460 2nd St · Albany, NY 12206

$25,000

2 bd · 2.0 ba · 1,960 sqft · MultiFamily public records · 4 Days on market

Built 1920 871 sqft lot

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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 MLS

Two-Family Side By Side. Great Investment, Excellent Rental History Both Units Have Seperate Utilities, Package Deal For 458 Second Street And 227 Colonie St For More Detail, -- Very Good Condition

Key facts

• Built 1920
• Listed 4 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $25k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $25k).
• Cap rate 118.4% 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: Philip J Schuyler Achievement Academy (math 27% / reading 22%, grade F, #1,846 of 2,108 statewide, top 91%, 287 students, 87% FRL); Albany High School (math 74% / reading 67%, grade B+, #710 of 1,100 statewide, top 65%, 2,676 students, 69% FRL).
• Market conditions: Rents rising fast (+5.4%/yr); 89 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,176/mo this rent would consume 92% 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 $173 of loan paydown is wiped out by about $750 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 16y 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $25,000

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 1920 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 12.70% ✓
• Cap rate: 118.43%
• Cash-on-cash: 400.50%
• DSCR: 18.82
• GRM: 0.7

CMA / ARV

• ARV (on-the-fly): $196,000
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
307 Orange St	0.69mi	3/2.5 (+1)	1,750 (-11%)	17mo	$90,000	$51	29
584-586 Central Ave	0.68mi	3/4.0 (+1)	2,240 (+14%)	15mo	$225,000	$100	19

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: 22.79×
• Total profit: $152,548
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 52.15×
• Total profit: $358,027
• Equity at exit: $2,162

Cash invested: $7,000 (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: 1.3×

Monthly cashflow live

• Estimated rent: $3,176 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$667
• Net cashflow: $2,336

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 21%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,176
Total (2 units)			$3,176

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	43d	1	0.50mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	14d	1	0.54mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	14d	1	0.59mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	23d	1	0.64mi
240 Washington Ave Albany, NY	2.0	2.0	1560	$2,450	$1.57	43d	1	0.76mi
227 Jay St Albany, NY	2.0	2.0	1710	$2,150	$1.26	43d	1	0.97mi
88 Willett St Albany, NY	3.0	1.0	825	$1,802	$2.18	14d	10	1.00mi
41 Dove St Albany, NY	2.0	2.5	2400	$2,350	$0.98	14d	1	1.00mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,850	$1.46	14d	1	1.05mi
154 Lancaster St Unit 1 Albany, NY	2.0	1.5	1500	$2,200	$1.47	23d	1	1.06mi
363 Ontario St Albany, NY	1.0–2.0	1.0–2.5	1610	$3,485	$2.16	14d	1	1.09mi
366 Hamilton St #2 Albany, NY	1.0	1.0	1400	$1,800	$1.29	14d	1	1.10mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	23d	1	1.14mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	23d	1	1.23mi
21 Woodlawn Ave Unit 3rd floor Albany, NY	3.0	1.0	1300	$1,500	$1.15	23d	1	1.24mi
21 Woodlawn Ave Unit 3RDFL Albany, NY	3.0	1.0	1300	$1,500	$1.15	43d	1	1.24mi
15 Ten Broeck St Albany, NY	2.0	1.5	1900	$1,750	$0.92	21d	1	1.25mi
32 Richmond St Unit 2 Albany, NY	3.0	3.0	1248	$2,500	$2.00	14d	1	1.26mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	43d	1	1.27mi
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	43d	1	1.27mi
104 S Main Ave Unit 1 Albany, NY	3.0	1.0	1300	$2,600	$2.00	43d	1	1.34mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	43d	1	1.37mi
78 S Pine Ave Unit 2 Albany, NY	3.0	1.5	1541	$2,350	$1.52	14d	1	1.39mi
48 N Pearl St Albany, NY	2.0	1.0–2.5	1251	$3,500	$2.80	14d	17	1.43mi

Listing history 14 events

1. 2025-11-05
   status Pending
2. 2025-11-01
   listed $25,000 Active
3. 2016-11-18
   soldstatus $30,000 Closed (Final Sale) 197-char remark

   Show marketing remark (197 chars)

   Two-Family Side By Side. Great Investment, Excellent Rental History Both Units Have Seperate Utilities, Package Deal For 458 Second Street And 227 Colonie St For More Detail, -- Very Good Condition

4. 2016-10-14
   status Pend (Under Cntr) 197-char remark

   Show marketing remark (197 chars)

   Two-Family Side By Side. Great Investment, Excellent Rental History Both Units Have Seperate Utilities, Package Deal For 458 Second Street And 227 Colonie St For More Detail, -- Very Good Condition

5. 2016-08-20
   price $34,000 197-char remark

   Show marketing remark (197 chars)

   Two-Family Side By Side. Great Investment, Excellent Rental History Both Units Have Seperate Utilities, Package Deal For 458 Second Street And 227 Colonie St For More Detail, -- Very Good Condition

6. 2016-06-15
   price $42,000 197-char remark

   Show marketing remark (197 chars)

   Two-Family Side By Side. Great Investment, Excellent Rental History Both Units Have Seperate Utilities, Package Deal For 458 Second Street And 227 Colonie St For More Detail, -- Very Good Condition

7. 2016-05-04
   listed $46,000 New 197-char remark

   Show marketing remark (197 chars)

   Two-Family Side By Side. Great Investment, Excellent Rental History Both Units Have Seperate Utilities, Package Deal For 458 Second Street And 227 Colonie St For More Detail, -- Very Good Condition

8. 2014-07-03
   historical
9. 2014-03-03
   listed $38,000
10. 2013-08-01
    historical
11. 2012-04-26
    listed $40,000
12. 2010-07-14
    historical
13. 2010-01-13
    listed $97,900
14. 2004-05-12
    soldstatus $25,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $38,112
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$3,049
• − Management: −$3,049
• − Depreciation: −$727
• Taxable income: $29,386
• Est. tax owed @ 24.0%: −$7,053
• After-tax cash flow: $20,983/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

+0.0% since first listed

14 events — show timeline

• 2025-11-05 Pending — Global MLS
• 2025-11-01 Listed $25,000 Global MLS
• 2016-11-18 Sold (MLS) $30,000 Global MLS
• 2016-10-14 Pending — Global MLS
• 2016-08-20 Price Changed $34,000 Global MLS
• 2016-06-15 Price Changed $42,000 Global MLS
• 2016-05-04 Listed $46,000 Global MLS
• 2014-07-03 Listing Removed — Global MLS
• 2014-03-03 Listed $38,000 Global MLS
• 2013-08-01 Listing Removed — Global MLS
• 2012-04-26 Listed $40,000 Global MLS
• 2010-07-14 Listing Removed — Global MLS
• 2010-01-13 Listed $97,900 Global MLS
• 2004-05-12 Sold (Public Records) $25,000 Public Records

Property tax history

+10.0%/yr

Latest (2025): $3,347 · -3.3% YoY. Source: county tax records.