74 Philip St · Albany, NY 12202

$285,000

6 bd · 3.0 ba · 3,120 sqft · MultiFamily public records · 8 Days on market

Built 1860 1,742 sqft lot Est $371k · 23% 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
• 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

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, 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 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

• 1,742 sq ft lot
• Built 1860
• Listed 8 days

🏷️ Possibly a rental listed for sale. The $285,000 price doesn't fit this home's estimated sale value (~$371,280) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $583/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $285k).
• Cap rate 13.7% 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: 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; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $4,677/mo this rent would consume 106% of the median local household income ($53k/yr) (locally 935% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $28k 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 $80k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$49k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $150k; list at $285k implies a 90% 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 $285,000

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 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: 1.64% ✓
• Cap rate: 13.66%
• Cash-on-cash: 26.31%
• DSCR: 2.17
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $371,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
163 Eagle St	0.11mi	6/4.0	2,904 (-7%)	4mo	$413,000	$142	76
339 Madison Ave	0.43mi	6/3.0	3,024 (-3%)	7mo	$335,000	$111	69
140 Grand St	0.14mi	6/3.0	2,880 (-8%)	17mo	$280,000	$97	66
115.5 Lancaster St	0.50mi	5/3.5 (-1)	3,104 (-0%)	8mo	$475,000	$153	62
56 3rd Ave	0.47mi	6/3.0	2,880 (-8%)	9mo	$255,000	$89	58
288 Morton Ave	0.63mi	6/4.0	2,973 (-5%)	1mo	$353,000	$119	58
39 Catherine St	0.27mi	6/3.0	2,772 (-11%)	14mo	$237,500	$86	57
9 Osborne St	0.31mi	5/2.5 (-1)	2,772 (-11%)	15mo	$250,000	$90	48
25 Alexander St	0.38mi	6/3.0	2,652 (-15%)	19mo	$190,000	$72	41
10 Putnam St	0.73mi	6/2.0	2,764 (-11%)	4mo	$375,000	$136	40
137 Clinton St	0.55mi	6/6.0	3,264 (+5%)	19mo	$395,424	$121	39
270 Morton Ave	0.60mi	5/4.0 (-1)	2,714 (-13%)	9mo	$477,000	$176	34

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: 47.1%
• Equity multiple: 4.65×
• Total profit: $291,410
• Equity at exit: $256,751

10-year hold

• IRR: 43.0%
• Equity multiple: 11.42×
• Total profit: $831,880
• Equity at exit: $553,692

Cash invested: $79,800 (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: 15.2×

Monthly cashflow live

• Estimated rent: $4,677 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$332 /mo · $3,985/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$982
• Net cashflow: $1,749

Break-even live

Break-even rent $2,463

Max offer price $285,000

Occupancy floor 58%

Sensitivity live

Price	-10% $1,911	-5% $1,830	+0% $1,749	+5% $1,669	+10% $1,588
Rent	-10% $1,380	-5% $1,565	+0% $1,749	+5% $1,934	+10% $2,119
Rate	-1.0pp $1,893	-0.5pp $1,822	base $1,749	+0.5pp $1,676	+1.0pp $1,600

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$4,677
Total (3 units)			$4,677

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-14
   status Pending
2. 2026-04-06
   listed $285,000 Active
3. 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: $4,401 · $367/mo
• Expected delta: +$416/yr (+$35/mo · 10.4%)

ⓘ 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: $56,124
• − Mortgage interest: −$15,964
• − Property taxes: −$3,985
• − Insurance: −$1,425
• − Repairs & maintenance: −$4,490
• − Management: −$4,490
• − Depreciation: −$8,291
• Taxable income: $17,478
• Est. tax owed @ 24.0%: −$4,195
• After-tax cash flow: $16,798/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

+90.0% since first listed

3 events — show timeline

• 2026-04-14 Pending — Global MLS
• 2026-04-06 Listed $285,000 Global MLS
• 2022-07-27 Sold (Public Records) $150,000 Public Records

Property tax history

-3.9%/yr

Latest (2025): $3,985 · -2.3% YoY. Source: county tax records.