None · Albany, NY 12206

$172,904

6 bd · 2.0 ba · 1,960 sqft · MultiFamily public records · 13 Days on market

Built 1915 2,613 sqft lot Est $225k · 23% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Completely renovated from top to bottom, this stunning two-family home in Albany features two units each offering 2 spacious bedrooms and 1 bathroom. Both apartments boast open layouts, brand-new kitchens, in-unit laundry and heat pumps consisting of central air and heating, ensuring year-round comfort and convenience. This property has been thoughtfully upgraded with a new roof, all-new electrical, and plumbing, offering peace of mind for years to come. With all-new systems, flooring, fixtures, and finishes, this home is truly move-in ready. Designated for owner-occupancy only, this is a perfect opportunity to enjoy the benefits of a fully renovated multi-family home while making it your p

Key facts

• Renovated
• Heat pumps
• In-unit laundry

Tags

• RENOVATED
• OPEN LAYOUTS
• BRAND-NEW KITCHENS
• IN-UNIT LAUNDRY
• HEAT PUMPS
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $173k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $619/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $173k).
• Cap rate 14.9% 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 (+5.4%/yr); 89 active listings in the ZIP; lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,199/mo this rent would consume 92% of the median local household income ($42k/yr) (locally 2035% 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 + 5.4% rent growth), your $48k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $172,904

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 1915 — 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: 1.85% ✓
• Cap rate: 14.88%
• Cash-on-cash: 30.68%
• DSCR: 2.37
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $225,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
184 N Lake Ave	0.15mi	6/2.0	1,974 (+1%)	1mo	$195,000	$99	91
351 2nd St	0.08mi	6/2.0	2,056 (+5%)	3mo	$184,002	$89	85
337 3rd St	0.14mi	6/2.0	2,058 (+5%)	1mo	$160,000	$78	84
446 1st St	0.15mi	6/2.0	1,848 (-6%)	1mo	$160,000	$87	83
339 2nd St	0.08mi	6/2.0	1,784 (-9%)	1mo	$175,000	$98	80
9 Pennsylvania Ave	0.37mi	5/2.0 (-1)	1,960 (0%)	4mo	$225,000	$115	74
189 Elk St	0.51mi	6/2.0	1,880 (-4%)	2mo	$89,900	$48	68
184 Quail St	0.54mi	6/3.0	1,853 (-6%)	4mo	$231,000	$125	58
18.5 Dudley Hts	0.53mi	6/2.0	2,200 (+12%)	0mo	$289,900	$132	54
156 Lark St	0.54mi	6/3.0	1,728 (-12%)	1mo	$235,000	$136	50
97 Lark St	0.47mi	6/3.0	2,214 (+13%)	4mo	$259,000	$117	49
391 Washington Ave	0.31mi	7/4.0 (+1)	2,217 (+13%)	5mo	$350,000	$158	47

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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: 28.2%
• Equity multiple: 2.21×
• Total profit: $58,727
• Equity at exit: $25,781

10-year hold

• IRR: 37.1%
• Equity multiple: 4.86×
• Total profit: $186,713
• Equity at exit: $14,950

Cash invested: $48,413 (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 12206

• Home prices YoY: -9.9%
• Rents YoY: 5.4%
• Active inventory: 89
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $3,199 high
• Mortgage (P&I): −$907
• Tax from tax record: −$311 /mo · $3,729/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$672
• Net cashflow: $1,238

Break-even live

Break-even rent $1,632

Max offer price $172,904

Occupancy floor 56%

Sensitivity live

Price	-10% $1,336	-5% $1,287	+0% $1,238	+5% $1,189	+10% $1,140
Rent	-10% $985	-5% $1,111	+0% $1,238	+5% $1,364	+10% $1,490
Rate	-1.0pp $1,325	-0.5pp $1,282	base $1,238	+0.5pp $1,193	+1.0pp $1,147

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,200
Total (2 units)			$3,199

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: $43,226
• Closing costs: $5,187
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-22
   status Pending
2. 2026-04-09
   listed $172,904 Active

ⓘ 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: $3,729 · $311/mo
• Projected year-2 tax: $3,729 · $311/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 · 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: $38,388
• − Mortgage interest: −$9,685
• − Property taxes: −$3,729
• − Insurance: −$865
• − Repairs & maintenance: −$3,071
• − Management: −$3,071
• − Depreciation: −$5,030
• Taxable income: $12,937
• Est. tax owed @ 24.0%: −$3,105
• After-tax cash flow: $11,747/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): 14,572
• Household income: $41,548
• Rent vs Own: 73.4% rent · 26.6% own
• Severe rent burden: 2035.0

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 0.75)
• Race & ethnicity: Black 38% White 27% Hispanic / Latino 15% Two or more races 12% Asian 10%
• Hispanic origin (detail): Puerto Rican 10% Dominican 1%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 1%
• Foreign-born: 22% · Canada, China
• Languages at home: 75% English-only · Spanish 10% Other Indo-European 5% Chinese 3%

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: ▼ -30.24%
• Current HPI: 275.8109
• Rent YoY: ▲ 5.37%
• 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

2 events — show timeline

• 2026-04-22 Pending — Global MLS
• 2026-04-09 Listed $172,904 Global MLS

Property tax history

+15.8%/yr

Latest (2025): $3,729 · +160.8% YoY. Source: county tax records.