3815 Route 20 · Nassau, NY 12123

$295,000

10 bd · 5.0 ba · 5,100 sqft · MultiFamily · 271 Days on market

Built 1945 1.00 ac lot

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Why this score? — see what drove the A- 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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Money making 5 unit with 2 car garage and tons of off street parking. 4 units have been totally remodeled and updated incl kitchens and baths. These units include granite, tile, hardwood and central air. Newer windows and most siding. Laundry room w. coin laundry. Separate utilities incl updated hot water tanks and furnaces. Fully occupied with many long term tenants. East Greenbush schools. Property is just a few minutes from Exit 11E Approx 2 ac of wooded lot. Additional lot may be purchased adding approx 3.4 acres and ability to build more units! Very Good Condition

Key facts

• 1 acre lot
• 2 garage spots
• Built 1945

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/1.0-bath units multifamily listed at $295k.

Deal economics

• At list price, monthly cash flow is $4k ($43k/yr) — positive. Per door: $709/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $295k).
• Recommended offer: $260k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#570 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, employment A-; Watch: amenities F, commute F, health & safety D-.
• East Greenbush Central School District (suburban): math 68% / reading 71% proficiency, ranked #132 of 590 in NY (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: 25 active listings in the ZIP; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).

Forward outlook

• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Rensselaer County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $83k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 271 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 14y ago; this cycle's ask is 502% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $259,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 271 days. Have you received any prior offers? Is the seller open to a 12% 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 1945 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 2.40% ✓
• Cap rate: 20.71%
• Cash-on-cash: 51.49%
• DSCR: 3.29
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 64.9%
• Equity multiple: 5.68×
• Total profit: $386,507
• Equity at exit: $265,759

10-year hold

• IRR: 58.5%
• Equity multiple: 12.63×
• Total profit: $960,894
• Equity at exit: $573,120

Cash invested: $82,600 (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 12123

• Home prices YoY: 8.8%
• Active inventory: 25
• Price-to-rent: 17.4×

Monthly cashflow live

• Estimated rent: $7,067 medium
• Mortgage (P&I): −$1,547
• Tax est. 1.5%: −$369 /mo · $4,425/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,484
• Net cashflow: $3,544

Break-even live

Break-even rent $2,581

Max offer price $295,000

Occupancy floor 45%

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$7,065
Total (5 units)			$7,067

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2023-03-29
   status Pending
2. 2022-06-09
   historical
3. 2021-12-14
   status Pending
4. 2021-12-14
   status Pending
5. 2021-08-22
   status Pend (Under Cntr)
6. 2021-08-22
   status Back On Market
7. 2021-08-14
   historical
8. 2021-03-05
   status Pend (Under Cntr)
9. 2020-11-24
   listed $295,000 New
10. 2020-11-24
    listed $49,000 New
11. 2020-09-28
    historical
12. 2019-09-27
    listed $319,000 New
13. 2017-11-13
    historical
14. 2016-11-28
    listed $299,900 New
15. 2014-10-25
    historical
16. 2014-04-24
    listed $299,900
17. 2014-04-03
    historical
18. 2013-10-02
    listed $299,900
19. 2013-09-23
    historical
20. 2012-09-22
    listed $309,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $84,804
• − Mortgage interest: −$16,525
• − Property taxes: −$4,425
• − Insurance: −$1,475
• − Repairs & maintenance: −$6,784
• − Management: −$6,784
• − Depreciation: −$8,582
• Taxable income: $40,229
• Est. tax owed @ 24.0%: −$9,655
• After-tax cash flow: $32,876/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: East Greenbush Central School District
• NCES district ID: 3609630
• Math proficiency: 68% ▼ -5.00%
• Reading proficiency: 71% ▲ 2.00%
• Median HH income: $73,174
• Composite: 61.16/100
• National rank: #783
• State rank: #132 of 590 in NY

Livability — Nassau

• Score: 67/100
• State rank: #570
• US rank: #10274

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 4,853
• Population (ZIP): 4,853

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 (89%)
• Race & ethnicity: White 89% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Romanian 7% Lithuanian 7% Iranian 5%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 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: ▲ 23.93%
• Current HPI: 296.9494
• 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

-84.2% since first listed

20 events — show timeline

• 2023-03-29 Pending — Global MLS
• 2022-06-09 Listing Removed — Global MLS
• 2021-12-14 Pending — Global MLS
• 2021-12-14 Pending — Global MLS
• 2021-08-22 Pending — Global MLS
• 2021-08-22 Relisted — Global MLS
• 2021-08-14 Listing Removed — Global MLS
• 2021-03-05 Pending — Global MLS
• 2020-11-24 Listed $49,000 Global MLS
• 2020-11-24 Listed $295,000 Global MLS
• 2020-09-28 Listing Removed — Global MLS
• 2019-09-27 Listed $319,000 Global MLS
• 2017-11-13 Listing Removed — Global MLS
• 2016-11-28 Listed $299,900 Global MLS
• 2014-10-25 Listing Removed — Global MLS
• 2014-04-24 Listed $299,900 Global MLS
• 2014-04-03 Listing Removed — Global MLS
• 2013-10-02 Listed $299,900 Global MLS
• 2013-09-23 Listing Removed — Global MLS
• 2012-09-22 Listed $309,900 Global MLS