490 Madison Ave · Albany, NY 12208

$649,000

4 bd · 4.0 ba · 3,960 sqft · MultiFamily public records · 12 Days on market

Built 1875 5,662 sqft lot $164/sqft · 17% below area Est $820k · 21% under

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Why this score? — see what drove the C- 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 +15.9/30.0
• ARV discount +15.0/15.0
• DSCR +4.9/10.0
• 1% rule +4.5/10.0
• 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 (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This Beautiful brick building had a complete face lift in 2008 with additional updates to the roof drain and exterior entrance in 2011 and 2012. The 3 story building faces Washington Park in Center Square Albany -- Excellent Condition

Key facts

• 5,662 sq ft lot
• Built 1875
• Listed 12 days

Property features AI

Finance

• Financial info: Four total units

Exterior

• Utilities: Public water; Public sewer
• Home design: Quadruplex; Below-grade finished area present
• Construction: Brick construction
• Exterior features: Wood fencing; Fenced yard

Interior

• Bedrooms: Four 1-bedroom units (each unit listed as 1 bedroom)
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Natural gas heating; Cooling present (type listed as Other)
• Interior features: Basement unit apartment

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $649k.

Deal economics

• At list price, monthly cash flow is $307 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $617k (5.0% below list).
• Recommended offer: $617k (5.0% below list) — sets the bar for 1% rule.

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 (+5.0%/yr); 99 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).
• At $6,168/mo this rent would consume 105% of the median local household income ($70k/yr) (locally 1952% 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 $4k of loan paydown is wiped out by about $19k 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.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 24y 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 $365k; list at $649k implies a 78% 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 $616,800 (5.0% below list)

Questions for the listing agent

1. Built in 1875 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.95% ✗
• Cap rate: 6.86%
• Cash-on-cash: 2.03%
• DSCR: 1.09
• GRM: 8.8

CMA / ARV

• ARV (median comp): $819,956
• List price: $649,000
• Delta: -20.85%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
136 Lancaster St	0.39mi	4/4.0	4,234 (+7%)	19mo	$415,000	$98	55
335 Madison Ave	0.38mi	4/3.5	3,372 (-15%)	3mo	$240,000	$71	53
368 Madison Ave	0.28mi	4/3.0	4,422 (+12%)	13mo	$515,000	$116	52
121 Dove St	0.26mi	5/4.0 (+1)	4,296 (+8%)	24mo	$435,000	$101	49
66 Elm St	0.71mi	4/3.5	4,048 (+2%)	16mo	$525,000	$130	48
58 Elm St	0.72mi	5/3.0 (+1)	4,368 (+10%)	2mo	$352,650	$81	38

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 · 5.05% rent growth · sell at horizon

5-year hold

• IRR: -10.7%
• Equity multiple: 0.60×
• Total profit: $-72,501
• Equity at exit: $96,768

10-year hold

• IRR: 1.3%
• Equity multiple: 1.10×
• Total profit: $18,162
• Equity at exit: $56,114

Cash invested: $181,720 (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 12208

• Home prices YoY: -30.1%
• Rents YoY: 5.0%
• Active inventory: 99
• Price-to-rent: 35.1×

Monthly cashflow live

• Estimated rent: $6,168 high
• Mortgage (P&I): −$3,403
• Tax from tax record: −$892 /mo · $10,705/yr
• Insurance: −$270
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,295
• Net cashflow: $307

Break-even live

Break-even rent $5,780

Max offer price $649,000

Occupancy floor 90%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$6,168
Total (4 units)			$6,168

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: $162,250
• Closing costs: $19,470
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32 Peyster St Unit 1st floor Albany, NY	3.0	2.0	2714	$2,500	$0.92	44d	1	1.19mi
57 S Main Ave Albany, NY	4.0	1.0	2695	$1,600	$0.59	44d	1	1.28mi

Listing history 16 events

1. 2026-05-16
   status Pending 192-char remark
2. 2026-05-04
   listed $649,000 Active 192-char remark
3. 2013-08-27
   soldstatus $365,000 234-char remark

   Show marketing remark (234 chars)

   This Beautiful brick building had a complete face lift in 2008 with additional updates to the roof drain and exterior entrance in 2011 and 2012. The 3 story building faces Washington Park in Center Square Albany -- Excellent Condition

4. 2013-05-02
   historical 234-char remark

   Show marketing remark (234 chars)

   This Beautiful brick building had a complete face lift in 2008 with additional updates to the roof drain and exterior entrance in 2011 and 2012. The 3 story building faces Washington Park in Center Square Albany -- Excellent Condition

5. 2012-12-15
   listed $409,900 234-char remark

   Show marketing remark (234 chars)

   This Beautiful brick building had a complete face lift in 2008 with additional updates to the roof drain and exterior entrance in 2011 and 2012. The 3 story building faces Washington Park in Center Square Albany -- Excellent Condition

6. 2012-11-12
   historical
7. 2012-05-11
   listed $429,900
8. 2011-07-21
   historical
9. 2011-03-30
   listed $429,000
10. 2011-03-30
    historical
11. 2010-10-05
    listed $439,000
12. 2010-09-28
    historical
13. 2009-11-25
    listed $459,900
14. 2002-10-08
    soldstatus $147,500
15. 2002-09-04
    historical
16. 2002-08-15
    listed $147,500

ⓘ 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: $10,705 · $892/mo
• Projected year-2 tax: $10,837 · $903/mo
• Expected delta: +$132/yr (+$11/mo · 1.2%)

ⓘ 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: $74,016
• − Mortgage interest: −$36,354
• − Property taxes: −$10,705
• − Insurance: −$3,245
• − Repairs & maintenance: −$5,921
• − Management: −$5,921
• − Depreciation: −$18,880
• Taxable loss: −$7,011
• Est. tax savings @ 24.0%: +$1,683
• After-tax cash flow: $5,364/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): 23,289
• Household income: $70,413
• Rent vs Own: 54.9% rent · 45.1% own
• Severe rent burden: 1952.0

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: Predominantly White (66%)
• Race & ethnicity: White 66% Black 12% Asian 10% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 5% Italian 3% Scotch-Irish 3%
• Foreign-born: 16% · Canada, China, Philippines
• Languages at home: 83% English-only · Other Indo-European 4% Other Asian/Pacific 3% French/Haitian/Cajun 2%

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: ▼ -120.46%
• Current HPI: 279.716
• Rent YoY: ▲ 5.05%
• 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

+340.0% since first listed

16 events — show timeline

• 2026-05-16 Pending — Global MLS
• 2026-05-04 Listed $649,000 Global MLS
• 2013-08-27 Sold (MLS) $365,000 Global MLS
• 2013-05-02 Listing Removed — Global MLS
• 2012-12-15 Listed $409,900 Global MLS
• 2012-11-12 Listing Removed — Global MLS
• 2012-05-11 Listed $429,900 Global MLS
• 2011-07-21 Listing Removed — Global MLS
• 2011-03-30 Listing Removed — Global MLS
• 2011-03-30 Listed $429,000 Global MLS
• 2010-10-05 Listed $439,000 Global MLS
• 2010-09-28 Listing Removed — Global MLS
• 2009-11-25 Listed $459,900 Global MLS
• 2002-10-08 Sold (MLS) $147,500 Global MLS
• 2002-09-04 Listing Removed — Global MLS
• 2002-08-15 Listed $147,500 Global MLS

Property tax history

+3.1%/yr

Latest (2025): $10,705 · +8.2% YoY. Source: county tax records.