156 Lark St · Albany, NY 12210

$235,000

6 bd · 3.0 ba · 1,728 sqft · MultiFamily · 7 Days on market

Built 1892 Fair condition 1,306 sqft lot Est $199k · 18% over

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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
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.2/5.0
• Appreciation +2.0/10.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks

Excellent opportunity for your next investment property or first home while producing cash flow. Large 3-Unit needs some rehab. Top floor: 3 bedroom, 2nd floor: 2 bedroom, Garden level: large 1 bedroom. New roof. Conveniently located, close to bus lines and just minutes from the highway. This property is being sold AS-IS. Hold Harmless disclosure to be completed prior to showing.

Key facts

• 3 unit
• Close to bus lines
• Minutes from highway

Tags

• INVESTMENT PROPERTY
• 3 UNIT
• NEW ROOF
• CLOSE TO BUS LINES
• MINUTES FROM HIGHWAY

What this means for you Summary

Snapshot

• This is a 2×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $235k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $591/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $235k).
• Cap rate 15.3% 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 (+6.9%/yr); 70 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $4,299/mo this rent would consume 92% of the median local household income ($56k/yr) (locally 1211% 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 $2k of loan paydown is wiped out by about $7k 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.
• At projected returns (-3.0% appreciation + 6.9% rent growth), your $66k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,000

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1892 — 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. 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: 1.83% ✓
• Cap rate: 15.34%
• Cash-on-cash: 32.32%
• DSCR: 2.44
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $198,720
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
156 Lark St	0.00mi	6/3.0	1,728 (0%)	1mo	$235,000	$136	99
189 Elk St	0.04mi	6/2.0	1,880 (+9%)	2mo	$89,900	$48	78
339 2nd St	0.55mi	6/2.0	1,784 (+3%)	1mo	$175,000	$98	64
348 1st St	0.46mi	6/2.0	1,606 (-7%)	5mo	$250,000	$156	59
320 1st St	0.41mi	5/3.0 (-1)	1,638 (-5%)	10mo	$213,000	$130	58
384 Livingston Ave	0.54mi	6/2.0	1,760 (+2%)	15mo	$120,000	$68	55
312 Third St	0.54mi	6/2.0	1,772 (+2%)	16mo	$130,000	$73	53
446 1st St	0.67mi	6/2.0	1,848 (+7%)	1mo	$160,000	$87	52
9 Pennsylvania Ave	0.51mi	5/2.0 (-1)	1,960 (+13%)	4mo	$225,000	$115	42
184 N Lake Ave	0.68mi	6/2.0	1,974 (+14%)	1mo	$195,000	$99	39
14-16 Mc Crossin Ave	0.66mi	6/2.0	1,872 (+8%)	15mo	$325,000	$174	39
106 Spring St	0.70mi	5/2.0 (-1)	1,896 (+10%)	13mo	$236,000	$124	31

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 · 6.86% rent growth · sell at horizon

5-year hold

• IRR: 31.7%
• Equity multiple: 2.40×
• Total profit: $92,199
• Equity at exit: $35,039

10-year hold

• IRR: 40.9%
• Equity multiple: 5.60×
• Total profit: $302,954
• Equity at exit: $20,319

Cash invested: $65,800 (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 12210

• Home prices YoY: -2.3%
• Rents YoY: 6.9%
• Active inventory: 70
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $4,299 high
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$903
• Net cashflow: $1,772

Break-even live

Break-even rent $2,056

Max offer price $235,000

Occupancy floor 54%

Sensitivity live

Price	-10% $1,935	-5% $1,853	+0% $1,772	+5% $1,691	+10% $1,610
Rent	-10% $1,433	-5% $1,602	+0% $1,772	+5% $1,942	+10% $2,112
Rate	-1.0pp $1,891	-0.5pp $1,832	base $1,772	+0.5pp $1,711	+1.0pp $1,649

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,956
1× unit	1	1	$1,344
Total (3 units)			$4,299

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-03-27
   status Pending
2. 2026-03-20
   listed $235,000 Active

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

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 ≥97°F today · 17 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: $51,588
• − Mortgage interest: −$13,164
• − Property taxes: −$3,525
• − Insurance: −$1,175
• − Repairs & maintenance: −$4,127
• − Management: −$4,127
• − Depreciation: −$6,836
• Taxable income: $18,634
• Est. tax owed @ 24.0%: −$4,472
• After-tax cash flow: $16,794/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 · 2 photos

Fair 45/100 Moderate rehab

This 3-unit property requires significant exterior and interior repairs, including a new roof, painting, and landscaping. While the property is located in a convenient area, the current condition may deter potential buyers. Addressing these issues can significantly increase its resale and rental value.

Repairs flagged

• Major roof — The satellite image shows signs of wear and potential leakage.
• Moderate exterior brick facade — The exterior brick facade shows signs of wear and discoloration.
• Major landscaping — The landscaping appears overgrown and unkempt, requiring trimming and maintenance.
• Unknown interior walls/paint — No interior photos are provided, so the condition cannot be assessed. The listing mentions a new roof, which may indicate recent work on this area.

Value-add opportunities

• Both paint exterior brick facade — Fresh paint can improve the curb appeal and value of the property.
• Both trim landscaping — A well-maintained landscape can enhance the property's curb appeal and attract potential buyers.
• Both repair and replace roof — A new roof will not only fix the immediate issue but also improve the property's overall condition and value.
• Both paint interior walls and trim — Fresh paint can improve the interior condition and make the property more attractive to potential buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The satellite image shows signs of wear and potential leakage.	Major	$15,000–50,000
exterior brick facade · The exterior brick facade shows signs of wear and discoloration.	Moderate	$3,000–15,000
landscaping · The landscaping appears overgrown and unkempt, requiring trimming and maintenance.	Major	$15,000–50,000
interior walls/paint · No interior photos are provided, so the condition cannot be assessed. The listing mentions a new roof, which may indicate recent work on this area.	Unknown	$500–3,000
Total estimated repair cost · 4 items		$33,500–118,000

Value-add ROI direction

• Both paint exterior brick facade — Fresh paint can improve the curb appeal and value of the property. ↑
• Both trim landscaping — A well-maintained landscape can enhance the property's curb appeal and attract potential buyers. ↑
• Both repair and replace roof — A new roof will not only fix the immediate issue but also improve the property's overall condition and value. ↑
• Both paint interior walls and trim — Fresh paint can improve the interior condition and make the property more attractive to potential buyers and renters. ↑

ⓘ 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: 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): 10,297
• Household income: $55,843
• Rent vs Own: 75.3% rent · 24.7% own
• Severe rent burden: 1211.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 44% Black 41% Two or more races 7% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 4% Lithuanian 2% Serbian 2%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 3% French/Haitian/Cajun 2% Other Indo-European 2%

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: ▼ -5.92%
• Current HPI: 252.3084
• Rent YoY: ▲ 6.86%
• 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

• 2026-03-27 Pending — Global MLS
• 2026-03-20 Listed $235,000 Global MLS