PARKING

🏷️ Possibly a rental listed for sale. The $175,000 price doesn't fit this home's estimated sale value (~$333,567) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $175k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $583 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 3.0% in Ravena — 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 69/100 on livability (#489 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime B+, schools B; Watch: amenities F, commute F, health & safety D-.
• Ravena-Coeymans-Selkirk Central School District (town): math 45% / reading 49% proficiency, ranked #410 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 5 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($1k loan paydown + $2k appreciation (1.2% local appreciation)).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.2% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 1.30% ✓
• Cap rate: 10.29%
• Cash-on-cash: 14.28%
• DSCR: 1.64
• GRM: 6.4

CMA / ARV

• ARV (median comp): $333,567
• List price: $175,000
• Delta: -47.54%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

1.16% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.6%
• Equity multiple: 1.85×
• Total profit: $41,838
• Equity at exit: $61,223

10-year hold

• IRR: 19.8%
• Equity multiple: 3.43×
• Total profit: $118,983
• Equity at exit: $82,517

Cash invested: $49,000 (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 12045

• Home prices YoY: 0.4%
• Active inventory: 5
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $2,269 medium
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $583

Break-even live

Break-even rent $1,531

Max offer price $175,000

Occupancy floor 69%

Sensitivity live

Price	-10% $704	-5% $644	+0% $583	+5% $523	+10% $462
Rent	-10% $404	-5% $493	+0% $583	+5% $673	+10% $762
Rate	-1.0pp $671	-0.5pp $628	base $583	+0.5pp $538	+1.0pp $492

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,268
Total (2 units)			$2,269

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9 Main St Unit 2 Ravena, NY	3.0	1.0	1000	$1,295	$1.29	19d	1	0.45mi
31 Central Ave Unit 4 Ravena, NY	4.0	1.5	1285	$1,495	$1.16	15d	1	1.01mi
2508 US Route 9W Ravena, NY	1.0–3.0	1.0–2.0	1055	$1,850	$1.75	15d	1	1.29mi

Listing history 2 events

1. 2026-05-05
   status Pending 401-char remark

   Show marketing remark (401 chars)

   Enjoy the view of the river from both apartments. One apartment has a deck in the back for privacy. Top floor has a long-term tenant. walk to Yanni's for dinner and drinks all summer and enjoy concerts in the park from your apartment! Public parking directly across the street. Owner provides heat. Separate electric. Vacant lot next door could possibly be purchased. Both tenants would like to stay.

2. 2026-03-27
   listed $175,000 Active 401-char remark

   Show marketing remark (401 chars)

   Enjoy the view of the river from both apartments. One apartment has a deck in the back for privacy. Top floor has a long-term tenant. walk to Yanni's for dinner and drinks all summer and enjoy concerts in the park from your apartment! Public parking directly across the street. Owner provides heat. Separate electric. Vacant lot next door could possibly be purchased. Both tenants would like to stay.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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 7% 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: $27,228
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$2,178
• − Management: −$2,178
• − Depreciation: −$5,091
• Taxable income: $4,478
• Est. tax owed @ 24.0%: −$1,075
• After-tax cash flow: $5,923/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This property requires moderate renovations to improve its exterior, interior, and landscaping, significantly increasing its resale and rental value.

Repairs flagged

• Major Exterior siding — Significant wear and tear
• Major Flooring — Tile flooring in poor condition
• Major Landscaping — Overgrown yard, debris

Value-add opportunities

• Both Paint and update exterior siding — Enhances curb appeal and value
• Both Replace flooring — Improves living space and value
• Both Landscaping and curb appeal — Enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Significant wear and tear	Major	$15,000–50,000
Flooring · Tile flooring in poor condition	Major	$15,000–50,000
Landscaping · Overgrown yard, debris	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Paint and update exterior siding — Enhances curb appeal and value ↑
• Both Replace flooring — Improves living space and value ↑
• Both Landscaping and curb appeal — Enhances curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Ravena-Coeymans-Selkirk Central School District
• NCES district ID: 3624150
• Math proficiency: 45% ▼ -11.00%
• Reading proficiency: 49% ▼ -2.00%
• Median HH income: $63,960
• Composite: 41.63/100
• National rank: #3427
• State rank: #410 of 590 in NY

Livability — Ravena

• Score: 69/100
• State rank: #489
• US rank: #8613

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 237

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 (91%)
• Race & ethnicity: White 91% Black 9%

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: ▲ 1.16%
• Current HPI: 286.1124
• Rent YoY: —
• Metro: —
• 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

2 events — show timeline

• 2026-05-05 Pending — Global MLS
• 2026-03-27 Listed $175,000 Global MLS