163 Broadway · Whitehall, NY 12887

$240,000

4 bd · 3.0 ba · 2,880 sqft · MultiFamily public records · 47 Days on market

Built 1896 0.28 ac lot $83/sqft · 7% above area Est $224k · 7% over

---

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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +4.4/15.0
• Schools +3.3/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Turnkey 3 unit multifamily investment opportunity! This well-maintained property has been thoughtfully updated in recent years, featuring newer windows, fresh exterior paint, and an updated boiler. All three units are fully rented, offering immediate and consistent rental income from day one. Each unit is well-kept, making this an ideal addition to any investor's portfolio. Conveniently located and easy to manage, this property combines strong cash flow with key capital improvements already completed.

Key facts

• Strong cash flow
• Newer windows
• Fully rented

Tags

• NEWER WINDOWS
• FRESH EXTERIOR PAINT
• UPDATED BOILER
• FULLY RENTED
• STRONG CASH FLOW
• KEY CAPITAL IMPROVEMENTS

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $346/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $240k).
• Recommended offer: $233k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 6.3% in Whitehall — 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 56/100 on livability (#1,103 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime B+; Watch: schools F, amenities F, commute F.
• Whitehall Central School District (rural): math 32% / reading 47% proficiency, ranked #530 of 590 in NY (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 41 active listings in the ZIP; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Washington County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $232,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-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. 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: 1.46% ✓
• Cap rate: 11.48%
• Cash-on-cash: 18.53%
• DSCR: 1.82
• GRM: 5.7

CMA / ARV

• ARV (median comp): $224,466
• List price: $240,000
• Delta: 6.92%
• Verdict: FAIR
• Comps: 12 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
212 Broadway	0.35mi	5/4.0 (+1)	3,146 (+9%)	1mo	$222,900	$71	59
3 Williams St	0.39mi	3/2.0 (-1)	2,676 (-7%)	9mo	$149,900	$56	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.1%
• Equity multiple: 3.93×
• Total profit: $196,883
• Equity at exit: $216,211

10-year hold

• IRR: 32.8%
• Equity multiple: 8.86×
• Total profit: $528,028
• Equity at exit: $466,267

Cash invested: $67,200 (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 12887

• Active inventory: 41
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $3,509 medium
• Mortgage (P&I): −$1,259
• Tax from tax record: −$376 /mo · $4,513/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$737
• Net cashflow: $1,037

Break-even live

Break-even rent $2,196

Max offer price $240,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,173	-5% $1,105	+0% $1,037	+5% $969	+10% $902
Rent	-10% $760	-5% $899	+0% $1,037	+5% $1,176	+10% $1,315
Rate	-1.0pp $1,158	-0.5pp $1,098	base $1,037	+0.5pp $975	+1.0pp $912

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$3,510
Total (3 units)			$3,509

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-08
   status Pending 506-char remark

   Show marketing remark (506 chars)

   Turnkey 3 unit multifamily investment opportunity! This well-maintained property has been thoughtfully updated in recent years, featuring newer windows, fresh exterior paint, and an updated boiler. All three units are fully rented, offering immediate and consistent rental income from day one. Each unit is well-kept, making this an ideal addition to any investor's portfolio. Conveniently located and easy to manage, this property combines strong cash flow with key capital improvements already completed.

2. 2026-03-22
   listed $240,000 Active 506-char remark

   Show marketing remark (506 chars)

   Turnkey 3 unit multifamily investment opportunity! This well-maintained property has been thoughtfully updated in recent years, featuring newer windows, fresh exterior paint, and an updated boiler. All three units are fully rented, offering immediate and consistent rental income from day one. Each unit is well-kept, making this an ideal addition to any investor's portfolio. Conveniently located and easy to manage, this property combines strong cash flow with key capital improvements already completed.

3. 2023-01-26
   historical
4. 2022-05-23
   listed $187,000 Active

ⓘ 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: $4,513 · $376/mo
• Projected year-2 tax: $4,513 · $376/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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,108
• − Mortgage interest: −$13,444
• − Property taxes: −$4,513
• − Insurance: −$1,200
• − Repairs & maintenance: −$3,369
• − Management: −$3,369
• − Depreciation: −$6,982
• Taxable income: $9,232
• Est. tax owed @ 24.0%: −$2,216
• After-tax cash flow: $10,233/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: Whitehall Central School District
• NCES district ID: 3631290
• Math proficiency: 32% ▼ -1.00%
• Reading proficiency: 47% ▲ 5.00%
• Median HH income: $43,563
• Composite: 33.4/100
• National rank: #5477
• State rank: #530 of 590 in NY

Livability — Whitehall

• Score: 56/100
• State rank: #1103
• US rank: #22538

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Whitehall, NY
• Population (ZIP): 4,629

Population outlook (Washington County) Hauer SSP2

• Today (2025): 59,576 people
• By 2030: 57,618 · -3.3%
• By 2040: 52,751 · -11.5%
• By 2050: 47,514 · -20.2%
• By 2075: 35,690 · -40.1%
• By 2100: 24,807 · -58.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 9% Hispanic / Latino 3%
• Common ancestry: Lithuanian 15% Polish 5% Romanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · German/W. Germanic 3% Spanish 1%

Political lean MEDSL · Washington

• 2024 margin: Strong R (+21.2) · D 39.4% · R 60.6%
• 2008→2024 swing: -22.0pp toward R · 2008: 0.8pp · 2024: -21.2pp
• All cycles: 2024: R+21.2 2020: R+15.6 2016: R+20.2 2012: D+1.6 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 122.64%
• Current HPI: 354.5975
• 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

+28.3% since first listed

4 events — show timeline

• 2026-05-08 Pending — Global MLS
• 2026-03-22 Listed $240,000 Global MLS
• 2023-01-26 Listing Removed — Global MLS
• 2022-05-23 Listed $187,000 Global MLS

Property tax history

-0.2%/yr

Latest (2025): $4,513 · -5.5% YoY. Source: county tax records.