24 Craig St · Watervliet, NY 12189

$324,900

3 bd · 2.0 ba · 1,906 sqft · MultiFamily public records · 4 Days on market

Built 1841 6,969 sqft lot Est $221k · 47% 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 +21.8/30.0
• DSCR +7.0/10.0
• Schools +6.4/10.0
• 1% rule +5.3/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

OPEN HOUSE CANCELLED - OFFER ACCEPTED 4/11 Welcome to 24 Craig Street--an impeccably maintained 3-bedroom, 2-bath home nestled in the highly sought-after North Colonie School District (Shaker High School) and just minutes from I-787. This property offers the perfect blend of comfort, convenience, and versatility. Currently configured as a single-family home, this property is zoned as a duplex--providing a rare opportunity for conversion back to a two-family setup. Whether you're looking to offset your mortgage with rental income or expand your investment portfolio, the flexibility here is a major value-add. Inside, you'll find a spacious and inviting layout, including a generously sized

Key facts

• 6,969 sq ft lot
• 2 parking spots
• Built 1841

Property features AI

Exterior

• Parking: Two off-street paved driveway parking spaces
• Utilities: Public water; Public sewer
• Home design: Single family residence; Living area approximately 1,906
• Construction: Vinyl siding; Shingle (asphalt) roof
• Exterior features: Pressure-treated deck; Deck; Pergola; Shed(s); Paved driveway; Garden; Landscaped, level lot

Interior

• Kitchen: Cooktop; Dishwasher; Gas oven; Microwave; Range hood; Refrigerator
• Bedrooms: Primary bedroom on the first floor; Two additional bedrooms on the first floor; One bedroom on the second floor
• Bathrooms: Two full bathrooms (one on the first floor, one on the second floor)
• Heating & cooling: Baseboard heating; Ductless cooling
• Interior features: 9 total rooms; Full unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $507 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $325k).
• Cap rate 8.2% 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+.
• North Colonie CSD (suburban): math 70% / reading 76% proficiency, ranked #102 of 590 in NY (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Zoned schools: Shaker High School (math 98% / reading 93%, grade A+, #76 of 1,100 statewide, top 7%, 2,018 students, 25% FRL).
• Zoned-school proficiency averages 96% at this address vs 73% district-wide (+22 pts) — the actual schools serving this property are materially stronger than the North Colonie CSD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.6%/yr); 72 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,340/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 $10k 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 $91k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1841 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $324,900

Questions for the listing agent

1. Built in 1841 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.03% ✓
• Cap rate: 8.17%
• Cash-on-cash: 6.69%
• DSCR: 1.30
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $221,096
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2418 9th Ave	0.49mi	3/2.0	1,890 (-1%)	13mo	$220,000	$116	64
818 24th St	0.53mi	4/2.0 (+1)	2,066 (+8%)	8mo	$274,000	$133	50
77 James St	0.64mi	2/2.0 (-1)	1,936 (+2%)	18mo	$110,000	$57	47
2327 12th Ave	0.67mi	4/2.0 (+1)	2,068 (+8%)	5mo	$290,000	$140	45
99 James St	0.70mi	4/2.0 (+1)	2,058 (+8%)	6mo	$210,000	$102	44
1126 24th St	0.66mi	2/2.0 (-1)	1,824 (-4%)	16mo	$120,000	$66	44
135 Hudson Ave	0.67mi	4/2.0 (+1)	1,920 (+1%)	23mo	$242,000	$126	44
172 Paine St	0.66mi	4/2.0 (+1)	1,640 (-14%)	4mo	$145,000	$88	37
614 19th St	0.70mi	3/2.5	2,170 (+14%)	13mo	$285,000	$131	32

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: -2.2%
• Equity multiple: 0.91×
• Total profit: $-7,800
• Equity at exit: $48,444

10-year hold

• IRR: 11.0%
• Equity multiple: 1.99×
• Total profit: $90,282
• Equity at exit: $28,091

Cash invested: $90,972 (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 12189

• Home prices YoY: -28.7%
• Rents YoY: 6.6%
• Active inventory: 72
• Price-to-rent: 16.2×

Monthly cashflow live

• Estimated rent: $3,340 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$292 /mo · $3,508/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$701
• Net cashflow: $507

Break-even live

Break-even rent $2,698

Max offer price $324,900

Occupancy floor 80%

Sensitivity live

Price	-10% $691	-5% $599	+0% $507	+5% $415	+10% $323
Rent	-10% $243	-5% $375	+0% $507	+5% $639	+10% $771
Rate	-1.0pp $671	-0.5pp $590	base $507	+0.5pp $423	+1.0pp $337

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,340
Total (2 units)			$3,340

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: $81,225
• Closing costs: $9,747
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17 State St Troy, NY	4.0	1.0–1.5	1810	$2,996	$1.66	15d	7	0.92mi
2002 Federal St Troy, NY	2.0	1.0–2.0	830	$3,450	$4.16	15d	51	0.95mi
53-55 Congress St Troy, NY	2.0	1.0	1500	$1,700	$1.13	24d	1	1.01mi
195 9th St Troy, NY	3.0	2.0	1500	$750	$0.50	19d	1	1.12mi
164 9th St Unit 1 Troy, NY	4.0	2.0	1400	$1,800	$1.29	24d	1	1.14mi
136 9th St Unit 3 Troy, NY	4.0	1.0	1500	$595	$0.40	19d	1	1.15mi
136 9th St Unit 2 Troy, NY	3.0	1.0	1500	$600	$0.40	19d	1	1.15mi
136 9th St Unit 1 Troy, NY	3.0	1.0	1500	$595	$0.40	19d	1	1.15mi
150 2nd St Troy, NY	4.0	1.5	2442	$3,000	$1.23	22d	1	1.17mi
1611 6th Ave Troy, NY	1.0–2.0	1.0–2.0	976	$3,000	$3.07	15d	28	1.17mi
169 Hutton St Unit 1 Troy, NY	3.0	1.0	1500	$595	$0.40	19d	1	1.18mi
904 Peoples Ave Troy, NY	4.0	1.0	1800	$645	$0.36	19d	1	1.18mi
1520 6th Ave Troy, NY	2.0–4.0	2.0–4.0	1209	$1,224	$1.01	24d	8	1.23mi
2 River St Troy, NY	2.0	1.0–2.5	945	$2,650	$2.80	15d	6	1.24mi
175 Troy-Schenectady Rd Watervliet, NY	2.0	2.0	2040	$2,250	$1.10	15d	1	1.32mi
175 Troy-Schenectady Rd Apt 6 Watervliet, NY	2.0	2.0	2040	$2,250	$1.10	19d	1	1.32mi
2326 15th St Unit 1 Troy, NY	4.0	1.5	1500	$695	$0.46	19d	1	1.44mi

Listing history 2 events

1. 2026-04-11
   status Pending
2. 2026-04-07
   listed $324,900 Active

ⓘ 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: $3,508 · $292/mo
• Projected year-2 tax: $4,499 · $375/mo
• Expected delta: +$991/yr (+$83/mo · 28.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% 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: $40,080
• − Mortgage interest: −$18,199
• − Property taxes: −$3,508
• − Insurance: −$1,624
• − Repairs & maintenance: −$3,206
• − Management: −$3,206
• − Depreciation: −$9,452
• Taxable income: $884
• Est. tax owed @ 24.0%: −$212
• After-tax cash flow: $5,873/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: North Colonie CSD
• NCES district ID: 3621000
• Math proficiency: 70% ▼ -5.00%
• Reading proficiency: 76% ▲ 8.00%
• Median HH income: $74,762
• Composite: 64.2/100
• National rank: #565
• State rank: #102 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

• 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

2 events — show timeline

• 2026-04-11 Pending — Global MLS
• 2026-04-07 Listed $324,900 Global MLS

Property tax history

+2.2%/yr

Latest (2025): $3,508 · -9.2% YoY. Source: county tax records.