1022 State Route 43 · East Nassau, NY 12169

$325,000

28 bd · 16.0 ba · 3,840 sqft · MultiFamily public records · 52 Days on market

Built 1986 1.50 ac lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.5/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

4-unit investment property set on a beautiful, scenic and private 1.5-acre lot, just a short drive to Jiminy Peak Ski Resort. Fully rented with a strong income history, this efficient and well-insulated building also features a spacious first-floor laundry room and a brand new septic system. Offering great upside, the property presents an excellent opportunity for cosmetic updates to further increase value and maximize returns.

Key facts

• 1.5 acre lot
• New septic system
• Cosmetic updates

Tags

• 4 UNIT INVESTMENT PROPERTY
• 1.5 ACRE LOT
• FIRST FLOOR LAUNDRY ROOM
• NEW SEPTIC SYSTEM
• COSMETIC UPDATES

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $471/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $325k).
• Recommended offer: $315k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.3% vs local median 2.1% in East Nassau — 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 (#1,099 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A-, cost of living B; Watch: schools D+, crime D-, amenities F.
• Berlin Central School District (rural): math 45% / reading 50% proficiency, ranked #412 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 7 active listings in the ZIP; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).

Forward outlook

• In year one you build about $31k of equity ($2k loan paydown + $29k appreciation (8.9% local appreciation)).
• Rensselaer County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (8.9% appreciation + 3.0% rent growth), your $91k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $130k; list at $325k implies a 150% gain — meaningful room to come down on a strong offer.

Recommended offer $315,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.71% ✓
• Cap rate: 13.25%
• Cash-on-cash: 24.85%
• DSCR: 2.11
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.93% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 41.3%
• Equity multiple: 4.01×
• Total profit: $273,839
• Equity at exit: $267,853

10-year hold

• IRR: 36.3%
• Equity multiple: 8.78×
• Total profit: $707,828
• Equity at exit: $553,009

Cash invested: $91,000 (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 12169

• Home prices YoY: 3.2%
• Active inventory: 7
• Price-to-rent: 19.5×

Monthly cashflow live

• Estimated rent: $5,556 medium
• Mortgage (P&I): −$1,704
• Tax from tax record: −$665 /mo · $7,979/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,167
• Net cashflow: $1,885

Break-even live

Break-even rent $3,170

Max offer price $325,000

Occupancy floor 61%

Sensitivity live

Price	-10% $2,069	-5% $1,977	+0% $1,885	+5% $1,793	+10% $1,701
Rent	-10% $1,446	-5% $1,665	+0% $1,885	+5% $2,104	+10% $2,323
Rate	-1.0pp $2,048	-0.5pp $1,967	base $1,885	+0.5pp $1,800	+1.0pp $1,715

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

Units	Beds	Baths	Est. rent
▸ 4× units	7	4	$5,556
Total (4 units)			$5,556

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-31
   status $325,000 Pending 52 DOM
2. 2026-04-07
   listed $325,000 Active 431-char remark

   Show marketing remark (431 chars)

   4-unit investment property set on a beautiful, scenic and private 1.5-acre lot, just a short drive to Jiminy Peak Ski Resort. Fully rented with a strong income history, this efficient and well-insulated building also features a spacious first-floor laundry room and a brand new septic system. Offering great upside, the property presents an excellent opportunity for cosmetic updates to further increase value and maximize returns.

3. 2003-01-03
   soldstatus $130,000

ⓘ 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: $7,979 · $665/mo
• Projected year-2 tax: $7,979 · $665/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 4/10 Moderate FEMA zone X · 24% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 6 d/yr ≥91°F today · 14 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,672
• − Mortgage interest: −$18,205
• − Property taxes: −$7,979
• − Insurance: −$1,625
• − Repairs & maintenance: −$5,334
• − Management: −$5,334
• − Depreciation: −$9,455
• Taxable income: $18,741
• Est. tax owed @ 24.0%: −$4,498
• After-tax cash flow: $18,117/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: Berlin Central School District
• NCES district ID: 3604620
• Math proficiency: 45% ▼ -3.00%
• Reading proficiency: 50% ▲ 2.00%
• Median HH income: $58,335
• Composite: 41.5/100
• National rank: #3455
• State rank: #412 of 590 in NY

Livability — East Nassau

• Score: 56/100
• State rank: #1099
• US rank: #22410

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 1,723
• Population (ZIP): 407

Population outlook (Rensselaer County) Hauer SSP2

• Today (2025): 162,400 people
• By 2030: 161,746 · -0.4%
• By 2040: 158,095 · -2.7%
• By 2050: 152,966 · -5.8%
• By 2075: 140,767 · -13.3%
• By 2100: 124,727 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 17% Two or more races 2%
• Hispanic origin (detail): Puerto Rican 17%
• Common ancestry: Iranian 38% Lithuanian 14% Danish 8%
• Foreign-born: 1%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Rensselaer

• 2024 margin: Toss-up / Even · D 50.7% · R 49.3%
• 2008→2024 swing: -8.0pp toward R · 2008: 9.3pp · 2024: 1.4pp
• All cycles: 2024: D+1.4 2020: D+5.6 2016: R+2.9 2012: D+11.8 2008: D+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.93%
• Current HPI: 290.2192
• 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

+150.0% since first listed

2 events — show timeline

• 2026-04-07 Listed $325,000 Global MLS
• 2003-01-03 Sold (Public Records) $130,000 Public Records

Property tax history

+5.0%/yr

Latest (2025): $7,979 · +1.0% YoY. Source: county tax records.