8 First St · Waterford, NY 12188

$225,000

4 bd · 2.0 ba · 2,364 sqft · MultiFamily public records · 7 Days on market

Built 1910 8,712 sqft lot $95/sqft · 47% below area Est $422k · 47% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.1/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• 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 MLS

1ST FLOOR NEWLY REMODELED BATH,KITCHEN INCLUDING REF. D.W., HOT WATER TANK AND FLOORS, FURNACE 3YRS OLD. 2ND FLOOR NEWLY REMODELED KITCHEN,NEW BATHROOM VANITY AND TUB SURROUND,LIVING ROOM FLOORS,WALL TO WALL CARPET AND CEILINGS. HOT WATER TANK IS 1 YEAR OLD AND FURNACE IS 3YRS OLD. Excellent Condition

Key facts

• Large eat-in kitchen
• Natural light
• Screened-in room

Tags

• LARGE EAT-IN KITCHEN
• STAINLESS STEEL APPLIANCES
• NATURAL LIGHT
• FRONT AND REAR PORCHES
• SCREENED-IN ROOM
• LARGE FENCED-IN BACKYARD

Property features AI

Finance

• Financial info: Multi-family property with 2 units; Tenant pays electricity and gas

Exterior

• Parking: 2-car garage; Off-street paved driveway; Total parking for 7 vehicles
• Utilities: Public water; Public sewer
• Home design: Duplex; Level, landscaped lot
• Construction: Aluminum siding; Vinyl siding; Flat roof
• Exterior features: Screened porch; Rear porch; Front porch; Back yard fencing; Front yard fencing; Fenced yard; Garage(s) structure

Interior

• Bedrooms: Unit 1: 3 bedrooms (1st floor); Unit 2: 2 bedrooms (2nd floor)
• Flooring: Tile; Carpet; Laminate; Linoleum
• Bathrooms: 2 full bathrooms (one on 1st level, one on 2nd level)
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Walk-in closets; Full unfinished basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).

Location & tenants

• Location reads 74/100 on livability (#285 in NY, #4,586 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A-; Watch: commute D+, amenities D.
• Waterford-Halfmoon Union Free School District (rural): math 60% / reading 54% proficiency, ranked #322 of 755 in NY (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Waterford-Halfmoon Elementary School (math 42% / reading 62%, grade C-, #988 of 2,108 statewide, top 49%, 402 students, 45% FRL); Waterford-Halfmoon Junior-Senior High School (math 62% / reading 44%, grade C-, #934 of 1,100 statewide, top 86%, 336 students, 36% FRL).
• Market conditions: 48 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).
• At $4,167/mo this rent would consume 54% of the median local household income ($92k/yr) (locally 129% 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.
• Saratoga County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 19y 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 $160k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $225,000

Questions for the listing agent

1. Built in 1910 — 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. 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.
5. 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.
6. 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: 1.85% ✓
• Cap rate: 14.61%
• Cash-on-cash: 29.69%
• DSCR: 2.32
• GRM: 4.5

CMA / ARV

• ARV (median comp): $422,360
• List price: $225,000
• Delta: -46.73%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
902 3rd Ave	0.39mi	4/2.0	2,244 (-5%)	1mo	$231,540	$103	73
797 1st Ave	0.28mi	5/3.0 (+1)	2,336 (-1%)	8mo	$425,000	$182	70
15-17 4th St	0.19mi	5/3.0 (+1)	2,548 (+8%)	6mo	$354,000	$139	64
2 4th St	0.20mi	4/2.0	2,576 (+9%)	16mo	$243,999	$95	62
694 4th Ave	0.63mi	5/2.0 (+1)	2,486 (+5%)	0mo	$190,500	$77	57
847 5th Ave	0.47mi	4/2.0	2,052 (-13%)	1mo	$245,000	$119	55
799 5th Ave	0.50mi	4/2.0	2,112 (-11%)	6mo	$226,000	$107	54
3 9th St	0.50mi	5/2.0 (+1)	2,624 (+11%)	4mo	$263,200	$100	50
10 Northern Dr	0.61mi	4/2.0	2,168 (-8%)	10mo	$145,000	$67	49
670 5th Ave	0.71mi	5/3.0 (+1)	2,440 (+3%)	5mo	$231,500	$95	48
878 3rd Ave	0.38mi	4/2.0	2,042 (-14%)	14mo	$165,000	$81	48
617-619 1st Ave	0.70mi	4/3.0	2,016 (-15%)	17mo	$267,500	$133	25

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.5%
• Equity multiple: 1.54×
• Total profit: $33,939
• Equity at exit: $33,548

10-year hold

• IRR: 22.4%
• Equity multiple: 2.93×
• Total profit: $121,466
• Equity at exit: $19,454

Cash invested: $63,000 (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 12188

• Home prices YoY: -13.3%
• Active inventory: 48
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $4,167 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$460 /mo · $5,516/yr
• Insurance: −$94
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$875
• Net cashflow: $1,098

Break-even live

Break-even rent $2,777

Max offer price $225,000

Occupancy floor 69%

Sensitivity live

Price	-10% $1,226	-5% $1,162	+0% $1,098	+5% $1,034	+10% $971
Rent	-10% $769	-5% $934	+0% $1,098	+5% $1,263	+10% $1,427
Rate	-1.0pp $1,211	-0.5pp $1,155	base $1,098	+0.5pp $1,040	+1.0pp $981

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$2,006
1× unit	3	1	$2,161
Total (2 units)			$4,167

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
750 2nd Ave Troy, NY	1.0–3.0	1.0–1.5	1185	$1,711	$1.44	14d	1	0.46mi
53 Park Ave Cohoes, NY	3.0	1.0	1875	$1,600	$0.85	14d	1	0.96mi
100 N Mohawk St Cohoes, NY	1.0–3.0	1.0–3.0	1769	$3,840	$2.17	14d	18	1.48mi
192 Saratoga St Cohoes, NY	1.0–3.0	1.0–3.0	1157	$2,600	$2.25	14d	4	1.49mi

Listing history 12 events

1. 2026-05-09
   status Pending 1136-char remark
2. 2026-05-01
   listed $225,000 Active 1136-char remark
3. 2015-10-13
   soldstatus $160,000
4. 2015-10-01
   soldstatus $170,200 Closed (Final Sale) 302-char remark

   Show marketing remark (302 chars)

   1ST FLOOR NEWLY REMODELED BATH,KITCHEN INCLUDING REF. D.W., HOT WATER TANK AND FLOORS, FURNACE 3YRS OLD. 2ND FLOOR NEWLY REMODELED KITCHEN,NEW BATHROOM VANITY AND TUB SURROUND,LIVING ROOM FLOORS,WALL TO WALL CARPET AND CEILINGS. HOT WATER TANK IS 1 YEAR OLD AND FURNACE IS 3YRS OLD. Excellent Condition

5. 2015-06-24
   historical 302-char remark

   Show marketing remark (302 chars)

   1ST FLOOR NEWLY REMODELED BATH,KITCHEN INCLUDING REF. D.W., HOT WATER TANK AND FLOORS, FURNACE 3YRS OLD. 2ND FLOOR NEWLY REMODELED KITCHEN,NEW BATHROOM VANITY AND TUB SURROUND,LIVING ROOM FLOORS,WALL TO WALL CARPET AND CEILINGS. HOT WATER TANK IS 1 YEAR OLD AND FURNACE IS 3YRS OLD. Excellent Condition

6. 2015-05-06
   listed $179,900 302-char remark

   Show marketing remark (302 chars)

   1ST FLOOR NEWLY REMODELED BATH,KITCHEN INCLUDING REF. D.W., HOT WATER TANK AND FLOORS, FURNACE 3YRS OLD. 2ND FLOOR NEWLY REMODELED KITCHEN,NEW BATHROOM VANITY AND TUB SURROUND,LIVING ROOM FLOORS,WALL TO WALL CARPET AND CEILINGS. HOT WATER TANK IS 1 YEAR OLD AND FURNACE IS 3YRS OLD. Excellent Condition

7. 2015-02-10
   historical
8. 2014-09-08
   listed $189,900
9. 2007-06-28
   soldstatus $164,800
10. 2007-06-22
    soldstatus $164,800
11. 2007-04-19
    historical
12. 2007-04-09
    listed $160,000

ⓘ 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: $5,516 · $460/mo
• Projected year-2 tax: $5,516 · $460/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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°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: $50,004
• − Mortgage interest: −$12,603
• − Property taxes: −$5,516
• − Insurance: −$6,650
• − Repairs & maintenance: −$4,000
• − Management: −$4,000
• − Depreciation: −$6,545
• Taxable income: $10,688
• Est. tax owed @ 24.0%: −$2,565
• After-tax cash flow: $10,613/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: Waterford-Halfmoon Union Free School District
• NCES district ID: 3630060
• Math proficiency: 60% ▲ 3.00%
• Reading proficiency: 54% ▲ 2.00%
• Median HH income: $53,359
• Composite: 50.65/100
• National rank: #3943
• State rank: #322 of 755 in NY

Livability — Waterford

• Score: 74/100
• State rank: #285
• US rank: #4586

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterford, NY
• County: Saratoga County · 166,192 people
• City population: 10,988
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 10,988
• Household income: $92,279
• Rent vs Own: 26.2% rent · 73.8% own
• Severe rent burden: 129.0

Population outlook (Saratoga County) Hauer SSP2

• Today (2025): 238,889 people
• By 2030: 243,681 · +2.0%
• By 2040: 249,118 · +4.3%
• By 2050: 248,638 · +4.1%
• By 2075: 241,675 · +1.2%
• By 2100: 213,150 · -10.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 4% Two or more races 4% Black 3% Native American 2% Asian 1%
• Common ancestry: Lithuanian 8% Romanian 4% German 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · French/Haitian/Cajun 2% Other Indo-European 2% Spanish 1%

Political lean MEDSL · Saratoga

• 2024 margin: Toss-up / Even · D 50.9% · R 49.1%
• 2008→2024 swing: -1.6pp toward R · 2008: 3.4pp · 2024: 1.8pp
• All cycles: 2024: D+1.8 2020: D+5.4 2016: R+4.4 2012: D+2.1 2008: D+3.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -48.55%
• Current HPI: 316.5619
• Rent YoY: —
• 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

+40.6% since first listed

12 events — show timeline

• 2026-05-09 Pending — Global MLS
• 2026-05-01 Listed $225,000 Global MLS
• 2015-10-13 Sold (Public Records) $160,000 Public Records
• 2015-10-01 Sold (MLS) $170,200 Global MLS
• 2015-06-24 Listing Removed — Global MLS
• 2015-05-06 Listed $179,900 Global MLS
• 2015-02-10 Listing Removed — Global MLS
• 2014-09-08 Listed $189,900 Global MLS
• 2007-06-28 Sold (Public Records) $164,800 Public Records
• 2007-06-22 Sold (MLS) $164,800 Global MLS
• 2007-04-19 Listing Removed — Global MLS
• 2007-04-09 Listed $160,000 Global MLS

Property tax history

+6.8%/yr

Latest (2025): $5,516 · +2.0% YoY. Source: county tax records.