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538 New Scotland Ave Duplex
B Composite 72.03
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 +26.1/30.0
  • ARV discount +15.0/15.0
  • DSCR +8.8/10.0
  • 1% rule +6.9/10.0
  • Schools +5.2/10.0
  • Livability +4.0/5.0
  • Rent growth +3.8/5.0
  • Condition / age +2.2/5.0
  • Appreciation +0.0/10.0

$279,900

538 New Scotland Ave · Albany, NY 12208
5 bd · 2.0 ba · 1,720 sqft · MultiFamily · 2 Days on market
Built 1948 Fair condition 0.26 ac lot Garage $163/sqft · 48% below area Est $540k · 48% under
🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

Great Opportunity to convert this mixed-use building into a side-by-side 2 family located on the prime corner of New Scotland and S. Main. Currently set up with offices on the left side and a 2 bedroom/1 bath apartment on the right. With a full basement and separate utilities, it would be an easy conversion making this into cash cow. Walking distance to hospitals, schools, restaurants, and shopping. Take advantage of this hard-to-find great deal!

Key facts

  • Separate utilities
  • Full basement
  • 0.26 acre lot

Tags

FULL BASEMENTSEPARATE UTILITIESWALKING DISTANCE TO HOSPITALSWALKING DISTANCE TO SCHOOLSWALKING DISTANCE TO SHOPPING

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 2 × 2-bed/1.0-bath units multifamily listed at $280k. Condition is rated fair.

Deal economics

  • At list price, monthly cash flow is $707 ($8k/yr) — positive. Per door: $353/mo.
  • The deal already cash-flows at list — no discount required.
  • Meets the 1% rule at list price ($3k rent vs $280k).
  • Cap rate 9.3% vs local median 5.9% 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 (+5.0%/yr); 172 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

  • Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 + 5.0% rent growth), your $78k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

  • Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
  • 4 sale attempts since 28y 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 $105k; list at $280k implies a 167% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

  • Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
Recommended offer $279,900

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 1948 — 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
1.19% ✓
Cap rate
9.32%
Cash-on-cash
10.82%
DSCR
1.48
GRM
7.0

CMA / ARV

ARV (median comp)
$540,102
List price
$279,900
Delta
-48.18%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi
Show comp detail 12 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
454 Ontario St 0.60mi 5/2.0 1,776 (+3%) 8mo $290,000 $163 60
29 Tampa Ave 1.12mi 5/3.0 1,729 (+0%) 13mo $278,000 $161 49
107 Hollywood Ave 0.34mi 5/2.0 1,986 (+16%) 17mo $296,000 $149 45
162 S Allen St 0.47mi 4/2.0 (-1) 1,828 (+6%) 21mo $280,000 $153 45
368 Partridge St 0.63mi 4/2.0 (-1) 1,672 (-3%) 23mo $280,000 $167 42
1061 Madison Ave 0.86mi 5/2.0 2,050 (+19%) 0mo $230,000 $112 40
500 Hudson Ave 1.07mi 6/2.0 (+1) 1,696 (-1%) 23mo $243,000 $143 39
3 S Main Ave 0.80mi 4/3.0 (-1) 1,600 (-7%) 10mo $352,000 $220 36
538 Hamilton St 0.97mi 6/3.0 (+1) 1,524 (-11%) 9mo $285,000 $187 29
645 Myrtle Ave 0.86mi 6/2.0 (+1) 2,000 (+16%) 8mo $270,000 $135 28
598 Morris St 0.75mi 6/2.0 (+1) 2,000 (+16%) 12mo $220,000 $110 25
455 Western Ave 0.92mi 4/3.0 (-1) 1,850 (+8%) 23mo $275,000 $149 24

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 · 5.05% rent growth · sell at horizon

5-year hold
IRR
2.2%
Equity multiple
1.09×
Total profit
$6,737
Equity at exit
$41,734
10-year hold
IRR
13.7%
Equity multiple
2.20×
Total profit
$94,134
Equity at exit
$24,201

Cash invested: $78,372 (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 →
Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now
4 active · 3 under contract
Months of supply
12.0 mo (8%/mo absorbed)
Median asking
$279,950 ($144/sqft)
Median days on market
63 d
This list price
50% of active listings are priced below it
ARV vs active asking
+118.6% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 12208

Home prices YoY
-30.1%
Rents YoY
5.0%
Active inventory
172
Price-to-rent
14.0×

Monthly cashflow live

Estimated rent
$3,343 high interval (Pro) →
Mortgage (P&I)
−$1,468
Tax est. 1.5%
−$350 /mo · $4,198/yr
Insurance
−$117
HOA
−$0
Vacancy / Maint / Mgmt
−$702
Net cashflow
$707

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

UnitsBedsBathsEst. rent
Total (2 units) $3,343

Break-even live

Break-even rent $2,449
Max offer price $279,900
Occupancy floor 74%

Sensitivity live

Price -10% $900 -5% $803 +0% $707 +5% $610 +10% $513
Rent -10% $443 -5% $575 +0% $707 +5% $839 +10% $971
Rate -1.0pp $848 -0.5pp $778 base $707 +0.5pp $634 +1.0pp $560

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
$69,975
Closing costs
$8,397
Reserves months
—
Total cash needed
—

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
6A Weis Rd Albany, NY 2.0 1.0 900 $1,610 $1.79 2d 1 0.10mi
471 New Scotland Ave #2 Albany, NY 3.0 1.0 1885 $2,200 $1.17 6d 1 0.11mi
563 New Scotland Ave Albany, NY 2.0 1.0–2.0 931 $3,125 $3.36 0d 65 0.18mi
275 S Allen St Unit 2 Albany, NY 1.0 1.0 700 $1,495 $2.14 6d 1 0.24mi
275 S Allen St Unit 6 Albany, NY 2.0 1.0 700 $1,695 $2.42 62d 1 0.24mi
271 S Allen St Apt 3 Albany, NY 2.0 1.0 700 $1,695 $2.42 109d 1 0.24mi
284 S Allen St Apt 4 Albany, NY 1.0 1.0 700 $1,400 $2.00 62d 1 0.25mi
51 Hollywood Ave Albany, NY 3.0 1.0 1340 $1,950 $1.46 6d 1 0.25mi
101 Winnie St Unit 1 Albany, NY 2.0 1.0 775 $1,595 $2.06 6d 1 0.27mi
225 S Allen St Albany, NY 1.0 1.0 400 $1,195 $2.99 62d 1 0.32mi
31 Parkwood St Albany, NY 2.0 1.0 900 $1,495 $1.66 6d 1 0.33mi
35 Parkwood St Albany, NY 2.0 1.0 900 $1,495 $1.66 119d 1 0.34mi
205 S Allen St Albany, NY 1.0 1.0 800 $1,400 $1.75 62d 1 0.35mi
50 Pinewood Ave Albany, NY 3.0 1.0 1300 $1,950 $1.50 62d 1 0.36mi
58 Pinewood Ave Unit 1STFL Albany, NY 3.0 1.0 1300 $1,900 $1.46 5d 1 0.37mi
40 Parkwood St Unit 3 Albany, NY 1.0 1.0 — $1,200 — 6d 1 0.37mi
40 Parkwood St Unit 2 Albany, NY 1.0 1.0 — $1,350 — 62d 1 0.37mi
199 S Allen St Albany, NY 2.0 1.5 920 $1,360 $1.48 3d 1 0.38mi
366 New Scotland Ave Unit 2ND Albany, NY 1.0 1.0 — $850 — 62d 1 0.41mi
326 Cortland St Unit D Albany, NY 2.0 1.0 1100 $1,625 $1.48 6d 1 0.42mi
104 S Main Ave Unit 1 Albany, NY 3.0 1.0 1300 $2,600 $2.00 139d 1 0.47mi
53 Greenway N Albany, NY 3.0 2.0 1500 $2,600 $1.73 119d 1 0.52mi
32 Peyster St Unit 2nd Albany, NY 3.0 2.0 1500 $2,300 $1.53 139d 1 0.52mi
32 Peyster St Unit 1st floor Albany, NY 3.0 2.0 2714 $2,500 $0.92 139d 1 0.52mi
42 Harris Ave Unit 2 Albany, NY 2.0 1.0 1000 $1,600 $1.60 109d 1 0.53mi
42 Harris Ave Unit 2 Albany, NY 2.0 1.0 1000 $1,600 $1.60 6d 1 0.53mi
44 Harris Ave Albany, NY 3.0 1.0 1282 $1,800 $1.40 6d 1 0.54mi
871 Mercer St Unit 2 Albany, NY 3.0 1.0 — $2,750 — 6d 1 0.55mi
22B Forest Ave Unit 2 Albany, NY 3.0 1.0 1100 $1,800 $1.64 6d 1 0.55mi
4 Peyster St Unit 1ST Albany, NY 1.0 1.0 — $950 — 6d 1 0.58mi
100 Ryckman Ave Albany, NY 1.0 1.0 750 $1,395 $1.86 6d 1 0.58mi
55 Ryckman Ave Albany, NY 3.0 1.0 — $2,100 — 119d 1 0.58mi
643 Providence St Albany, NY 2.0 1.0 900 $1,525 $1.69 6d 2 0.62mi
369 Partridge St Albany, NY 2.0 1.0 — $1,700 — 139d 1 0.62mi
367 Partridge St Unit 4 Albany, NY 1.0 1.0 — $1,800 — 139d 1 0.63mi
52 Grove Ave Albany, NY 3.0 1.0 1200 $2,100 $1.75 6d 1 0.64mi
921 Park Ave Unit 6 Albany, NY 2.0 1.0 — $1,300 — 6d 1 0.67mi
858 Myrtle Ave Apt 2 Albany, NY 1.0 1.0 — $1,100 — 139d 1 0.68mi
38 S Main Ave Albany, NY 1.0 1.0 — $1,297 — 119d 1 0.68mi
90 S Pine Ave Unit D Albany, NY 2.0 1.0 795 $1,500 $1.89 6d 1 0.68mi

Property features AI

Finance

Financial info
Two-unit property

Exterior

Parking
1 garage spaceTotal of 3 parking spaces
Utilities
Public waterPublic sewer
Home design
DuplexLiving area approximately 1,720
Construction
Aluminum sidingAsphalt roof
Exterior features
Corner lotLot dimensions approximately 83 x 165Lot size about 0.26 acre

Interior

Bedrooms
Unit 1: 2 bedroomsUnit 2: 3 bedrooms
Bathrooms
Total of 3 bathrooms: 1 full bath and 2 half baths (all on the 1st floor)
Heating & cooling
Forced air heating (natural gas)Central air conditioning
Interior features
Full basement

Listing history 50 events

  1. 2026-09-23
    days on market $279,900 Active 2 DOM
  2. 2026-09-21
    pricedays on marketlisting id $279,900 Active 1 DOM
  3. 2026-08-31
    days on market $289,900 Active 95 DOM
  4. 2026-08-30
    days on market $289,900 Active 94 DOM
  5. 2026-08-29
    days on market $289,900 Active 93 DOM
  6. 2026-08-28
    days on market $289,900 Active 92 DOM
  7. 2026-08-27
    days on market $289,900 Active 91 DOM
  8. 2026-08-26
    days on market $289,900 Active 90 DOM
  9. 2026-08-25
    days on market $289,900 Active 89 DOM
  10. 2026-08-24
    days on market $289,900 Active 88 DOM
  11. 2026-08-23
    days on market $289,900 Active 87 DOM
  12. 2026-08-22
    days on market $289,900 Active 86 DOM
  13. 2026-08-21
    days on market $289,900 Active 85 DOM
  14. 2026-08-20
    days on market $289,900 Active 84 DOM
  15. 2026-08-19
    days on market $289,900 Active 83 DOM
  16. 2026-08-18
    days on market $289,900 Active 82 DOM
  17. 2026-08-17
    days on market $289,900 Active 81 DOM
  18. 2026-08-16
    days on market $289,900 Active 80 DOM
  19. 2026-08-15
    days on market $289,900 Active 79 DOM
  20. 2026-08-15
    days on market $289,900 Active 78 DOM
  21. 2026-08-13
    days on market $289,900 Active 77 DOM
  22. 2026-08-12
    days on market $289,900 Active 76 DOM
  23. 2026-08-11
    days on market $289,900 Active 75 DOM
  24. 2026-08-10
    days on market $289,900 Active 74 DOM
  25. 2026-08-09
    days on market $289,900 Active 73 DOM
  26. 2026-08-08
    days on market $289,900 Active 72 DOM
  27. 2026-08-07
    days on market $289,900 Active 71 DOM
  28. 2026-08-06
    days on market $289,900 Active 70 DOM
  29. 2026-08-05
    days on market $289,900 Active 69 DOM
  30. 2026-08-04
    days on market $289,900 Active 68 DOM
  31. 2026-08-03
    days on market $289,900 Active 67 DOM
  32. 2026-07-31
    days on market $289,900 Active 64 DOM
  33. 2026-07-29
    days on market $289,900 Active 62 DOM
  34. 2026-07-27
    days on market $289,900 Active 60 DOM
  35. 2026-07-25
    days on market $289,900 Active 58 DOM
  36. 2026-07-24
    days on market $289,900 Active 57 DOM
  37. 2026-07-23
    days on market $289,900 Active 56 DOM
  38. 2026-07-22
    days on market $289,900 Active 55 DOM
  39. 2026-07-21
    days on market $289,900 Active 54 DOM
  40. 2026-07-18
    days on market $289,900 Active 51 DOM
  41. 2026-07-16
    days on market $289,900 Active 49 DOM
  42. 2026-07-16
    days on market $289,900 Active 48 DOM
  43. 2026-07-14
    days on market $289,900 Active 47 DOM
  44. 2026-07-14
    days on market $289,900 Active 46 DOM
  45. 2026-07-12
    days on market $289,900 Active 45 DOM
  46. 2026-07-11
    days on market $289,900 Active 44 DOM
  47. 2026-07-10
    days on market $289,900 Active 43 DOM
  48. 2026-07-09
    days on market $289,900 Active 42 DOM
  49. 2026-07-07
    days on market $289,900 Active 40 DOM
  50. 2026-07-06
    days on market $289,900 Active 39 DOM

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

Nearby sold comps map

Loading sold comps map…

Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$40,116
− Mortgage interest
−$15,679
− Property taxes
−$4,198
− Insurance
−$1,400
− Repairs & maintenance
−$3,209
− Management
−$3,209
− Depreciation
−$8,143
Taxable income
$4,278
combined federal + state — saved on this device
Est. tax owed @ 24.0%
−$1,027
After-tax cash flow
$7,453/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 · 13 photos

Fair 45/100 Moderate rehab Est. rehab $43,000–$77,400 screening

This property requires moderate renovations to improve its exterior and interior condition, enhancing its resale and rental value.

Repairs flagged

  • Major Driveway — Cracked concrete
  • Major Landscaping — Overgrown and unkempt
  • Moderate Exterior siding — Weathered and peeling

Value-add opportunities

  • Both Landscaping and exterior painting — Improves curb appeal and property value ↑
  • Both Kitchen renovation — Modernizes the space and increases rental potential ↑
  • Both Landscaping and exterior painting — Improves curb appeal and property value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 52/100

Zoned Schools

Elementary New Scotland Elementary School F NY #1,277/2,108 Nat'l #16,061/41,679 Middle William S Hackett Middle School F NY #407/729 Nat'l #5,867/14,009 High Albany High School B+ NY #710/1,100 Nat'l #2,083/17,239

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
B Composite livability gradescore 79/100

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 · 320,794 people
City population
116,921
Metro
Albany-Schenectady-Troy, NY
Population (ZIP)
23,289
Household income
$70,413
Rent vs Own
54.9% rent · 45.1% own
Severe rent burden
11% of renters

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
Predominantly White (66%)
Race & ethnicity
White 66% Black 12% Asian 10% Hispanic / Latino 7% Two or more races 7%
Hispanic origin (detail)
Puerto Rican 3%
Common ancestry
Romanian 5% Italian 3% Scotch-Irish 3%
Foreign-born
16% · Canada, China, Philippines
Languages at home
83% English-only · Other Indo-European 4% Other Asian/Pacific 3% French/Haitian/Cajun 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
—

Price history

+133.4% since first listed
8 events — show timeline
  • 2026-09-21 Listed $279,900 Global MLS
  • 2026-09-01 Listing Removed — Global MLS
  • 2026-06-29 Price Changed $289,900 Global MLS
  • 2026-05-28 Listed $299,900 Global MLS
  • 2026-04-24 Listing Removed — Global MLS
  • 2026-04-03 Listed $299,900 Global MLS
  • 1998-12-21 Sold (MLS) $105,000 Global MLS
  • 1998-03-25 Listed $119,900 Global MLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…