619 3rd St · Albany, NY 12206

$124,990

4 bd · 2.0 ba · 2,116 sqft · MultiFamily public records · 8 Days on market

Built 1900 3,484 sqft lot Est $241k · 48% 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Wonderful investment property. Seller would like to package this property with others on Third. 613,359,357,345. Very Good Condition

Key facts

• 3,484 sq ft lot
• Built 1900
• Listed 8 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Cap rate 22.2% 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: Philip J Schuyler Achievement Academy (math 27% / reading 22%, grade F, #1,846 of 2,108 statewide, top 91%, 287 students, 87% FRL); Albany High School (math 74% / reading 67%, grade B+, #710 of 1,100 statewide, top 65%, 2,676 students, 69% FRL).
• Market conditions: Rents rising fast (+5.4%/yr); 89 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% 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).
• At $3,352/mo this rent would consume 97% 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 $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 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 $82k; list at $125k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $124,990

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.68% ✓
• Cap rate: 22.23%
• Cash-on-cash: 56.90%
• DSCR: 3.53
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $241,224
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
627 3rd St	0.02mi	4/2.0	2,200 (+4%)	5mo	$225,000	$102	88
596 3rd St	0.05mi	4/2.0	1,920 (-9%)	4mo	$150,000	$78	79
9 N Manning Blvd	0.06mi	5/2.0 (+1)	1,936 (-8%)	5mo	$145,000	$75	74
685 Clinton Ave	0.37mi	4/2.0	2,032 (-4%)	6mo	$190,000	$94	71
523 Central Ave	0.22mi	4/4.0	2,016 (-5%)	11mo	$289,000	$143	65
478 3rd St	0.38mi	4/2.0	1,852 (-12%)	8mo	$119,000	$64	55
455 Bradford St	0.40mi	4/2.0	1,800 (-15%)	8mo	$230,000	$128	50
84 N Allen St	0.73mi	5/3.0 (+1)	2,179 (+3%)	9mo	$425,000	$195	45
409 Elk St	0.63mi	5/2.0 (+1)	2,312 (+9%)	8mo	$126,000	$54	43
847 Jay St	0.74mi	5/2.0 (+1)	2,246 (+6%)	8mo	$285,000	$127	43
309 Manning Blvd	0.55mi	5/2.0 (+1)	1,868 (-12%)	10mo	$305,000	$163	41
521 Washington Ave	0.62mi	4/4.0	2,404 (+14%)	9mo	$275,000	$114	33

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: 58.2%
• Equity multiple: 3.68×
• Total profit: $93,755
• Equity at exit: $18,636

10-year hold

• IRR: 63.9%
• Equity multiple: 8.24×
• Total profit: $253,507
• Equity at exit: $10,807

Cash invested: $34,997 (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: 6.2×

Monthly cashflow live

• Estimated rent: $3,352 high
• Mortgage (P&I): −$655
• Tax from tax record: −$281 /mo · $3,372/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$704
• Net cashflow: $1,660

Break-even live

Break-even rent $1,251

Max offer price $124,990

Occupancy floor 45%

Sensitivity live

Price	-10% $1,730	-5% $1,695	+0% $1,660	+5% $1,624	+10% $1,589
Rent	-10% $1,395	-5% $1,527	+0% $1,660	+5% $1,792	+10% $1,924
Rate	-1.0pp $1,723	-0.5pp $1,691	base $1,660	+0.5pp $1,627	+1.0pp $1,594

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,352
Total (2 units)			$3,352

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: $31,248
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	44d	1	0.65mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	15d	1	0.81mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	15d	1	0.82mi
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	44d	1	0.89mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	44d	1	0.92mi
57 S Main Ave Albany, NY	4.0	1.0	2695	$1,600	$0.59	44d	1	1.09mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	24d	1	1.13mi
78 S Pine Ave Unit 2 Albany, NY	3.0	1.5	1541	$2,350	$1.52	15d	1	1.15mi
32 Peyster St Unit 1st floor Albany, NY	3.0	2.0	2714	$2,500	$0.92	44d	1	1.19mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	44d	1	1.19mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	24d	1	1.29mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	24d	1	1.43mi
726 Western Ave Albany, NY	4.0	2.5	1900	$2,800	$1.47	44d	1	1.48mi

Listing history 19 events

1. 2026-04-10
   status Pending
2. 2026-03-30
   listed $124,990 Active
3. 2024-08-13
   status Pending
4. 2024-08-13
   historical
5. 2024-08-12
   status Active
6. 2024-05-22
   status Pending
7. 2024-05-03
   price $109,000
8. 2024-03-08
   price $119,000
9. 2024-02-21
   listed $129,000 Active
10. 2005-10-11
    soldstatus $82,000
11. 2005-09-28
    soldstatus $82,000 133-char remark

    Show marketing remark (133 chars)

    Wonderful investment property. Seller would like to package this property with others on Third. 613,359,357,345. Very Good Condition

12. 2005-05-23
    historical 133-char remark

    Show marketing remark (133 chars)

    Wonderful investment property. Seller would like to package this property with others on Third. 613,359,357,345. Very Good Condition

13. 2005-05-10
    listed $79,900 133-char remark

    Show marketing remark (133 chars)

    Wonderful investment property. Seller would like to package this property with others on Third. 613,359,357,345. Very Good Condition

14. 2002-08-30
    soldstatus $13,007
15. 2002-08-22
    soldstatus $13,007
16. 2002-07-31
    historical
17. 2002-06-20
    listed $11,000
18. 1998-09-30
    soldstatus $7,250
19. 1998-06-12
    listed $14,900

ⓘ 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: $3,372 · $281/mo
• Projected year-2 tax: $3,372 · $281/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: $40,224
• − Mortgage interest: −$7,001
• − Property taxes: −$3,372
• − Insurance: −$625
• − Repairs & maintenance: −$3,218
• − Management: −$3,218
• − Depreciation: −$3,636
• Taxable income: $19,154
• Est. tax owed @ 24.0%: −$4,597
• After-tax cash flow: $15,318/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

+738.9% since first listed

19 events — show timeline

• 2026-04-10 Pending — Global MLS
• 2026-03-30 Listed $124,990 Global MLS
• 2024-08-13 Pending — Global MLS
• 2024-08-13 Listing Removed — Global MLS
• 2024-08-12 Relisted — Global MLS
• 2024-05-22 Pending — Global MLS
• 2024-05-03 Price Changed $109,000 Global MLS
• 2024-03-08 Price Changed $119,000 Global MLS
• 2024-02-21 Listed $129,000 Global MLS
• 2005-10-11 Sold (Public Records) $82,000 Public Records
• 2005-09-28 Sold (MLS) $82,000 Global MLS
• 2005-05-23 Listing Removed — Global MLS
• 2005-05-10 Listed $79,900 Global MLS
• 2002-08-30 Sold (Public Records) $13,007 Public Records
• 2002-08-22 Sold (MLS) $13,007 Global MLS
• 2002-07-31 Listing Removed — Global MLS
• 2002-06-20 Listed $11,000 Global MLS
• 1998-09-30 Sold (MLS) $7,250 Global MLS
• 1998-06-12 Listed $14,900 Global MLS

Property tax history

+0.1%/yr

Latest (2025): $3,372 · +12.0% YoY. Source: county tax records.