150 2nd Ave · Albany, NY 12202

$150,000

4 bd · 2.0 ba · 1,579 sqft · MultiFamily public records · 9 Days on market

Built 1940 3,049 sqft lot Est $177k · 15% under

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Why this score? — see what drove the A 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
• ARV discount +14.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Rent growth +4.7/5.0
• 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: 2 units. confirmed

Listing remarks MLS

*GREAT INVESTMENT OPPORTUNITY KNOCKING* CANT BEAT THIS MONEY MAKER. FULLY OCCUPIED 2 UNIT W 5 GARAGES SPACES RENTED. TOTAL INCOME PER MONTH $2250. ALL SEPARATE UTILITIES W LOW TAXES. UNIT 1 HAS BEEN FRESHLY RENOVATED. CAN BE PURCHASED FOR A PACKAGE PRICE W 52.5 PHILIP ST OR ON ITS OWN. ALL SHOWING WILL BE HELD BY APPT ONLY SATURDAY CONTACT LA TO SCHEDULE [phone]. Good Condition

Key facts

• Separate utilities
• Five garages
• Tall ceilings

Tags

• TWO UNITS
• FIVE GARAGES
• SEPARATE UTILITIES
• CASH-FLOWING
• VALUE-ADD OPPORTUNITY
• TALL CEILINGS

Property features AI

Finance

• Financial info: Two-unit multi-family property; Tenants pay hot water, heat, and internet; Owner pays water and sewer

Exterior

• Parking: 5 garage spaces; 7 total parking spaces; Off-street paved parking; Garage parking
• Utilities: Public water; Public sewer
• Home design: Duplex; Two-unit property; Lot dimensions approximately 20 x 141
• Construction: Brick and vinyl siding exterior
• Exterior features: Other exterior features; Level lot

Interior

• Kitchen: Unit 1: 1 kitchen (1st floor); Unit 2: 1 kitchen (1st floor)
• Bedrooms: Unit 1 has 2 bedrooms (1st floor); Unit 2 has 1 bedroom (1st floor)
• Flooring: Bamboo; Ceramic tile; Hardwood; Laminate
• Bathrooms: Two full bathrooms total; Unit 1: 1 full bath (1st floor); Unit 2: 1 full bath (in basement)
• Heating & cooling: Baseboard heating; Hot water heating; Natural gas heat
• Interior features: High speed internet
• Laundry & utility: Washer hookup; Laundry area in bathroom

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $740/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Cap rate 18.1% 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; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,400/mo this rent would consume 77% of the median local household income ($53k/yr) (locally 935% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k 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 $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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: property tax is 2.9% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,000

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 1940 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 2.27% ✓
• Cap rate: 18.13%
• Cash-on-cash: 42.26%
• DSCR: 2.88
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $176,848
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
77 3rd Ave	0.30mi	4/1.5	1,529 (-3%)	12mo	$120,000	$78	69
21-23 Liebel St	0.10mi	4/2.0	1,800 (+14%)	10mo	$220,000	$122	64
101 3rd Ave	0.27mi	4/3.0	1,750 (+11%)	3mo	$180,000	$103	63
33 Myrtle Ave	0.61mi	4/2.0	1,612 (+2%)	11mo	$180,000	$112	59
31 3rd Ave	0.39mi	4/2.0	1,800 (+14%)	1mo	$155,000	$86	58
126 4th Ave	0.39mi	3/3.0 (-1)	1,782 (+13%)	3mo	$210,000	$118	49
203 Myrtle Ave	0.72mi	4/2.0	1,624 (+3%)	22mo	$230,000	$142	44
8 Stanwix St	0.72mi	4/2.0	1,800 (+14%)	1mo	$290,000	$161	42
8 Myrtle Ave	0.61mi	3/2.0 (-1)	1,446 (-8%)	15mo	$195,000	$135	40
241 Delaware Ave	0.51mi	3/3.0 (-1)	1,780 (+13%)	9mo	$140,000	$79	38
4 Myrtle Ave	0.61mi	3/2.0 (-1)	1,446 (-8%)	23mo	$113,000	$78	33
107 Delaware Ave	0.58mi	3/2.0 (-1)	1,760 (+12%)	23mo	$187,000	$106	30

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: 60.9%
• Equity multiple: 5.62×
• Total profit: $194,033
• Equity at exit: $135,132

10-year hold

• IRR: 56.7%
• Equity multiple: 13.91×
• Total profit: $542,129
• Equity at exit: $291,417

Cash invested: $42,000 (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 12202

• Home prices YoY: 14.3%
• Rents YoY: 8.7%
• Active inventory: 58
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $3,400 high
• Mortgage (P&I): −$787
• Tax from tax record: −$358 /mo · $4,291/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$714
• Net cashflow: $1,479

Break-even live

Break-even rent $1,528

Max offer price $150,000

Occupancy floor 51%

Sensitivity live

Price	-10% $1,564	-5% $1,522	+0% $1,479	+5% $1,437	+10% $1,394
Rent	-10% $1,211	-5% $1,345	+0% $1,479	+5% $1,614	+10% $1,748
Rate	-1.0pp $1,555	-0.5pp $1,517	base $1,479	+0.5pp $1,440	+1.0pp $1,401

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,400
Total (2 units)			$3,400

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
475 S Pearl St #3 Albany, NY	4.0	2.0	1200	$1,850	$1.54	14d	1	0.39mi
475 S Pearl St #3 Albany, NY	4.0	2.0	1200	$1,850	$1.54	21d	1	0.39mi
22 Hurlbut St Albany, NY	3.0	1.0	1209	$2,050	$1.70	44d	1	0.52mi
31 Bertha St Albany, NY	4.0	1.0	1116	$2,000	$1.79	24d	1	0.55mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	44d	1	0.64mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	44d	1	0.65mi
15 Stanwix St Albany, NY	4.0	1.5	1660	$2,500	$1.51	14d	1	0.69mi
346 Madison Ave Unit 3 Albany, NY	3.0	2.0	1110	$2,725	$2.45	44d	1	0.81mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	24d	1	0.81mi
502 Second Ave #3 Albany, NY	3.0	1.0	1100	$1,800	$1.64	44d	1	0.84mi
50 Southern Blvd Albany, NY	3.0	1.0	1200	$1,650	$1.38	14d	1	0.87mi
88 Willett St Albany, NY	3.0	1.0	825	$2,080	$2.52	14d	10	1.01mi
520 Madison Ave Unit 1 Albany, NY	3.0	1.0	1080	$1,700	$1.57	44d	1	1.05mi
21 Woodlawn Ave Unit 3RDFL Albany, NY	3.0	1.0	1300	$1,500	$1.15	44d	1	1.34mi
21 Woodlawn Ave Unit 3rd floor Albany, NY	3.0	1.0	1300	$1,500	$1.15	24d	1	1.34mi
52 Grove Ave Albany, NY	4.0	1.0	1200	$2,200	$1.83	21d	1	1.34mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	24d	1	1.34mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	44d	1	1.45mi
614 Park Ave Albany, NY	3.0	1.0	1118	$2,500	$2.24	44d	1	1.48mi

Listing history 7 events

1. 2026-06-14
   status $150,000 Pending 9 DOM
2. 2026-06-10
   days on market $150,000 Contingent 9 DOM
3. 2026-06-08
   days on market $150,000 Contingent 7 DOM
4. 2026-06-07
   statusdays on market $150,000 Contingent 6 DOM
5. 2026-06-03
   days on market $150,000 Active 2 DOM
6. 2026-06-01
   remarks 695-char remark
7. 2026-06-01
   listed $150,000 Active 1 DOM

ⓘ 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: $4,291 · $358/mo
• Projected year-2 tax: $4,291 · $358/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: $40,800
• − Mortgage interest: −$8,402
• − Property taxes: −$4,291
• − Insurance: −$750
• − Repairs & maintenance: −$3,264
• − Management: −$3,264
• − Depreciation: −$4,364
• Taxable income: $16,465
• Est. tax owed @ 24.0%: −$3,952
• After-tax cash flow: $13,800/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

+200.0% since first listed

6 events — show timeline

• 2026-06-01 Listed $150,000 Global MLS
• 2019-06-03 Sold (MLS) $140,000 Global MLS
• 2019-05-21 Pending — Global MLS
• 2019-05-01 Price Changed $159,900 Global MLS
• 2019-04-08 Listed $162,900 Global MLS
• 2004-07-28 Sold (Public Records) $50,000 Public Records

Property tax history

+7.9%/yr

Latest (2025): $4,291 · -3.1% YoY. Source: county tax records.