390 2nd St

Albany, NY 12206

$99,900B+

4 bd · 2.5 ba · 1,720 sqft · Built 1900 · MultiFamily · Active · 109 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,099/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$259
• HOA: −$0
• Vac / Maint / Mgmt: −$651
• Net cashflow: $1,665/mo
• Annual: $19,982/yr
• Cap rate: 26.29%
• Cash-on-cash: 71.43%
• DSCR: 4.18
• 1% rule: 3.10%
• Cash to close: $27,972

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $100k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $833/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• It's been on market 109 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• 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.
• Watch-outs: property tax is 2.6% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.4%/yr); 114 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 73d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 7 sale attempts since 30y ago; this cycle's ask has dropped $15k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 5.4% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 26.3% vs local median 6.0% 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.
• This rent per unit runs 45% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — Outdated and worn, requiring replacement or renovation.
• Major: Bathroom fixtures — Worn and outdated, requiring replacement or renovation.
• Moderate: Exterior siding — Weathered and in need of repainting or replacement.
• Minor: Landscaping — Overgrown and in need of trimming and maintenance.