1339 3rd Ave · Watervliet, NY 12189

$160,000

4 bd · 2.0 ba · 2,774 sqft · MultiFamily public records · 1 Days on market

Built 1880 6,098 sqft lot Est $308k · 48% under

---

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

This family-owned two-family home has never been rented. First floor unit renovation was started but not completed. 2nd floor unit is occupied needing very little tlc. Each unit has separate utilities, ideal for future rentals. One car garage and plenty of on street parking. This property is perfect for investors looking for a rehab-to-rent opportunity or to build equity through updates. Finish the 1st floor, modernize the 2nd and start generating income.

Key facts

• 6,098 sq ft lot
• Garage
• Built 1880

Property features AI

Finance

• Other: Two-unit property (total of 2 units); Living area reported as 2,774

Exterior

• Parking: Detached garage; 1 garage space; 1 total parking space; Other parking features
• Utilities: Public water; Public sewer; 100 Amp electric service; Cable available
• Home design: Duplex; Combination foundation; Aluminum siding; Asphalt roof
• Construction: Aluminum siding construction; Combination foundation; Asphalt roof
• Exterior features: Level lot; Chain link fencing; Garage structure(s); Patio/porch: side porch that is enclosed and glass-enclosed

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 1 bedroom
• Flooring: Carpet; Hardwood; Linoleum
• Bathrooms: Two full bathrooms (one on the 1st level, one on the 2nd level); Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Hot water heating; Space heater; Natural gas heating
• Interior features: Basement with exterior entry and sump pump; Side porch that is enclosed and glass-enclosed
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $823/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $160k).
• Cap rate 18.6% 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 $3,685/mo this rent would consume 68% 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 $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $160,000

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 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.30% ✓
• Cap rate: 18.64%
• Cash-on-cash: 44.10%
• DSCR: 2.96
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $307,914
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1525 6th Ave	0.21mi	5/2.0 (+1)	2,464 (-11%)	2mo	$240,000	$97	65
1624 3rd Ave	0.30mi	5/3.0 (+1)	2,957 (+7%)	2mo	$330,000	$112	64
610 23rd St	0.56mi	4/2.0	2,620 (-6%)	8mo	$292,000	$111	58
277 4th St	0.70mi	4/3.0	2,720 (-2%)	3mo	$240,000	$88	58
327 4th St	0.71mi	5/2.0 (+1)	2,720 (-2%)	4mo	$215,000	$79	55
112 1st St	0.56mi	4/4.0	2,838 (+2%)	10mo	$517,000	$182	54
153 2nd St	0.59mi	5/2.0 (+1)	2,640 (-5%)	7mo	$350,000	$133	54
1871 9th Ave	0.50mi	4/2.0	2,442 (-12%)	10mo	$235,000	$96	49
157 1st St	0.51mi	4/3.0	3,044 (+10%)	10mo	$310,000	$102	47
2100 3rd Ave	0.46mi	5/4.0 (+1)	2,929 (+6%)	12mo	$317,500	$108	46
902 24th St	0.70mi	5/2.0 (+1)	3,118 (+12%)	3mo	$350,000	$112	39
140 3rd St	0.70mi	5/4.5 (+1)	2,892 (+4%)	8mo	$400,000	$138	38

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: 45.4%
• Equity multiple: 3.08×
• Total profit: $92,962
• Equity at exit: $23,857

10-year hold

• IRR: 52.9%
• Equity multiple: 7.20×
• Total profit: $277,911
• Equity at exit: $13,834

Cash invested: $44,800 (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: 7.2×

Monthly cashflow live

• Estimated rent: $3,685 high
• Mortgage (P&I): −$839
• Tax from tax record: −$359 /mo · $4,307/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$774
• Net cashflow: $1,646

Break-even live

Break-even rent $1,601

Max offer price $160,000

Occupancy floor 50%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,684
Total (2 units)			$3,685

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	0.64mi
17 State St Troy, NY	4.0	1.0–1.5	1810	$3,635	$2.01	14d	7	0.76mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	18d	1	1.28mi
6-14 Cedarview Ln Watervliet, NY	3.0	2.5	2000	$3,300	$1.65	14d	1	1.44mi

Listing history 2 events

1. 2026-06-14
   remarks 459-char remark
2. 2026-06-14
   listed $160,000 Pending 1 DOM

ⓘ 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: $4,307 · $359/mo
• Projected year-2 tax: $4,307 · $359/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: $44,220
• − Mortgage interest: −$8,962
• − Property taxes: −$4,307
• − Insurance: −$800
• − Repairs & maintenance: −$3,538
• − Management: −$3,538
• − Depreciation: −$4,655
• Taxable income: $18,421
• Est. tax owed @ 24.0%: −$4,421
• After-tax cash flow: $15,337/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

2 events — show timeline

• 2026-06-14 Pending — Global MLS
• 2026-06-12 Listed $160,000 Global MLS

Property tax history

+2.4%/yr

Latest (2025): $4,307 · +3.7% YoY. Source: county tax records.