58 Pinewood Ave · Albany, NY 12208

$390,000

5 bd · 2.0 ba · 2,550 sqft · MultiFamily public records · 15 Days on market

Built 1915 $153/sqft · 35% below area Est $603k · 35% under

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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 +18.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.7/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

*AS PER SELLER'S REQUEST, NO MORE SHOWINGS, PROPERTY IS UNDER CONTRACT*Looking for an owner-occupied or investment opportunity? This property might check all of the boxes for you. in a desired location in between New Scotland Ave & Hackett Blvd & minutes to quaint eateries, hospitals, schools & shopping, you must check out this 2F home! Each unit features 3 BR’s, 1 full BA, enclosed porch, formal dining rm, eat-in kitchen, gleaming hardwoods, tasteful décor & more! Excellent Condition

Key facts

• Screened in porch
• Boiler replaced
• Finished attic

Tags

• SCREENED IN PORCH
• FINISHED ATTIC
• BONUS ROOM
• DETACHED STORAGE SHED
• ROOF REPLACED
• BOILER REPLACED

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $390k.

Deal economics

• At list price, monthly cash flow is $400 ($5k/yr) — positive. Per door: $200/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $390k).
• Recommended offer: $384k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.5% 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.
• Market conditions: Rents rising fast (+5.0%/yr); 99 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $4,171/mo this rent would consume 71% of the median local household income ($70k/yr) (locally 1952% 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 $3k of loan paydown is wiped out by about $12k 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.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($384k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y ago; this cycle's ask is 57% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $255k; list at $390k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $384,150 (1.5% below list)

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 1915 — 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: 1.07% ✓
• Cap rate: 7.52%
• Cash-on-cash: 4.40%
• DSCR: 1.20
• GRM: 7.8

CMA / ARV

• ARV (median comp): $602,619
• List price: $390,000
• Delta: -35.28%
• 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
60 Pinewood Ave	0.01mi	5/2.0	2,382 (-7%)	9mo	$365,000	$153	81
40 Pinewood Ave	0.07mi	6/2.0 (+1)	2,400 (-6%)	2mo	$400,000	$167	81
38 Harris Ave	0.19mi	6/2.0 (+1)	2,492 (-2%)	3mo	$395,000	$159	80
49 Forest Ave	0.23mi	6/2.5 (+1)	2,640 (+4%)	6mo	$330,000	$125	71
4 Edison Ave	0.44mi	6/2.0 (+1)	2,640 (+4%)	6mo	$410,000	$155	64
28 W Erie St	0.36mi	4/2.0 (-1)	2,645 (+4%)	12mo	$370,000	$140	62
2 Maple Ave	0.53mi	5/2.0	2,688 (+5%)	8mo	$352,000	$131	59
6 Edison Ave	0.44mi	6/2.5 (+1)	2,683 (+5%)	12mo	$402,000	$150	53
37 Fairview Ave	0.39mi	4/2.0 (-1)	2,304 (-10%)	10mo	$390,000	$169	53
111 Woodlawn Ave	0.50mi	6/2.0 (+1)	2,340 (-8%)	10mo	$353,100	$151	49
90 Winnie St	0.66mi	6/3.0 (+1)	2,464 (-3%)	10mo	$369,000	$150	46
87 S Main Ave	0.72mi	6/2.0 (+1)	2,712 (+6%)	8mo	$335,000	$124	44

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: -7.0%
• Equity multiple: 0.74×
• Total profit: $-28,744
• Equity at exit: $58,150

10-year hold

• IRR: 5.2%
• Equity multiple: 1.42×
• Total profit: $46,112
• Equity at exit: $33,720

Cash invested: $109,200 (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 12208

• Home prices YoY: -30.1%
• Rents YoY: 5.0%
• Active inventory: 99
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $4,171 high
• Mortgage (P&I): −$2,045
• Tax from tax record: −$687 /mo · $8,246/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$876
• Net cashflow: $400

Break-even live

Break-even rent $3,664

Max offer price $390,000

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,172
Total (2 units)			$4,171

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: $97,500
• Closing costs: $11,700
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
57 S Main Ave Albany, NY	4.0	1.0	2695	$1,600	$0.59	44d	1	0.79mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	44d	1	0.96mi
69 Winthrop Ave Albany, NY	6.0	2.0	2800	$2,795	$1.00	23d	1	1.33mi
726 Western Ave Albany, NY	4.0	2.5	1900	$2,800	$1.47	44d	1	1.44mi

Listing history 9 events

1. 2026-05-12
   listed $390,000 Active 600-char remark
2. 2018-08-13
   soldstatus $255,000
3. 2018-05-09
   soldstatus $255,000 Closed (Final Sale) 518-char remark

   Show marketing remark (518 chars)

   *AS PER SELLER'S REQUEST, NO MORE SHOWINGS, PROPERTY IS UNDER CONTRACT*Looking for an owner-occupied or investment opportunity? This property might check all of the boxes for you. in a desired location in between New Scotland Ave & Hackett Blvd & minutes to quaint eateries, hospitals, schools & shopping, you must check out this 2F home! Each unit features 3 BR’s, 1 full BA, enclosed porch, formal dining rm, eat-in kitchen, gleaming hardwoods, tasteful décor & more! Excellent Condition

4. 2018-04-03
   status Pend (Under Cntr) 518-char remark

   Show marketing remark (518 chars)

   *AS PER SELLER'S REQUEST, NO MORE SHOWINGS, PROPERTY IS UNDER CONTRACT*Looking for an owner-occupied or investment opportunity? This property might check all of the boxes for you. in a desired location in between New Scotland Ave & Hackett Blvd & minutes to quaint eateries, hospitals, schools & shopping, you must check out this 2F home! Each unit features 3 BR’s, 1 full BA, enclosed porch, formal dining rm, eat-in kitchen, gleaming hardwoods, tasteful décor & more! Excellent Condition

5. 2018-03-20
   listed $249,000 New 518-char remark

   Show marketing remark (518 chars)

   *AS PER SELLER'S REQUEST, NO MORE SHOWINGS, PROPERTY IS UNDER CONTRACT*Looking for an owner-occupied or investment opportunity? This property might check all of the boxes for you. in a desired location in between New Scotland Ave & Hackett Blvd & minutes to quaint eateries, hospitals, schools & shopping, you must check out this 2F home! Each unit features 3 BR’s, 1 full BA, enclosed porch, formal dining rm, eat-in kitchen, gleaming hardwoods, tasteful décor & more! Excellent Condition

6. 2010-12-13
   soldstatus $238,000
7. 2010-12-03
   soldstatus $238,000

   Show marketing remark (240 chars)

   Perfect owner occ'd 2 family. Longtime owners meticulously maintained home & property. Near St Peters, Albany Med and professional schools. All hardwood throughout. Rents could be higher. Custom shed will remain. Excellent Condition

8. 2010-10-14
   historical

   Show marketing remark (240 chars)

   Perfect owner occ'd 2 family. Longtime owners meticulously maintained home & property. Near St Peters, Albany Med and professional schools. All hardwood throughout. Rents could be higher. Custom shed will remain. Excellent Condition

9. 2010-05-15
   listed $238,900

   Show marketing remark (240 chars)

   Perfect owner occ'd 2 family. Longtime owners meticulously maintained home & property. Near St Peters, Albany Med and professional schools. All hardwood throughout. Rents could be higher. Custom shed will remain. Excellent Condition

ⓘ 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: $8,246 · $687/mo
• Projected year-2 tax: $8,246 · $687/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 6/10 Major FEMA zone X (unshaded) · 75% 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: $50,052
• − Mortgage interest: −$21,846
• − Property taxes: −$8,246
• − Insurance: −$1,950
• − Repairs & maintenance: −$4,004
• − Management: −$4,004
• − Depreciation: −$11,345
• Taxable loss: −$1,344
• Est. tax savings @ 24.0%: +$323
• After-tax cash flow: $5,125/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): 23,289
• Household income: $70,413
• Rent vs Own: 54.9% rent · 45.1% own
• Severe rent burden: 1952.0

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: 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: —

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

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

+6.7% since first listed

8 events — show timeline

• 2018-08-13 Sold (Public Records) $255,000 Public Records
• 2018-05-09 Sold (MLS) $255,000 Global MLS
• 2018-04-03 Pending — Global MLS
• 2018-03-20 Listed $249,000 Global MLS
• 2010-12-13 Sold (Public Records) $238,000 Public Records
• 2010-12-03 Sold (MLS) $238,000 Global MLS
• 2010-10-14 Listing Removed — Global MLS
• 2010-05-15 Listed $238,900 Global MLS

Property tax history

+2.0%/yr

Latest (2025): $8,246 · +2.2% YoY. Source: county tax records.