31 Riverside Ave · Rensselaer, NY 12144

$350,000

5 bd · 4.0 ba · 2,640 sqft · MultiFamily public records · 14 Days on market

Built 1976 0.29 ac lot Est $235k · 49% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Rent growth +2.7/5.0
• Schools +2.7/10.0
• 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: 3 units. confirmed

Listing remarks

Multiple Bids. Best and Final 4/19 @ 6pm. This rare Hudson Riverfront 3 family home, owned by the same family since construction, is being offered for sale for the first time! The property features distinctive handcrafted elements throughout, including striking leaded & hammered stained glass, custom woodwork, copper-clad & bronze metals, rare period lighting & artisan detailing that reflect a level of craftsmanship rarely seen in modern construction. According to the seller, some of these features have been salvaged from historic structures. Recent research may point to the early 1900's high quality, Tudor/Arts and Crafts revival style buildings, likely from the Albany ar

Key facts

• Rare period lighting
• Hudson riverfront
• Handcrafted elements

Tags

• HUDSON RIVERFRONT
• HANDCRAFTED ELEMENTS
• CUSTOM WOODWORK
• COPPER-CLAD AND BRONZE METALS
• RARE PERIOD LIGHTING
• ARTISAN DETAILING

Property features AI

Finance

• Financial info: Multifamily with 3 total units; Tenants pay hot water; Owner pays trash collection, sewer, water, central air, and heat

Exterior

• Parking: Parking for 5 vehicles; Paved driveway
• Security: Carbon monoxide detector(s)
• Utilities: Public water; Public sewer
• Home design: Triplex; Updated/remodeled
• Construction: Brick, cedar, and wood siding exterior; Shingle roof; Basement: Other
• Exterior features: Front porch; Deck; Storage shed(s); Level lot with views; Riverfront on the Hudson River

Interior

• Kitchen: Solid surface countertops in kitchen areas
• Bedrooms: Unit 1: 1 bedroom; Unit 2: 2 bedrooms; Unit 3: 2 bedrooms
• Flooring: Vinyl; Tile; Carpet; Hardwood
• Bathrooms: Five full bathrooms; One half bathroom; Full and half baths located on first and second levels
• Heating & cooling: Forced air heating; Zoned heating; Natural gas heating; Central air conditioning
• Interior features: Solid surface counters; Sliding doors
• Laundry & utility: Laundry closet; Laundry room

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/5.5-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $892/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $350k).
• Cap rate 16.9% vs local median 5.0% in Rensselaer — 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 77/100 on livability (#191 in NY, #2,967 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: schools C-, crime D+.
• Rensselaer City School District (suburban): math 28% / reading 34% proficiency, ranked #574 of 590 in NY (top 97%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 102 active listings in the ZIP; solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• At $7,718/mo this rent would consume 102% of the median local household income ($91k/yr) (locally 541% 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 $10k of value loss. Plan a longer hold.
• Rensselaer County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 0.9% rent growth), your $98k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $98k; list at $350k implies a 259% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $350,000

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 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.21% ✓
• Cap rate: 16.93%
• Cash-on-cash: 38.00%
• DSCR: 2.69
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $234,960
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
64 Clinton St	0.66mi	5/3.0	2,640 (0%)	6mo	$140,000	$53	61
107 3rd Ave	0.61mi	6/2.0 (+1)	2,736 (+4%)	8mo	$270,000	$99	46
422 East St	0.68mi	5/5.0	2,802 (+6%)	13mo	$305,000	$109	44
30 Stephen St	0.69mi	6/3.0 (+1)	2,592 (-2%)	15mo	$230,000	$89	43
25 Alexander St	0.67mi	6/3.0 (+1)	2,652 (+0%)	19mo	$190,000	$72	43
154 Broad St	0.58mi	4/2.0 (-1)	2,664 (+1%)	23mo	$119,999	$45	39
114 3rd Ave	0.61mi	5/2.0	2,258 (-14%)	1mo	$310,000	$137	38
56 3rd Ave	0.71mi	6/3.0 (+1)	2,880 (+9%)	9mo	$255,000	$89	36
56 Alexander St	0.73mi	6/3.0 (+1)	2,415 (-8%)	17mo	$250,000	$104	29

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 · 0.9% rent growth · sell at horizon

5-year hold

• IRR: 25.1%
• Equity multiple: 2.01×
• Total profit: $98,512
• Equity at exit: $52,186

10-year hold

• IRR: 31.3%
• Equity multiple: 3.50×
• Total profit: $245,421
• Equity at exit: $30,262

Cash invested: $98,000 (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 12144

• Home prices YoY: -33.4%
• Rents YoY: 0.9%
• Active inventory: 102
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $7,718 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$1,013 /mo · $12,155/yr
• Insurance: −$146
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,621
• Net cashflow: $2,677

Break-even live

Break-even rent $4,330

Max offer price $350,000

Occupancy floor 60%

Sensitivity live

Price	-10% $2,875	-5% $2,776	+0% $2,677	+5% $2,577	+10% $2,478
Rent	-10% $2,067	-5% $2,372	+0% $2,677	+5% $2,981	+10% $3,286
Rate	-1.0pp $2,853	-0.5pp $2,766	base $2,677	+0.5pp $2,586	+1.0pp $2,494

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	5.5	$7,719
Total (3 units)			$7,718

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-22
   status Pending
2. 2026-04-07
   listed $350,000 Active
3. 2000-02-18
   soldstatus $97,500

ⓘ 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: $12,155 · $1,013/mo
• Projected year-2 tax: $12,155 · $1,013/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 7/10 Severe FEMA zone AE · 78% 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 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $92,616
• − Mortgage interest: −$19,605
• − Property taxes: −$12,155
• − Insurance: −$6,868
• − Repairs & maintenance: −$7,409
• − Management: −$7,409
• − Depreciation: −$10,182
• Taxable income: $28,987
• Est. tax owed @ 24.0%: −$6,957
• After-tax cash flow: $25,161/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: Rensselaer City School District
• NCES district ID: 3624450
• Math proficiency: 28% ▼ -2.00%
• Reading proficiency: 34% ▼ -1.00%
• Median HH income: $48,665
• Composite: 26.89/100
• National rank: #7096
• State rank: #574 of 590 in NY

Livability — Rensselaer

• Score: 77/100
• State rank: #191
• US rank: #2967

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rensselaer, NY
• County: Rensselaer County · 75,590 people
• City population: 22,111
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 22,111
• Household income: $90,738
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 541.0

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 (76%)
• Race & ethnicity: White 76% Two or more races 8% Asian 7% Hispanic / Latino 6% Black 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 7% Lithuanian 6% Iranian 3%
• Foreign-born: 7% · Philippines, Canada, China
• Languages at home: 91% English-only · Other Asian/Pacific 3% Spanish 2% Chinese 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: ▼ -138.26%
• Current HPI: 276.2239
• Rent YoY: ▲ 0.90%
• 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

+259.0% since first listed

3 events — show timeline

• 2026-04-22 Pending — Global MLS
• 2026-04-07 Listed $350,000 Global MLS
• 2000-02-18 Sold (Public Records) $97,500 Public Records

Property tax history

+7.3%/yr

Latest (2025): $12,155 · +1.1% YoY. Source: county tax records.