93 Homestead Ave · Albany, NY 12203

$349,000

6 bd · 2.0 ba · 2,416 sqft · MultiFamily public records · 5 Days on market

Built 1926 5,227 sqft lot Est $329k · 6% 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 +20.6/30.0
• DSCR +6.5/10.0
• 1% rule +6.3/10.0
• ARV discount +4.7/15.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +3.0/5.0
• 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: 2 units. confirmed

Listing remarks MLS

One of Albany's finest 2-family homes, near SUNY and State Campus and St. Rose College. Superbly maintained, 1 owner occupied family for over 60 years. H/W floors, Sep Util, 2-car detached garage, 10-yr old roof and 1-yr old furnace. No closing till 8/31 -- Superior Condition

Key facts

• New kitchens
• Large garage
• Melrose neighborhood

Tags

• MELROSE NEIGHBORHOOD
• HARDWOOD FLOORS
• NEW KITCHENS
• LARGE GARAGE

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $349k.

Deal economics

• At list price, monthly cash flow is $463 ($6k/yr) — positive. Per door: $232/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $349k).
• Cap rate 7.9% 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; 1 comparable units currently listed for rent nearby; solid renter incomes; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,957/mo this rent would consume 57% of the median local household income ($83k/yr) (locally 1704% 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 $2k of loan paydown is wiped out by about $10k 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.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 17y 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 $225k; list at $349k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $349,000

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 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.13% ✓
• Cap rate: 7.89%
• Cash-on-cash: 5.69%
• DSCR: 1.25
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $328,576
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
147 Homestead Ave	0.13mi	6/2.0	2,342 (-3%)	7mo	$330,000	$141	83
116 Homestead Ave	0.07mi	6/2.0	2,640 (+9%)	6mo	$240,000	$91	77
77 S Pine Ave	0.45mi	6/2.0	2,368 (-2%)	1mo	$375,000	$158	74
115 Homestead Ave	0.07mi	5/2.0 (-1)	2,641 (+9%)	2mo	$380,000	$144	74
75 S Pine Ave	0.45mi	6/2.0	2,356 (-2%)	2mo	$390,000	$166	73
105 Clermont St	0.34mi	5/2.0 (-1)	2,356 (-2%)	7mo	$320,000	$136	69
278 Manning Blvd	0.40mi	7/2.0 (+1)	2,464 (+2%)	7mo	$310,000	$126	67
1014 Washington Ave	0.25mi	5/2.0 (-1)	2,600 (+8%)	7mo	$315,000	$121	64
59 N Allen St	0.36mi	7/2.0 (+1)	2,260 (-6%)	5mo	$315,000	$139	64
18 N Allen St	0.34mi	5/3.0 (-1)	2,232 (-8%)	8mo	$250,000	$112	56
847 Myrtle Ave	0.59mi	6/2.0	2,736 (+13%)	8mo	$295,000	$108	44
87 S Main Ave	0.69mi	6/2.0	2,712 (+12%)	8mo	$335,000	$124	41

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: -8.9%
• Equity multiple: 0.68×
• Total profit: $-31,363
• Equity at exit: $52,037

10-year hold

• IRR: -1.0%
• Equity multiple: 0.93×
• Total profit: $-6,602
• Equity at exit: $30,175

Cash invested: $97,720 (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: 14.7×

Monthly cashflow live

• Estimated rent: $3,957 high
• Mortgage (P&I): −$1,830
• Tax from tax record: −$687 /mo · $8,246/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$831
• Net cashflow: $463

Break-even live

Break-even rent $3,371

Max offer price $349,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,958
Total (2 units)			$3,957

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
69 Winthrop Ave Albany, NY	6.0	2.0	2800	$2,795	$1.00	23d	1	0.07mi

Listing history 10 events

1. 2026-03-07
   status Pending
2. 2026-03-02
   listed $349,000 Active
3. 2024-03-14
   historical $1,800
4. 2024-01-12
   price $1,800
5. 2023-12-24
   listed $1,900
6. 2015-04-17
   soldstatus $225,000
7. 2009-08-27
   soldstatus $234,000
8. 2009-07-31
   soldstatus $225,000 277-char remark

   Show marketing remark (277 chars)

   One of Albany's finest 2-family homes, near SUNY and State Campus and St. Rose College. Superbly maintained, 1 owner occupied family for over 60 years. H/W floors, Sep Util, 2-car detached garage, 10-yr old roof and 1-yr old furnace. No closing till 8/31 -- Superior Condition

9. 2009-04-03
   listed $230,000 277-char remark

   Show marketing remark (277 chars)

   One of Albany's finest 2-family homes, near SUNY and State Campus and St. Rose College. Superbly maintained, 1 owner occupied family for over 60 years. H/W floors, Sep Util, 2-car detached garage, 10-yr old roof and 1-yr old furnace. No closing till 8/31 -- Superior Condition

10. 2009-04-03
    historical 277-char remark

    Show marketing remark (277 chars)

    One of Albany's finest 2-family homes, near SUNY and State Campus and St. Rose College. Superbly maintained, 1 owner occupied family for over 60 years. H/W floors, Sep Util, 2-car detached garage, 10-yr old roof and 1-yr old furnace. No closing till 8/31 -- Superior Condition

ⓘ 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: $8,246 · $687/mo
• Projected year-2 tax: $8,246 · $687/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: $47,484
• − Mortgage interest: −$19,549
• − Property taxes: −$8,246
• − Insurance: −$1,745
• − Repairs & maintenance: −$3,799
• − Management: −$3,799
• − Depreciation: −$10,153
• Taxable income: $193
• Est. tax owed @ 24.0%: −$46
• After-tax cash flow: $5,512/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

+51.7% since first listed

10 events — show timeline

• 2026-03-07 Pending — Global MLS
• 2026-03-02 Listed $349,000 Global MLS
• 2024-03-14 Rental Removed $1,800 APPFOLIO
• 2024-01-12 Price Changed $1,800 APPFOLIO
• 2023-12-24 Listed for Rent $1,900 APPFOLIO
• 2015-04-17 Sold (Public Records) $225,000 Public Records
• 2009-08-27 Sold (Public Records) $234,000 Public Records
• 2009-07-31 Sold (MLS) $225,000 Global MLS
• 2009-04-03 Listing Removed — Global MLS
• 2009-04-03 Listed $230,000 Global MLS

Property tax history

+0.4%/yr

Latest (2025): $8,246 · +2.2% YoY. Source: county tax records.