408 Elk St · Albany, NY 12206

$248,900

4 bd · 2.0 ba · 2,350 sqft · MultiFamily public records · 97 Days on market

Built 1916 1,742 sqft lot $106/sqft · 10% below area Est $276k · 10% under

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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
• ARV discount +11.9/15.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• 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

Investor Opportunity or owner-occupant Dream! Don't miss this income-generating duplex on Elk Street in one of Albany's most convenient locations. Whether you're looking to expand your investment portfolio or live in one unit while collecting rental income, this property offers flexibility and strong potential. Key Highlights: 2nd Unit- Updated bathrooms, kitchen, flooring and new painting last year. Basement- new floor tiles and new paint. High rental demand area. Located just minutes from University at Albany, SUNY, Albany Medical Center, shopping and restaurants.

Key facts

• Updated bathrooms
• Updated kitchen
• 1,742 sq ft lot

Tags

• INCOME GENERATING DUPLEX
• UPDATED BATHROOMS
• UPDATED KITCHEN
• HIGH RENTAL DEMAND AREA
• MINUTES FROM SHOPPING
• MINUTES FROM RESTAURANTS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $249k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $634/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $249k).
• Recommended offer: $226k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.4% 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.
• Market conditions: Rents rising fast (+5.4%/yr); 89 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,721/mo this rent would consume 107% 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 $2k of loan paydown is wiped out by about $7k 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 $70k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 18y 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 $180k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $226,499 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 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 1916 — 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: 1.49% ✓
• Cap rate: 12.41%
• Cash-on-cash: 21.85%
• DSCR: 1.97
• GRM: 5.6

CMA / ARV

• ARV (median comp): $275,902
• List price: $248,900
• Delta: -9.79%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
409 Elk St	0.02mi	5/2.0 (+1)	2,312 (-2%)	8mo	$126,000	$54	85
585 Clinton Ave	0.10mi	3/3.0 (-1)	2,304 (-2%)	13mo	$205,000	$89	72
521 Washington Ave	0.25mi	4/4.0	2,404 (+2%)	9mo	$275,000	$114	69
469 Clinton Ave	0.24mi	5/3.0 (+1)	2,520 (+7%)	6mo	$239,000	$95	62
685 Clinton Ave	0.27mi	4/2.0	2,032 (-14%)	6mo	$190,000	$94	60
436 Clinton Ave	0.29mi	5/3.0 (+1)	2,180 (-7%)	12mo	$120,000	$55	56
627 3rd St	0.66mi	4/2.0	2,200 (-6%)	5mo	$225,000	$102	55
600 Livingston Ave	0.47mi	5/2.0 (+1)	2,172 (-8%)	11mo	$160,000	$74	52
531 Hamilton St	0.63mi	5/3.0 (+1)	2,112 (-10%)	5mo	$284,750	$135	41
538 Myrtle Ave	0.74mi	5/5.0 (+1)	2,216 (-6%)	2mo	$410,000	$185	38
523 Central Ave	0.55mi	4/4.0	2,016 (-14%)	11mo	$289,000	$143	34
113 S Lake Ave	0.70mi	5/4.5 (+1)	2,608 (+11%)	4mo	$525,000	$201	30

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: 17.1%
• Equity multiple: 1.71×
• Total profit: $49,583
• Equity at exit: $37,112

10-year hold

• IRR: 27.3%
• Equity multiple: 3.68×
• Total profit: $186,459
• Equity at exit: $21,520

Cash invested: $69,692 (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: 11.1×

Monthly cashflow live

• Estimated rent: $3,721 high
• Mortgage (P&I): −$1,305
• Tax from tax record: −$262 /mo · $3,143/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$781
• Net cashflow: $1,269

Break-even live

Break-even rent $2,115

Max offer price $248,900

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,720
Total (2 units)			$3,721

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: $62,225
• Closing costs: $7,467
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	44d	1	0.31mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	44d	1	0.56mi
57 S Main Ave Albany, NY	4.0	1.0	2695	$1,600	$0.59	44d	1	1.07mi
32 Peyster St Unit 1st floor Albany, NY	3.0	2.0	2714	$2,500	$0.92	44d	1	1.10mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	44d	1	1.10mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	44d	1	1.18mi
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	44d	1	1.24mi

Listing history 36 events

1. 2026-06-18
   days on market $248,900 Active 97 DOM
2. 2026-06-17
   days on market $248,900 Active 96 DOM
3. 2026-06-16
   days on market $248,900 Active 95 DOM
4. 2026-06-15
   days on market $248,900 Active 94 DOM
5. 2026-06-14
   days on market $248,900 Active 92 DOM
6. 2026-06-10
   pricedays on market $248,900 Active 89 DOM
7. 2026-06-08
   days on market $259,000 Active 86 DOM
8. 2026-06-07
   days on market $259,000 Active 85 DOM
9. 2026-06-03
   days on market $259,000 Active 81 DOM
10. 2026-06-02
    days on market $259,000 Active 80 DOM
11. 2026-06-01
    days on market $259,000 Active 79 DOM
12. 2026-05-31
    days on market $259,000 Active 78 DOM
13. 2026-05-31
    days on market $259,000 Active 77 DOM
14. 2026-03-14
    listed $259,000 Active 576-char remark

    Show marketing remark (576 chars)

    Investor Opportunity or owner-occupant Dream! Don't miss this income-generating duplex on Elk Street in one of Albany's most convenient locations. Whether you're looking to expand your investment portfolio or live in one unit while collecting rental income, this property offers flexibility and strong potential. Key Highlights: 2nd Unit- Updated bathrooms, kitchen, flooring and new painting last year. Basement- new floor tiles and new paint. High rental demand area. Located just minutes from University at Albany, SUNY, Albany Medical Center, shopping and restaurants.

15. 2024-08-28
    soldstatus $180,000
16. 2016-06-02
    historical
17. 2016-06-02
    listed $58,000
18. 2016-06-02
    historical
19. 2016-05-15
    historical
20. 2016-02-17
    listed $61,000 New
21. 2015-07-16
    historical
22. 2015-05-01
    listed $65,000
23. 2011-11-14
    soldstatus $48,000
24. 2011-11-14
    soldstatus $44,000
25. 2011-11-04
    soldstatus $44,000
26. 2011-09-14
    historical
27. 2011-09-14
    historical
28. 2011-08-17
    listed $51,000
29. 2010-11-15
    listed $51,000
30. 2010-11-01
    historical
31. 2010-06-07
    listed $59,000
32. 2008-05-07
    soldstatus $14,500
33. 2008-05-05
    soldstatus $14,500
34. 2008-03-17
    historical
35. 2008-02-06
    listed $15,000
36. 2003-05-28
    soldstatus $33,390

ⓘ 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: $3,143 · $262/mo
• Projected year-2 tax: $3,674 · $306/mo
• Expected delta: +$532/yr (+$44/mo · 16.9%)

ⓘ 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: $44,652
• − Mortgage interest: −$13,942
• − Property taxes: −$3,143
• − Insurance: −$1,244
• − Repairs & maintenance: −$3,572
• − Management: −$3,572
• − Depreciation: −$7,241
• Taxable income: $11,938
• Est. tax owed @ 24.0%: −$2,865
• After-tax cash flow: $12,360/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

+675.7% since first listed

23 events — show timeline

• 2026-03-14 Listed $259,000 Global MLS
• 2024-08-28 Sold (Public Records) $180,000 Public Records
• 2016-06-02 Listing Removed — Global MLS
• 2016-06-02 Listed $58,000 Global MLS
• 2016-06-02 Listing Removed — Global MLS
• 2016-05-15 Listing Removed — Global MLS
• 2016-02-17 Listed $61,000 Global MLS
• 2015-07-16 Listing Removed — Global MLS
• 2015-05-01 Listed $65,000 Global MLS
• 2011-11-14 Sold (Public Records) $44,000 Public Records
• 2011-11-14 Sold (Public Records) $48,000 Public Records
• 2011-11-04 Sold (MLS) $44,000 Global MLS
• 2011-09-14 Listing Removed — Global MLS
• 2011-09-14 Listing Removed — Global MLS
• 2011-08-17 Listed $51,000 Global MLS
• 2010-11-15 Listed $51,000 Global MLS
• 2010-11-01 Listing Removed — Global MLS
• 2010-06-07 Listed $59,000 Global MLS
• 2008-05-07 Sold (Public Records) $14,500 Public Records
• 2008-05-05 Sold (MLS) $14,500 Global MLS
• 2008-03-17 Listing Removed — Global MLS
• 2008-02-06 Listed $15,000 Global MLS
• 2003-05-28 Sold (Public Records) $33,390 Public Records

Property tax history

+7.1%/yr

Latest (2025): $3,143 · -0.7% YoY. Source: county tax records.