526 15th St · Watervliet, NY 12189

$359,000

7 bd · 2.0 ba · 2,610 sqft · MultiFamily public records · 1 Days on market

Built 1970 Est $271k · 32% over

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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 +17.3/30.0
• DSCR +5.4/10.0
• 1% rule +5.3/10.0
• 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 MLS

Assignment Contract. Cash Only. Sold AS IS. 10 Percent due at signing. Agent is Owner

Key facts

• New water tank
• Private yard
• Sunroom

Tags

• PRIVATE YARD
• SUNROOM
• MODERN KITCHEN
• OUTDOOR SPACE
• NEW WATER TANK
• NEW HEATING SYSTEM

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $359k.

Deal economics

• At list price, monthly cash flow is $263 ($3k/yr) — positive. Per door: $132/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $359k).
• Cap rate 7.2% vs local median 5.9% in Watervliet — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,693/mo this rent would consume 68% 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 $11k 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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 12y 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 $189k; list at $359k implies a 90% gain — meaningful room to come down on a strong offer.

Recommended offer $359,000

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 1970 — 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 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. 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?
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: 1.03% ✓
• Cap rate: 7.17%
• Cash-on-cash: 3.14%
• DSCR: 1.14
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $271,440
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
526 15th St	0.00mi	7/2.0	2,610 (0%)	6mo	$189,000	$72	95
1546 Seventh Ave	0.10mi	6/3.0 (-1)	2,552 (-2%)	8mo	$350,000	$137	76
1834 6th Ave	0.27mi	6/2.0 (-1)	2,680 (+3%)	3mo	$250,000	$93	76
1819 6th Ave	0.24mi	6/2.0 (-1)	2,684 (+3%)	9mo	$202,500	$75	72
902 19th St	0.41mi	6/2.5 (-1)	2,560 (-2%)	2mo	$250,000	$98	69
204 13th St	0.25mi	6/3.0 (-1)	2,794 (+7%)	8mo	$289,900	$104	61
2344 Broadway	0.61mi	6/2.0 (-1)	2,582 (-1%)	5mo	$215,000	$83	60
1801 9th Ave	0.29mi	6/3.0 (-1)	2,244 (-14%)	2mo	$340,000	$152	53
804 25th St	0.63mi	6/3.5 (-1)	2,688 (+3%)	6mo	$308,455	$115	50
2315 3rd Ave	0.50mi	6/2.0 (-1)	2,334 (-11%)	6mo	$221,100	$95	49
1910 9th Ave	0.45mi	6/2.0 (-1)	2,880 (+10%)	12mo	$364,000	$126	47
2430 3rd Ave	0.63mi	7/3.0	2,248 (-14%)	8mo	$290,000	$129	37

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: -7.1%
• Equity multiple: 0.73×
• Total profit: $-27,339
• Equity at exit: $53,528

10-year hold

• IRR: 6.8%
• Equity multiple: 1.60×
• Total profit: $59,890
• Equity at exit: $31,040

Cash invested: $100,520 (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: 16.2×

Monthly cashflow live

• Estimated rent: $3,693 high
• Mortgage (P&I): −$1,883
• Tax from tax record: −$622 /mo · $7,463/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$776
• Net cashflow: $263

Break-even live

Break-even rent $3,360

Max offer price $359,000

Occupancy floor 88%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,692
Total (2 units)			$3,693

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: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-13
   status Under Contract
2. 2026-05-12
   listed $359,000 Active
3. 2025-12-05
   soldstatus $189,000 Closed 85-char remark

   Show marketing remark (85 chars)

   Assignment Contract. Cash Only. Sold AS IS. 10 Percent due at signing. Agent is Owner

4. 2025-10-06
   status Pending 85-char remark

   Show marketing remark (85 chars)

   Assignment Contract. Cash Only. Sold AS IS. 10 Percent due at signing. Agent is Owner

5. 2025-10-02
   listed $189,000 Active 85-char remark

   Show marketing remark (85 chars)

   Assignment Contract. Cash Only. Sold AS IS. 10 Percent due at signing. Agent is Owner

6. 2014-09-30
   soldstatus $145,500
7. 2014-09-03
   soldstatus $145,114 260-char remark

   Show marketing remark (260 chars)

   Well maintained 2 family in quiet Watervliet location with spacious 3 bedroom apartments, separate utilities with natural gas, possible 3rd unit in basement. Each unit has a heated sun porch, hardwood floors, laundry hook ups in each unit. Excellent Condition

8. 2014-04-30
   historical 260-char remark

   Show marketing remark (260 chars)

   Well maintained 2 family in quiet Watervliet location with spacious 3 bedroom apartments, separate utilities with natural gas, possible 3rd unit in basement. Each unit has a heated sun porch, hardwood floors, laundry hook ups in each unit. Excellent Condition

9. 2014-04-28
   listed $139,900 260-char remark

   Show marketing remark (260 chars)

   Well maintained 2 family in quiet Watervliet location with spacious 3 bedroom apartments, separate utilities with natural gas, possible 3rd unit in basement. Each unit has a heated sun porch, hardwood floors, laundry hook ups in each unit. Excellent 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: $7,463 · $622/mo
• Projected year-2 tax: $7,463 · $622/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 (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: $44,316
• − Mortgage interest: −$20,110
• − Property taxes: −$7,463
• − Insurance: −$1,795
• − Repairs & maintenance: −$3,545
• − Management: −$3,545
• − Depreciation: −$10,444
• Taxable loss: −$2,586
• Est. tax savings @ 24.0%: +$621
• After-tax cash flow: $3,781/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: 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

+156.6% since first listed

9 events — show timeline

• 2026-05-13 Pending — FSBO.com
• 2026-05-12 Listed $359,000 FSBO.com
• 2025-12-05 Sold (MLS) $189,000 Global MLS
• 2025-10-06 Pending — Global MLS
• 2025-10-02 Listed $189,000 Global MLS
• 2014-09-30 Sold (Public Records) $145,500 Public Records
• 2014-09-03 Sold (MLS) $145,114 Global MLS
• 2014-04-30 Listing Removed — Global MLS
• 2014-04-28 Listed $139,900 Global MLS

Property tax history

+6.1%/yr

Latest (2025): $7,463 · +1.4% YoY. Source: county tax records.