390 2nd St · Albany, NY 12206

$115,000

4 bd · 2.5 ba · 1,720 sqft · MultiFamily public records · 87 Days on market

Built 1900 1,742 sqft lot $67/sqft · 42% below area Est $200k · 42% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Two-family home in Albany! Great investment potential! This property needs some work, but with the right vision, it can be transformed into a strong income-producing asset. Conveniently located near major highways and bus lines, making commuting easy for future tenants. Fix it up, rent it out, and start generating steady cash flow. Don't miss this opportunity to collect rental income from this promising property! Market rents could be 1702.00 each apartment so 3404 per month...40,848 rental income per year.

Key facts

• Bus lines
• Two-family home
• Investment potential

Tags

• TWO-FAMILY HOME
• INVESTMENT POTENTIAL
• INCOME-PRODUCING ASSET
• CONVENIENTLY LOCATED
• MAJOR HIGHWAYS
• BUS LINES

🏷️ Possibly a rental listed for sale. The $115,000 price doesn't fit this home's estimated sale value (~$199,819) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $115k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $827/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 23.6% 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 (+5.4%/yr); 89 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,193/mo this rent would consume 92% of the median local household income ($42k/yr) (locally 2035% 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 $795 of loan paydown is wiped out by about $3k 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 + 5.4% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 30y 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 $100k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.78% ✓
• Cap rate: 23.55%
• Cash-on-cash: 61.64%
• DSCR: 3.74
• GRM: 3.0

CMA / ARV

• ARV (median comp): $199,819
• List price: $115,000
• Delta: -42.45%
• 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
376 1st St	0.10mi	4/2.0	1,680 (-2%)	10mo	$100,000	$60	81
97 West St	0.36mi	4/2.0	1,760 (+2%)	6mo	$187,000	$106	72
320 1st St	0.23mi	5/3.0 (+1)	1,638 (-5%)	10mo	$213,000	$130	66
478 3rd St	0.29mi	4/2.0	1,852 (+8%)	8mo	$119,000	$64	65
596 Livingston Ave	0.43mi	4/2.0	1,584 (-8%)	3mo	$148,000	$93	62
60 Bradford St	0.37mi	3/2.0 (-1)	1,600 (-7%)	5mo	$170,000	$106	60
246 1st St	0.42mi	4/2.0	1,860 (+8%)	9mo	$185,000	$99	57
9 Pennsylvania Ave	0.41mi	5/2.0 (+1)	1,960 (+14%)	4mo	$225,000	$115	48
95 3rd St	0.74mi	4/2.0	1,584 (-8%)	3mo	$180,000	$114	47
596 3rd St	0.62mi	4/2.0	1,920 (+12%)	4mo	$150,000	$78	46
178 Spring St	0.53mi	3/2.0 (-1)	1,524 (-11%)	9mo	$195,000	$128	42
9 N Manning Blvd	0.70mi	5/2.0 (+1)	1,936 (+13%)	5mo	$145,000	$75	35

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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: 63.3%
• Equity multiple: 3.94×
• Total profit: $94,591
• Equity at exit: $17,147

10-year hold

• IRR: 68.6%
• Equity multiple: 8.82×
• Total profit: $251,962
• Equity at exit: $9,943

Cash invested: $32,200 (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 12206

• Home prices YoY: -9.9%
• Rents YoY: 5.4%
• Active inventory: 89
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $3,193 high
• Mortgage (P&I): −$603
• Tax from tax record: −$218 /mo · $2,611/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$671
• Net cashflow: $1,654

Break-even live

Break-even rent $1,099

Max offer price $115,000

Occupancy floor 43%

Sensitivity live

Price	-10% $1,719	-5% $1,686	+0% $1,654	+5% $1,621	+10% $1,589
Rent	-10% $1,402	-5% $1,528	+0% $1,654	+5% $1,780	+10% $1,906
Rate	-1.0pp $1,712	-0.5pp $1,683	base $1,654	+0.5pp $1,624	+1.0pp $1,594

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,194
Total (2 units)			$3,193

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	25d	1	0.48mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	16d	1	0.50mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	16d	1	0.56mi
569 Washington Ave Unit 1st Floor Albany, NY	4.0	1.0	1275	$2,000	$1.57	45d	1	0.56mi
223 Western Ave #1 Albany, NY	3.0	1.0	1100	$1,750	$1.59	25d	1	0.60mi
58 Elberon Pl Apt 2 Albany, NY	4.0	1.0	1250	$2,200	$1.76	45d	1	0.64mi
273 Western Ave Unit 3 Albany, NY	3.0	1.0	1100	$1,850	$1.68	25d	1	0.67mi
433 Hamilton St Unit 1 Albany, NY	4.0	1.0	1200	$2,300	$1.92	16d	1	0.71mi
437 Hamilton St Unit 2 Albany, NY	4.0	1.0	1200	$2,300	$1.92	16d	1	0.71mi
489 Hamilton St Unit 1 Albany, NY	3.0	1.0	1100	$1,800	$1.64	16d	1	0.76mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	45d	1	0.76mi
830 Madison Ave Albany, NY	3.0	1.0	1180	$1,700	$1.44	25d	1	0.85mi
520 Madison Ave Unit 1 Albany, NY	3.0	1.0	1080	$1,700	$1.57	45d	1	0.85mi
88 Willett St Albany, NY	3.0	1.0	825	$2,080	$2.52	16d	10	0.86mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	45d	1	0.98mi
673 Myrtle Ave Albany, NY	4.0	1.0	1076	$2,400	$2.23	22d	1	0.99mi
614 Park Ave Albany, NY	3.0	1.0	1118	$2,500	$2.24	45d	1	1.02mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	25d	1	1.08mi
346 Madison Ave Unit 3 Albany, NY	3.0	2.0	1110	$2,725	$2.45	45d	1	1.08mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	25d	1	1.11mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,850	$1.46	16d	1	1.11mi
11 King Ave Unit 2 Albany, NY	3.0	1.0	1100	$1,600	$1.45	16d	1	1.14mi
21 Woodlawn Ave Unit 3RDFL Albany, NY	3.0	1.0	1300	$1,500	$1.15	45d	1	1.21mi
21 Woodlawn Ave Unit 3rd floor Albany, NY	3.0	1.0	1300	$1,500	$1.15	25d	1	1.21mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	45d	1	1.23mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	45d	1	1.31mi
52 Grove Ave Albany, NY	4.0	1.0	1200	$2,200	$1.83	22d	1	1.38mi
104 S Main Ave Unit 1 Albany, NY	3.0	1.0	1300	$2,600	$2.00	45d	1	1.38mi
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	45d	1	1.41mi
32 Richmond St Unit 2 Albany, NY	3.0	3.0	1248	$2,500	$2.00	16d	1	1.43mi
78 S Pine Ave Unit 2 Albany, NY	3.0	1.5	1541	$2,350	$1.52	16d	1	1.48mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	25d	1	1.48mi

Listing history 41 events

1. 2026-06-21
   days on market $115,000 Active 87 DOM
2. 2026-06-18
   days on market $115,000 Active 84 DOM
3. 2026-06-17
   days on market $115,000 Active 83 DOM
4. 2026-06-16
   days on market $115,000 Active 82 DOM
5. 2026-06-15
   days on market $115,000 Active 81 DOM
6. 2026-06-14
   days on market $115,000 Active 79 DOM
7. 2026-06-10
   days on market $115,000 Active 76 DOM
8. 2026-06-08
   days on market $115,000 Active 74 DOM
9. 2026-06-07
   days on market $115,000 Active 73 DOM
10. 2026-06-03
    days on market $115,000 Active 69 DOM
11. 2026-06-02
    days on market $115,000 Active 68 DOM
12. 2026-06-01
    days on market $115,000 Active 67 DOM
13. 2026-05-31
    days on market $115,000 Active 66 DOM
14. 2026-05-31
    days on market $115,000 Active 65 DOM
15. 2026-03-26
    listed $115,000 Active 514-char remark

    Show marketing remark (514 chars)

    Two-family home in Albany! Great investment potential! This property needs some work, but with the right vision, it can be transformed into a strong income-producing asset. Conveniently located near major highways and bus lines, making commuting easy for future tenants. Fix it up, rent it out, and start generating steady cash flow. Don't miss this opportunity to collect rental income from this promising property! Market rents could be 1702.00 each apartment so 3404 per month...40,848 rental income per year.

16. 2024-10-25
    soldstatus $100,000
17. 2024-06-28
    price $94,388
18. 2024-06-04
    status Active
19. 2024-04-11
    status Pending
20. 2024-04-11
    historical Contingent
21. 2024-04-11
    historical
22. 2024-04-02
    price $99,999
23. 2024-03-04
    listed $109,999 Active
24. 2023-03-29
    status Pending
25. 2022-10-03
    status Pending
26. 2022-09-28
    historical
27. 2022-07-11
    listed $105,000 Active
28. 2020-11-24
    soldstatus $32,500 Closed (Final Sale)
29. 2020-10-13
    status Pend (Under Cntr)
30. 2020-10-07
    price $39,900
31. 2020-09-04
    price $44,900
32. 2020-08-01
    price $49,900
33. 2020-05-29
    listed $54,900 New
34. 2007-07-27
    soldstatus $25,000
35. 2006-07-18
    soldstatus $30,000
36. 2005-12-05
    soldstatus $54,500
37. 2005-08-22
    listed $30,850
38. 1999-03-08
    soldstatus $35,000
39. 1998-03-06
    soldstatus $35,000
40. 1997-10-16
    historical
41. 1996-02-22
    listed $39,900

ⓘ 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: $2,611 · $218/mo
• Projected year-2 tax: $2,611 · $218/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: $38,316
• − Mortgage interest: −$6,442
• − Property taxes: −$2,611
• − Insurance: −$575
• − Repairs & maintenance: −$3,065
• − Management: −$3,065
• − Depreciation: −$3,345
• Taxable income: $19,212
• Est. tax owed @ 24.0%: −$4,611
• After-tax cash flow: $15,236/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): 14,572
• Household income: $41,548
• Rent vs Own: 73.4% rent · 26.6% own
• Severe rent burden: 2035.0

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 0.75)
• Race & ethnicity: Black 38% White 27% Hispanic / Latino 15% Two or more races 12% Asian 10%
• Hispanic origin (detail): Puerto Rican 10% Dominican 1%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 1%
• Foreign-born: 22% · Canada, China
• Languages at home: 75% English-only · Spanish 10% Other Indo-European 5% Chinese 3%

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: ▼ -30.24%
• Current HPI: 275.8109
• Rent YoY: ▲ 5.37%
• 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

+188.2% since first listed

27 events — show timeline

• 2026-03-26 Listed $115,000 Global MLS
• 2024-10-25 Sold (Public Records) $100,000 Public Records
• 2024-06-28 Price Changed $94,388 Global MLS
• 2024-06-04 Relisted — Global MLS
• 2024-04-11 Pending — Global MLS
• 2024-04-11 Contingent — Global MLS
• 2024-04-11 Listing Removed — Global MLS
• 2024-04-02 Price Changed $99,999 Global MLS
• 2024-03-04 Listed $109,999 Global MLS
• 2023-03-29 Pending — Global MLS
• 2022-10-03 Pending — Global MLS
• 2022-09-28 Listing Removed — Global MLS
• 2022-07-11 Listed $105,000 Global MLS
• 2020-11-24 Sold (MLS) $32,500 Global MLS
• 2020-10-13 Pending — Global MLS
• 2020-10-07 Price Changed $39,900 Global MLS
• 2020-09-04 Price Changed $44,900 Global MLS
• 2020-08-01 Price Changed $49,900 Global MLS
• 2020-05-29 Listed $54,900 Global MLS
• 2007-07-27 Sold (Public Records) $25,000 Public Records
• 2006-07-18 Sold (MLS) $30,000 Global MLS
• 2005-12-05 Sold (Public Records) $54,500 Public Records
• 2005-08-22 Listed $30,850 Global MLS
• 1999-03-08 Sold (MLS) $35,000 Global MLS
• 1998-03-06 Sold (Public Records) $35,000 Public Records
• 1997-10-16 Listing Removed — Global MLS
• 1996-02-22 Listed $39,900 Global MLS

Property tax history

-3.9%/yr

Latest (2025): $2,611 · -0.7% YoY. Source: county tax records.