74 Philip St · Albany, NY 12202

$300,000

6 bd · 3.0 ba · 3,120 sqft · MultiFamily public records · 26 Days on market

Built 1860 Good condition 1,742 sqft lot $96/sqft · 57% below area Est $522k · 43% 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 +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.4/10.0
• Rent growth +4.7/5.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0

Multi-family units

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

Listing remarks

This well-maintained brick 3-unit is a strong addition to any portfolio or a great opportunity for an owner-occupant. The basement unit is rented month-to-month ($825), while the first-floor two-bedroom is vacant and features vaulted ceilings, hardwood floors, and original built-ins. In unit washer and dryer hookups add convenience. The third-floor one-bedroom is rented on a lease ($1,000) with a long-term, stable tenant. Separate utilities. New electric connections for each unit, and newer back porches. Located in Albany's historic Mansion District, this property offers both flexibility and reliable income potential.

Key facts

• Separate utilities
• Newer back porches
• Basement unit

Tags

• BASEMENT UNIT
• FIRST-FLOOR TWO-BEDROOM
• THIRD-FLOOR ONE-BEDROOM
• SEPARATE UTILITIES
• NEW ELECTRIC CONNECTIONS
• NEWER BACK PORCHES

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $300k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $458/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $296k (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); 102 active listings in the ZIP; 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 26 days — a 2% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $150k; list at $300k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $295,500 (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 1860 — 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: 1.44% ✓
• Cap rate: 11.79%
• Cash-on-cash: 19.64%
• DSCR: 1.87
• GRM: 5.8

CMA / ARV

• ARV (median comp): $522,189
• List price: $300,000
• Delta: -42.55%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
140 Grand St	0.14mi	6/3.0	2,880 (-8%)	3mo	$315,000	$109	78
72 Grand St	0.11mi	6/3.0	2,820 (-10%)	3mo	$300,000	$106	76
163 Eagle St	0.11mi	6/4.0	2,904 (-7%)	8mo	$413,000	$142	72
339 Madison Ave	0.43mi	6/3.0	3,024 (-3%)	12mo	$335,000	$111	65
115.5 Lancaster St	0.50mi	5/3.5 (-1)	3,104 (-0%)	13mo	$475,000	$153	58
56 3rd Ave	0.47mi	6/3.0	2,880 (-8%)	13mo	$255,000	$89	54
288 Morton Ave	0.63mi	6/4.0	2,973 (-5%)	5mo	$353,000	$119	54
183 Delaware Ave	0.69mi	7/4.5 (+1)	3,100 (-1%)	4mo	$389,000	$125	52
103 Delaware Ave	0.62mi	7/3.0 (+1)	3,447 (+10%)	3mo	$225,000	$65	46
82 Dove St	0.53mi	5/4.0 (-1)	2,688 (-14%)	3mo	$455,000	$169	41
10 Putnam St	0.73mi	6/2.0	2,764 (-11%)	9mo	$375,000	$136	36
270 Morton Ave	0.60mi	5/4.0 (-1)	2,714 (-13%)	13mo	$477,000	$176	30

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: 41.6%
• Equity multiple: 4.26×
• Total profit: $273,749
• Equity at exit: $270,264

10-year hold

• IRR: 37.9%
• Equity multiple: 10.45×
• Total profit: $793,806
• Equity at exit: $582,834

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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 17 active · 19 under contract
• Months of supply: 6.4 mo (16%/mo absorbed)
• Median asking: $415,000 ($137/sqft)
• Median days on market: 91 d
• This list price: 24% of active listings are priced below it
• ARV vs active asking: +21.8% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 12202

• Home prices YoY: 14.3%
• Rents YoY: 8.7%
• Active inventory: 102
• Price-to-rent: 17.4×

Monthly cashflow live

• Estimated rent: $4,310 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$332 /mo · $3,985/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$905
• Net cashflow: $1,375

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$4,311
Total (3 units)			$4,310

Break-even live

Break-even rent $2,570

Max offer price $300,000

Occupancy floor 63%

Sensitivity live

Price	-10% $1,544	-5% $1,459	+0% $1,375	+5% $1,290	+10% $1,205
Rent	-10% $1,034	-5% $1,204	+0% $1,375	+5% $1,545	+10% $1,715
Rate	-1.0pp $1,526	-0.5pp $1,451	base $1,375	+0.5pp $1,297	+1.0pp $1,218

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
109 Grand St Albany, NY	3.0	2.0	—	$549	—	10d	1	0.10mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	184d	1	0.11mi
130 Grand St Albany, NY	4.0	1.5	1760	$1,825	$1.04	7d	1	0.14mi
168 S Pearl St Albany, NY	3.0	1.5	1044	$1,800	$1.72	164d	1	0.22mi
11 Osborne St Unit 2 Albany, NY	3.0	1.0	—	$1,325	—	107d	1	0.32mi
136 Morton Ave Albany, NY	3.0	1.0	—	$2,000	—	184d	1	0.33mi
44 Osborne St Unit 1 Albany, NY	3.0	1.0	—	$1,350	—	10d	1	0.34mi
44 Osborne St Unit 1 Albany, NY	3.0	1.0	—	$1,350	—	43d	1	0.34mi
24 Delaware St #2 Albany, NY	3.0	1.5	—	$2,195	—	107d	1	0.37mi
4 Irving St Unit 2nd Floor Albany, NY	3.0	1.0	1000	$1,695	$1.70	184d	1	0.37mi
153 Myrtle Ave Apt 1 Albany, NY	3.0	1.0	—	$2,400	—	107d	1	0.37mi
139 Jefferson St Unit 2ND Albany, NY	3.0	1.0	—	$1,775	—	10d	1	0.40mi
139 Jefferson St Unit 2ND Albany, NY	3.0	1.0	—	$1,775	—	51d	1	0.40mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	184d	1	0.41mi
346 Madison Ave Unit 3 Albany, NY	3.0	2.0	1110	$2,725	$2.45	184d	1	0.41mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	164d	1	0.41mi
84 Clinton St Apt 2 Albany, NY	3.0	1.0	1000	$1,699	$1.70	10d	1	0.43mi
202 Morton Ave Albany, NY	3.0	1.0	1200	$1,600	$1.33	10d	1	0.44mi
360 Madison Ave Apt 3 Albany, NY	3.0	1.0	—	$1,500	—	184d	1	0.45mi
360 Madison Ave Unit 2 Albany, NY	3.0	1.0	—	$1,600	—	21d	1	0.45mi
360 Madison Ave Unit 2 Albany, NY	3.0	1.0	—	$1,500	—	7d	1	0.45mi
132 4th Ave Albany, NY	3.0	1.0	770	$1,800	$2.34	162d	1	0.45mi
221 S Swan St Unit 2 Albany, NY	4.0	1.0	—	$1,500	—	184d	1	0.46mi
212 Myrtle Ave #2 Albany, NY	4.0	1.0	1200	$1,775	$1.48	45d	1	0.47mi
212 Myrtle Ave #1 Albany, NY	4.0	2.0	1200	$1,795	$1.50	45d	1	0.47mi
212 Myrtle Ave #2 Albany, NY	4.0	1.0	1200	$1,775	$1.48	10d	1	0.47mi
80 Chestnut St Albany, NY	3.0	1.5	1800	$2,550	$1.42	10d	1	0.51mi
79 Second Ave Unit 1 Albany, NY	4.0	1.0	—	$1,400	—	107d	1	0.56mi
79 Second Ave Unit 1 Albany, NY	4.0	1.0	—	$1,500	—	184d	1	0.56mi
30 Boenau St Albany, NY	3.0	1.0	1085	$1,800	$1.66	51d	1	0.61mi
30 Boenau St Albany, NY	3.0	1.0	1085	$1,800	$1.66	5d	1	0.61mi
288 Morton Ave Albany, NY	3.0	2.0	2973	$2,000	$0.67	10d	1	0.61mi
288 Morton Ave Apt 3 Albany, NY	3.0	1.0	750	$1,950	$2.60	51d	1	0.61mi
405 Hamilton St Unit 1 Albany, NY	4.0	2.5	—	$2,200	—	10d	1	0.62mi
292 Catherine St Unit 3 Albany, NY	3.0	1.0	—	$1,995	—	10d	1	0.65mi
292 Catherine St Unit 1 Albany, NY	3.0	1.0	—	$1,800	—	10d	1	0.65mi
149 Chestnut St Unit A Albany, NY	3.0	2.0	1422	$1,950	$1.37	10d	1	0.67mi
30 Morris St #1 Albany, NY	3.0	1.0	—	$1,700	—	51d	1	0.67mi
475 S Pearl St #3 Albany, NY	4.0	2.0	1200	$1,650	$1.38	51d	1	0.67mi
475 S Pearl St #3 Albany, NY	4.0	2.0	1200	$1,850	$1.54	162d	1	0.67mi

Property features AI

Finance

• Financial info: 3 unitsTenants pay for heat, electricity, and gasOwner pays for sewer and water

Exterior

• Security: Security lightsSmoke detectorsCarbon monoxide detectors
• Utilities: 100-amp electrical serviceCircuit breakersPublic sewerPublic water
• Home design: Triplex
• Construction: Brick constructionRubber roof
• Exterior features: Rear porchPatioFully fenced backyard

Interior

• Kitchen: 1 kitchen in the basement, 1 on the first floor, and 1 on the third floor
• Bedrooms: Unit 1: 1 bedroom listed; 1 bedroom in the basement, 2 on the first floor, and 1 on the third floorUnit 2: 2 bedroomsUnit 3: 1 bedroom
• Flooring: HardwoodLaminate
• Bathrooms: 3 full bathrooms: 1 in the basement, 1 on the first floor, and 1 on the second floor
• Heating & cooling: Baseboard heating
• Interior features: Vaulted ceilingsBuilt-in featuresFrench doors

Listing history 29 events

1. 2026-11-08
   days on market $300,000 Active 26 DOM
2. 2026-11-07
   days on market $300,000 Active 25 DOM
3. 2026-11-06
   days on market $300,000 Active 24 DOM
4. 2026-11-05
   days on market $300,000 Active 23 DOM
5. 2026-11-04
   pricedays on market $300,000 Active 22 DOM
6. 2026-11-02
   days on market $325,000 Active 20 DOM
7. 2026-11-01
   days on market $325,000 Active 19 DOM
8. 2026-10-31
   days on market $325,000 Active 18 DOM
9. 2026-10-30
   days on market $325,000 Active 17 DOM
10. 2026-10-29
    days on market $325,000 Active 16 DOM
11. 2026-10-28
    days on market $325,000 Active 15 DOM
12. 2026-10-27
    days on market $325,000 Active 14 DOM
13. 2026-10-26
    days on market $325,000 Active 13 DOM
14. 2026-10-25
    days on market $325,000 Active 12 DOM
15. 2026-10-24
    days on market $325,000 Active 11 DOM
16. 2026-10-23
    days on market $325,000 Active 10 DOM
17. 2026-10-22
    days on market $325,000 Active 9 DOM
18. 2026-10-21
    days on market $325,000 Active 8 DOM
19. 2026-10-20
    days on market $325,000 Active 7 DOM
20. 2026-10-19
    days on market $325,000 Active 6 DOM
21. 2026-10-18
    days on market $325,000 Active 5 DOM
22. 2026-10-17
    days on market $325,000 Active 4 DOM
23. 2026-10-16
    days on market $325,000 Active 3 DOM
24. 2026-10-15
    days on market $325,000 Active 2 DOM
25. 2026-10-13
    remarks 625-char remark
26. 2026-10-13
    pricestatusdays on marketlisting id $325,000 Active 1 DOM
27. 2026-04-14
    status Pending
28. 2026-04-06
    listed $285,000 Active
29. 2022-07-27
    soldstatus $150,000

ⓘ 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: $3,985 · $332/mo
• Projected year-2 tax: $4,528 · $377/mo
• Expected delta: +$542/yr (+$45/mo · 13.6%)

ⓘ 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: $51,720
• − Mortgage interest: −$16,805
• − Property taxes: −$3,985
• − Insurance: −$1,500
• − Repairs & maintenance: −$4,138
• − Management: −$4,138
• − Depreciation: −$8,727
• Taxable income: $12,427
• Est. tax owed @ 24.0%: −$2,983
• After-tax cash flow: $13,512/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.

Condition & rehab AI · 9 photos

Good 80/100 Cosmetic rehab Est. rehab $15,600–$46,800 screening

This 3-unit property in Albany's historic Mansion District is in good condition with minimal repairs needed. It offers a good investment opportunity with potential for value appreciation through cosmetic updates and modernizations.

Value-add opportunities

• Both Painting the exterior walls and adding a fresh coat of paint to the interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
• Resale Updating the kitchen appliances and possibly the flooring — Modernizing the kitchen can significantly increase the property's resale value by making it more appealing to potential buyers. ↑
• Both Upgrading the HVAC system — A new HVAC system can improve energy efficiency and comfort, making the property more attractive to both buyers and renters. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 45/100

Zoned Schools

Elementary Giffen Memorial Elementary School F NY #1,992/2,108 Nat'l #33,738/41,679 High Albany High School B+ NY #710/1,100 Nat'l #2,083/17,239

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

B Composite livability gradescore 79/100

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 · 320,794 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: 5% of renters

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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%

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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%
• Languages at home: 80% English-only · Spanish 10% Other Asian/Pacific 4% Arabic 1%

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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

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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

Property features AI

Finance

• Financial info: 3 unitsTenants pay for heat, electricity, and gasOwner pays for sewer and water

Exterior

• Security: Security lightsSmoke detectorsCarbon monoxide detectors
• Utilities: 100-amp electrical serviceCircuit breakersPublic sewerPublic water
• Home design: Triplex
• Construction: Brick constructionRubber roof
• Exterior features: Rear porchPatioFully fenced backyard

Interior

• Kitchen: 1 kitchen in the basement, 1 on the first floor, and 1 on the third floor
• Bedrooms: Unit 1: 1 bedroom listed; 1 bedroom in the basement, 2 on the first floor, and 1 on the third floorUnit 2: 2 bedroomsUnit 3: 1 bedroom
• Flooring: HardwoodLaminate
• Bathrooms: 3 full bathrooms: 1 in the basement, 1 on the first floor, and 1 on the second floor
• Heating & cooling: Baseboard heating
• Interior features: Vaulted ceilingsBuilt-in featuresFrench doors

Price history

+116.7% since first listed

4 events — show timeline

• 2026-10-13 Listed $325,000 Global MLS
• 2026-04-12 Listing Removed — Global MLS
• 2026-04-06 Listed $285,000 Global MLS
• 2022-07-27 Sold (Public Records) $150,000 Public Records

Property tax history

-3.6%/yr

Latest (2026): $3,985 · +0.0% YoY. Source: county tax records.