610 Albany St · Little Falls, NY 13365

$149,000

4 bd · 2.0 ba · 2,408 sqft · MultiFamily public records · 9 Days on market

Built 1890

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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 +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Great location for this two unit rental property. Plenty of parking, but also within minutes of walk time to elementary school, park, library, grocery store, and pharmacy. Long term tenant on first floor. Second floor currently vacant. Each consist of 2-3 bedrooms, bath, kitchen, living room and dining area/room. Garage is currently used by first floor tenant. Parking on side and back of property as well.

Key facts

• Off street parking
• Garage
• Built 1890

Tags

• RENOVATED SOPHISTICATION
• RELIABLE RENTAL INCOME
• REMARKABLE WALKABILITY
• OFF STREET PARKING

Property features AI

Finance

• Financial info: Two-unit building with separate gas and electric meters for each unit; Owner pays water; rent includes water; Operating expenses include water; Unit rents: one unit at $900 (month-to-month), one unit at $1,250 (month-to-month)

Exterior

• Parking: Paved parking with two or more spaces; Detached 1-car garage
• Utilities: Public water connected; Sewer connected
• Home design: 2-story multi-family building; Existing/resale property
• Construction: Wood siding construction
• Exterior features: Rectangular lot; Road frontage on a main thoroughfare

Interior

• Kitchen: Eat-in kitchens in both units
• Bedrooms: One unit with 2 bedrooms; One unit with 3 bedrooms
• Flooring: Luxury vinyl
• Bathrooms: Two full bathrooms total (one full bathroom in each unit)
• Heating & cooling: Gas heating with radiators
• Interior features: Luxury vinyl flooring; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $149k.

Deal economics

• At list price, monthly cash flow is $658 ($8k/yr) — positive. Per door: $329/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Cap rate 11.6% vs local median 8.0% in Little Falls — 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 70/100 on livability (#440 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Little Falls City School District (rural): math 37% / reading 49% proficiency, ranked #492 of 590 in NY (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 66 active listings in the ZIP; 54 units permitted in Herkimer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Herkimer County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 $15k; list at $149k implies a 893% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,000

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 1890 — 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. 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.
6. 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.
7. 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: 1.42% ✓
• Cap rate: 11.59%
• Cash-on-cash: 18.92%
• DSCR: 1.84
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $84,280
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
551 E Gansevoort St	0.18mi	4/2.0	2,272 (-6%)	8mo	$164,000	$72	75
15 W Monroe St	0.37mi	4/2.0	2,420 (+0%)	13mo	$77,500	$32	71
558 E Monroe St	0.25mi	4/2.0	2,314 (-4%)	15mo	$79,900	$35	69
37 Porteus St	0.32mi	3/3.0 (-1)	2,220 (-8%)	13mo	$25,000	$11	52

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.4%
• Equity multiple: 3.95×
• Total profit: $123,060
• Equity at exit: $134,231

10-year hold

• IRR: 33.0%
• Equity multiple: 8.90×
• Total profit: $329,493
• Equity at exit: $289,474

Cash invested: $41,720 (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 13365

• Home prices YoY: 9.9%
• Active inventory: 66
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $2,115 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$170 /mo · $2,036/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $658

Break-even live

Break-even rent $1,282

Max offer price $149,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,116
Total (2 units)			$2,115

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-18
   days on market $149,000 Active 9 DOM
2. 2026-06-17
   days on market $149,000 Active 8 DOM
3. 2026-06-16
   days on market $149,000 Active 7 DOM
4. 2026-06-15
   days on market $149,000 Active 6 DOM
5. 2026-06-13
   days on market $149,000 Active 4 DOM
6. 2026-06-12
   days on market $149,000 Active 3 DOM
7. 2026-06-09
   remarks 693-char remark
8. 2026-06-09
   listed $149,000 Active 1 DOM

ⓘ 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: $2,036 · $170/mo
• Projected year-2 tax: $2,277 · $190/mo
• Expected delta: +$241/yr (+$20/mo · 11.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥95°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $25,380
• − Mortgage interest: −$8,346
• − Property taxes: −$2,036
• − Insurance: −$745
• − Repairs & maintenance: −$2,030
• − Management: −$2,030
• − Depreciation: −$4,335
• Taxable income: $5,857
• Est. tax owed @ 24.0%: −$1,406
• After-tax cash flow: $6,487/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: Little Falls City School District
• NCES district ID: 3617460
• Math proficiency: 37% ▼ -10.00%
• Reading proficiency: 49% ▲ 7.00%
• Median HH income: $42,445
• Composite: 36.22/100
• National rank: #4724
• State rank: #492 of 590 in NY

Livability — Little Falls

• Score: 70/100
• State rank: #440
• US rank: #7681

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment F Housing B+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Little Falls, NY
• Population (ZIP): 8,545

Population outlook (Herkimer County) Hauer SSP2

• Today (2025): 59,340 people
• By 2030: 56,838 · -4.2%
• By 2040: 51,098 · -13.9%
• By 2050: 45,080 · -24.0%
• By 2075: 32,648 · -45.0%
• By 2100: 22,266 · -62.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 5% Two or more races 4%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 8% Lithuanian 3% Polish 2%
• Foreign-born: 1%
• Languages at home: 95% English-only · German/W. Germanic 3% Spanish 2% Other Indo-European 1%

Political lean MEDSL · Herkimer

• 2024 margin: Solid R (+36.4) · D 31.8% · R 68.2%
• 2008→2024 swing: -27.1pp toward R · 2008: -9.3pp · 2024: -36.4pp
• All cycles: 2024: R+36.4 2020: R+30.5 2016: R+34.5 2012: R+8.4 2008: R+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 27.04%
• Current HPI: 300.9696
• Rent YoY: —
• Metro: —
• 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

+35.5% since first listed

7 events — show timeline

• 2026-06-09 Listed $149,000 CNYIS
• 2024-09-30 Sold (Public Records) $15,000 Public Records
• 2022-04-07 Sold (Public Records) $90,000 Public Records
• 2022-02-10 Sold (MLS) $92,700 CNYIS
• 2021-10-23 Pending — CNYIS
• 2021-09-29 Price Changed $105,000 CNYIS
• 2021-08-23 Listed $110,000 CNYIS

Property tax history

+1.6%/yr

Latest (2025): $2,036 · +2.0% YoY. Source: county tax records.