865 Madison Ave · Albany, NY 12208

$519,900

9 bd · 6.9 ba · 7,422 sqft · MultiFamily public records · 84 Days on market

Built 1900 5,662 sqft lot $70/sqft · 64% below area Est $1020k · 49% under

---

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 +28.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• 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: 3 units. 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

Located near the former College of Saint Rose campus, this Albany multi-family property presents a solid opportunity with strong rental potential. The building includes 5 one-bedroom apartments and 2 two-bedroom apartments, offering a desirable apartment mix for steady income. While the property could benefit from some light updates, it provides excellent upside for investors. Features include hardwood floors throughout the first and second levels, a rear garage, and 4 off-street parking spaces. The property is in good overall condition--an excellent value-add opportunity with long-term potential.

Key facts

• 5,662 sq ft lot
• 4 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $520k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $580/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $520k).
• Recommended offer: $489k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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 (+5.0%/yr); 99 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $7,610/mo this rent would consume 130% 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 $16k 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 + 5.0% rent growth), your $146k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($489k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y ago; this cycle's ask has dropped $160k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $440k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $488,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.46% ✓
• Cap rate: 10.31%
• Cash-on-cash: 14.34%
• DSCR: 1.64
• GRM: 5.7

CMA / ARV

• ARV (median comp): $1,019,794
• List price: $519,900
• Delta: -49.02%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.05% rent growth · sell at horizon

5-year hold

• IRR: 7.4%
• Equity multiple: 1.30×
• Total profit: $43,067
• Equity at exit: $77,519

10-year hold

• IRR: 18.6%
• Equity multiple: 2.72×
• Total profit: $250,834
• Equity at exit: $44,951

Cash invested: $145,572 (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: 17.1×

Monthly cashflow live

• Estimated rent: $7,610 high
• Mortgage (P&I): −$2,726
• Tax from tax record: −$1,330 /mo · $15,957/yr
• Insurance: −$217
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,598
• Net cashflow: $1,739

Break-even live

Break-even rent $5,409

Max offer price $519,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$7,608
Total (3 units)			$7,610

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: $129,975
• Closing costs: $15,597
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-18
   days on market $519,900 Active 84 DOM
2. 2026-06-17
   days on market $519,900 Active 83 DOM
3. 2026-06-16
   days on market $519,900 Active 82 DOM
4. 2026-06-15
   price $519,900 Active 81 DOM
5. 2026-06-15
   days on market $529,900 Active 81 DOM
6. 2026-06-14
   days on market $529,900 Active 79 DOM
7. 2026-06-10
   pricedays on market $529,900 Active 76 DOM
8. 2026-06-08
   days on market $539,900 Active 74 DOM
9. 2026-06-07
   days on market $539,900 Active 73 DOM
10. 2026-06-03
    days on market $539,900 Active 69 DOM
11. 2026-06-03
    price $539,900 Active 68 DOM
12. 2026-06-02
    days on market $549,900 Active 68 DOM
13. 2026-06-01
    days on market $549,900 Active 67 DOM
14. 2026-05-31
    days on market $549,900 Active 66 DOM
15. 2026-05-31
    days on market $549,900 Active 65 DOM
16. 2026-04-07
    price $599,900 604-char remark

    Show marketing remark (604 chars)

    Located near the former College of Saint Rose campus, this Albany multi-family property presents a solid opportunity with strong rental potential. The building includes 5 one-bedroom apartments and 2 two-bedroom apartments, offering a desirable apartment mix for steady income. While the property could benefit from some light updates, it provides excellent upside for investors. Features include hardwood floors throughout the first and second levels, a rear garage, and 4 off-street parking spaces. The property is in good overall condition--an excellent value-add opportunity with long-term potential.

17. 2026-03-26
    listed $679,900 Active 604-char remark

    Show marketing remark (604 chars)

    Located near the former College of Saint Rose campus, this Albany multi-family property presents a solid opportunity with strong rental potential. The building includes 5 one-bedroom apartments and 2 two-bedroom apartments, offering a desirable apartment mix for steady income. While the property could benefit from some light updates, it provides excellent upside for investors. Features include hardwood floors throughout the first and second levels, a rear garage, and 4 off-street parking spaces. The property is in good overall condition--an excellent value-add opportunity with long-term potential.

18. 2023-10-23
    historical $950
19. 2023-10-04
    price $950
20. 2023-09-16
    listed $995
21. 2021-02-11
    soldstatus $440,000
22. 2021-01-12
    soldstatus $440,000 Closed (Final Sale) 287-char remark

    Show marketing remark (287 chars)

    Fully occupied with excellent tenancy. Great rental are next to St Rose campus. 5 one bedrooms and 2 two bedroom apartments. Misc expense is for trash. Owners are brokers. Nice hardwood floors throughout 1st and 2nd floor. Garage in rear. 4 total parking spaces. Very Good Condition

23. 2020-07-29
    status Pend (Under Cntr) 287-char remark

    Show marketing remark (287 chars)

    Fully occupied with excellent tenancy. Great rental are next to St Rose campus. 5 one bedrooms and 2 two bedroom apartments. Misc expense is for trash. Owners are brokers. Nice hardwood floors throughout 1st and 2nd floor. Garage in rear. 4 total parking spaces. Very Good Condition

24. 2020-06-23
    listed $459,000 New 287-char remark

    Show marketing remark (287 chars)

    Fully occupied with excellent tenancy. Great rental are next to St Rose campus. 5 one bedrooms and 2 two bedroom apartments. Misc expense is for trash. Owners are brokers. Nice hardwood floors throughout 1st and 2nd floor. Garage in rear. 4 total parking spaces. Very Good Condition

25. 2020-04-01
    historical
26. 2020-03-07
    price $459,000
27. 2020-02-17
    status Back On Market
28. 2019-12-15
    status Pend (Under Cntr)
29. 2019-11-03
    listed $500,000 New
30. 2001-12-24
    soldstatus $156,500

ⓘ 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: $15,957 · $1,330/mo
• Projected year-2 tax: $15,957 · $1,330/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: $91,320
• − Mortgage interest: −$29,122
• − Property taxes: −$15,957
• − Insurance: −$2,600
• − Repairs & maintenance: −$7,306
• − Management: −$7,306
• − Depreciation: −$15,124
• Taxable income: $13,905
• Est. tax owed @ 24.0%: −$3,337
• After-tax cash flow: $17,532/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

+283.3% since first listed

15 events — show timeline

• 2026-04-07 Price Changed $599,900 Global MLS
• 2026-03-26 Listed $679,900 Global MLS
• 2023-10-23 Rental Removed $950 APPFOLIO
• 2023-10-04 Price Changed $950 APPFOLIO
• 2023-09-16 Listed for Rent $995 APPFOLIO
• 2021-02-11 Sold (Public Records) $440,000 Public Records
• 2021-01-12 Sold (MLS) $440,000 Global MLS
• 2020-07-29 Pending — Global MLS
• 2020-06-23 Listed $459,000 Global MLS
• 2020-04-01 Listing Removed — Global MLS
• 2020-03-07 Price Changed $459,000 Global MLS
• 2020-02-17 Relisted — Global MLS
• 2019-12-15 Pending — Global MLS
• 2019-11-03 Listed $500,000 Global MLS
• 2001-12-24 Sold (Public Records) $156,500 Public Records

Property tax history

+5.4%/yr

Latest (2025): $15,957 · +4.8% YoY. Source: county tax records.