186 2nd Ave · Albany, NY 12202

$199,000

6 bd · 2.0 ba · 2,472 sqft · MultiFamily public records · 94 Days on market

Built 1920 2,613 sqft lot Est $289k · 31% 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
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

One brand new boiler, 7 NEW replacement windows & fresh ROP's 2023. Great large 2 unit for sale. Freshly rehabbed & rents could be $1,830 per flat. Each flat is 1,236 SF. Roof is approx 2 years old. Both units freshly painted, new flooring throughout much of the apartments, new kitchens with gas stoves, stainless appliances. Small back yard for the tenants. The 2nd floor has an extra smaller room off the hall & enclosed front porch. Maybe for an office or game room? Kept vacant on purpose for ease of showings. Low taxes at $3,556 total for school property and garbage collection for the year is included in that total.

Key facts

• Excellent cash flow
• Strategic layout
• Flexible floor plan

Tags

• VACANT TURNKEY-READY
• STRATEGIC LAYOUT
• FLEXIBLE FLOOR PLAN
• VALUE-ADD POTENTIAL
• EXCELLENT CASH FLOW
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $199k).
• Recommended offer: $181k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.4% 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 $21k of equity ($1k loan paydown + $20k 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 $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($181k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y ago; this cycle's ask has dropped $16k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $181,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.82% ✓
• Cap rate: 14.41%
• Cash-on-cash: 29.00%
• DSCR: 2.29
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $289,224
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14 Bogart Ter	0.11mi	6/2.0	2,232 (-10%)	2mo	$250,000	$112	78
10 Putnam St	0.05mi	6/2.0	2,764 (+12%)	4mo	$375,000	$136	74
278 Morton Ave	0.42mi	6/2.5	2,460 (-0%)	5mo	$195,000	$79	73
23 Sloan St	0.28mi	6/3.0	2,310 (-7%)	1mo	$170,000	$74	71
41 Barrows St	0.65mi	6/2.0	2,472 (0%)	2mo	$290,000	$117	68
15 Bertha St	0.47mi	6/2.5	2,428 (-2%)	6mo	$350,100	$144	68
79 Alexander St	0.41mi	6/4.0	2,600 (+5%)	0mo	$215,000	$83	64
105 Southern Blvd	0.69mi	5/4.0 (-1)	2,446 (-1%)	1mo	$405,000	$166	52
62 Summit Ave	0.66mi	6/2.5	2,658 (+8%)	6mo	$330,000	$124	50
64 Clinton St	0.55mi	5/3.0 (-1)	2,640 (+7%)	6mo	$140,000	$53	50
252 Morton Ave	0.40mi	6/4.0	2,152 (-13%)	3mo	$285,000	$132	49
24 Delaware St	0.48mi	5/2.5 (-1)	2,112 (-15%)	2mo	$240,000	$114	45

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: 49.5%
• Equity multiple: 4.83×
• Total profit: $213,444
• Equity at exit: $179,275

10-year hold

• IRR: 45.5%
• Equity multiple: 11.93×
• Total profit: $608,873
• Equity at exit: $386,613

Cash invested: $55,720 (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: 9.1×

Monthly cashflow live

• Estimated rent: $3,626 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$392 /mo · $4,699/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$761
• Net cashflow: $1,346

Break-even live

Break-even rent $1,922

Max offer price $199,000

Occupancy floor 58%

Sensitivity live

Price	-10% $1,459	-5% $1,403	+0% $1,346	+5% $1,290	+10% $1,234
Rent	-10% $1,060	-5% $1,203	+0% $1,346	+5% $1,490	+10% $1,633
Rate	-1.0pp $1,447	-0.5pp $1,397	base $1,346	+0.5pp $1,295	+1.0pp $1,242

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,626
Total (2 units)			$3,626

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-04-20
   status Pending
2. 2026-04-03
   historical Contingent
3. 2026-03-02
   price $199,000
4. 2026-01-13
   listed $215,000 Active
5. 2024-03-20
   historical $1,825
6. 2024-03-15
   listed $1,825
7. 2024-02-26
   soldstatus $200,000
8. 2024-02-12
   soldstatus $185,000 Closed 643-char remark

   Show marketing remark (643 chars)

   One brand new boiler, 7 NEW replacement windows & fresh ROP's 2023. Great large 2 unit for sale. Freshly rehabbed & rents could be $1,830 per flat. Each flat is 1,236 SF. Roof is approx 2 years old. Both units freshly painted, new flooring throughout much of the apartments, new kitchens with gas stoves, stainless appliances. Small back yard for the tenants. The 2nd floor has an extra smaller room off the hall & enclosed front porch. Maybe for an office or game room? Kept vacant on purpose for ease of showings. Low taxes at $3,556 total for school property and garbage collection for the year is included in that total.

9. 2023-12-15
   status Pending 643-char remark

   Show marketing remark (643 chars)

   One brand new boiler, 7 NEW replacement windows & fresh ROP's 2023. Great large 2 unit for sale. Freshly rehabbed & rents could be $1,830 per flat. Each flat is 1,236 SF. Roof is approx 2 years old. Both units freshly painted, new flooring throughout much of the apartments, new kitchens with gas stoves, stainless appliances. Small back yard for the tenants. The 2nd floor has an extra smaller room off the hall & enclosed front porch. Maybe for an office or game room? Kept vacant on purpose for ease of showings. Low taxes at $3,556 total for school property and garbage collection for the year is included in that total.

10. 2023-11-29
    price $199,000 643-char remark

    Show marketing remark (643 chars)

    One brand new boiler, 7 NEW replacement windows & fresh ROP's 2023. Great large 2 unit for sale. Freshly rehabbed & rents could be $1,830 per flat. Each flat is 1,236 SF. Roof is approx 2 years old. Both units freshly painted, new flooring throughout much of the apartments, new kitchens with gas stoves, stainless appliances. Small back yard for the tenants. The 2nd floor has an extra smaller room off the hall & enclosed front porch. Maybe for an office or game room? Kept vacant on purpose for ease of showings. Low taxes at $3,556 total for school property and garbage collection for the year is included in that total.

11. 2023-11-12
    price $204,900 643-char remark

    Show marketing remark (643 chars)

    One brand new boiler, 7 NEW replacement windows & fresh ROP's 2023. Great large 2 unit for sale. Freshly rehabbed & rents could be $1,830 per flat. Each flat is 1,236 SF. Roof is approx 2 years old. Both units freshly painted, new flooring throughout much of the apartments, new kitchens with gas stoves, stainless appliances. Small back yard for the tenants. The 2nd floor has an extra smaller room off the hall & enclosed front porch. Maybe for an office or game room? Kept vacant on purpose for ease of showings. Low taxes at $3,556 total for school property and garbage collection for the year is included in that total.

12. 2023-10-04
    listed $214,900 Active 643-char remark

    Show marketing remark (643 chars)

    One brand new boiler, 7 NEW replacement windows & fresh ROP's 2023. Great large 2 unit for sale. Freshly rehabbed & rents could be $1,830 per flat. Each flat is 1,236 SF. Roof is approx 2 years old. Both units freshly painted, new flooring throughout much of the apartments, new kitchens with gas stoves, stainless appliances. Small back yard for the tenants. The 2nd floor has an extra smaller room off the hall & enclosed front porch. Maybe for an office or game room? Kept vacant on purpose for ease of showings. Low taxes at $3,556 total for school property and garbage collection for the year is included in that total.

13. 2021-03-03
    soldstatus $150,000
14. 2021-02-25
    soldstatus $149,900 Closed (Final Sale) 19-char remark

    Show marketing remark (19 chars)

    Section 8 apprroved

15. 2021-02-24
    listed $149,900 New 19-char remark

    Show marketing remark (19 chars)

    Section 8 apprroved

16. 2002-09-20
    soldstatus $53,348
17. 2002-09-20
    soldstatus $29,000
18. 2002-09-16
    soldstatus $29,900
19. 2002-06-21
    historical
20. 2002-06-18
    listed $29,900

ⓘ 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: $4,699 · $392/mo
• Projected year-2 tax: $4,699 · $392/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 2/10 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: $43,512
• − Mortgage interest: −$11,147
• − Property taxes: −$4,699
• − Insurance: −$995
• − Repairs & maintenance: −$3,481
• − Management: −$3,481
• − Depreciation: −$5,789
• Taxable income: $13,920
• Est. tax owed @ 24.0%: −$3,341
• After-tax cash flow: $12,817/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

+565.6% since first listed

20 events — show timeline

• 2026-04-20 Pending — Global MLS
• 2026-04-03 Contingent — Global MLS
• 2026-03-02 Price Changed $199,000 Global MLS
• 2026-01-13 Listed $215,000 Global MLS
• 2024-03-20 Rental Removed $1,825 RENTEC
• 2024-03-15 Listed for Rent $1,825 RENTEC
• 2024-02-26 Sold (Public Records) $200,000 Public Records
• 2024-02-12 Sold (MLS) $185,000 Global MLS
• 2023-12-15 Pending — Global MLS
• 2023-11-29 Price Changed $199,000 Global MLS
• 2023-11-12 Price Changed $204,900 Global MLS
• 2023-10-04 Listed $214,900 Global MLS
• 2021-03-03 Sold (Public Records) $150,000 Public Records
• 2021-02-25 Sold (MLS) $149,900 Global MLS
• 2021-02-24 Listed $149,900 Global MLS
• 2002-09-20 Sold (Public Records) $29,000 Public Records
• 2002-09-20 Sold (Public Records) $53,348 Public Records
• 2002-09-16 Sold (MLS) $29,900 Global MLS
• 2002-06-21 Listing Removed — Global MLS
• 2002-06-18 Listed $29,900 Global MLS

Property tax history

+3.6%/yr

Latest (2025): $4,699 · -0.2% YoY. Source: county tax records.