538 New Scotland Ave · Albany, NY 12208

$279,900

5 bd · 2.0 ba · 1,720 sqft · MultiFamily · 48 Days on market

Built 1948 Fair condition 0.26 ac lot Garage $163/sqft · 53% below area

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Why this score? — see what drove the C+ 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 +25.5/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• 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

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 BASEMENT
• SEPARATE UTILITIES
• WALKING DISTANCE TO HOSPITALS
• WALKING DISTANCE TO SCHOOLS
• WALKING DISTANCE TO SHOPPING

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 $649 ($8k/yr) — positive. Per door: $324/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $280k).
• Recommended offer: $272k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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 (+5.0%/yr); 213 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

• It's been on market 48 days — a 3% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• 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 $271,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.17% ✓
• Cap rate: 9.08%
• Cash-on-cash: 9.94%
• DSCR: 1.44
• GRM: 7.1

CMA / ARV

• ARV (median comp): $590,832
• List price: $279,900
• Delta: -52.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 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%)	10mo	$290,000	$163	59
39 W Erie St	0.33mi	4/2.0 (-1)	2,016 (+17%)	0mo	$230,000	$114	54
29 Tampa Ave	1.12mi	5/3.0	1,729 (+0%)	15mo	$278,000	$161	48
107 Hollywood Ave	0.34mi	5/2.0	1,986 (+16%)	18mo	$296,000	$149	44
162 S Allen St	0.47mi	4/2.0 (-1)	1,828 (+6%)	23mo	$280,000	$153	44
1061 Madison Ave	0.86mi	5/2.0	2,050 (+19%)	2mo	$230,000	$112	39
3 S Main Ave	0.80mi	4/3.0 (-1)	1,600 (-7%)	12mo	$352,000	$220	35
538 Hamilton St	0.97mi	6/3.0 (+1)	1,524 (-11%)	11mo	$285,000	$187	28
645 Myrtle Ave	0.86mi	6/2.0 (+1)	2,000 (+16%)	10mo	$270,000	$135	27
598 Morris St	0.75mi	6/2.0 (+1)	2,000 (+16%)	13mo	$220,000	$110	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: 1.0%
• Equity multiple: 1.04×
• Total profit: $2,909
• Equity at exit: $41,734

10-year hold

• IRR: 12.6%
• Equity multiple: 2.09×
• Total profit: $85,409
• 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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active · 6 under contract
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $279,950 ($144/sqft)
• Median days on market: 166 d
• This list price: 50% of active listings are priced below it
• ARV vs active asking: +139.1% 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: 213
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $3,270 high
• Mortgage (P&I): −$1,468
• Tax est. 1.5%: −$350 /mo · $4,198/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$687
• Net cashflow: $649

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,270
Total (2 units)			$3,270

Break-even live

Break-even rent $2,449

Max offer price $279,900

Occupancy floor 75%

Sensitivity live

Price	-10% $842	-5% $746	+0% $649	+5% $552	+10% $456
Rent	-10% $391	-5% $520	+0% $649	+5% $778	+10% $907
Rate	-1.0pp $790	-0.5pp $720	base $649	+0.5pp $576	+1.0pp $503

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6A Weis Rd Albany, NY	2.0	1.0	860	$1,492	$1.74	9d	1	0.10mi
471 New Scotland Ave #2 Albany, NY	3.0	1.0	1885	$1,995	$1.06	10d	1	0.11mi
471 New Scotland Ave #2 Albany, NY	3.0	1.0	1885	$1,995	$1.06	29d	1	0.11mi
563 New Scotland Ave Albany, NY	2.0	1.0–2.0	963	$3,125	$3.24	2d	66	0.18mi
275 S Allen St Unit 6 Albany, NY	2.0	1.0	700	$1,695	$2.42	107d	1	0.24mi
275 S Allen St Unit 2 Albany, NY	1.0	1.0	700	$1,495	$2.14	10d	1	0.24mi
271 S Allen St Apt 3 Albany, NY	2.0	1.0	700	$1,695	$2.42	155d	1	0.24mi
284 S Allen St Apt 4 Albany, NY	1.0	1.0	700	$1,400	$2.00	107d	1	0.25mi
51 Hollywood Ave Albany, NY	3.0	1.0	1340	$1,950	$1.46	51d	1	0.25mi
101 Winnie St Unit 1 Albany, NY	2.0	1.0	775	$1,595	$2.06	51d	1	0.27mi
225 S Allen St Albany, NY	1.0	1.0	400	$1,195	$2.99	107d	1	0.32mi
31 Parkwood St Albany, NY	2.0	1.0	900	$1,495	$1.66	51d	1	0.33mi
35 Parkwood St Albany, NY	2.0	1.0	900	$1,495	$1.66	164d	1	0.34mi
429 W Lawrence St Albany, NY	1.0	1.0	1050	$1,800	$1.71	6d	1	0.35mi
205 S Allen St Albany, NY	1.0	1.0	800	$1,400	$1.75	10d	1	0.35mi
50 Pinewood Ave Albany, NY	3.0	1.0	1300	$1,950	$1.50	107d	1	0.36mi
58 Pinewood Ave Unit 1STFL Albany, NY	3.0	1.0	1300	$1,900	$1.46	50d	1	0.37mi
58 Pinewood Ave Unit 2NDFL Albany, NY	3.0	1.0	1500	$2,100	$1.40	34d	1	0.37mi
40 Parkwood St Unit 3 Albany, NY	1.0	1.0	925	$1,200	$1.30	10d	1	0.37mi
40 Parkwood St Unit 2 Albany, NY	1.0	1.0	—	$1,350	—	107d	1	0.37mi
199 S Allen St Albany, NY	2.0	1.5	920	$1,360	$1.48	10d	1	0.38mi
199 S Allen St Apt 3-5 Albany, NY	2.0	1.5	920	$1,360	$1.48	7d	1	0.38mi
366 New Scotland Ave Unit 2ND Albany, NY	1.0	1.0	—	$850	—	107d	1	0.41mi
366 New Scotland Ave Unit 2ND Albany, NY	1.0	—	200	$925	$4.62	2d	1	0.41mi
366 New Scotland Ave Albany, NY	1.0	1.0	—	$975	—	0d	1	0.41mi
17 Jase Ct Albany, NY	3.0	1.0	1142	$2,400	$2.10	2d	1	0.41mi
326 Cortland St Unit D Albany, NY	2.0	1.0	1100	$1,625	$1.48	1d	1	0.42mi
326 Cortland St Unit D Albany, NY	2.0	1.0	1100	$1,625	$1.48	51d	1	0.42mi
354 New Scotland Ave Albany, NY	3.0	1.0	1300	$2,100	$1.62	2d	1	0.43mi
317 New Scotland Ave #1 Albany, NY	3.0	1.0	1200	$1,650	$1.38	2d	1	0.46mi
317 New Scotland Ave #2 Albany, NY	2.0	1.0	1243	$1,650	$1.33	38d	1	0.46mi
104 S Main Ave Unit 1 Albany, NY	3.0	1.0	1300	$2,600	$2.00	184d	1	0.47mi
53 Greenway N Albany, NY	3.0	2.0	1500	$2,600	$1.73	164d	1	0.52mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	184d	1	0.52mi
32 Peyster St Unit 1st floor Albany, NY	3.0	2.0	2714	$2,500	$0.92	184d	1	0.52mi
42 Harris Ave Unit 2 Albany, NY	2.0	1.0	1000	$1,600	$1.60	155d	1	0.53mi
42 Harris Ave Unit 2 Albany, NY	2.0	1.0	1000	$1,600	$1.60	10d	1	0.53mi
44 Harris Ave Albany, NY	3.0	1.0	1282	$1,800	$1.40	51d	1	0.54mi
871 Mercer St Unit 2 Albany, NY	3.0	1.0	—	$2,750	—	51d	1	0.55mi
447 Ontario St Albany, NY	3.0	1.0	1150	$1,900	$1.65	10d	1	0.55mi

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. 2026-11-08
   days on market $279,900 Active 48 DOM
2. 2026-11-07
   days on market $279,900 Active 47 DOM
3. 2026-11-06
   days on market $279,900 Active 46 DOM
4. 2026-11-05
   days on market $279,900 Active 45 DOM
5. 2026-11-04
   days on market $279,900 Active 44 DOM
6. 2026-11-02
   days on market $279,900 Active 42 DOM
7. 2026-11-01
   days on market $279,900 Active 41 DOM
8. 2026-10-31
   days on market $279,900 Active 40 DOM
9. 2026-10-30
   days on market $279,900 Active 39 DOM
10. 2026-10-29
    days on market $279,900 Active 38 DOM
11. 2026-10-28
    days on market $279,900 Active 37 DOM
12. 2026-10-27
    days on market $279,900 Active 36 DOM
13. 2026-10-26
    days on market $279,900 Active 35 DOM
14. 2026-10-25
    days on market $279,900 Active 34 DOM
15. 2026-10-24
    days on market $279,900 Active 33 DOM
16. 2026-10-23
    days on market $279,900 Active 32 DOM
17. 2026-10-22
    days on market $279,900 Active 31 DOM
18. 2026-10-21
    days on market $279,900 Active 30 DOM
19. 2026-10-20
    days on market $279,900 Active 29 DOM
20. 2026-10-19
    days on market $279,900 Active 28 DOM
21. 2026-10-18
    days on market $279,900 Active 27 DOM
22. 2026-10-17
    days on market $279,900 Active 26 DOM
23. 2026-10-16
    days on market $279,900 Active 25 DOM
24. 2026-10-15
    days on market $279,900 Active 24 DOM
25. 2026-10-14
    days on market $279,900 Active 23 DOM
26. 2026-10-13
    days on market $279,900 Active 22 DOM
27. 2026-10-12
    days on market $279,900 Active 21 DOM
28. 2026-10-11
    days on market $279,900 Active 20 DOM
29. 2026-10-10
    days on market $279,900 Active 19 DOM
30. 2026-10-09
    days on market $279,900 Active 18 DOM
31. 2026-10-08
    days on market $279,900 Active 17 DOM
32. 2026-10-07
    days on market $279,900 Active 16 DOM
33. 2026-10-06
    days on market $279,900 Active 15 DOM
34. 2026-10-05
    days on market $279,900 Active 14 DOM
35. 2026-10-04
    days on market $279,900 Active 13 DOM
36. 2026-10-04
    days on market $279,900 Active 12 DOM
37. 2026-10-02
    days on market $279,900 Active 11 DOM
38. 2026-10-01
    days on market $279,900 Active 10 DOM
39. 2026-09-30
    days on market $279,900 Active 9 DOM
40. 2026-09-29
    days on market $279,900 Active 8 DOM
41. 2026-09-28
    days on market $279,900 Active 7 DOM
42. 2026-09-27
    days on market $279,900 Active 6 DOM
43. 2026-09-25
    days on market $279,900 Active 4 DOM
44. 2026-09-24
    days on market $279,900 Active 3 DOM
45. 2026-09-23
    days on market $279,900 Active 2 DOM
46. 2026-09-21
    pricedays on marketlisting id $279,900 Active 1 DOM
47. 2026-08-31
    days on market $289,900 Active 95 DOM
48. 2026-08-30
    days on market $289,900 Active 94 DOM
49. 2026-08-29
    days on market $289,900 Active 93 DOM
50. 2026-08-28
    days on market $289,900 Active 92 DOM

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

Taxation est. · year 1

• Rental income: $39,240
• − Mortgage interest: −$15,679
• − Property taxes: −$4,198
• − Insurance: −$1,400
• − Repairs & maintenance: −$3,139
• − Management: −$3,139
• − Depreciation: −$8,143
• Taxable income: $3,542
• Est. tax owed @ 24.0%: −$850
• After-tax cash flow: $6,938/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

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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%

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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%
• Languages at home: 83% English-only · Other Indo-European 4% Other Asian/Pacific 3% French/Haitian/Cajun 2%

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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: ▼ -120.46%
• Current HPI: 279.716
• Rent YoY: ▲ 5.05%
• Metro: Albany-Schenectady-Troy, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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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

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

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