72 Grand St · Albany, NY 12202

$299,999

3 bd · 3.0 ba · 2,820 sqft · MultiFamily public records · 18 Days on market

Built 1875 2,178 sqft lot Est $352k · 15% under

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Why this score? — see what drove the A 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 +14.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Three family investment in historic neighborhood of Albany, with views of downtown. Good condition, ready to rent. Two bedrooms apiece with bay windows, remodeled kitchens, full bath, a sizeable living space.

Key facts

• Oversized bedrooms
• Walk in closets
• 2,178 sq ft lot

Tags

• 3 UNIT INVESTMENT OPPORTUNITY
• HISTORIC MANSION DISTRICT
• OVERSIZED BEDROOMS
• WALK IN CLOSETS
• ENCLOSED REAR PORCHES
• LARGE SECOND FLOOR REAR DECK

Property features AI

Finance

• Other: Lot size approximately 0.05 acres
• Financial info: Three-unit property; Tenants pay hot water, heat, internet, electricity and gas; Owner pays water, sewer and trash collection

Exterior

• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public sewer; Electric with circuit breakers
• Home design: Triplex; Flat roof; Brick construction; Brick/mortar foundation
• Construction: Brick exterior
• Exterior features: Rear porch; Deck; Enclosed porch

Interior

• Bedrooms: Each unit includes 2 bedrooms
• Flooring: Vinyl flooring; Carpet flooring
• Bathrooms: Three full bathrooms total — located on the 1st, 2nd and 3rd levels
• Heating & cooling: Baseboard heating; Natural gas heating
• Interior features: High-speed internet available; Walk-in closets; Built-in features; Skylights; Double-pane windows

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $488/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $300k).
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.

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 (+8.7%/yr); 58 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $84k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $195k; list at $300k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $295,499 (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 1875 — 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: 1.53% ✓
• Cap rate: 12.15%
• Cash-on-cash: 20.91%
• DSCR: 1.93
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $352,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 Grand St	0.09mi	3/3.0	3,168 (+12%)	15mo	$275,000	$87	63
25 Bleecker Pl	0.15mi	4/2.0 (+1)	2,898 (+3%)	22mo	$190,000	$66	60
358 Madison Ave	0.55mi	3/3.0	2,822 (+0%)	20mo	$305,000	$108	58
220 Elm St	0.54mi	4/3.0 (+1)	2,776 (-2%)	12mo	$378,000	$136	57
208 Elm St	0.52mi	4/3.0 (+1)	2,508 (-11%)	3mo	$420,000	$167	50
126 Jefferson St	0.49mi	4/3.5 (+1)	3,120 (+11%)	5mo	$499,000	$160	48
15 Delaware St	0.38mi	3/3.0	3,180 (+13%)	18mo	$390,000	$123	46
395 Hamilton St	0.69mi	3/4.0	2,880 (+2%)	19mo	$440,000	$153	44
285.5 Hudson Ave	0.59mi	4/4.0 (+1)	2,478 (-12%)	5mo	$430,000	$174	40
169 Jay St	0.60mi	4/3.0 (+1)	2,603 (-8%)	19mo	$325,000	$125	38
148 Dove St	0.60mi	2/2.0 (-1)	2,400 (-15%)	9mo	$239,999	$100	30
150 Morton Ave	0.46mi	4/4.0 (+1)	3,240 (+15%)	20mo	$351,000	$108	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 42.7%
• Equity multiple: 4.34×
• Total profit: $280,971
• Equity at exit: $270,263

10-year hold

• IRR: 39.0%
• Equity multiple: 10.70×
• Total profit: $814,405
• Equity at exit: $582,832

Cash invested: $84,000 (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 12202

• Home prices YoY: 14.3%
• Rents YoY: 8.7%
• Active inventory: 58
• Price-to-rent: 16.3×

Monthly cashflow live

• Estimated rent: $4,587 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$462 /mo · $5,542/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$963
• Net cashflow: $1,464

Break-even live

Break-even rent $2,734

Max offer price $299,999

Occupancy floor 63%

Sensitivity live

Price	-10% $1,633	-5% $1,549	+0% $1,464	+5% $1,379	+10% $1,294
Rent	-10% $1,101	-5% $1,282	+0% $1,464	+5% $1,645	+10% $1,826
Rate	-1.0pp $1,615	-0.5pp $1,540	base $1,464	+0.5pp $1,386	+1.0pp $1,307

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,587
Total (3 units)			$4,587

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
41 Dove St Albany, NY	2.0	2.5	2400	$2,350	$0.98	15d	1	0.64mi
1556 1st St Rensselaer, NY	2.0	1.0	2178	$1,600	$0.73	15d	1	1.38mi

Listing history 12 events

1. 2026-06-16
   statusdays on market $299,999 Pending 18 DOM
2. 2026-06-15
   days on market $299,999 Active 17 DOM
3. 2026-06-14
   days on market $299,999 Active 15 DOM
4. 2026-06-10
   days on market $299,999 Active 12 DOM
5. 2026-06-08
   days on market $299,999 Active 10 DOM
6. 2026-06-07
   days on market $299,999 Active 9 DOM
7. 2026-06-03
   days on market $299,999 Active 5 DOM
8. 2026-06-02
   days on market $299,999 Active 4 DOM
9. 2026-06-01
   days on market $299,999 Active 3 DOM
10. 2026-05-31
    days on market $299,999 Active 2 DOM
11. 2026-05-31
    remarks 699-char remark
12. 2026-05-31
    listed $299,999 Active 1 DOM

ⓘ 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: $5,542 · $462/mo
• Projected year-2 tax: $5,542 · $462/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 ≥98°F today · 17 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: $55,044
• − Mortgage interest: −$16,805
• − Property taxes: −$5,542
• − Insurance: −$1,500
• − Repairs & maintenance: −$4,404
• − Management: −$4,404
• − Depreciation: −$8,727
• Taxable income: $13,663
• Est. tax owed @ 24.0%: −$3,279
• After-tax cash flow: $14,285/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): 10,166
• Household income: $52,868
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 935.0

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 0.73)
• Race & ethnicity: Black 40% White 28% Hispanic / Latino 15% Two or more races 14% Asian 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 5%
• Common ancestry: Iranian 2% Romanian 1% Serbian 1%
• Foreign-born: 14% · Canada, Philippines, China
• Languages at home: 80% English-only · Spanish 10% Other Asian/Pacific 4% Arabic 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: ▲ 38.05%
• Current HPI: 303.8939
• Rent YoY: ▲ 8.70%
• 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

+531.6% since first listed

10 events — show timeline

• 2026-05-29 Listed $299,999 Global MLS
• 2025-08-07 Rental Removed $800 SHOWMOJO
• 2025-07-02 Listed for Rent $800 SHOWMOJO
• 2023-05-29 Rental Removed — GLOBALMLS
• 2021-04-02 Sold (MLS) $195,000 Global MLS
• 2020-12-22 Pending — Global MLS
• 2020-12-09 Listed $199,500 Global MLS
• 2016-01-21 Sold (MLS) $51,000 Global MLS
• 2015-11-02 Pending — Global MLS
• 2015-10-19 Listed $47,500 Global MLS

Property tax history

-0.7%/yr

Latest (2025): $5,542 · -12.4% YoY. Source: county tax records.