225 Western Ave · Albany, NY 12203

$299,900

4 bd · 2.0 ba · 2,008 sqft · MultiFamily public records · 14 Days on market

Built 1890 2,178 sqft lot Est $237k · 27% over

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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).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

SOLD BEFORE PRINT

Key facts

• 2,178 sq ft lot
• Built 1890
• Listed 14 days

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $593/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Cap rate 11.3% 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 (+1.9%/yr); 124 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 $2k of loan paydown is wiped out by about $9k 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 + 1.9% rent growth), your $84k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 16y 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 $145k; list at $300k implies a 107% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $299,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.40% ✓
• Cap rate: 11.26%
• Cash-on-cash: 17.74%
• DSCR: 1.79
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $236,944
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
685 Clinton Ave	0.46mi	4/2.0	2,032 (+1%)	6mo	$190,000	$94	72
531 Hamilton St	0.25mi	5/3.0 (+1)	2,112 (+5%)	5mo	$284,750	$135	67
685 Myrtle Ave	0.41mi	4/2.0	2,128 (+6%)	5mo	$310,000	$146	66
425 Sheridan Ave	0.51mi	5/2.0 (+1)	1,990 (-1%)	8mo	$91,200	$46	63
97 West St	0.24mi	4/2.0	1,760 (-12%)	6mo	$187,000	$106	63
596 3rd St	0.70mi	4/2.0	1,920 (-4%)	4mo	$150,000	$78	56
676 Providence St	0.61mi	5/2.0 (+1)	2,118 (+6%)	2mo	$250,000	$118	56
478 3rd St	0.60mi	4/2.0	1,852 (-8%)	8mo	$119,000	$64	52
9 N Manning Blvd	0.73mi	5/2.0 (+1)	1,936 (-4%)	5mo	$145,000	$75	50
528 Madison Ave	0.64mi	5/4.0 (+1)	1,994 (-1%)	8mo	$330,000	$165	50
538 Myrtle Ave	0.41mi	5/5.0 (+1)	2,216 (+10%)	2mo	$410,000	$185	45
454 Ontario St	0.72mi	5/2.0 (+1)	1,776 (-12%)	5mo	$290,000	$163	38

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 · 1.85% rent growth · sell at horizon

5-year hold

• IRR: 6.9%
• Equity multiple: 1.26×
• Total profit: $22,217
• Equity at exit: $44,716

10-year hold

• IRR: 15.2%
• Equity multiple: 2.16×
• Total profit: $97,753
• Equity at exit: $25,930

Cash invested: $83,972 (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 12203

• Home prices YoY: -31.0%
• Rents YoY: 1.9%
• Active inventory: 124
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $4,186 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$368 /mo · $4,418/yr
• Insurance: −$125
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$879
• Net cashflow: $1,186

Break-even live

Break-even rent $2,685

Max offer price $299,900

Occupancy floor 67%

Sensitivity live

Price	-10% $1,355	-5% $1,270	+0% $1,186	+5% $1,101	+10% $1,016
Rent	-10% $855	-5% $1,020	+0% $1,186	+5% $1,351	+10% $1,516
Rate	-1.0pp $1,337	-0.5pp $1,262	base $1,186	+0.5pp $1,108	+1.0pp $1,029

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1	$4,186
Total (2 units)			$4,186

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	14d	1	0.12mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	44d	1	0.13mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	44d	1	0.16mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	14d	1	0.20mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	24d	1	0.54mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	44d	1	0.70mi
32 Peyster St Unit 1st floor Albany, NY	3.0	2.0	2714	$2,500	$0.92	44d	1	0.70mi
57 S Main Ave Albany, NY	4.0	1.0	2695	$1,600	$0.59	44d	1	0.70mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	24d	1	0.86mi
78 S Pine Ave Unit 2 Albany, NY	3.0	1.5	1541	$2,350	$1.52	14d	1	0.94mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	24d	1	1.00mi
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	44d	1	1.04mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	24d	1	1.06mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	44d	1	1.12mi
30 Cardinal Ave Albany, NY	4.0	1.0	1529	$2,800	$1.83	45d	1	1.14mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	44d	1	1.35mi
53 Greenway N Albany, NY	3.0	2.0	1500	$2,600	$1.73	24d	1	1.45mi
726 Western Ave Albany, NY	4.0	2.5	1900	$2,800	$1.47	44d	1	1.48mi

Listing history 11 events

1. 2026-04-13
   status Pending
2. 2026-03-30
   listed $299,900 Active
3. 2021-08-15
   soldstatus $145,000 17-char remark

   Show marketing remark (17 chars)

   SOLD BEFORE PRINT

4. 2021-08-15
   listed $145,000 17-char remark

   Show marketing remark (17 chars)

   SOLD BEFORE PRINT

5. 2021-08-13
   soldstatus $145,000
6. 2020-11-08
   historical
7. 2020-10-02
   price $159,900
8. 2020-02-13
   listed $175,000 New
9. 2011-04-13
   soldstatus $130,000
10. 2011-01-04
    historical
11. 2010-08-17
    listed $139,900

ⓘ 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: $4,418 · $368/mo
• Projected year-2 tax: $4,743 · $395/mo
• Expected delta: +$325/yr (+$27/mo · 7.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 78% 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: $50,232
• − Mortgage interest: −$16,799
• − Property taxes: −$4,418
• − Insurance: −$2,166
• − Repairs & maintenance: −$4,019
• − Management: −$4,019
• − Depreciation: −$8,724
• Taxable income: $10,087
• Est. tax owed @ 24.0%: −$2,421
• After-tax cash flow: $11,806/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): 30,771
• Household income: $83,147
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 1704.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Black 10% Asian 8% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 82% English-only · Other Indo-European 6% Spanish 3% Russian/Polish/Slavic 2%

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: ▼ -133.05%
• Current HPI: 296.0467
• Rent YoY: ▲ 1.85%
• 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

+114.4% since first listed

11 events — show timeline

• 2026-04-13 Pending — Global MLS
• 2026-03-30 Listed $299,900 Global MLS
• 2021-08-15 Listed $145,000 Global MLS
• 2021-08-15 Sold (MLS) $145,000 Global MLS
• 2021-08-13 Sold (Public Records) $145,000 Public Records
• 2020-11-08 Listing Removed — Global MLS
• 2020-10-02 Price Changed $159,900 Global MLS
• 2020-02-13 Listed $175,000 Global MLS
• 2011-04-13 Sold (Public Records) $130,000 Public Records
• 2011-01-04 Listing Removed — Global MLS
• 2010-08-17 Listed $139,900 Global MLS

Property tax history

-0.4%/yr

Latest (2025): $4,418 · +4.3% YoY. Source: county tax records.