402 2nd St · Albany, NY 12206

$89,900

6 bd · 2.0 ba · 2,300 sqft · MultiFamily public records · 30 Days on market

Built 1930 3,049 sqft lot

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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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Investor special in Albany! This up-and-down duplex at 402 2nd Street offers a prime value-add opportunity for investors, flippers, or contractors looking for their next rehab project. The property needs extensive renovation throughout, including major interior and exterior updates, but has strong upside potential once restored. Features a traditional duplex layout with separate units, offering future rental income or owner-occupant possibilities. Conveniently located near downtown Albany, schools, parks, and major highways. Bring your vision and tools -- this is a full rehab with serious potential for the right buyer.

Key facts

• Near schools
• Near major highways
• Near parks

Tags

• DUPLEX LAYOUT
• FUTURE RENTAL INCOME
• OWNER-OCCUPANT POSSIBILITIES
• NEAR SCHOOLS
• NEAR PARKS
• NEAR MAJOR HIGHWAYS

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex; Approximately 2,300 square feet living area
• Construction: Wood siding
• Exterior features: Lot approximately 0.07 acres

Interior

• Bedrooms: Each unit has 3 bedrooms (Unit 1: 3 bedrooms, Unit 2: 3 bedrooms)
• Bathrooms: Two full bathrooms total (one on the 1st level, one on the 2nd level); Each unit has 1 full bathroom
• Heating & cooling: Natural gas heating
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 36.3% 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 fast (+5.4%/yr); 89 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,676/mo this rent would consume 106% of the median local household income ($42k/yr) (locally 2035% 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 $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 ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,551 (1.5% below list)

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 1930 — 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: 4.09% ✓
• Cap rate: 36.30%
• Cash-on-cash: 107.16%
• DSCR: 5.77
• GRM: 2.0

CMA / ARV

• ARV (on-the-fly): $248,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Wilkins Ave	0.29mi	6/2.0	2,294 (-0%)	1mo	$280,000	$122	85
534 1st St	0.26mi	6/2.0	2,464 (+7%)	0mo	$175,000	$71	76
337 3rd St	0.14mi	6/2.0	2,058 (-10%)	1mo	$160,000	$78	75
351 2nd St	0.11mi	6/2.0	2,056 (-11%)	3mo	$184,002	$89	74
184 N Lake Ave	0.04mi	6/2.0	1,974 (-14%)	1mo	$195,000	$99	73
18.5 Dudley Hts	0.56mi	6/2.0	2,200 (-4%)	0mo	$289,900	$132	66
97 Lark St	0.58mi	6/3.0	2,214 (-4%)	4mo	$259,000	$117	59
189-B Quail St	0.57mi	6/2.0	2,512 (+9%)	3mo	$185,000	$74	56
362 Clinton Ave	0.40mi	7/4.0 (+1)	2,490 (+8%)	2mo	$270,000	$108	53
9 Pennsylvania Ave	0.43mi	5/2.0 (-1)	1,960 (-15%)	4mo	$225,000	$115	47
558 Washington Ave	0.51mi	7/3.0 (+1)	2,562 (+11%)	3mo	$325,000	$127	46
459 Hudson Ave	0.68mi	6/2.0	2,584 (+12%)	3mo	$235,000	$91	45

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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.47×
• Total profit: $137,647
• Equity at exit: $13,404

10-year hold

• IRR: —
• Equity multiple: 14.63×
• Total profit: $343,174
• Equity at exit: $7,773

Cash invested: $25,172 (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: 4.1×

Monthly cashflow live

• Estimated rent: $3,676 high
• Mortgage (P&I): −$471
• Tax from tax record: −$147 /mo · $1,768/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$772
• Net cashflow: $2,248

Break-even live

Break-even rent $831

Max offer price $89,900

Occupancy floor 34%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,676
Total (2 units)			$3,676

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: $22,475
• Closing costs: $2,697
• 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	1.42mi

Listing history 14 events

1. 2026-06-18
   days on market $89,900 Active 30 DOM
2. 2026-06-17
   days on market $89,900 Active 29 DOM
3. 2026-06-16
   days on market $89,900 Active 28 DOM
4. 2026-06-15
   days on market $89,900 Active 27 DOM
5. 2026-06-14
   days on market $89,900 Active 25 DOM
6. 2026-06-10
   days on market $89,900 Active 22 DOM
7. 2026-06-08
   days on market $89,900 Active 20 DOM
8. 2026-06-07
   days on market $89,900 Active 19 DOM
9. 2026-06-03
   days on market $89,900 Active 15 DOM
10. 2026-06-02
    days on market $89,900 Active 14 DOM
11. 2026-06-01
    days on market $89,900 Active 13 DOM
12. 2026-05-31
    days on market $89,900 Active 12 DOM
13. 2026-05-31
    days on market $89,900 Active 11 DOM
14. 2026-05-19
    listed $99,900 Active

ⓘ 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: $1,768 · $147/mo
• Projected year-2 tax: $1,768 · $147/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: $44,112
• − Mortgage interest: −$5,036
• − Property taxes: −$1,768
• − Insurance: −$450
• − Repairs & maintenance: −$3,529
• − Management: −$3,529
• − Depreciation: −$2,615
• Taxable income: $27,186
• Est. tax owed @ 24.0%: −$6,525
• After-tax cash flow: $20,449/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

1 event — show timeline

• 2026-05-19 Listed $99,900 Global MLS

Property tax history

+15.8%/yr

Latest (2025): $1,768 · -12.5% YoY. Source: county tax records.