288 Morton Ave · Albany, NY 12209

$299,000

6 bd · 3.0 ba · 2,973 sqft · MultiFamily public records · 4 Days on market

Built 1921 3,920 sqft lot Est $363k · 18% 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
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

3 FAMILY WITH 2205 POTENTIAL INCOME, CENTRALLY LOCATED, FRONT AND REAR PORCHES, GOOD CONDITION, ACROSS FROM PARK. Very Good Condition

Key facts

• Three unit property
• Updated electrical
• Off street parking

Tags

• THREE UNIT PROPERTY
• HARDWOOD FLOORS
• UPDATED ELECTRICAL
• WASHER AND DRYER ACCESS
• OFF STREET PARKING
• PRIVATE BACKYARD

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $299k.

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 ($5k rent vs $299k).
• Cap rate 13.0% 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: 47 active listings in the ZIP; 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 + 3.0% rent growth), your $84k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 19y 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 $60k; list at $299k implies a 398% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $299,000

Questions for the listing agent

1. Built in 1921 — 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 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: 1.68% ✓
• Cap rate: 13.02%
• Cash-on-cash: 24.04%
• DSCR: 2.07
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $362,706
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
288 Morton Ave	0.00mi	6/4.0	2,973 (0%)	1mo	$353,000	$119	95
270 Morton Ave	0.04mi	5/4.0 (-1)	2,714 (-9%)	9mo	$477,000	$176	67
339 Madison Ave	0.51mi	6/3.0	3,024 (+2%)	7mo	$335,000	$111	67
163 Eagle St	0.52mi	6/4.0	2,904 (-2%)	4mo	$413,000	$142	65
10 Putnam St	0.48mi	6/2.0	2,764 (-7%)	4mo	$375,000	$136	58
56 3rd Ave	0.63mi	6/3.0	2,880 (-3%)	9mo	$255,000	$89	58
64 Summit Ave	0.59mi	6/2.0	2,862 (-4%)	10mo	$322,500	$113	54
79 Alexander St	0.55mi	6/4.0	2,600 (-12%)	0mo	$215,000	$83	49
62 Summit Ave	0.58mi	6/2.5	2,658 (-11%)	6mo	$330,000	$124	49
115.5 Lancaster St	0.71mi	5/3.5 (-1)	3,104 (+4%)	8mo	$475,000	$153	46
57 Summit Ave	0.56mi	6/2.0	2,658 (-11%)	9mo	$325,000	$122	45
64 Clinton St	0.70mi	5/3.0 (-1)	2,640 (-11%)	6mo	$140,000	$53	39

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.3%
• Equity multiple: 1.70×
• Total profit: $58,578
• Equity at exit: $44,582

10-year hold

• IRR: 25.8%
• Equity multiple: 3.26×
• Total profit: $189,433
• Equity at exit: $25,852

Cash invested: $83,720 (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 12209

• Home prices YoY: -7.3%
• Active inventory: 47
• Price-to-rent: 14.0×

Monthly cashflow live

• Estimated rent: $5,033 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$606 /mo · $7,278/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,057
• Net cashflow: $1,677

Break-even live

Break-even rent $2,910

Max offer price $299,000

Occupancy floor 62%

Sensitivity live

Price	-10% $1,846	-5% $1,762	+0% $1,677	+5% $1,592	+10% $1,508
Rent	-10% $1,279	-5% $1,478	+0% $1,677	+5% $1,876	+10% $2,075
Rate	-1.0pp $1,828	-0.5pp $1,753	base $1,677	+0.5pp $1,600	+1.0pp $1,521

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,778
1× unit	2	1	$1,668
1× unit	1	1	$1,587
Total (3 units)			$5,033

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-03-31
   status Pending
2. 2026-03-27
   listed $299,000 Active
3. 2011-12-23
   soldstatus $60,000
4. 2011-11-20
   soldstatus $60,000 133-char remark

   Show marketing remark (133 chars)

   3 FAMILY WITH 2205 POTENTIAL INCOME, CENTRALLY LOCATED, FRONT AND REAR PORCHES, GOOD CONDITION, ACROSS FROM PARK. Very Good Condition

5. 2011-10-22
   historical 133-char remark

   Show marketing remark (133 chars)

   3 FAMILY WITH 2205 POTENTIAL INCOME, CENTRALLY LOCATED, FRONT AND REAR PORCHES, GOOD CONDITION, ACROSS FROM PARK. Very Good Condition

6. 2011-08-31
   listed $74,900 133-char remark

   Show marketing remark (133 chars)

   3 FAMILY WITH 2205 POTENTIAL INCOME, CENTRALLY LOCATED, FRONT AND REAR PORCHES, GOOD CONDITION, ACROSS FROM PARK. Very Good Condition

7. 2011-07-24
   historical
8. 2011-02-15
   listed $84,900
9. 2009-10-01
   historical
10. 2007-10-15
    listed $127,500

ⓘ 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: $7,278 · $606/mo
• Projected year-2 tax: $7,278 · $606/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 7% 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: $60,396
• − Mortgage interest: −$16,749
• − Property taxes: −$7,278
• − Insurance: −$1,495
• − Repairs & maintenance: −$4,832
• − Management: −$4,832
• − Depreciation: −$8,698
• Taxable income: $16,513
• Est. tax owed @ 24.0%: −$3,963
• After-tax cash flow: $16,161/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
• City population: 116,921
• Population (ZIP): 10,754

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 46% Black 23% Hispanic / Latino 19% Asian 8% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 4% Lithuanian 3% Serbian 1%
• Foreign-born: 18% · Canada, Philippines, South Korea
• Languages at home: 77% English-only · Spanish 13% Other Asian/Pacific 3% Tagalog/Filipino 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: ▼ -24.91%
• Current HPI: 318.0191
• Rent YoY: —
• Metro: —
• 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

+134.5% since first listed

10 events — show timeline

• 2026-03-31 Pending — Global MLS
• 2026-03-27 Listed $299,000 Global MLS
• 2011-12-23 Sold (Public Records) $60,000 Public Records
• 2011-11-20 Sold (MLS) $60,000 Global MLS
• 2011-10-22 Listing Removed — Global MLS
• 2011-08-31 Listed $74,900 Global MLS
• 2011-07-24 Listing Removed — Global MLS
• 2011-02-15 Listed $84,900 Global MLS
• 2009-10-01 Listing Removed — Global MLS
• 2007-10-15 Listed $127,500 Global MLS

Property tax history

+11.4%/yr

Latest (2025): $7,278 · +3.9% YoY. Source: county tax records.