1206 5th Ave · Watervliet, NY 12189

$269,000

4 bd · 2.0 ba · 1,886 sqft · MultiFamily public records · 93 Days on market

Built 1920 6,098 sqft lot Est $228k · 18% over

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Why this score? — see what drove the C+ 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
• 1% rule +8.6/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Schools +3.4/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Located in a neighborhood with double level lot, this recently renovated two unit is a must see. Would be a great place to live and rent other unit. Both units are 3 BR, 1 bath and are currently rented for $1400/ month each. Two garages on the property one with potential for conversion to carriage house or studio apartment or workshop. Agent is related to seller.

Key facts

• Double level lot
• Two garages
• Recently renovated

Tags

• DOUBLE LEVEL LOT
• RECENTLY RENOVATED
• POTENTIAL FOR CONVERSION
• TWO GARAGES

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $269k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $503/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $269k).
• Recommended offer: $245k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.8% 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+.
• 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.
• Zoned schools: Watervliet Elementary School (math 29% / reading 46%, grade F, #1,516 of 2,108 statewide, top 72%, 661 students, 72% FRL); Watervliet Junior-Senior High School (math 47% / reading 47%, grade D-, #1,007 of 1,100 statewide, top 93%, 684 students, 67% FRL) — zoned schools average 70% FRL vs 52% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.6%/yr); 73 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,654/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 $8k 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 $75k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($245k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 22y 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 $135k; list at $269k implies a 99% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $244,790 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.36% ✓
• Cap rate: 10.78%
• Cash-on-cash: 16.01%
• DSCR: 1.71
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $228,206
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1291 3rd Ave	0.11mi	4/2.0	1,964 (+4%)	10mo	$309,000	$157	80
1244 5th Ave	0.08mi	5/2.0 (+1)	1,876 (-0%)	13mo	$235,000	$125	80
778 14th St	0.25mi	4/2.0	1,920 (+2%)	10mo	$228,000	$119	77
35 Jefferson St	0.65mi	3/2.0 (-1)	1,896 (+0%)	1mo	$245,000	$129	63
25 13th St	0.27mi	5/2.0 (+1)	2,106 (+12%)	1mo	$289,900	$138	62
1506-08 7th Ave	0.29mi	4/4.0	2,108 (+12%)	0mo	$190,000	$90	59
393 1st St	0.74mi	4/2.0	1,848 (-2%)	8mo	$195,000	$106	55
109 13th St	0.23mi	5/2.0 (+1)	2,112 (+12%)	12mo	$232,500	$110	54
17 7th St	0.59mi	4/2.0	1,664 (-12%)	4mo	$211,000	$127	50
68 Jefferson St	0.74mi	4/3.0	1,767 (-6%)	12mo	$141,250	$80	41
261 2nd St	0.67mi	5/2.0 (+1)	2,016 (+7%)	13mo	$229,000	$114	41
588 6th Ave	0.68mi	4/2.0	2,120 (+12%)	9mo	$256,100	$121	40

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: 11.0%
• Equity multiple: 1.45×
• Total profit: $34,244
• Equity at exit: $40,109

10-year hold

• IRR: 22.8%
• Equity multiple: 3.30×
• Total profit: $173,316
• Equity at exit: $23,258

Cash invested: $75,320 (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: 73
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $3,654 high
• Mortgage (P&I): −$1,411
• Tax from tax record: −$359 /mo · $4,306/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$767
• Net cashflow: $1,005

Break-even live

Break-even rent $2,382

Max offer price $269,000

Occupancy floor 67%

Sensitivity live

Price	-10% $1,157	-5% $1,081	+0% $1,005	+5% $929	+10% $853
Rent	-10% $716	-5% $861	+0% $1,005	+5% $1,149	+10% $1,294
Rate	-1.0pp $1,141	-0.5pp $1,073	base $1,005	+0.5pp $935	+1.0pp $864

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,654
Total (2 units)			$3,654

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: $67,250
• Closing costs: $8,070
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	16d	1	0.70mi
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	23d	1	0.70mi
150 2nd St Troy, NY	4.0	1.5	2442	$3,000	$1.23	23d	1	0.77mi
17 State St Troy, NY	4.0	1.0–1.5	1810	$3,635	$2.01	16d	7	0.92mi
1520 6th Ave Troy, NY	2.0–4.0	2.0–4.0	1209	$1,349	$1.12	25d	8	1.07mi
11 Spring Ave Troy, NY	3.0	2.0	1788	$2,500	$1.40	25d	1	1.29mi
6-14 Cedarview Ln Watervliet, NY	3.0	2.5	2000	$3,300	$1.65	16d	1	1.37mi
53 13th St Troy, NY	4.0	1.0	1500	$650	$0.43	20d	1	1.37mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	20d	1	1.39mi
79 14th St Unit 1 Troy, NY	3.0	1.0	1500	$650	$0.43	20d	1	1.41mi
79 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	20d	1	1.41mi
97 14th St Troy, NY	4.0	2.0	1500	$650	$0.43	20d	1	1.42mi
97 14th St Unit 2 Troy, NY	5.0	2.0	1600	$625	$0.39	20d	1	1.42mi
88 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	20d	1	1.44mi
41 Christie St Troy, NY	5.0	2.0	1277	$700	$0.55	16d	1	1.46mi
904 Peoples Ave Troy, NY	4.0	1.0	1800	$645	$0.36	20d	1	1.49mi

Listing history 17 events

1. 2026-04-09
   status Pending
2. 2026-01-05
   listed $269,000 Active
3. 2024-12-06
   status Active
4. 2024-11-08
   status Pending
5. 2024-11-08
   historical
6. 2024-10-17
   price $279,000
7. 2024-07-26
   listed $289,000 Active
8. 2024-07-17
   historical
9. 2024-06-30
   listed $289,900 Active
10. 2023-07-13
    soldstatus $135,000
11. 2023-07-07
    soldstatus $135,000 Closed
12. 2023-05-30
    status Pending
13. 2023-05-08
    listed $159,999 Active
14. 2005-01-21
    soldstatus $55,000
15. 2005-01-10
    soldstatus $55,000
16. 2004-11-10
    historical
17. 2004-11-01
    listed $55,000

ⓘ 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: $4,306 · $359/mo
• Projected year-2 tax: $4,426 · $369/mo
• Expected delta: +$120/yr (+$10/mo · 2.8%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°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: $43,848
• − Mortgage interest: −$15,068
• − Property taxes: −$4,306
• − Insurance: −$1,345
• − Repairs & maintenance: −$3,508
• − Management: −$3,508
• − Depreciation: −$7,825
• Taxable income: $8,287
• Est. tax owed @ 24.0%: −$1,989
• After-tax cash flow: $10,072/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

+389.1% since first listed

17 events — show timeline

• 2026-04-09 Pending — Global MLS
• 2026-01-05 Listed $269,000 Global MLS
• 2024-12-06 Relisted — Global MLS
• 2024-11-08 Pending — Global MLS
• 2024-11-08 Listing Removed — Global MLS
• 2024-10-17 Price Changed $279,000 Global MLS
• 2024-07-26 Listed $289,000 Global MLS
• 2024-07-17 Listing Removed — Global MLS
• 2024-06-30 Listed $289,900 Global MLS
• 2023-07-13 Sold (Public Records) $135,000 Public Records
• 2023-07-07 Sold (MLS) $135,000 Global MLS
• 2023-05-30 Pending — Global MLS
• 2023-05-08 Listed $159,999 Global MLS
• 2005-01-21 Sold (Public Records) $55,000 Public Records
• 2005-01-10 Sold (MLS) $55,000 Global MLS
• 2004-11-10 Listing Removed — Global MLS
• 2004-11-01 Listed $55,000 Global MLS

Property tax history

+1.9%/yr

Latest (2025): $4,306 · -9.1% YoY. Source: county tax records.