28 Mohawk Ave · Waterford, NY 12188

$199,900

6 bd · 2.0 ba · 2,302 sqft · MultiFamily public records · 6 Days on market

Built 1900 10,454 sqft lot $87/sqft · 53% below area

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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
• 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: 2 units. confirmed

Listing remarks MLS

Completely remodeled after Irene!! Great 2 Family Home. Low Taxes-Great Investment Opportunity. Tenants paying 1,700 a month. Second floor could easily pay more rent. New roof in 2006, Carport, shed, entire yard is fenced in. Conv. to I787/I90/I87. Excellent Condition

Key facts

• Two family
• Newer roof
• Heart of waterford

Tags

• TWO FAMILY
• HEART OF WATERFORD
• NEWER ROOF

Property features AI

Finance

• Financial info: Two-unit property

Exterior

• Parking: Driveway parking for 2 vehicles
• Utilities: Public water; Public sewer
• Home design: Duplex
• Construction: Aluminum siding construction
• Exterior features: Shingle roof; Aluminum siding; 0.24-acre lot

Interior

• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms
• Bathrooms: Each unit has 1 full bathroom (one on the 1st level and one on the 2nd level across units overall)
• Heating & cooling: Baseboard heating; Radiant heating; Natural gas heating
• Interior features: Full, unfinished basement; Unit tenants pay heat, electricity, and gas; owner pays water and sewer
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $553/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $200k).

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; solid renter incomes; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).
• At $3,961/mo this rent would consume 52% 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 $1k of loan paydown is wiped out by about $6k 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 $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 20y 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 $170k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; flood insurance adds $460/mo; built in 1900 — 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 $199,900

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 1900 — 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. 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: 1.98% ✓
• Cap rate: 15.70%
• Cash-on-cash: 33.58%
• DSCR: 2.49
• GRM: 4.2

CMA / ARV

• ARV (median comp): $422,360
• List price: $199,900
• Delta: -52.67%
• 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
28 Mohawk Ave	0.00mi	6/2.0	2,302 (0%)	1mo	$170,000	$74	100
811 1st Ave	0.57mi	6/2.0	2,288 (-1%)	6mo	$268,000	$117	67
3 9th St	0.19mi	5/2.0 (-1)	2,624 (+14%)	4mo	$263,200	$100	60
15-17 4th St	0.18mi	5/3.0 (-1)	2,548 (+11%)	6mo	$354,000	$139	60
797 1st Ave	0.58mi	5/3.0 (-1)	2,336 (+2%)	8mo	$425,000	$182	55
12 Front St	0.36mi	6/3.5	2,414 (+5%)	19mo	$258,000	$107	53
109 Third St	0.50mi	6/2.0	2,548 (+11%)	8mo	$290,000	$114	53
41 Middle St	0.22mi	5/3.5 (-1)	2,432 (+6%)	23mo	$209,000	$86	50
761 2nd Ave	0.68mi	6/2.0	2,544 (+10%)	3mo	$165,000	$65	48
798 1st Ave	0.60mi	6/2.0	2,112 (-8%)	14mo	$120,000	$57	46
108 1st Ave	0.70mi	5/2.0 (-1)	2,496 (+8%)	19mo	$240,000	$96	32
838 2nd Ave	0.64mi	6/7.0	2,470 (+7%)	11mo	$523,000	$212	29

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: 17.0%
• Equity multiple: 1.69×
• Total profit: $38,507
• Equity at exit: $29,806

10-year hold

• IRR: 25.6%
• Equity multiple: 3.25×
• Total profit: $126,085
• Equity at exit: $17,284

Cash invested: $55,972 (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 12188

• Home prices YoY: -13.3%
• Active inventory: 48
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $3,961 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$431 /mo · $5,174/yr
• Insurance: −$83
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$832
• Net cashflow: $1,106

Break-even live

Break-even rent $2,561

Max offer price $199,900

Occupancy floor 67%

Sensitivity live

Price	-10% $1,219	-5% $1,163	+0% $1,106	+5% $1,049	+10% $993
Rent	-10% $793	-5% $950	+0% $1,106	+5% $1,263	+10% $1,419
Rate	-1.0pp $1,207	-0.5pp $1,157	base $1,106	+0.5pp $1,054	+1.0pp $1,002

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,962
Total (2 units)			$3,961

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-05-04
   status Pending 255-char remark
2. 2026-04-28
   listed $199,900 Active 255-char remark
3. 2012-11-05
   soldstatus $141,500
4. 2012-10-25
   soldstatus $141,500 270-char remark

   Show marketing remark (270 chars)

   Completely remodeled after Irene!! Great 2 Family Home. Low Taxes-Great Investment Opportunity. Tenants paying 1,700 a month. Second floor could easily pay more rent. New roof in 2006, Carport, shed, entire yard is fenced in. Conv. to I787/I90/I87. Excellent Condition

5. 2012-04-24
   historical 270-char remark

   Show marketing remark (270 chars)

   Completely remodeled after Irene!! Great 2 Family Home. Low Taxes-Great Investment Opportunity. Tenants paying 1,700 a month. Second floor could easily pay more rent. New roof in 2006, Carport, shed, entire yard is fenced in. Conv. to I787/I90/I87. Excellent Condition

6. 2011-05-31
   listed $144,900 270-char remark

   Show marketing remark (270 chars)

   Completely remodeled after Irene!! Great 2 Family Home. Low Taxes-Great Investment Opportunity. Tenants paying 1,700 a month. Second floor could easily pay more rent. New roof in 2006, Carport, shed, entire yard is fenced in. Conv. to I787/I90/I87. Excellent Condition

7. 2006-08-09
   soldstatus $80,000
8. 2006-07-21
   soldstatus $80,000

   Show marketing remark (261 chars)

   Nice investment - owner live in and have tenant help pay the mortgage - income of $500. 1st flr $450. 2nd flr needs work and new roof. View of the Mohawk River - near the Waterford Locks, visitors center. A good place to invest. Sold As Is. Very Good Condition

9. 2006-06-23
   historical

   Show marketing remark (261 chars)

   Nice investment - owner live in and have tenant help pay the mortgage - income of $500. 1st flr $450. 2nd flr needs work and new roof. View of the Mohawk River - near the Waterford Locks, visitors center. A good place to invest. Sold As Is. Very Good Condition

10. 2006-05-20
    listed $79,900

    Show marketing remark (261 chars)

    Nice investment - owner live in and have tenant help pay the mortgage - income of $500. 1st flr $450. 2nd flr needs work and new roof. View of the Mohawk River - near the Waterford Locks, visitors center. A good place to invest. Sold As Is. Very Good Condition

ⓘ 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: $5,174 · $431/mo
• Projected year-2 tax: $5,174 · $431/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 ≥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: $47,532
• − Mortgage interest: −$11,198
• − Property taxes: −$5,174
• − Insurance: −$6,524
• − Repairs & maintenance: −$3,803
• − Management: −$3,803
• − Depreciation: −$5,815
• Taxable income: $11,216
• Est. tax owed @ 24.0%: −$2,692
• After-tax cash flow: $10,581/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

• 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

+112.8% since first listed

11 events — show timeline

• 2026-06-04 Sold (MLS) $170,000 Global MLS
• 2026-05-04 Pending — Global MLS
• 2026-04-28 Listed $199,900 Global MLS
• 2012-11-05 Sold (Public Records) $141,500 Public Records
• 2012-10-25 Sold (MLS) $141,500 Global MLS
• 2012-04-24 Listing Removed — Global MLS
• 2011-05-31 Listed $144,900 Global MLS
• 2006-08-09 Sold (Public Records) $80,000 Public Records
• 2006-07-21 Sold (MLS) $80,000 Global MLS
• 2006-06-23 Listing Removed — Global MLS
• 2006-05-20 Listed $79,900 Global MLS

Property tax history

+6.6%/yr

Latest (2025): $5,174 · +2.2% YoY. Source: county tax records.