208 Myrtle Ave · Albany, NY 12202

$399,000

6 bd · 3.0 ba · 2,850 sqft · MultiFamily public records · 23 Days on market

Built 1900 2,178 sqft lot Est $370k · 8% 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 +19.0/30.0
• Appreciation +10.0/10.0
• 1% rule +6.0/10.0
• DSCR +6.0/10.0
• Rent growth +4.7/5.0
• ARV discount +4.0/15.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Just completely renovated 3 unit. Broker and Sales Agent both have ownership interests in this property.

Key facts

• Modern updates
• Flex space
• Updated interiors

Tags

• RECENTLY RENOVATED
• UPDATED INTERIORS
• MODERN UPDATES
• FLEX SPACE
• HIGHLY CONVENIENT LOCATION

Property features AI

Finance

• Financial info: Three-unit multifamily property; tenants pay hot water, heat, internet, cable TV/DSL, electricity and gas; owner pays water, sewer, trash collection and snow removal

Exterior

• Utilities: Public water; Public sewer; Cable available
• Home design: Triplex; Three-story configuration with units on different levels
• Construction: Aluminum siding and brick exterior; Block foundation; Flat rubber roof; Built with a mix of aluminum siding and brick
• Exterior features: Deck

Interior

• Kitchen: Each unit includes a kitchen
• Bedrooms: Three 1-bedroom units (one bedroom in each unit) — one bedroom located in the basement for Unit 1
• Flooring: Vinyl flooring; Laminate flooring
• Bathrooms: Three full bathrooms (one per unit) — bathrooms located on 1st, 2nd and 3rd levels overall; Unit 1 full bath located in the basement
• Heating & cooling: Baseboard heating; Hot water heating; Natural gas
• Interior features: Double-pane, insulated windows; Vinyl and laminate flooring
• Laundry & utility: Tenant responsibilities include hot water and heat

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $416 ($5k/yr) — positive. Per door: $139/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $399k).
• Recommended offer: $393k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 5.7% in Albany — 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 79/100 on livability (#129 in NY, #2,083 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: employment C-, crime F.
• Albany City School District (urban): math 37% / reading 40% proficiency, ranked #543 of 590 in NY (top 92%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Albany High School (math 74% / reading 67%, grade B+, #710 of 1,100 statewide, top 65%, 2,676 students, 69% FRL) — zoned schools at 69% FRL track the district average.
• Zoned-school proficiency averages 70% at this address vs 38% district-wide (+32 pts) — the actual schools serving this property are materially stronger than the Albany City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+8.7%/yr); 58 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• In year one you build about $43k of equity ($3k loan paydown + $40k appreciation (10.0% local appreciation)).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $112k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($393k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 22y 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.

Risks & watch-outs

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

Recommended offer $393,015 (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. Crime grade is F 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?
6. 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.
7. 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.
8. 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: 1.10% ✓
• Cap rate: 7.54%
• Cash-on-cash: 4.47%
• DSCR: 1.20
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $370,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
339 Madison Ave	0.18mi	6/3.0	3,024 (+6%)	7mo	$335,000	$111	76
288 Morton Ave	0.34mi	6/4.0	2,973 (+4%)	1mo	$353,000	$119	72
163 Eagle St	0.39mi	6/4.0	2,904 (+2%)	4mo	$413,000	$142	71
270 Morton Ave	0.33mi	5/4.0 (-1)	2,714 (-5%)	9mo	$477,000	$176	60
278 Morton Ave	0.34mi	6/2.5	2,460 (-14%)	5mo	$195,000	$79	55
115.5 Lancaster St	0.38mi	5/3.5 (-1)	3,104 (+9%)	8mo	$475,000	$153	54
10 Putnam St	0.75mi	6/2.0	2,764 (-3%)	4mo	$375,000	$136	53
79 Alexander St	0.62mi	6/4.0	2,600 (-9%)	0mo	$215,000	$83	52
248 Morris St	0.69mi	7/3.0 (+1)	3,048 (+7%)	3mo	$359,000	$118	49
64 Clinton St	0.72mi	5/3.0 (-1)	2,640 (-7%)	6mo	$140,000	$53	44
10 Magnolia Ter	0.56mi	6/2.0	2,444 (-14%)	7mo	$317,000	$130	41
1 Magnolia Ter	0.54mi	6/2.0	2,432 (-15%)	8mo	$337,000	$139	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 29.7%
• Equity multiple: 3.39×
• Total profit: $267,311
• Equity at exit: $359,451

10-year hold

• IRR: 27.5%
• Equity multiple: 8.38×
• Total profit: $824,475
• Equity at exit: $775,169

Cash invested: $111,720 (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 12202

• Home prices YoY: 14.3%
• Rents YoY: 8.7%
• Active inventory: 58
• Price-to-rent: 22.7×

Monthly cashflow live

• Estimated rent: $4,401 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$802 /mo · $9,626/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$924
• Net cashflow: $416

Break-even live

Break-even rent $3,874

Max offer price $399,000

Occupancy floor 86%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$4,401
Total (3 units)			$4,401

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $399,000 Active 23 DOM
2. 2026-06-17
   days on market $399,000 Active 22 DOM
3. 2026-06-16
   days on market $399,000 Active 21 DOM
4. 2026-06-15
   days on market $399,000 Active 20 DOM
5. 2026-06-14
   days on market $399,000 Active 18 DOM
6. 2026-06-10
   days on market $399,000 Active 15 DOM
7. 2026-06-08
   days on market $399,000 Active 13 DOM
8. 2026-06-07
   days on market $399,000 Active 12 DOM
9. 2026-06-03
   days on market $399,000 Active 8 DOM
10. 2026-06-02
    days on market $399,000 Active 7 DOM
11. 2026-06-01
    days on market $399,000 Active 6 DOM
12. 2026-05-31
    days on market $399,000 Active 5 DOM
13. 2026-05-31
    days on market $399,000 Active 4 DOM
14. 2026-05-26
    listed $399,000 Active
15. 2024-01-09
    soldstatus $350,000
16. 2024-01-05
    soldstatus $350,000 Closed 104-char remark

    Show marketing remark (104 chars)

    Just completely renovated 3 unit. Broker and Sales Agent both have ownership interests in this property.

17. 2023-10-26
    status Pending 104-char remark

    Show marketing remark (104 chars)

    Just completely renovated 3 unit. Broker and Sales Agent both have ownership interests in this property.

18. 2023-10-19
    listed $339,900 Active 104-char remark

    Show marketing remark (104 chars)

    Just completely renovated 3 unit. Broker and Sales Agent both have ownership interests in this property.

19. 2005-04-05
    soldstatus $89,900
20. 2005-04-01
    soldstatus $89,900 255-char remark

    Show marketing remark (255 chars)

    Gross Income $20,700 Great Positive Cash Flow!!! Convenient location off Delaware, Close to shopping, bus line. Great owner occupied. 2nd & 3rd units have enclosed porches. New Roof. Property eligible for $21,000 in fed & st grant for owner occ.

21. 2005-02-25
    historical 255-char remark

    Show marketing remark (255 chars)

    Gross Income $20,700 Great Positive Cash Flow!!! Convenient location off Delaware, Close to shopping, bus line. Great owner occupied. 2nd & 3rd units have enclosed porches. New Roof. Property eligible for $21,000 in fed & st grant for owner occ.

22. 2004-10-19
    listed $109,000 255-char remark

    Show marketing remark (255 chars)

    Gross Income $20,700 Great Positive Cash Flow!!! Convenient location off Delaware, Close to shopping, bus line. Great owner occupied. 2nd & 3rd units have enclosed porches. New Roof. Property eligible for $21,000 in fed & st grant for owner occ.

ⓘ 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: $9,626 · $802/mo
• Projected year-2 tax: $9,626 · $802/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°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: $52,812
• − Mortgage interest: −$22,350
• − Property taxes: −$9,626
• − Insurance: −$1,995
• − Repairs & maintenance: −$4,225
• − Management: −$4,225
• − Depreciation: −$11,607
• Taxable loss: −$1,216
• Est. tax savings @ 24.0%: +$292
• After-tax cash flow: $5,284/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: Albany City School District
• NCES district ID: 3602460
• Math proficiency: 37% ▲ 6.00%
• Reading proficiency: 40% ▲ 7.00%
• Median HH income: $40,568
• Composite: 32.34/100
• National rank: #5744
• State rank: #543 of 590 in NY

Livability — Albany

• Score: 79/100
• State rank: #129
• US rank: #2083

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albany, NY
• County: Albany County · 196,626 people
• City population: 116,921
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 10,166
• Household income: $52,868
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 935.0

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: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Black 40% White 28% Hispanic / Latino 15% Two or more races 14% Asian 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 5%
• Common ancestry: Iranian 2% Romanian 1% Serbian 1%
• Foreign-born: 14% · Canada, Philippines, China
• Languages at home: 80% English-only · Spanish 10% Other Asian/Pacific 4% Arabic 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: ▲ 38.05%
• Current HPI: 303.8939
• Rent YoY: ▲ 8.70%
• 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

+266.1% since first listed

9 events — show timeline

• 2026-05-26 Listed $399,000 Global MLS
• 2024-01-09 Sold (Public Records) $350,000 Public Records
• 2024-01-05 Sold (MLS) $350,000 Global MLS
• 2023-10-26 Pending — Global MLS
• 2023-10-19 Listed $339,900 Global MLS
• 2005-04-05 Sold (Public Records) $89,900 Public Records
• 2005-04-01 Sold (MLS) $89,900 Global MLS
• 2005-02-25 Listing Removed — Global MLS
• 2004-10-19 Listed $109,000 Global MLS

Property tax history

+10.1%/yr

Latest (2025): $9,626 · +2.9% YoY. Source: county tax records.