502 Yates St · Albany, NY 12208

$309,999

7 bd · 2.0 ba · 2,138 sqft · MultiFamily public records · 5 Days on market

Built 1870 2,790 sqft lot Est $289k · 7% 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 +26.7/30.0
• DSCR +9.2/10.0
• 1% rule +7.7/10.0
• ARV discount +4.2/15.0
• 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-friendly two-family property located in the Pine Hill neighborhood of Albany, offering strong income potential and flexibility for either owner occupancy or portfolio expansion. This multi-unit property features two spacious units- for a total of 6 bedrooms and 2 bathroom, along with generous living spaces and functional layouts throughout. The property has been extensively renovated, fully gutted, and completely redone, creating a move-in-ready opportunity with updated systems, finishes, and overall improvements already completed. The upstairs unit is currently occupied with rental income in place, while the first-floor unit offers additional rental upside or the flexibility for o

Key facts

• Updated systems
• Off street parking
• Two family property

Tags

• TWO FAMILY PROPERTY
• STRONG INCOME POTENTIAL
• EXTENSIVELY RENOVATED
• MOVE IN READY OPPORTUNITY
• UPDATED SYSTEMS
• OFF STREET PARKING

Property features AI

Exterior

• Parking: Parking for 1 vehicle; Alley access
• Utilities: Public sewer; Electricity available; Natural gas available
• Home design: Duplex
• Construction: Vinyl siding
• Exterior features: Back yard

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: One 4-bedroom unit (multi-unit property)
• Bathrooms: Two full bathrooms
• Heating & cooling: Hot water heating; Steam heating; No central cooling
• Interior features: First-floor bedroom; First-floor full bathroom; Eat-in kitchen; Recessed lighting; Basement (presence indicated)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $310k.

Deal economics

• At list price, monthly cash flow is $844 ($10k/yr) — positive. Per door: $422/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $310k).
• Cap rate 9.6% 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 School of Humanities (math 32% / reading 42%, grade F, #1,519 of 2,108 statewide, top 74%, 356 students, 62% FRL); Albany High School (math 74% / reading 67%, grade B+, #710 of 1,100 statewide, top 65%, 2,676 students, 69% FRL) — zoned schools at 66% FRL track the district average.
• Zoned-school proficiency averages 54% at this address vs 38% district-wide (+15 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 (+5.0%/yr); 99 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,949/mo this rent would consume 67% of the median local household income ($70k/yr) (locally 1952% 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 $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 + 5.0% rent growth), your $87k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $85k; list at $310k implies a 265% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $309,999

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 1870 — 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: 1.27% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.66%
• DSCR: 1.52
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $288,630
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
687 Myrtle Ave	0.08mi	6/2.0 (-1)	2,238 (+5%)	6mo	$310,000	$139	79
517 Hamilton St	0.14mi	8/2.0 (+1)	2,040 (-5%)	3mo	$264,000	$129	78
563 Morris St	0.16mi	6/2.0 (-1)	2,224 (+4%)	6mo	$275,000	$124	76
645 Myrtle Ave	0.10mi	6/2.0 (-1)	2,000 (-6%)	5mo	$270,000	$135	75
157 Western Ave	0.45mi	7/2.0	2,144 (+0%)	5mo	$215,000	$100	74
380-382 Morris St	0.26mi	6/2.0 (-1)	2,344 (+10%)	3mo	$300,000	$128	64
59 N Allen St	0.63mi	7/2.0	2,260 (+6%)	5mo	$315,000	$139	57
391 Washington Ave	0.69mi	7/4.0	2,217 (+4%)	5mo	$350,000	$158	50
24 Kent St	0.53mi	6/2.0 (-1)	2,364 (+11%)	5mo	$210,000	$89	49
184 Quail St	0.37mi	6/3.0 (-1)	1,853 (-13%)	4mo	$231,000	$125	48
75 S Pine Ave	0.69mi	6/2.0 (-1)	2,356 (+10%)	2mo	$390,000	$166	44
77 S Pine Ave	0.69mi	6/2.0 (-1)	2,368 (+11%)	1mo	$375,000	$158	44

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 · 5.05% rent growth · sell at horizon

5-year hold

• IRR: 3.5%
• Equity multiple: 1.14×
• Total profit: $11,948
• Equity at exit: $46,222

10-year hold

• IRR: 15.0%
• Equity multiple: 2.33×
• Total profit: $115,731
• Equity at exit: $26,803

Cash invested: $86,800 (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 12208

• Home prices YoY: -30.1%
• Rents YoY: 5.0%
• Active inventory: 99
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $3,949 high
• Mortgage (P&I): −$1,626
• Tax from tax record: −$521 /mo · $6,256/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$829
• Net cashflow: $844

Break-even live

Break-even rent $2,881

Max offer price $309,999

Occupancy floor 74%

Sensitivity live

Price	-10% $1,019	-5% $931	+0% $844	+5% $756	+10% $668
Rent	-10% $532	-5% $688	+0% $844	+5% $1,000	+10% $1,156
Rate	-1.0pp $1,000	-0.5pp $922	base $844	+0.5pp $763	+1.0pp $682

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,948
Total (2 units)			$3,949

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: $77,500
• Closing costs: $9,300
• 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	24d	1	0.91mi

Listing history 5 events

1. 2026-06-01
   status $309,999 Pending 5 DOM
2. 2026-05-31
   days on market $309,999 Active 5 DOM
3. 2026-05-31
   days on market $309,999 Active 4 DOM
4. 2026-05-26
   listed $309,999 Active
5. 2019-02-22
   soldstatus $85,000

ⓘ 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: $6,256 · $521/mo
• Projected year-2 tax: $6,256 · $521/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: $47,388
• − Mortgage interest: −$17,365
• − Property taxes: −$6,256
• − Insurance: −$1,550
• − Repairs & maintenance: −$3,791
• − Management: −$3,791
• − Depreciation: −$9,018
• Taxable income: $5,617
• Est. tax owed @ 24.0%: −$1,348
• After-tax cash flow: $8,775/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): 23,289
• Household income: $70,413
• Rent vs Own: 54.9% rent · 45.1% own
• Severe rent burden: 1952.0

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 (66%)
• Race & ethnicity: White 66% Black 12% Asian 10% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 5% Italian 3% Scotch-Irish 3%
• Foreign-born: 16% · Canada, China, Philippines
• Languages at home: 83% English-only · Other Indo-European 4% Other Asian/Pacific 3% French/Haitian/Cajun 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: ▼ -120.46%
• Current HPI: 279.716
• Rent YoY: ▲ 5.05%
• 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

+264.7% since first listed

2 events — show timeline

• 2026-05-26 Listed $309,999 OneKey® MLS as Distributed by MLS Grid
• 2019-02-22 Sold (Public Records) $85,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $6,256 · +3.0% YoY. Source: county tax records.