16-18 Paine St · Green Island, NY 12183

$149,900

4 bd · 2.0 ba · 2,420 sqft · MultiFamily public records · 4 Days on market

Built 1890 5,227 sqft lot Est $225k · 33% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Appreciation +3.6/10.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Attention Investors! Here is a great opportunity to add to your investment portfolio. Two-unit property in Green Island, each flat featuring 3 bedrooms and 1 bathroom. Centrally located with easy access to bus lines and close to I-787. Also includes off street parking. Units need updates, offering a great opportunity for customization. CASH BUYERS ONLY! Property is sold via an assignment of contract.

Key facts

• Two unit property
• Off street parking
• Close to i-787

Tags

• TWO UNIT PROPERTY
• EASY ACCESS TO BUS LINES
• CLOSE TO I-787
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $643/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).

Location & tenants

• Location reads 77/100 on livability (#186 in NY, #2,758 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment D, schools F.
• Green Island Union Free School District (suburban): math 20% / reading 30% proficiency, ranked #740 of 755 in NY (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 8 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-2.7%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 (-2.7% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $62k; list at $150k implies a 142% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,900

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 1890 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 2.15% ✓
• Cap rate: 17.04%
• Cash-on-cash: 38.37%
• DSCR: 2.71
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $225,060
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
102 Hudson Ave	0.34mi	5/2.0 (+1)	2,508 (+4%)	10mo	$176,000	$70	64
97 George St	0.31mi	5/2.0 (+1)	2,578 (+6%)	9mo	$195,000	$76	62
2513 5th Ave	0.51mi	3/3.0 (-1)	2,426 (+0%)	7mo	$120,000	$49	60
29 Craig St	0.48mi	5/2.0 (+1)	2,352 (-3%)	11mo	$375,000	$159	58
374 8th St	0.69mi	5/2.0 (+1)	2,348 (-3%)	2mo	$197,000	$84	56
2439 5th Ave	0.50mi	3/2.0 (-1)	2,264 (-6%)	5mo	$250,000	$110	56
2127 2nd Ave	0.60mi	5/2.0 (+1)	2,345 (-3%)	8mo	$188,000	$80	55
610 23rd St	0.72mi	4/2.0	2,620 (+8%)	8mo	$292,000	$111	46
137 Paine St	0.42mi	5/2.0 (+1)	2,090 (-14%)	11mo	$170,000	$81	44
2142 5th Ave	0.51mi	4/4.0	2,741 (+13%)	4mo	$400,000	$146	42
99 James St	0.65mi	4/2.0	2,058 (-15%)	6mo	$210,000	$102	40
3 St Pauls Pl	0.69mi	3/3.0 (-1)	2,124 (-12%)	5mo	$197,000	$93	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-2.71% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 33.2%
• Equity multiple: 2.42×
• Total profit: $59,682
• Equity at exit: $24,315

10-year hold

• IRR: 39.9%
• Equity multiple: 4.81×
• Total profit: $159,823
• Equity at exit: $16,361

Cash invested: $41,972 (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 12183

• Home prices YoY: -1.5%
• Active inventory: 8
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $3,223 high
• Mortgage (P&I): −$786
• Tax from tax record: −$356 /mo · $4,267/yr
• Insurance: −$62
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$677
• Net cashflow: $1,287

Break-even live

Break-even rent $1,594

Max offer price $149,900

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,222
Total (2 units)			$3,223

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17 State St Troy, NY	4.0	1.0–1.5	1810	$3,635	$2.01	14d	7	0.60mi
904 Peoples Ave Troy, NY	4.0	1.0	1800	$645	$0.36	19d	1	0.71mi
150 2nd St Troy, NY	4.0	1.5	2442	$3,000	$1.23	21d	1	0.90mi
97 14th St Unit 2 Troy, NY	5.0	2.0	1600	$625	$0.39	19d	1	1.13mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	19d	1	1.20mi
288 Hoosick St Troy, NY	3.0	1.0	1800	$695	$0.39	19d	1	1.30mi
1820 Highland Ave Unit 2 Troy, NY	4.0	2.0	1680	$725	$0.43	19d	1	1.50mi

Listing history 3 events

1. 2025-04-13
   status Pending
2. 2025-04-09
   listed $149,900 Active
3. 1999-10-08
   soldstatus $62,000

ⓘ 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: $4,267 · $356/mo
• Projected year-2 tax: $4,267 · $356/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 X (unshaded) · 76% 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 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: $38,676
• − Mortgage interest: −$8,397
• − Property taxes: −$4,267
• − Insurance: −$1,416
• − Repairs & maintenance: −$3,094
• − Management: −$3,094
• − Depreciation: −$4,361
• Taxable income: $14,048
• Est. tax owed @ 24.0%: −$3,371
• After-tax cash flow: $12,067/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: Green Island Union Free School District
• NCES district ID: 3612660
• Math proficiency: 20% ▬ 0.00%
• Reading proficiency: 30% ▲ 5.00%
• Median HH income: $51,151
• Composite: 25.19/100
• National rank: #12922
• State rank: #740 of 755 in NY

Livability — Green Island

• Score: 77/100
• State rank: #186
• US rank: #2758

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Green Island, NY
• City population: 2,966
• Population (ZIP): 2,966

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 (66%)
• Race & ethnicity: White 66% Hispanic / Latino 16% Black 9% Two or more races 8% Asian 1%
• Hispanic origin (detail): Puerto Rican 15%
• Common ancestry: Lithuanian 5% Romanian 3% Iranian 2%
• Foreign-born: 2% · China, Canada
• Languages at home: 94% English-only · Spanish 4% Chinese 1% Other Indo-European 1%

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: ▼ -2.71%
• Current HPI: 177.2848
• 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

+141.8% since first listed

3 events — show timeline

• 2025-04-13 Pending — Global MLS
• 2025-04-09 Listed $149,900 Global MLS
• 1999-10-08 Sold (Public Records) $62,000 Public Records

Property tax history

+3.9%/yr

Latest (2025): $4,267 · -0.8% YoY. Source: county tax records.