2 1/2 1st St · Waterford, NY 12188

$398,000

6 bd · 3.0 ba · 3,084 sqft · MultiFamily · 15 Days on market

Built 1879 Good condition 3,049 sqft lot ↓ 6% since listing

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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 +26.1/30.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +5.1/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +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

Waterfront Views Without the Waterfront Price! Opportunity awaits with this spacious and character-filled duplex in the heart of Waterford. Offering over 3,000 square feet of living space, this circa-1880 property features two generous units, each with 3 bedrooms, 1.5 bathrooms, and its own laundry hookups for added convenience. Rich in historic charm, you'll find original Box Beam Ceilings, Elegant French Doors, and Beautiful Bump-out Bay Windows that capture scenic water views from both floors. Situated a corner lot, this property offers plenty of outdoor space and endless potential for an owner-occupant or investor willing to add a little TLC. For investors, the income potential i

Key facts

• Elegant french doors
• Waterfront views
• Outdoor space

Tags

• WATERFRONT VIEWS
• CHARACTER-FILLED DUPLEX
• ORIGINAL BOX BEAM CEILINGS
• ELEGANT FRENCH DOORS
• BEAUTIFUL BUMP-OUT BAY WINDOWS
• OUTDOOR SPACE

Property features AI

Finance

• Financial info: Two-unit property

Exterior

• Parking: Detached garage; 3 garage spaces; Total of 5 parking spaces
• Utilities: 150 amp electrical service; Public water; Public sewer
• Home design: Duplex
• Construction: Vinyl siding; Asphalt roof; Basement with Bilco doors (unfinished)
• Exterior features: Enclosed patio/porch; Privacy and wood fencing; chain link fence and gate in backyard; Garage structure(s) on property; Level lot with views on a corner lot

Interior

• Bedrooms: One unit with 3 bedrooms (all bedrooms located on the 1st floor)
• Flooring: Ceramic tile; Hardwood; Laminate
• Bathrooms: Two full bathrooms; Two half bathrooms; Full baths located on 1st and 2nd floors; Half baths located on 1st and 2nd floors
• Heating & cooling: Forced air heating; Hot water heating; Natural gas heating
• Interior features: Paddle fan; Built-in features; French doors
• Laundry & utility: Laundry located in bathroom

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/1.5-bath units multifamily listed at $398k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $541 ($6k/yr) — positive. Per door: $270/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $398k).
• Recommended offer: $392k (1.5% below list) — sets the bar for market timing.

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 $4,749/mo this rent would consume 62% 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 $3k of loan paydown is wiped out by about $12k 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

• It's been on market 15 days — a 2% lower offer ($392k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1879 — 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 $392,030 (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 1879 — 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. 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: 1.19% ✓
• Cap rate: 9.31%
• Cash-on-cash: 10.78%
• DSCR: 1.48
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $222,048
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
29-31 Middle St	0.18mi	7/3.0 (+1)	3,236 (+5%)	8mo	$200,000	$62	72
858 6th Ave	0.57mi	6/2.0	2,940 (-5%)	9mo	$284,610	$97	54
842 2nd Ave	0.32mi	5/2.0 (-1)	3,402 (+10%)	10mo	$245,000	$72	51
769 2nd Ave	0.36mi	5/3.0 (-1)	3,302 (+7%)	22mo	$200,000	$61	48
886 3rd Ave	0.39mi	7/3.0 (+1)	3,420 (+11%)	15mo	$226,000	$66	46
630 1st Ave	0.67mi	6/4.0	2,792 (-10%)	6mo	$238,144	$85	45
802 2nd Ave	0.34mi	6/2.0	2,708 (-12%)	18mo	$244,000	$90	44
3 9th St	0.50mi	5/2.0 (-1)	2,624 (-15%)	4mo	$263,200	$100	39
97 3rd St	0.42mi	5/2.0 (-1)	2,804 (-9%)	22mo	$190,550	$68	38
622 1st Ave	0.68mi	5/2.0 (-1)	2,796 (-9%)	13mo	$132,500	$47	33

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: -7.2%
• Equity multiple: 0.73×
• Total profit: $-29,694
• Equity at exit: $59,343

10-year hold

• IRR: 2.5%
• Equity multiple: 1.18×
• Total profit: $19,936
• Equity at exit: $34,412

Cash invested: $111,440 (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: 14.0×

Monthly cashflow live

• Estimated rent: $4,749 high
• Mortgage (P&I): −$2,087
• Tax est. 1.5%: −$498 /mo · $5,970/yr
• Insurance: −$166
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$997
• Net cashflow: $541

Break-even live

Break-even rent $4,064

Max offer price $398,000

Occupancy floor 84%

Sensitivity live

Price	-10% $816	-5% $678	+0% $541	+5% $403	+10% $266
Rent	-10% $166	-5% $353	+0% $541	+5% $728	+10% $916
Rate	-1.0pp $741	-0.5pp $642	base $541	+0.5pp $438	+1.0pp $333

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

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	1.5	$4,750
Total (2 units)			$4,749

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: $99,500
• Closing costs: $11,940
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $398,000 Active 15 DOM
2. 2026-06-18
   days on market $398,000 Active 12 DOM
3. 2026-06-17
   days on market $398,000 Active 11 DOM
4. 2026-06-16
   days on market $398,000 Active 10 DOM
5. 2026-06-15
   days on market $398,000 Active 9 DOM
6. 2026-06-14
   days on market $398,000 Active 7 DOM
7. 2026-06-13
   days on market $398,000 Active 6 DOM
8. 2026-06-10
   days on market $398,000 Active 4 DOM
9. 2026-06-09
   days on market $398,000 Active 3 DOM
10. 2026-06-08
    days on market $398,000 Active 2 DOM
11. 2026-06-07
    remarks 699-char remark
12. 2026-06-07
    listed $398,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $56,988
• − Mortgage interest: −$22,294
• − Property taxes: −$5,970
• − Insurance: −$7,515
• − Repairs & maintenance: −$4,559
• − Management: −$4,559
• − Depreciation: −$11,578
• Taxable income: $513
• Est. tax owed @ 24.0%: −$123
• After-tax cash flow: $6,367/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 · 13 photos

Good 75/100 Cosmetic rehab

This 2.5-unit property is in good condition with cosmetic updates needed to the kitchen and bathrooms. It offers a great opportunity for investors or owner-occupants to add value through updates.

Repairs flagged

• Minor Kitchen cabinets — The cabinets are dated and could be replaced with modern ones.
• Minor Bathroom fixtures — The fixtures are dated and could be replaced with modern ones.

Value-add opportunities

• Resale Updating the kitchen cabinets and fixtures — Updating the kitchen will make it more appealing to potential buyers.
• Resale Updating the bathroom fixtures — Updating the bathrooms will make the home more appealing to potential buyers.
• Both Painting the exterior siding — Painting the exterior will improve the curb appeal and increase the home's value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · The cabinets are dated and could be replaced with modern ones.	Minor	$500–3,000
Bathroom fixtures · The fixtures are dated and could be replaced with modern ones.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale Updating the kitchen cabinets and fixtures — Updating the kitchen will make it more appealing to potential buyers. ↑
• Resale Updating the bathroom fixtures — Updating the bathrooms will make the home more appealing to potential buyers. ↑
• Both Painting the exterior siding — Painting the exterior will improve the curb appeal and increase the home's 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: 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

-6.4% since first listed

6 events — show timeline

• 2026-06-06 Listed $398,000 Global MLS
• 2026-02-14 Listing Removed — Global MLS
• 2025-10-14 Price Changed $380,050 Global MLS
• 2025-08-13 Listed $425,000 Global MLS
• 2025-07-10 Listing Removed — Global MLS
• 2025-01-10 Listed $425,000 Global MLS