1 Boice St · Albany, NY 12202

$179,700

3 bd · 1.0 ba · 1,736 sqft · SingleFamily public records · 8 Days on market

Built 1860 0.96 ac lot Est $332k · 46% 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).

• ARV discount +15.0/15.0
• Cash flow +14.5/30.0
• Appreciation +10.0/10.0
• 1% rule +5.5/10.0
• Rent growth +4.7/5.0
• DSCR +4.4/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0

Listing remarks

Opportunity knocks! Welcome to this true diamond in the rough. Whether you're an investor or someone with a vision, this spacious home with great bones offers endless possibilities. Completely private on nearly 1 acre and super close to the rail trail. Original wide plank flooring, solid brick work, updated electrical, and good mechanicals. Moving outside, the backyard has a wrought iron fence with screened-in gazebo. There is also a detached spacious 2 car garage with additional car port and a dog run. With your imagination and style, this can truly be your dream home. Being sold as is, see agent comments for more information.

Key facts

• Updated electrical
• Solid brick work
• Good mechanicals

Tags

• PRIVATE ON NEARLY 1 ACRE
• ORIGINAL WIDE PLANK FLOORING
• SOLID BRICK WORK
• UPDATED ELECTRICAL
• GOOD MECHANICALS
• WROUGHT IRON FENCE

Property features AI

Exterior

• Parking: Detached garage; Two garage spaces; Total parking for six vehicles; Carport
• Utilities: Public water; Septic tank
• Home design: Single family residence; Brick construction; Stone foundation
• Construction: Brick construction; Stone foundation; Rubber roof
• Exterior features: Rubber roof; Wrought iron fencing; Gazebo; Kennel / dog run; Private, sloped lot

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: One bedroom on the first floor; Three bedrooms on the second floor; An additional upstairs room (other)
• Flooring: Tile; Vinyl; Hardwood; Laminate
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: Oil hot water baseboard heating
• Interior features: Eight total rooms; Full basement
• Laundry & utility: Washer/Dryer; Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $39 ($471/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).

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 (+8.7%/yr); 58 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• This rent runs 43% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $50k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $179,700

Questions for the listing agent

1. Built in 1860 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 6.55%
• Cash-on-cash: 0.94%
• DSCR: 1.04
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $331,576
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
49 Mccarty Ave	0.68mi	3/1.5	1,600 (-8%)	8mo	$181,500	$113	47
17 Kenosha St	0.70mi	4/2.0 (+1)	1,700 (-2%)	10mo	$325,000	$191	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 27.0%
• Equity multiple: 3.20×
• Total profit: $110,450
• Equity at exit: $161,888

10-year hold

• IRR: 25.3%
• Equity multiple: 7.92×
• Total profit: $348,192
• Equity at exit: $349,118

Cash invested: $50,316 (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 12202

• Home prices YoY: 14.3%
• Rents YoY: 8.7%
• Active inventory: 58
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,879 high
• Mortgage (P&I): −$942
• Tax from tax record: −$428 /mo · $5,132/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $39

Break-even live

Break-even rent $1,829

Max offer price $179,700

Occupancy floor 93%

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: $44,925
• Closing costs: $5,391
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
98 Mount Hope Dr Albany, NY	2.0	1.5	1200	$2,000	$1.67	14d	1	0.51mi
475 S Pearl St #3 Albany, NY	4.0	2.0	1200	$1,850	$1.54	14d	1	0.94mi
475 S Pearl St #3 Albany, NY	4.0	2.0	1200	$1,850	$1.54	21d	1	0.94mi
22 Hurlbut St Albany, NY	3.0	1.0	1209	$2,050	$1.70	44d	1	1.02mi
50 Southern Blvd Albany, NY	3.0	1.0	1200	$1,650	$1.38	14d	1	1.03mi
31 Bertha St Albany, NY	4.0	1.0	1116	$2,000	$1.79	23d	1	1.05mi
15 Stanwix St Albany, NY	4.0	1.5	1660	$2,500	$1.51	14d	1	1.07mi
502 Second Ave #3 Albany, NY	3.0	1.0	1100	$1,800	$1.64	44d	1	1.12mi
86 Hackett Blvd Albany, NY	2.0	1.0	1100	$1,900	$1.73	23d	1	1.30mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	44d	1	1.50mi

Listing history 6 events

1. 2026-06-18
   days on market $179,700 Active 8 DOM
2. 2026-06-17
   days on market $179,700 Active 7 DOM
3. 2026-06-16
   days on market $179,700 Active 6 DOM
4. 2026-06-15
   days on market $179,700 Active 5 DOM
5. 2026-06-14
   remarks 635-char remark
6. 2026-06-14
   listed $179,700 Active 3 DOM

ⓘ 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: $5,132 · $428/mo
• Projected year-2 tax: $5,132 · $428/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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°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: $22,544
• − Mortgage interest: −$10,066
• − Property taxes: −$5,132
• − Insurance: −$898
• − Repairs & maintenance: −$1,804
• − Management: −$1,804
• − Depreciation: −$5,228
• Taxable loss: −$2,387
• Est. tax savings @ 24.0%: +$573
• After-tax cash flow: $1,044/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): 10,166
• Household income: $52,868
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 935.0

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 0.73)
• Race & ethnicity: Black 40% White 28% Hispanic / Latino 15% Two or more races 14% Asian 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 5%
• Common ancestry: Iranian 2% Romanian 1% Serbian 1%
• Foreign-born: 14% · Canada, Philippines, China
• Languages at home: 80% English-only · Spanish 10% Other Asian/Pacific 4% Arabic 1%

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: ▲ 38.05%
• Current HPI: 303.8939
• Rent YoY: ▲ 8.70%
• 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

1 event — show timeline

• 2026-06-10 Listed $179,700 Global MLS

Property tax history

+11.8%/yr

Latest (2025): $5,132 · +1.8% YoY. Source: county tax records.