616 23rd St · Watervliet, NY 12189

$296,000

5 bd · 2.0 ba · 2,130 sqft · MultiFamily public records · 26 Days on market

Built 1900 2,613 sqft lot Est $266k · 11% 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 +22.2/30.0
• DSCR +7.1/10.0
• 1% rule +6.3/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Schools +3.4/10.0
• ARV discount +2.5/15.0
• 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: 2 units. confirmed

Listing remarks

OPEN HOUSE 3/22/26 from 11-1pm. .. .Great Investment Opportunity. Well maintained 2 Family House with Garage. , located in the heart of the City of Watervliet, close to restaurants and shopping center. Second floor is a 3-bedroom unit, and first floor is a one-bedroom unit. Hardwood floors, newer vinyl windows, granite kitchen counters, newer appliances, central air and forced air heat units, 1st floor tenant rent includes use of garage. Both floors have washer/dryer hookups. Separate utilities. Both units are leased until June 2026. Call to schedule your private showing.

Key facts

• 2 family house
• Garage
• Newer appliances

Tags

• 2 FAMILY HOUSE
• GARAGE
• HARDWOOD FLOORS
• GRANITE KITCHEN COUNTERS
• NEWER APPLIANCES
• CENTRAL AIR

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $296k.

Deal economics

• At list price, monthly cash flow is $483 ($6k/yr) — positive. Per door: $242/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $296k).
• Recommended offer: $292k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.3% 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; 12 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).
• At $3,333/mo this rent would consume 61% 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 $9k 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 $83k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($292k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $131k; list at $296k implies a 126% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $291,560 (1.5% below list)

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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.13% ✓
• Cap rate: 8.25%
• Cash-on-cash: 6.99%
• DSCR: 1.31
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $266,250
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
818 24th St	0.16mi	4/2.0 (-1)	2,066 (-3%)	8mo	$274,000	$133	76
2325 6th Ave	0.08mi	5/2.0	1,872 (-12%)	5mo	$230,000	$123	72
2327 12th Ave	0.38mi	4/2.0 (-1)	2,068 (-3%)	5mo	$290,000	$140	68
1551 4th Ave	0.37mi	6/2.0 (+1)	2,058 (-3%)	5mo	$230,000	$112	68
1801 9th Ave	0.28mi	6/3.0 (+1)	2,244 (+5%)	2mo	$340,000	$152	68
2127 2nd Ave	0.24mi	5/2.0	2,345 (+10%)	8mo	$188,000	$80	66
2315 3rd Ave	0.18mi	6/2.0 (+1)	2,334 (+10%)	6mo	$221,100	$95	66
1506-08 7th Ave	0.42mi	4/4.0 (-1)	2,108 (-1%)	0mo	$190,000	$90	66
25 13th St	0.70mi	5/2.0	2,106 (-1%)	1mo	$289,900	$138	64
1316 5th Ave	0.59mi	5/2.0	2,346 (+10%)	5mo	$280,000	$119	51
9 Archibald St	0.65mi	6/2.0 (+1)	1,963 (-8%)	6mo	$275,000	$140	46
1235 5th Ave	0.64mi	4/3.0 (-1)	2,328 (+9%)	6mo	$290,000	$125	40

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: -1.4%
• Equity multiple: 0.95×
• Total profit: $-4,541
• Equity at exit: $44,135

10-year hold

• IRR: 11.9%
• Equity multiple: 2.10×
• Total profit: $91,575
• Equity at exit: $25,593

Cash invested: $82,880 (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: 14.8×

Monthly cashflow live

• Estimated rent: $3,333 high
• Mortgage (P&I): −$1,552
• Tax from tax record: −$474 /mo · $5,693/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$700
• Net cashflow: $483

Break-even live

Break-even rent $2,722

Max offer price $296,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,334
Total (2 units)			$3,333

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: $74,000
• Closing costs: $8,880
• Reserves months: —
• Total cash needed: —

Rent comps 12 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	0.74mi
150 2nd St Troy, NY	4.0	1.5	2442	$3,000	$1.23	21d	1	0.84mi
1520 6th Ave Troy, NY	2.0–4.0	2.0–4.0	1209	$1,349	$1.12	23d	8	1.03mi
904 Peoples Ave Troy, NY	4.0	1.0	1800	$645	$0.36	19d	1	1.24mi
136 9th St Unit 3 Troy, NY	4.0	1.0	1500	$595	$0.40	19d	1	1.27mi
164 9th St Unit 1 Troy, NY	4.0	2.0	1400	$1,800	$1.29	23d	1	1.30mi
53 13th St Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	1.40mi
97 14th St Unit 2 Troy, NY	5.0	2.0	1600	$625	$0.39	19d	1	1.42mi
97 14th St Troy, NY	4.0	2.0	1500	$650	$0.43	19d	1	1.42mi
79 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	1.43mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	19d	1	1.44mi
88 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	1.44mi

Listing history 6 events

1. 2026-03-26
   status Pending
2. 2026-02-28
   listed $296,000 Active
3. 2025-12-04
   historical
4. 2025-07-22
   price $305,000
5. 2025-06-03
   listed $314,000 Active
6. 2017-11-13
   soldstatus $131,000

ⓘ 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: $5,693 · $474/mo
• Projected year-2 tax: $5,693 · $474/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 3/10 Moderate FEMA zone X (unshaded) · 10% 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: $39,996
• − Mortgage interest: −$16,581
• − Property taxes: −$5,693
• − Insurance: −$1,480
• − Repairs & maintenance: −$3,200
• − Management: −$3,200
• − Depreciation: −$8,611
• Taxable income: $1,232
• Est. tax owed @ 24.0%: −$296
• After-tax cash flow: $5,501/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

+126.0% since first listed

6 events — show timeline

• 2026-03-26 Pending — Global MLS
• 2026-02-28 Listed $296,000 Global MLS
• 2025-12-04 Listing Removed — Global MLS
• 2025-07-22 Price Changed $305,000 Global MLS
• 2025-06-03 Listed $314,000 Global MLS
• 2017-11-13 Sold (Public Records) $131,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $5,693 · +2.8% YoY. Source: county tax records.