304 2nd Ave · Watervliet, NY 12189

$220,000

6 bd · 3.0 ba · 2,536 sqft · MultiFamily public records · 12 Days on market

Built 1960 2,613 sqft lot Est $259k · 15% 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 +30.0/30.0
• ARV discount +14.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

* Multiple Offers- Highest and Best due Wednesday, April 1st at 12pm * Great opportuntiy to owner occupy or add to your real esate portfolio in Port Schuyler. First floor features 3 Bedrooms and 1 Bathroom. Second Floor features 3 Bedroom and 1.5 Baths with many upgrades. Minutes from Broadway in Menands, 787, I90.

Key facts

• 2,613 sq ft lot
• Built 1960
• Listed 12 days

Property features AI

Finance

• Other:
• Financial info: Two-unit property; Tenants pay hot water, heat, internet, cable TV, electricity and gas; Owner pays sewer and water
• HOA & community:

Exterior

• Parking:
• Security:
• Utilities: Public sewer; Cable available
• Home design: Duplex; Vinyl siding exterior; Rubber and shingle roof; Concrete perimeter foundation
• Construction: Vinyl siding construction; Rubber roof; Shingle roof; Concrete perimeter foundation
• Exterior features: Rear porch; Back yard fencing; Chain link fence; Road frontage

Interior

• Kitchen: Solid surface counters (kitchen surfaces)
• Bedrooms: Two units each with 3 bedrooms (Unit 1: 3 bedrooms, Unit 2: 3 bedrooms)
• Flooring: Carpet; Hardwood; Laminate
• Bathrooms: Total of 3 bathrooms (2 full, 1 half); Full bath on 1st floor; Full bath on 2nd floor; Half bath on 2nd floor
• Heating & cooling: Has heating; Baseboard heating; Hot water heating; Natural gas heating
• Interior features: Solid surface counters; Wood window frames
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $220k).
• Cap rate 26.9% 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; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $6,870/mo this rent would consume 126% 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 $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 (-3.0% appreciation + 6.6% rent growth), your $62k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 16y 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: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $220,000

Questions for the listing agent

1. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 3.12% ✓
• Cap rate: 26.92%
• Cash-on-cash: 73.67%
• DSCR: 4.28
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $258,672
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
508 2nd St	0.17mi	5/3.0 (-1)	2,584 (+2%)	11mo	$220,000	$85	74
504 Second St	0.16mi	5/2.0 (-1)	2,392 (-6%)	2mo	$255,000	$107	73
585 6th Ave	0.26mi	6/2.0	2,384 (-6%)	2mo	$256,000	$107	72
612 7th St	0.40mi	6/2.0	2,316 (-9%)	7mo	$225,000	$97	57
527 2nd Street St	0.64mi	5/3.0 (-1)	2,464 (-3%)	8mo	$160,000	$65	54
544 1st St	0.61mi	5/4.0 (-1)	2,551 (+1%)	14mo	$370,000	$145	50
462 1st St	0.67mi	6/2.0	2,376 (-6%)	9mo	$319,500	$134	46
542 1st St	0.61mi	6/2.0	2,300 (-9%)	13mo	$197,000	$86	42
565 1st St	0.58mi	7/4.0 (+1)	2,818 (+11%)	8mo	$310,000	$110	39
508 2nd St	0.68mi	6/2.0	2,244 (-12%)	11mo	$230,000	$102	36
3 Winslow Ave	0.60mi	6/3.0	2,200 (-13%)	18mo	$162,000	$74	34
632 4th St	0.65mi	5/3.0 (-1)	2,205 (-13%)	12mo	$210,000	$95	33

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: 76.5%
• Equity multiple: 4.70×
• Total profit: $227,741
• Equity at exit: $32,803

10-year hold

• IRR: 81.2%
• Equity multiple: 11.05×
• Total profit: $619,067
• Equity at exit: $19,022

Cash invested: $61,600 (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: 10.7×

Monthly cashflow live

• Estimated rent: $6,870 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$400 /mo · $4,803/yr
• Insurance: −$92
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,443
• Net cashflow: $3,726

Break-even live

Break-even rent $2,153

Max offer price $220,000

Occupancy floor 41%

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1.5	$6,872
Total (4 units)			$6,870

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-04-30
   status Pending
2. 2026-04-23
   status Active
3. 2026-04-01
   status Pending
4. 2026-03-27
   listed $220,000 Active
5. 2010-12-01
   historical
6. 2010-06-15
   listed $125,000
7. 2010-06-15
   historical
8. 2010-04-13
   listed $125,000

ⓘ 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: $4,803 · $400/mo
• Projected year-2 tax: $4,803 · $400/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 8/10 Severe FEMA zone X (shaded) · 78% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $82,440
• − Mortgage interest: −$12,323
• − Property taxes: −$4,803
• − Insurance: −$1,766
• − Repairs & maintenance: −$6,595
• − Management: −$6,595
• − Depreciation: −$6,400
• Taxable income: $43,957
• Est. tax owed @ 24.0%: −$10,550
• After-tax cash flow: $34,164/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

+76.0% since first listed

8 events — show timeline

• 2026-04-30 Pending — Global MLS
• 2026-04-23 Relisted — Global MLS
• 2026-04-01 Pending — Global MLS
• 2026-03-27 Listed $220,000 Global MLS
• 2010-12-01 Listing Removed — Global MLS
• 2010-06-15 Listing Removed — Global MLS
• 2010-06-15 Listed $125,000 Global MLS
• 2010-04-13 Listed $125,000 Global MLS

Property tax history

+2.7%/yr

Latest (2025): $4,803 · +2.8% YoY. Source: county tax records.