28 Pleasant St · Voorheesville, NY 12186

$375,000

4 bd · 2.0 ba · 2,072 sqft · MultiFamily public records · 5 Days on market

Built 1890 0.69 ac lot

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Why this score? — see what drove the D 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 +12.5/30.0
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• DSCR +3.7/10.0
• Livability +3.6/5.0
• 1% rule +3.0/10.0
• 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

LOCATION,LOCATION, VOORHEES VILLAGE, LARGE OLDER HOME W/5 YEAR ROOF, PERFECT VILLAE LIVING, QUIET NEIGHBORHOODOF OWNER OCCUPIED HOMES, TREE LINED STREET, SOLID BUILDING, ORIGINAL STAINED WOODWORK & BUILT INS, WOOD FLOORS, NEEDS TLC & SOME UPDATING. Good Condition

Key facts

• Separate utilities
• Off street parking
• Large yard

Tags

• LARGE YARD
• OFF STREET PARKING
• VILLAGE LOCATION
• WALK-UP ATTIC
• FULL BASEMENT
• SEPARATE UTILITIES

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $-56 ($-675/yr) — negative. Per door: $-28/mo.
• To cash-flow at today's rent, offer at most $365k (2.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $302k (19.5% below list).
• Recommended offer: $302k (19.5% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 1.6% in Voorheesville — 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 72/100 on livability (#369 in NY) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: cost of living D, amenities F, commute F.
• Voorheesville Central School District (rural): math 75% / reading 71% proficiency, ranked #89 of 590 in NY (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Market conditions: 44 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 15y 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 $115k; list at $375k implies a 226% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $301,800 (19.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.80% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.64%
• DSCR: 0.97
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -17.4%
• Equity multiple: 0.39×
• Total profit: $-64,397
• Equity at exit: $55,914

10-year hold

• IRR: -9.4%
• Equity multiple: 0.42×
• Total profit: $-60,882
• Equity at exit: $32,423

Cash invested: $105,000 (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 12186

• Home prices YoY: -18.0%
• Active inventory: 44
• Price-to-rent: 20.7×

Monthly cashflow live

• Estimated rent: $3,018 medium
• Mortgage (P&I): −$1,967
• Tax from tax record: −$318 /mo · $3,812/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$634
• Net cashflow: $-56

Break-even live

Break-even rent $3,089

Max offer price $365,061

Occupancy floor 97%

Sensitivity live

Price	-10% $156	-5% $50	+0% $-56	+5% $-162	+10% $-269
Rent	-10% $-295	-5% $-175	+0% $-56	+5% $63	+10% $182
Rate	-1.0pp $133	-0.5pp $39	base $-56	+0.5pp $-153	+1.0pp $-252

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,018
Total (2 units)			$3,018

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-04-28
   status Pending
2. 2026-04-23
   listed $375,000 Active
3. 2012-07-12
   soldstatus $115,000
4. 2012-05-16
   soldstatus $115,000 271-char remark

   Show marketing remark (271 chars)

   LOCATION,LOCATION, VOORHEES VILLAGE, LARGE OLDER HOME W/5 YEAR ROOF, PERFECT VILLAE LIVING, QUIET NEIGHBORHOODOF OWNER OCCUPIED HOMES, TREE LINED STREET, SOLID BUILDING, ORIGINAL STAINED WOODWORK & BUILT INS, WOOD FLOORS, NEEDS TLC & SOME UPDATING. Good Condition

5. 2012-03-11
   historical 271-char remark

   Show marketing remark (271 chars)

   LOCATION,LOCATION, VOORHEES VILLAGE, LARGE OLDER HOME W/5 YEAR ROOF, PERFECT VILLAE LIVING, QUIET NEIGHBORHOODOF OWNER OCCUPIED HOMES, TREE LINED STREET, SOLID BUILDING, ORIGINAL STAINED WOODWORK & BUILT INS, WOOD FLOORS, NEEDS TLC & SOME UPDATING. Good Condition

6. 2011-09-06
   listed $144,900 271-char remark

   Show marketing remark (271 chars)

   LOCATION,LOCATION, VOORHEES VILLAGE, LARGE OLDER HOME W/5 YEAR ROOF, PERFECT VILLAE LIVING, QUIET NEIGHBORHOODOF OWNER OCCUPIED HOMES, TREE LINED STREET, SOLID BUILDING, ORIGINAL STAINED WOODWORK & BUILT INS, WOOD FLOORS, NEEDS TLC & SOME UPDATING. 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: $3,812 · $318/mo
• Projected year-2 tax: $5,075 · $423/mo
• Expected delta: +$1,263/yr (+$105/mo · 33.1%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,216
• − Mortgage interest: −$21,006
• − Property taxes: −$3,812
• − Insurance: −$1,875
• − Repairs & maintenance: −$2,897
• − Management: −$2,897
• − Depreciation: −$10,909
• Taxable loss: −$7,181
• Est. tax savings @ 24.0%: +$1,723
• After-tax cash flow: $1,048/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: Voorheesville Central School District
• NCES district ID: 3629670
• Math proficiency: 75% ▼ -5.00%
• Reading proficiency: 71% ▲ 1.00%
• Median HH income: $86,855
• Composite: 65.4/100
• National rank: #482
• State rank: #89 of 590 in NY

Livability — Voorheesville

• Score: 72/100
• State rank: #369
• US rank: #6390

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Voorheesville, NY
• Population (ZIP): 6,608

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 (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Romanian 9% Slovak 3% Iranian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 2% Russian/Polish/Slavic 2% 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: ▼ -63.03%
• Current HPI: 286.557
• 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

+158.8% since first listed

6 events — show timeline

• 2026-04-28 Pending — Global MLS
• 2026-04-23 Listed $375,000 Global MLS
• 2012-07-12 Sold (Public Records) $115,000 Public Records
• 2012-05-16 Sold (MLS) $115,000 Global MLS
• 2012-03-11 Listing Removed — Global MLS
• 2011-09-06 Listed $144,900 Global MLS

Property tax history

+3.5%/yr

Latest (2025): $3,812 · +4.0% YoY. Source: county tax records.