250 East St · Rensselaer, NY 12144

$153,000

2 bd · 2.0 ba · 3,049 sqft · MultiFamily · 20 Days on market

Built 1882 Fair condition 3,049 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +2.7/5.0
• Schools +2.7/10.0
• Condition / age +2.2/5.0
• 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

Bring your vision to this unique multi-use property featuring one rentable 2 bedroom unit that can generate immediate income. Live in one unit while completing the renovation of the second for additional rental income or expanded living space. The unfinished unit was previously a bar and has already been gutted, with much work started--offering a blank canvas to design and finish to your needs. Whether you're an investor, entrepreneur, or owner-occupant looking for a project with upside potential, this property provides a great opportunity to add value and create something special.

Key facts

• Unfinished unit
• Blank canvas
• Multi-use property

Tags

• MULTI-USE PROPERTY
• RENTABLE UNIT
• UNFINISHED UNIT
• BLANK CANVAS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $153k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $153k).
• Recommended offer: $151k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.6% vs local median 5.0% in Rensselaer — 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 77/100 on livability (#191 in NY, #2,967 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime D+.
• Rensselaer City School District (suburban): math 28% / reading 34% proficiency, ranked #574 of 590 in NY (top 97%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Van Rensselaer Elementary School (math 15% / reading 36%, grade F, #1,821 of 2,108 statewide, top 86%, 493 students, 70% FRL); Rensselaer Junior/Senior High School (math 42% / reading 22%, grade F, #1,079 of 1,100 statewide, top 98%, 522 students, 66% FRL).
• Market conditions: Rents flat; 102 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• At $3,479/mo this rent would consume 46% of the median local household income ($91k/yr) (locally 541% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Rensselaer County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 0.9% rent growth), your $43k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($151k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1882 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,705 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1882 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.27% ✓
• Cap rate: 19.56%
• Cash-on-cash: 47.37%
• DSCR: 3.11
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.9% rent growth · sell at horizon

5-year hold

• IRR: 42.4%
• Equity multiple: 2.77×
• Total profit: $75,764
• Equity at exit: $22,813

10-year hold

• IRR: 47.5%
• Equity multiple: 5.12×
• Total profit: $176,547
• Equity at exit: $13,229

Cash invested: $42,840 (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 12144

• Home prices YoY: -33.4%
• Rents YoY: 0.9%
• Active inventory: 102
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $3,479 high
• Mortgage (P&I): −$802
• Tax est. 1.5%: −$191 /mo · $2,295/yr
• Insurance: −$64
• HOA: −$0
• Vacancy / Maint / Mgmt: −$731
• Net cashflow: $1,691

Break-even live

Break-even rent $1,338

Max offer price $153,000

Occupancy floor 46%

Sensitivity live

Price	-10% $1,797	-5% $1,744	+0% $1,691	+5% $1,638	+10% $1,585
Rent	-10% $1,416	-5% $1,554	+0% $1,691	+5% $1,828	+10% $1,966
Rate	-1.0pp $1,768	-0.5pp $1,730	base $1,691	+0.5pp $1,651	+1.0pp $1,611

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,478
Total (2 units)			$3,479

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: $38,250
• Closing costs: $4,590
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1556 1st St Rensselaer, NY	2.0	1.0	2178	$1,600	$0.73	16d	1	1.36mi

Listing history 2 events

1. 2026-04-04
   status Pending
2. 2026-03-13
   listed $153,000 Active

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

Taxation est. · year 1

• Rental income: $41,748
• − Mortgage interest: −$8,570
• − Property taxes: −$2,295
• − Insurance: −$765
• − Repairs & maintenance: −$3,340
• − Management: −$3,340
• − Depreciation: −$4,451
• Taxable income: $18,987
• Est. tax owed @ 24.0%: −$4,557
• After-tax cash flow: $15,736/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.

Condition & rehab AI · 12 photos

Fair 45/100 Extensive rehab

This multi-family property requires extensive renovations to improve its condition and increase its value. The kitchen and bathroom need major updates, and the exterior siding and windows are in poor condition. Landscaping and HVAC maintenance are also needed.

Repairs flagged

• Major Kitchen cabinets — Old and outdated, need replacement or renovation
• Major Kitchen countertops — Worn and outdated, need replacement or renovation
• Major Bathroom fixtures — Old and outdated, need replacement or renovation
• Major Windows — Old and possibly drafty, need replacement
• Major Exterior siding — Weathered and possibly damaged, need replacement

Value-add opportunities

• Both Kitchen renovation — Modernizing the kitchen can increase both resale and rental value
• Both Bathroom renovation — Updating the bathroom can increase both resale and rental value
• Both Exterior siding and windows — Improving the exterior can increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Old and outdated, need replacement or renovation	Major	$15,000–50,000
Kitchen countertops · Worn and outdated, need replacement or renovation	Major	$15,000–50,000
Bathroom fixtures · Old and outdated, need replacement or renovation	Major	$15,000–50,000
Windows · Old and possibly drafty, need replacement	Major	$15,000–50,000
Exterior siding · Weathered and possibly damaged, need replacement	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Kitchen renovation — Modernizing the kitchen can increase both resale and rental value ↑
• Both Bathroom renovation — Updating the bathroom can increase both resale and rental value ↑
• Both Exterior siding and windows — Improving the exterior can increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Rensselaer City School District
• NCES district ID: 3624450
• Math proficiency: 28% ▼ -2.00%
• Reading proficiency: 34% ▼ -1.00%
• Median HH income: $48,665
• Composite: 26.89/100
• National rank: #7096
• State rank: #574 of 590 in NY

Livability — Rensselaer

• Score: 77/100
• State rank: #191
• US rank: #2967

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rensselaer, NY
• County: Rensselaer County · 75,590 people
• City population: 22,111
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 22,111
• Household income: $90,738
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 541.0

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 (76%)
• Race & ethnicity: White 76% Two or more races 8% Asian 7% Hispanic / Latino 6% Black 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 7% Lithuanian 6% Iranian 3%
• Foreign-born: 7% · Philippines, Canada, China
• Languages at home: 91% English-only · Other Asian/Pacific 3% Spanish 2% Chinese 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: ▼ -138.26%
• Current HPI: 276.2239
• Rent YoY: ▲ 0.90%
• 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

• 2026-04-04 Pending — Global MLS
• 2026-03-13 Listed $153,000 Global MLS