None · Watervliet, NY 12189

$299,900

4 bd · 2.0 ba · 2,356 sqft · MultiFamily public records · 34 Days on market

Built 1947 3,049 sqft lot $127/sqft · 28% below area Est $417k · 28% under

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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 +26.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.2/10.0
• 1% rule +7.2/10.0
• 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 MLS

Solid brick 2-family in the heart of Watervliet offering spacious layouts in both units! Each unit features 3 bedrooms, 1 full bath, a bright living room, formal dining room, and a large eat-in kitchen. Enjoy the convenience of in-unit laundry located on the back porch of each apartment. Beautiful hardwood floors and original wood molding add character throughout. The majority of the windows in both units are replacement windows. The second-floor unit will be delivered vacant and offers potential for a 4th bedroom or added flex space. 1st floor tenants are in a lease and paying $1500/mo. Major updates include a new boiler (2023) for 1st floor and new roof (2024). Navien on demand water system for 2nd floor unit. Separate utilities make this an ideal owner-occupant or investment opportunity. Additional highlights include a large, dry basement for storage, backyard space, garage, and off-street parking.

Key facts

• New boiler
• In unit laundry
• Hardwood floors

Tags

• IN UNIT LAUNDRY
• HARDWOOD FLOORS
• REPLACEMENT WINDOWS
• NEW BOILER
• NEW ROOF
• DRY BASEMENT

🏷️ Possibly a rental listed for sale. The $299,900 price doesn't fit this home's estimated sale value (~$417,345) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $811 ($10k/yr) — positive. Per door: $406/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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; 6 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 $3,657/mo this rent would consume 67% 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 $2k of loan paydown is wiped out by about $9k 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 $84k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $239k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $290,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 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 1947 — 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 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: 1.22% ✓
• Cap rate: 9.54%
• Cash-on-cash: 11.59%
• DSCR: 1.52
• GRM: 6.8

CMA / ARV

• ARV (median comp): $417,345
• List price: $299,900
• Delta: -28.14%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2127 2nd Ave	0.12mi	5/2.0 (+1)	2,345 (-0%)	8mo	$188,000	$80	82
2412 11th Ave	0.48mi	5/2.0 (+1)	2,356 (0%)	8mo	$325,000	$138	66
610 23rd St	0.20mi	4/2.0	2,620 (+11%)	8mo	$292,000	$111	66
1525 6th Ave	0.48mi	5/2.0 (+1)	2,464 (+5%)	2mo	$240,000	$97	64
1316 5th Ave	0.68mi	5/2.0 (+1)	2,346 (-0%)	5mo	$280,000	$119	58
818 24th St	0.33mi	4/2.0	2,066 (-12%)	8mo	$274,000	$133	58
1235 5th Ave	0.74mi	4/3.0	2,328 (-1%)	6mo	$290,000	$125	54
2327 12th Ave	0.56mi	4/2.0	2,068 (-12%)	5mo	$290,000	$140	49
1506-08 7th Ave	0.54mi	4/4.0	2,108 (-10%)	0mo	$190,000	$90	49
25 13th St	0.73mi	5/2.0 (+1)	2,106 (-11%)	1mo	$289,900	$138	42
3 St Pauls Pl	0.72mi	3/3.0 (-1)	2,124 (-10%)	5mo	$197,000	$93	37
153 2nd St	0.71mi	5/2.0 (+1)	2,640 (+12%)	7mo	$350,000	$133	36

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: 5.0%
• Equity multiple: 1.20×
• Total profit: $16,885
• Equity at exit: $44,716

10-year hold

• IRR: 17.5%
• Equity multiple: 2.69×
• Total profit: $142,301
• Equity at exit: $25,930

Cash invested: $83,972 (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: 13.7×

Monthly cashflow live

• Estimated rent: $3,657 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$380 /mo · $4,563/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$768
• Net cashflow: $811

Break-even live

Break-even rent $2,630

Max offer price $299,900

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,656
Total (2 units)			$3,657

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17 State St Troy, NY	4.0	1.0–1.5	1810	$3,635	$2.01	14d	7	0.57mi
150 2nd St Troy, NY	4.0	1.5	2442	$3,000	$1.23	21d	1	0.74mi
904 Peoples Ave Troy, NY	4.0	1.0	1800	$645	$0.36	19d	1	1.03mi
97 14th St Unit 2 Troy, NY	5.0	2.0	1600	$625	$0.39	19d	1	1.26mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	19d	1	1.29mi
11 Spring Ave Troy, NY	3.0	2.0	1788	$2,500	$1.40	23d	1	1.45mi

Listing history 12 events

1. 2026-05-19
   status Pending 920-char remark

   Show marketing remark (920 chars)

   Solid brick 2-family in the heart of Watervliet offering spacious layouts in both units! Each unit features 3 bedrooms, 1 full bath, a bright living room, formal dining room, and a large eat-in kitchen. Enjoy the convenience of in-unit laundry located on the back porch of each apartment. Beautiful hardwood floors and original wood molding add character throughout. The majority of the windows in both units are replacement windows. The second-floor unit will be delivered vacant and offers potential for a 4th bedroom or added flex space. 1st floor tenants are in a lease and paying $1500/mo. Major updates include a new boiler (2023) for 1st floor and new roof (2024). Navien on demand water system for 2nd floor unit. Separate utilities make this an ideal owner-occupant or investment opportunity. Additional highlights include a large, dry basement for storage, backyard space, garage, and off-street parking.

2. 2026-05-11
   price $299,900 920-char remark

   Show marketing remark (920 chars)

   Solid brick 2-family in the heart of Watervliet offering spacious layouts in both units! Each unit features 3 bedrooms, 1 full bath, a bright living room, formal dining room, and a large eat-in kitchen. Enjoy the convenience of in-unit laundry located on the back porch of each apartment. Beautiful hardwood floors and original wood molding add character throughout. The majority of the windows in both units are replacement windows. The second-floor unit will be delivered vacant and offers potential for a 4th bedroom or added flex space. 1st floor tenants are in a lease and paying $1500/mo. Major updates include a new boiler (2023) for 1st floor and new roof (2024). Navien on demand water system for 2nd floor unit. Separate utilities make this an ideal owner-occupant or investment opportunity. Additional highlights include a large, dry basement for storage, backyard space, garage, and off-street parking.

3. 2026-04-22
   status Active 920-char remark

   Show marketing remark (920 chars)

   Solid brick 2-family in the heart of Watervliet offering spacious layouts in both units! Each unit features 3 bedrooms, 1 full bath, a bright living room, formal dining room, and a large eat-in kitchen. Enjoy the convenience of in-unit laundry located on the back porch of each apartment. Beautiful hardwood floors and original wood molding add character throughout. The majority of the windows in both units are replacement windows. The second-floor unit will be delivered vacant and offers potential for a 4th bedroom or added flex space. 1st floor tenants are in a lease and paying $1500/mo. Major updates include a new boiler (2023) for 1st floor and new roof (2024). Navien on demand water system for 2nd floor unit. Separate utilities make this an ideal owner-occupant or investment opportunity. Additional highlights include a large, dry basement for storage, backyard space, garage, and off-street parking.

4. 2026-03-27
   status Pending 920-char remark

   Show marketing remark (920 chars)

   Solid brick 2-family in the heart of Watervliet offering spacious layouts in both units! Each unit features 3 bedrooms, 1 full bath, a bright living room, formal dining room, and a large eat-in kitchen. Enjoy the convenience of in-unit laundry located on the back porch of each apartment. Beautiful hardwood floors and original wood molding add character throughout. The majority of the windows in both units are replacement windows. The second-floor unit will be delivered vacant and offers potential for a 4th bedroom or added flex space. 1st floor tenants are in a lease and paying $1500/mo. Major updates include a new boiler (2023) for 1st floor and new roof (2024). Navien on demand water system for 2nd floor unit. Separate utilities make this an ideal owner-occupant or investment opportunity. Additional highlights include a large, dry basement for storage, backyard space, garage, and off-street parking.

5. 2026-03-20
   listed $320,000 Active 920-char remark

   Show marketing remark (920 chars)

   Solid brick 2-family in the heart of Watervliet offering spacious layouts in both units! Each unit features 3 bedrooms, 1 full bath, a bright living room, formal dining room, and a large eat-in kitchen. Enjoy the convenience of in-unit laundry located on the back porch of each apartment. Beautiful hardwood floors and original wood molding add character throughout. The majority of the windows in both units are replacement windows. The second-floor unit will be delivered vacant and offers potential for a 4th bedroom or added flex space. 1st floor tenants are in a lease and paying $1500/mo. Major updates include a new boiler (2023) for 1st floor and new roof (2024). Navien on demand water system for 2nd floor unit. Separate utilities make this an ideal owner-occupant or investment opportunity. Additional highlights include a large, dry basement for storage, backyard space, garage, and off-street parking.

6. 2021-10-26
   soldstatus $239,000
7. 2021-10-22
   soldstatus $239,000 692-char remark

   Show marketing remark (692 chars)

   Beautiful 2 Family with 1 car garage & full basement in Watervliet. Each spacious apartment has separate entrances and access to private yard with established grape arbor. The first floor apartment has a Large L/R, D/R & Kitchen along with 3 Bedrooms, Full Bath and Hallway. The second floor apartment has a Large L/R, D/R & Kitchen along with 4 Bedrooms, Full Bath, Hallway, and back porch Laundry Room. Conveniently located to most amenities: walking distance from restaurants and grocery shopping, 1 minute from 787 on ramp, ~ 3 minutes from troy, ~ 15 minutes from RPI, Sage & HVCC College, ~ 20 minutes to U Albany. and ~ 20 minutes from Crossgate Mall. Must See!

8. 2021-08-26
   listed $239,000 692-char remark

   Show marketing remark (692 chars)

   Beautiful 2 Family with 1 car garage & full basement in Watervliet. Each spacious apartment has separate entrances and access to private yard with established grape arbor. The first floor apartment has a Large L/R, D/R & Kitchen along with 3 Bedrooms, Full Bath and Hallway. The second floor apartment has a Large L/R, D/R & Kitchen along with 4 Bedrooms, Full Bath, Hallway, and back porch Laundry Room. Conveniently located to most amenities: walking distance from restaurants and grocery shopping, 1 minute from 787 on ramp, ~ 3 minutes from troy, ~ 15 minutes from RPI, Sage & HVCC College, ~ 20 minutes to U Albany. and ~ 20 minutes from Crossgate Mall. Must See!

9. 2017-05-16
   soldstatus $140,500
10. 2017-05-05
    soldstatus $140,500 Closed (Final Sale)
11. 2017-03-01
    status Pend (Under Cntr)
12. 2017-02-16
    listed $144,900 New

ⓘ 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: $4,563 · $380/mo
• Projected year-2 tax: $4,816 · $401/mo
• Expected delta: +$253/yr (+$21/mo · 5.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 46% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°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: $43,884
• − Mortgage interest: −$16,799
• − Property taxes: −$4,563
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,511
• − Management: −$3,511
• − Depreciation: −$8,724
• Taxable income: $5,276
• Est. tax owed @ 24.0%: −$1,266
• After-tax cash flow: $8,467/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

+107.0% since first listed

12 events — show timeline

• 2026-05-19 Pending — Global MLS
• 2026-05-11 Price Changed $299,900 Global MLS
• 2026-04-22 Relisted — Global MLS
• 2026-03-27 Pending — Global MLS
• 2026-03-20 Listed $320,000 Global MLS
• 2021-10-26 Sold (Public Records) $239,000 Public Records
• 2021-10-22 Sold (MLS) $239,000 HVCRMLS
• 2021-08-26 Listed $239,000 HVCRMLS
• 2017-05-16 Sold (Public Records) $140,500 Public Records
• 2017-05-05 Sold (MLS) $140,500 Global MLS
• 2017-03-01 Pending — Global MLS
• 2017-02-16 Listed $144,900 Global MLS

Property tax history

+5.2%/yr

Latest (2025): $4,563 · +0.9% YoY. Source: county tax records.