57 Washington Ave

Rensselaer, NY 12144

$249,900B+

3 bd · 3.0 ba · 2,074 sqft · Built 1919 · MultiFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,079/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$640
• HOA: −$0
• Vac / Maint / Mgmt: −$857
• Net cashflow: $1,272/mo
• Annual: $15,267/yr
• Cap rate: 12.40%
• Cash-on-cash: 21.82%
• DSCR: 1.97
• 1% rule: 1.63%
• Cash to close: $69,972

Investor read

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $250k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $636/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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.
• Watch-outs: property tax is 2.6% of price; built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 102 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• Rensselaer County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 17y 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 $180k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 0.9% rent growth), your $70k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 12.4% 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.
• At $4,079/mo this rent would consume 54% 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.