20 Paine St · Green Island, NY 12183

$249,000

5 bd · 3.0 ba · 2,178 sqft · MultiFamily public records · 6 Days on market

Built 1943 3,049 sqft lot Est $259k · at est.

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +9.3/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.9/5.0
• Appreciation +3.6/10.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• 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

Attention, novice and seasoned investors alike. Get in on the ground floor of this terrific investment opportunity. Located in sought after Green Island, this property boasts great cash flow, stable tenancies, separate utilities, detached garage and so much more. Make an appointment today -- Very Good Condition

Key facts

• 3,049 sq ft lot
• Garage
• Built 1943

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $249k.

Deal economics

• At list price, monthly cash flow is $7k ($82k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $249k).

Location & tenants

• Location reads 77/100 on livability (#186 in NY, #2,758 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment D, schools F.
• Green Island Union Free School District (suburban): math 20% / reading 30% proficiency, ranked #740 of 755 in NY (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 8 active listings in the ZIP; 15 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).

Forward outlook

• Local home prices are declining (-2.7%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 (-2.7% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y 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 1943 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $249,000

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 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 4.38% ✓
• Cap rate: 39.07%
• Cash-on-cash: 117.06%
• DSCR: 6.21
• GRM: 1.9

CMA / ARV

• ARV (on-the-fly): $259,182
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
137 Paine St	0.40mi	5/2.0	2,090 (-4%)	11mo	$170,000	$81	62
25 High St	0.45mi	5/2.0	2,116 (-3%)	12mo	$255,000	$121	60
29 Craig St	0.48mi	5/2.0	2,352 (+8%)	11mo	$375,000	$159	51
374 8th St	0.68mi	5/2.0	2,348 (+8%)	2mo	$197,000	$84	50
9 Archibald St	0.45mi	6/2.0 (+1)	1,963 (-10%)	6mo	$275,000	$140	48
2127 2nd Ave	0.61mi	5/2.0	2,345 (+8%)	8mo	$188,000	$80	48
2315 3rd Ave	0.58mi	6/2.0 (+1)	2,334 (+7%)	6mo	$221,100	$95	47
99 James St	0.64mi	4/2.0 (-1)	2,058 (-6%)	6mo	$210,000	$102	47
179 9th St	0.66mi	6/2.0 (+1)	2,300 (+6%)	11mo	$290,000	$126	41
2325 6th Ave	0.67mi	5/2.0	1,872 (-14%)	5mo	$230,000	$123	37
2130 4th Ave	0.67mi	5/2.0	2,472 (+14%)	12mo	$230,000	$93	32
90 9th St	0.71mi	4/2.0 (-1)	1,892 (-13%)	11mo	$225,000	$119	27

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

Projected returns pro-forma

-2.71% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.68×
• Total profit: $396,104
• Equity at exit: $40,390

10-year hold

• IRR: —
• Equity multiple: 14.00×
• Total profit: $906,226
• Equity at exit: $27,177

Cash invested: $69,720 (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 12183

• Home prices YoY: -1.5%
• Active inventory: 8
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $10,905 medium
• Mortgage (P&I): −$1,306
• Tax from tax record: −$404 /mo · $4,852/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,290
• Net cashflow: $6,801

Break-even live

Break-even rent $2,296

Max offer price $249,000

Occupancy floor 33%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$10,905
Total (3 units)			$10,905

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 15 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	0.60mi
164 9th St Unit 1 Troy, NY	4.0	2.0	1400	$1,800	$1.29	23d	1	0.67mi
136 9th St Unit 3 Troy, NY	4.0	1.0	1500	$595	$0.40	18d	1	0.67mi
904 Peoples Ave Troy, NY	4.0	1.0	1800	$645	$0.36	18d	1	0.71mi
1520 6th Ave Troy, NY	2.0–4.0	2.0–4.0	1209	$1,349	$1.12	23d	8	0.86mi
150 2nd St Troy, NY	4.0	1.5	2442	$3,000	$1.23	21d	1	0.90mi
2326 15th St Unit 1 Troy, NY	4.0	1.5	1500	$695	$0.46	18d	1	0.97mi
97 14th St Unit 2 Troy, NY	5.0	2.0	1600	$625	$0.39	18d	1	1.13mi
97 14th St Troy, NY	4.0	2.0	1500	$650	$0.43	18d	1	1.13mi
53 13th St Troy, NY	4.0	1.0	1500	$650	$0.43	18d	1	1.14mi
79 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	18d	1	1.16mi
88 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	18d	1	1.16mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	18d	1	1.20mi
131 6th Ave Troy, NY	4.0	1.0	1400	$2,325	$1.66	14d	1	1.44mi
1820 Highland Ave Unit 2 Troy, NY	4.0	2.0	1680	$725	$0.43	18d	1	1.50mi

Listing history 9 events

1. 2024-06-26
   soldstatus $249,000
2. 2024-03-25
   status Pending
3. 2024-03-19
   listed $249,000 Active
4. 2022-09-06
   historical
5. 2021-12-14
   status Pending
6. 2021-04-29
   status Pend (Under Cntr)
7. 2021-03-26
   listed $269,000 New
8. 2021-02-03
   soldstatus $157,000 Closed (Final Sale) 312-char remark

   Show marketing remark (312 chars)

   Attention, novice and seasoned investors alike. Get in on the ground floor of this terrific investment opportunity. Located in sought after Green Island, this property boasts great cash flow, stable tenancies, separate utilities, detached garage and so much more. Make an appointment today -- Very Good Condition

9. 2020-12-02
   listed $169,900 New 312-char remark

   Show marketing remark (312 chars)

   Attention, novice and seasoned investors alike. Get in on the ground floor of this terrific investment opportunity. Located in sought after Green Island, this property boasts great cash flow, stable tenancies, separate utilities, detached garage and so much more. Make an appointment today -- Very Good Condition

ⓘ 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: $4,852 · $404/mo
• Projected year-2 tax: $4,852 · $404/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 5/10 Major FEMA zone X (unshaded) · 26% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $130,860
• − Mortgage interest: −$13,948
• − Property taxes: −$4,852
• − Insurance: −$1,245
• − Repairs & maintenance: −$10,469
• − Management: −$10,469
• − Depreciation: −$7,244
• Taxable income: $82,634
• Est. tax owed @ 24.0%: −$19,832
• After-tax cash flow: $61,781/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: Green Island Union Free School District
• NCES district ID: 3612660
• Math proficiency: 20% ▬ 0.00%
• Reading proficiency: 30% ▲ 5.00%
• Median HH income: $51,151
• Composite: 25.19/100
• National rank: #12922
• State rank: #740 of 755 in NY

Livability — Green Island

• Score: 77/100
• State rank: #186
• US rank: #2758

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Green Island, NY
• City population: 2,966
• Population (ZIP): 2,966

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 (66%)
• Race & ethnicity: White 66% Hispanic / Latino 16% Black 9% Two or more races 8% Asian 1%
• Hispanic origin (detail): Puerto Rican 15%
• Common ancestry: Lithuanian 5% Romanian 3% Iranian 2%
• Foreign-born: 2% · China, Canada
• Languages at home: 94% English-only · Spanish 4% Chinese 1% Other Indo-European 1%

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: ▼ -2.71%
• Current HPI: 177.2848
• 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

+46.6% since first listed

9 events — show timeline

• 2024-06-26 Sold (Public Records) $249,000 Public Records
• 2024-03-25 Pending — Global MLS
• 2024-03-19 Listed $249,000 Global MLS
• 2022-09-06 Listing Removed — Global MLS
• 2021-12-14 Pending — Global MLS
• 2021-04-29 Pending — Global MLS
• 2021-03-26 Listed $269,000 Global MLS
• 2021-02-03 Sold (MLS) $157,000 Global MLS
• 2020-12-02 Listed $169,900 Global MLS

Property tax history

+1.3%/yr

Latest (2025): $4,852 · -1.0% YoY. Source: county tax records.