884-886 Lancaster St · Albany, NY 12203

$437,000

4 bd · 2.0 ba · 2,940 sqft · MultiFamily public records · 113 Days on market

Built 1900 6,534 sqft lot $149/sqft · 29% below area Est $615k · 29% under

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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 +19.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +6.0/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 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

Located in Pine Hills, this 3,000 sq+ side by side duplex on a double-lot is a great opportunity for an investor or owner-occupant. Both units currently rented to stable tenants. Each unit has a kitchen, living room, and dining room on the first floor, 4 beds and 1 bath on the second floor. Large driveway provides off street parking for both units. Unit 1 is rented at $2,000/month and Unit 2 is rented at $2,050/month for total gross rent of $4,050/month ($48,600/year). Estimated operating expenses: taxes ($10,208/yr), insurance ($2,500/yr), and water/sewer ($700/yr), estimated total annual operating expenses of ~$13,408 and estimated NOI of ~$35,192/year (~$2,932.67/month). Estimated cap rate is ~7.6%.

Key facts

• 6,534 sq ft lot
• 4 parking spots
• Built 1900

🏷️ Possibly a rental listed for sale. The $437,000 price doesn't fit this home's estimated sale value (~$615,493) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $437k.

Deal economics

• At list price, monthly cash flow is $481 ($6k/yr) — positive. Per door: $241/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $437k).
• Recommended offer: $398k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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.
• Market conditions: Rents rising (+1.9%/yr); 127 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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).
• At $4,817/mo this rent would consume 70% 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 $3k of loan paydown is wiped out by about $13k 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

• It's been on market 113 days — a 9% lower offer ($398k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $28k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $397,670 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.10% ✓
• Cap rate: 7.61%
• Cash-on-cash: 4.72%
• DSCR: 1.21
• GRM: 7.6

CMA / ARV

• ARV (median comp): $615,493
• List price: $437,000
• Delta: -29.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
481 Western Ave	0.28mi	4/4.0	3,056 (+4%)	7mo	$330,000	$108	66
115 Homestead Ave	0.22mi	5/2.0 (+1)	2,641 (-10%)	2mo	$380,000	$144	66
112 N Allen St	0.14mi	4/3.0	2,504 (-15%)	6mo	$350,000	$140	60
166 N Allen St	0.30mi	4/2.0	2,514 (-14%)	12mo	$165,000	$66	52
1014 Washington Ave	0.38mi	5/2.0 (+1)	2,600 (-12%)	8mo	$315,000	$121	52
95 Hunter Ave	0.60mi	5/3.0 (+1)	3,208 (+9%)	23mo	$235,000	$73	29

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: -10.3%
• Equity multiple: 0.63×
• Total profit: $-45,424
• Equity at exit: $65,158

10-year hold

• IRR: -2.7%
• Equity multiple: 0.83×
• Total profit: $-21,141
• Equity at exit: $37,784

Cash invested: $122,360 (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: 127
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $4,817 high
• Mortgage (P&I): −$2,292
• Tax from tax record: −$851 /mo · $10,207/yr
• Insurance: −$182
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,012
• Net cashflow: $481

Break-even live

Break-even rent $4,208

Max offer price $437,000

Occupancy floor 85%

Sensitivity live

Price	-10% $728	-5% $605	+0% $481	+5% $357	+10% $234
Rent	-10% $101	-5% $291	+0% $481	+5% $671	+10% $862
Rate	-1.0pp $701	-0.5pp $592	base $481	+0.5pp $368	+1.0pp $253

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1	$4,818
Total (2 units)			$4,817

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: $109,250
• Closing costs: $13,110
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
57 S Main Ave Albany, NY	4.0	1.0	2695	$1,600	$0.59	44d	1	0.53mi
32 Peyster St Unit 1st floor Albany, NY	3.0	2.0	2714	$2,500	$0.92	44d	1	0.69mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	44d	1	0.89mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	44d	1	0.94mi

Listing history 23 events

1. 2026-06-21
   days on market $437,000 Active 113 DOM
2. 2026-06-18
   days on market $437,000 Active 110 DOM
3. 2026-06-17
   days on market $437,000 Active 109 DOM
4. 2026-06-16
   days on market $437,000 Active 108 DOM
5. 2026-06-15
   days on market $437,000 Active 107 DOM
6. 2026-06-14
   days on market $437,000 Active 105 DOM
7. 2026-06-10
   days on market $437,000 Active 102 DOM
8. 2026-06-08
   days on market $437,000 Active 100 DOM
9. 2026-06-07
   days on market $437,000 Active 99 DOM
10. 2026-06-03
    days on market $437,000 Active 95 DOM
11. 2026-06-02
    days on market $437,000 Active 94 DOM
12. 2026-06-01
    days on market $437,000 Active 93 DOM
13. 2026-05-31
    days on market $437,000 Active 92 DOM
14. 2026-05-31
    days on market $437,000 Active 91 DOM
15. 2026-04-01
    price $450,000 711-char remark

    Show marketing remark (711 chars)

    Located in Pine Hills, this 3,000 sq+ side by side duplex on a double-lot is a great opportunity for an investor or owner-occupant. Both units currently rented to stable tenants. Each unit has a kitchen, living room, and dining room on the first floor, 4 beds and 1 bath on the second floor. Large driveway provides off street parking for both units. Unit 1 is rented at $2,000/month and Unit 2 is rented at $2,050/month for total gross rent of $4,050/month ($48,600/year). Estimated operating expenses: taxes ($10,208/yr), insurance ($2,500/yr), and water/sewer ($700/yr), estimated total annual operating expenses of ~$13,408 and estimated NOI of ~$35,192/year (~$2,932.67/month). Estimated cap rate is ~7.6%.

16. 2026-02-26
    listed $465,000 Active 711-char remark

    Show marketing remark (711 chars)

    Located in Pine Hills, this 3,000 sq+ side by side duplex on a double-lot is a great opportunity for an investor or owner-occupant. Both units currently rented to stable tenants. Each unit has a kitchen, living room, and dining room on the first floor, 4 beds and 1 bath on the second floor. Large driveway provides off street parking for both units. Unit 1 is rented at $2,000/month and Unit 2 is rented at $2,050/month for total gross rent of $4,050/month ($48,600/year). Estimated operating expenses: taxes ($10,208/yr), insurance ($2,500/yr), and water/sewer ($700/yr), estimated total annual operating expenses of ~$13,408 and estimated NOI of ~$35,192/year (~$2,932.67/month). Estimated cap rate is ~7.6%.

17. 2022-05-20
    soldstatus $390,000
18. 2017-10-16
    historical
19. 2017-09-08
    listed $227,500 New
20. 2017-09-01
    historical
21. 2017-05-05
    listed $259,900 New
22. 2005-07-28
    soldstatus $255,000
23. 1998-07-21
    soldstatus $115,000

ⓘ 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: $10,207 · $851/mo
• Projected year-2 tax: $10,207 · $851/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: $57,804
• − Mortgage interest: −$24,479
• − Property taxes: −$10,207
• − Insurance: −$2,185
• − Repairs & maintenance: −$4,624
• − Management: −$4,624
• − Depreciation: −$12,713
• Taxable loss: −$1,028
• Est. tax savings @ 24.0%: +$247
• After-tax cash flow: $6,020/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

+291.3% since first listed

9 events — show timeline

• 2026-04-01 Price Changed $450,000 Global MLS
• 2026-02-26 Listed $465,000 Global MLS
• 2022-05-20 Sold (Public Records) $390,000 Public Records
• 2017-10-16 Listing Removed — Global MLS
• 2017-09-08 Listed $227,500 Global MLS
• 2017-09-01 Listing Removed — Global MLS
• 2017-05-05 Listed $259,900 Global MLS
• 2005-07-28 Sold (Public Records) $255,000 Public Records
• 1998-07-21 Sold (Public Records) $115,000 Public Records

Property tax history

-0.3%/yr

Latest (2025): $10,207 · -0.8% YoY. Source: county tax records.