39 Garfield Pl · Albany, NY 12206

$90,000

4 bd · 1.0 ba · 1,206 sqft · Townhouse public records · 18 Days on market

Built 1927 3,049 sqft lot ↓ 5% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Listing remarks MLS

-- Fair Condition

Key facts

• 3,049 sq ft lot
• Built 1927
• Listed 18 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath townhouse listed at $90k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.7% 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: 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 (+5.4%/yr); 89 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 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 $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 24y 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 $31k; list at $90k implies a 190% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,650 (1.5% below list)

Questions for the listing agent

1. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.36% ✓
• Cap rate: 19.67%
• Cash-on-cash: 47.78%
• DSCR: 3.13
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.37% rent growth · sell at horizon

5-year hold

• IRR: 48.0%
• Equity multiple: 3.16×
• Total profit: $54,552
• Equity at exit: $13,419

10-year hold

• IRR: 54.7%
• Equity multiple: 7.04×
• Total profit: $152,324
• Equity at exit: $7,782

Cash invested: $25,200 (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: 3.5×

Monthly cashflow live

• Estimated rent: $2,120 high
• Mortgage (P&I): −$472
• Tax from tax record: −$162 /mo · $1,941/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $1,003

Break-even live

Break-even rent $850

Max offer price $90,000

Occupancy floor 48%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11 King Ave Unit 2 Albany, NY	3.0	1.0	1100	$1,600	$1.45	14d	1	0.21mi
32 Richmond St Unit 2 Albany, NY	3.0	3.0	1248	$2,500	$2.00	14d	1	0.53mi
260 Bradford St Unit 205 Albany, NY	3.0	2.0	912	$1,700	$1.86	23d	1	0.69mi
569 Washington Ave Unit 1st Floor Albany, NY	4.0	1.0	1275	$2,000	$1.57	43d	1	0.74mi
273 Western Ave Unit 3 Albany, NY	3.0	1.0	1100	$1,850	$1.68	23d	1	0.92mi
273 Western Ave Unit 2 Albany, NY	3.0	1.0	1000	$1,800	$1.80	23d	1	0.92mi
517 Hamilton St Albany, NY	4.0	1.0	1020	$2,000	$1.96	23d	1	0.96mi
469 Livingston Ave Albany, NY	1.0–3.0	1.0	685	$1,610	$2.35	14d	1	0.97mi
223 Western Ave #1 Albany, NY	3.0	1.0	1100	$1,750	$1.59	23d	1	0.98mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,850	$1.46	14d	1	1.01mi
489 Hamilton St Unit 1 Albany, NY	3.0	1.0	1100	$1,800	$1.64	14d	1	1.02mi
58 Elberon Pl Apt 2 Albany, NY	4.0	1.0	1250	$2,200	$1.76	43d	1	1.05mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	14d	1	1.07mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	14d	1	1.09mi
830 Madison Ave Albany, NY	3.0	1.0	1180	$1,700	$1.44	23d	1	1.10mi
437 Hamilton St Unit 2 Albany, NY	4.0	1.0	1200	$2,300	$1.92	14d	1	1.12mi
433 Hamilton St Unit 1 Albany, NY	4.0	1.0	1200	$2,300	$1.92	14d	1	1.13mi
673 Myrtle Ave Albany, NY	4.0	1.0	1076	$2,400	$2.23	21d	1	1.14mi
316 2nd St Albany, NY	3.0	1.0	850	$1,700	$2.00	43d	1	1.19mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	43d	1	1.21mi
104 S Main Ave Unit 1 Albany, NY	3.0	1.0	1300	$2,600	$2.00	43d	1	1.22mi
255 Patroon Creek Blvd Albany, NY	1.0–3.0	1.0–2.0	1080	$2,559	$2.37	14d	22	1.24mi
614 Park Ave Albany, NY	3.0	1.0	1118	$2,500	$2.24	43d	1	1.29mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	23d	1	1.45mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	23d	1	1.46mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	23d	1	1.50mi

Listing history 10 events

1. 2026-03-22
   status Pending
2. 2026-03-04
   listed $90,000 Active
3. 2003-01-10
   soldstatus $31,000 17-char remark

   Show marketing remark (17 chars)

   -- Fair Condition

4. 2003-01-02
   soldstatus $31,000
5. 2002-12-02
   historical 17-char remark

   Show marketing remark (17 chars)

   -- Fair Condition

6. 2002-10-17
   listed $31,000 17-char remark

   Show marketing remark (17 chars)

   -- Fair Condition

7. 2002-09-27
   soldstatus $61,710
8. 2000-01-05
   soldstatus $63,100
9. 1999-02-18
   soldstatus $19,000
10. 1998-11-10
    soldstatus $94,391

ⓘ 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: $1,941 · $162/mo
• Projected year-2 tax: $1,941 · $162/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 5% 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: $25,435
• − Mortgage interest: −$5,041
• − Property taxes: −$1,941
• − Insurance: −$450
• − Repairs & maintenance: −$2,035
• − Management: −$2,035
• − Depreciation: −$2,618
• Taxable income: $11,315
• Est. tax owed @ 24.0%: −$2,716
• After-tax cash flow: $9,324/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

-4.7% since first listed

10 events — show timeline

• 2026-03-22 Pending — Global MLS
• 2026-03-04 Listed $90,000 Global MLS
• 2003-01-10 Sold (MLS) $31,000 Global MLS
• 2003-01-02 Sold (Public Records) $31,000 Public Records
• 2002-12-02 Listing Removed — Global MLS
• 2002-10-17 Listed $31,000 Global MLS
• 2002-09-27 Sold (Public Records) $61,710 Public Records
• 2000-01-05 Sold (Public Records) $63,100 Public Records
• 1999-02-18 Sold (Public Records) $19,000 Public Records
• 1998-11-10 Sold (Public Records) $94,391 Public Records

Property tax history

+13.5%/yr

Latest (2025): $1,941 · -17.2% YoY. Source: county tax records.