15 Sherman St · Albany, NY 12210

$159,999

3 bd · 2.0 ba · 2,100 sqft · MultiFamily public records · 23 Days on market

Built 1880 Est $258k · 38% 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
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +2.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Needs some work, 2 separate Apts. , Rentable

Key facts

• Built 1880
• Listed 23 days

Property features AI

Exterior

• Home design: Built in 1880
• Construction: Historic/older construction (built 1880)
• Exterior features: Located in the Central Avenue subdivision

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• Recommended offer: $158k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.1% 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 (+6.9%/yr); 70 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,286/mo this rent would consume 71% of the median local household income ($56k/yr) (locally 1211% 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 $1k of loan paydown is wiped out by about $5k 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 + 6.9% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $32k; list at $160k implies a 400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $157,599 (1.5% below list)

Questions for the listing agent

1. Built in 1880 — 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: 2.05% ✓
• Cap rate: 17.07%
• Cash-on-cash: 38.49%
• DSCR: 2.71
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $258,300
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
179 Lancaster St	0.26mi	3/3.0	2,016 (-4%)	5mo	$200,000	$99	73
242 Elm St	0.54mi	3/2.5	2,112 (+1%)	11mo	$304,000	$144	62
369 Madison Ave	0.46mi	3/2.0	2,280 (+9%)	4mo	$230,000	$101	61
149 Jefferson St	0.52mi	4/2.0 (+1)	2,016 (-4%)	5mo	$325,000	$161	60
193 Livingston Ave	0.52mi	4/2.0 (+1)	2,244 (+7%)	1mo	$194,000	$86	58
246 1st St	0.29mi	4/2.0 (+1)	1,860 (-11%)	9mo	$185,000	$99	55
39-47 Ten Broeck Pl	0.56mi	3/2.5	1,936 (-8%)	5mo	$160,000	$83	54
152 Jefferson St	0.53mi	3/2.5	1,952 (-7%)	9mo	$284,800	$146	54
314 Hudson Ave	0.35mi	3/3.5	2,350 (+12%)	13mo	$470,000	$200	47
52 Irving St	0.59mi	4/2.0 (+1)	1,936 (-8%)	10mo	$238,000	$123	46
184 Elm St	0.60mi	4/2.0 (+1)	2,394 (+14%)	7mo	$375,000	$157	38
148 Dove St	0.62mi	2/2.0 (-1)	2,400 (+14%)	9mo	$239,999	$100	34

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 · 6.86% rent growth · sell at horizon

5-year hold

• IRR: 39.0%
• Equity multiple: 2.76×
• Total profit: $78,930
• Equity at exit: $23,856

10-year hold

• IRR: 47.4%
• Equity multiple: 6.49×
• Total profit: $245,814
• Equity at exit: $13,834

Cash invested: $44,800 (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 12210

• Home prices YoY: -2.3%
• Rents YoY: 6.9%
• Active inventory: 70
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $3,286 high
• Mortgage (P&I): −$839
• Tax from tax record: −$253 /mo · $3,040/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$690
• Net cashflow: $1,437

Break-even live

Break-even rent $1,467

Max offer price $159,999

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,286
Total (2 units)			$3,286

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
240 Washington Ave Albany, NY	2.0	2.0	1560	$2,450	$1.57	44d	1	0.10mi
41 Dove St Albany, NY	2.0	2.5	2400	$2,350	$0.98	14d	1	0.26mi
227 Jay St Albany, NY	2.0	2.0	1710	$2,150	$1.26	44d	1	0.29mi
154 Lancaster St Unit 1 Albany, NY	2.0	1.5	1500	$2,200	$1.47	23d	1	0.33mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	23d	1	0.42mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	23d	1	0.53mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	44d	1	0.54mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	14d	1	0.62mi
15 Ten Broeck St Albany, NY	2.0	1.5	1900	$1,750	$0.92	21d	1	0.64mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	14d	1	0.70mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	44d	1	0.70mi
48 N Pearl St Albany, NY	2.0	1.0–2.5	1251	$3,500	$2.80	14d	17	0.71mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	44d	1	0.81mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	44d	1	0.86mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	44d	1	0.96mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	23d	1	1.03mi
363 Ontario St Albany, NY	1.0–2.0	1.0–2.5	1610	$3,485	$2.16	14d	1	1.16mi
32 Peyster St Unit 1st floor Albany, NY	3.0	2.0	2714	$2,500	$0.92	44d	1	1.45mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	44d	1	1.45mi
57 S Main Ave Albany, NY	4.0	1.0	2695	$1,600	$0.59	44d	1	1.49mi
25 Harrison Ave Rensselaer, NY	2.0	1.0	1400	$1,745	$1.25	19d	1	1.49mi

Listing history 15 events

1. 2026-06-18
   days on market $159,999 Active 23 DOM
2. 2026-06-17
   days on market $159,999 Active 22 DOM
3. 2026-06-16
   days on market $159,999 Active 21 DOM
4. 2026-06-15
   days on market $159,999 Active 20 DOM
5. 2026-06-14
   days on market $159,999 Active 18 DOM
6. 2026-06-10
   days on market $159,999 Active 15 DOM
7. 2026-06-08
   days on market $159,999 Active 13 DOM
8. 2026-06-07
   days on market $159,999 Active 12 DOM
9. 2026-06-03
   days on market $159,999 Active 8 DOM
10. 2026-06-02
    days on market $159,999 Active 7 DOM
11. 2026-06-01
    days on market $159,999 Active 6 DOM
12. 2026-05-31
    days on market $159,999 Active 5 DOM
13. 2026-05-31
    days on market $159,999 Active 4 DOM
14. 2026-05-26
    listed $159,999 Active
15. 2016-01-29
    soldstatus $32,000

ⓘ 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: $3,040 · $253/mo
• Projected year-2 tax: $3,040 · $253/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 ≥97°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: $39,432
• − Mortgage interest: −$8,962
• − Property taxes: −$3,040
• − Insurance: −$800
• − Repairs & maintenance: −$3,155
• − Management: −$3,155
• − Depreciation: −$4,655
• Taxable income: $15,666
• Est. tax owed @ 24.0%: −$3,760
• After-tax cash flow: $13,483/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): 10,297
• Household income: $55,843
• Rent vs Own: 75.3% rent · 24.7% own
• Severe rent burden: 1211.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 44% Black 41% Two or more races 7% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 4% Lithuanian 2% Serbian 2%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 3% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -5.92%
• Current HPI: 252.3084
• Rent YoY: ▲ 6.86%
• 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

+400.0% since first listed

2 events — show timeline

• 2026-05-26 Listed $159,999 FSBO.com
• 2016-01-29 Sold (Public Records) $32,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $3,040 · +6.3% YoY. Source: county tax records.