227 Colonie St · Albany, NY 12210

$185,000

6 bd · 2.0 ba · 2,668 sqft · MultiFamily public records · 1 Days on market

Built 1870 3,049 sqft lot Est $253k · 27% 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 +15.0/15.0
• 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 +2.5/5.0
• Appreciation +2.0/10.0

Multi-family units

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

Listing remarks MLS

Great Two-Family Investment Property Or Owner-Occupied, Across The Street, From The Playground, Seperate Utilities, Package Deal For 458 And 460 Second Street, 24 Notice, Tenants Already In Place. Very Good Condition

Key facts

• Fenced backyard
• Duplex
• Strong rental appeal

Tags

• DUPLEX
• FENCED BACKYARD
• STRONG RENTAL APPEAL
• INCOME PRODUCING PROPERTY
• PROVEN RENTAL HISTORY

Property features AI

Finance

• Other: Lot size approximately 0.07 acres
• Financial info: No investor or income/expense details provided
• HOA & community: No HOA information provided

Exterior

• Parking: No parking information provided
• Security: No security information provided
• Utilities: Public water; Public sewer
• Home design: Duplex; Living area reported (2,668 total)
• Construction: Aluminum siding
• Exterior features: Rear porch; Back yard fencing

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Two units each with 3 bedrooms (one unit's bedrooms include a 1st- and 2nd-level bath configuration across the property)
• Flooring: No flooring information provided
• Bathrooms: Two full bathrooms total (one full bath on 1st level, one full bath on 2nd level)
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Full basement
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $803/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $185k).
• Cap rate 16.7% 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: Arbor Hill Elementary School (math 17% / reading 17%, grade F, #2,011 of 2,108 statewide, top 96%, 265 students, 87% FRL); Albany High School (math 74% / reading 67%, grade B+, #710 of 1,100 statewide, top 65%, 2,676 students, 69% FRL).
• 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 $3,755/mo this rent would consume 81% 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 $1k of loan paydown is wiped out by about $6k 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 $52k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 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 $45k; list at $185k implies a 311% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $185,000

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 1870 — 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: 2.03% ✓
• Cap rate: 16.71%
• Cash-on-cash: 37.21%
• DSCR: 2.66
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $253,460
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221 Livingston Ave	0.09mi	5/2.0 (-1)	2,665 (-0%)	6mo	$124,900	$47	85
211 Clinton Ave	0.31mi	5/3.0 (-1)	2,640 (-1%)	4mo	$250,000	$95	72
314-316 Orange St	0.44mi	6/2.0	2,475 (-7%)	6mo	$126,000	$51	62
79 1st St	0.28mi	5/3.0 (-1)	2,516 (-6%)	8mo	$275,000	$109	62
243 Northern Blvd	0.30mi	6/2.0	2,944 (+10%)	12mo	$106,000	$36	59
219 1st St	0.33mi	6/2.0	2,328 (-13%)	8mo	$180,000	$77	56
423 Clinton Ave	0.57mi	6/3.0	2,616 (-2%)	11mo	$270,000	$103	56
114 Lark St	0.42mi	5/3.0 (-1)	2,835 (+6%)	11mo	$260,000	$92	52
362 Clinton Ave	0.50mi	7/4.0 (+1)	2,490 (-7%)	2mo	$270,000	$108	51
10 Wilkins Ave	0.54mi	6/2.0	2,294 (-14%)	1mo	$280,000	$122	50
469 Clinton Ave	0.66mi	5/3.0 (-1)	2,520 (-6%)	6mo	$239,000	$95	46
391 Clinton Ave	0.51mi	6/3.0	2,346 (-12%)	14mo	$249,000	$106	40

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: 37.6%
• Equity multiple: 2.69×
• Total profit: $87,586
• Equity at exit: $27,584

10-year hold

• IRR: 46.1%
• Equity multiple: 6.32×
• Total profit: $275,755
• Equity at exit: $15,995

Cash invested: $51,800 (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: 8.2×

Monthly cashflow live

• Estimated rent: $3,755 high
• Mortgage (P&I): −$970
• Tax from tax record: −$313 /mo · $3,754/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$789
• Net cashflow: $1,606

Break-even live

Break-even rent $1,722

Max offer price $185,000

Occupancy floor 52%

Sensitivity live

Price	-10% $1,711	-5% $1,659	+0% $1,606	+5% $1,554	+10% $1,502
Rent	-10% $1,310	-5% $1,458	+0% $1,606	+5% $1,755	+10% $1,903
Rate	-1.0pp $1,700	-0.5pp $1,653	base $1,606	+0.5pp $1,558	+1.0pp $1,510

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$3,756
Total (2 units)			$3,755

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-17
   remarks 472-char remark
2. 2026-06-17
   listed $185,000 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: $3,754 · $313/mo
• Projected year-2 tax: $3,754 · $313/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 ≥97°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: $45,060
• − Mortgage interest: −$10,363
• − Property taxes: −$3,754
• − Insurance: −$925
• − Repairs & maintenance: −$3,605
• − Management: −$3,605
• − Depreciation: −$5,382
• Taxable income: $17,426
• Est. tax owed @ 24.0%: −$4,182
• After-tax cash flow: $15,094/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): 10,297
• 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

+184.6% since first listed

20 events — show timeline

• 2026-06-16 Listed $185,000 Global MLS
• 2016-10-24 Sold (Public Records) $45,000 Public Records
• 2016-10-06 Sold (MLS) $45,000 Global MLS
• 2016-08-08 Pending — Global MLS
• 2016-06-15 Price Changed $53,000 Global MLS
• 2016-05-04 Listed $65,000 Global MLS
• 2014-08-22 Listing Removed — Global MLS
• 2013-09-26 Listed $65,000 Global MLS
• 2013-08-01 Listing Removed — Global MLS
• 2012-04-06 Listed $65,000 Global MLS
• 2009-05-08 Sold (MLS) $33,000 Global MLS
• 2009-04-03 Listing Removed — Global MLS
• 2009-03-19 Listed $39,900 Global MLS
• 2008-06-03 Listing Removed — Global MLS
• 2008-01-02 Listed $85,000 Global MLS
• 2006-09-15 Sold (Public Records) $41,000 Public Records
• 2006-09-15 Sold (Public Records) $59,000 Public Records
• 2006-08-01 Sold (MLS) $59,000 Global MLS
• 2006-04-28 Listing Removed — Global MLS
• 2006-02-21 Listed $65,000 Global MLS

Property tax history

+5.7%/yr

Latest (2025): $3,754 · +5.0% YoY. Source: county tax records.