5 Myrtle Ave · Albany, NY 12202

$289,000

3 bd · 3.0 ba · 2,394 sqft · MultiFamily public records · 20 Days on market

Built 1850 1,306 sqft lot Est $369k · 22% 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
• Appreciation +10.0/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Three one bedroom units- New roof, new carpet, freshly painted -- Very Good Condition

Key facts

• 1,306 sq ft lot
• 2 parking spots
• Built 1850

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/3.0-bath units multifamily listed at $289k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $576/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $289k).
• Recommended offer: $285k (1.5% below list) — sets the bar for market timing.

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 (+8.7%/yr); 58 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• In year one you build about $31k of equity ($2k loan paydown + $29k appreciation (10.0% local appreciation)).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $81k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($285k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y 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 $64k; list at $289k implies a 355% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $284,665 (1.5% below list)

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 1850 — 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: 1.66% ✓
• Cap rate: 13.46%
• Cash-on-cash: 25.61%
• DSCR: 2.14
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $368,676
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
184 Elm St	0.45mi	4/2.0 (+1)	2,394 (0%)	7mo	$375,000	$157	64
208 Elm St	0.49mi	4/3.0 (+1)	2,508 (+5%)	3mo	$420,000	$167	61
369 Madison Ave	0.58mi	3/2.0	2,280 (-5%)	4mo	$230,000	$101	58
148 Dove St	0.56mi	2/2.0 (-1)	2,400 (+0%)	9mo	$239,999	$100	57
314 Hudson Ave	0.66mi	3/3.5	2,350 (-2%)	13mo	$470,000	$200	53
285.5 Hudson Ave	0.61mi	4/4.0 (+1)	2,478 (+4%)	5mo	$430,000	$174	53
48 Second Ave	0.51mi	2/2.0 (-1)	2,334 (-2%)	13mo	$150,000	$64	52
8 Avondale Ter	0.69mi	4/2.0 (+1)	2,296 (-4%)	2mo	$189,000	$82	50
242 Elm St	0.58mi	3/2.5	2,112 (-12%)	11mo	$304,000	$144	42
144 Jay St	0.58mi	4/2.0 (+1)	2,220 (-7%)	14mo	$325,000	$146	41
339 Hudson Ave	0.72mi	3/2.0	2,160 (-10%)	14mo	$370,000	$171	34
168 S Swan St	0.45mi	4/2.0 (+1)	2,092 (-13%)	17mo	$322,500	$154	34

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 46.6%
• Equity multiple: 4.62×
• Total profit: $292,794
• Equity at exit: $260,354

10-year hold

• IRR: 42.6%
• Equity multiple: 11.36×
• Total profit: $838,676
• Equity at exit: $561,463

Cash invested: $80,920 (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 12202

• Home prices YoY: 14.3%
• Rents YoY: 8.7%
• Active inventory: 58
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $4,790 high
• Mortgage (P&I): −$1,516
• Tax from tax record: −$421 /mo · $5,057/yr
• Insurance: −$120
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,006
• Net cashflow: $1,727

Break-even live

Break-even rent $2,604

Max offer price $289,000

Occupancy floor 59%

Sensitivity live

Price	-10% $1,890	-5% $1,808	+0% $1,727	+5% $1,645	+10% $1,563
Rent	-10% $1,348	-5% $1,537	+0% $1,727	+5% $1,916	+10% $2,105
Rate	-1.0pp $1,872	-0.5pp $1,800	base $1,727	+0.5pp $1,652	+1.0pp $1,576

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	3	$4,791
Total (3 units)			$4,790

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: $72,250
• Closing costs: $8,670
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	45d	1	0.03mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	45d	1	0.48mi
48 N Pearl St Albany, NY	2.0	1.0–2.5	1251	$3,500	$2.80	16d	17	0.54mi
41 Dove St Albany, NY	2.0	2.5	2400	$2,350	$0.98	16d	1	0.68mi
227 Jay St Albany, NY	2.0	2.0	1710	$2,150	$1.26	45d	1	0.74mi
15 Ten Broeck St Albany, NY	2.0	1.5	1900	$1,750	$0.92	23d	1	0.82mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	45d	1	0.85mi
15 Stanwix St Albany, NY	4.0	1.5	1660	$2,500	$1.51	16d	1	1.24mi
1556 1st St Rensselaer, NY	2.0	1.0	2178	$1,600	$0.73	16d	1	1.46mi

Listing history 11 events

1. 2026-03-30
   status Pending
2. 2026-03-10
   listed $289,000 Active
3. 2013-10-25
   soldstatus $63,500 85-char remark

   Show marketing remark (85 chars)

   Three one bedroom units- New roof, new carpet, freshly painted -- Very Good Condition

4. 2013-09-23
   historical 85-char remark

   Show marketing remark (85 chars)

   Three one bedroom units- New roof, new carpet, freshly painted -- Very Good Condition

5. 2013-09-05
   listed $67,000 85-char remark

   Show marketing remark (85 chars)

   Three one bedroom units- New roof, new carpet, freshly painted -- Very Good Condition

6. 2013-01-01
   historical
7. 2011-06-15
   listed $109,900
8. 2003-10-27
   soldstatus $89,900
9. 2003-08-22
   soldstatus $89,900
10. 2003-06-30
    historical
11. 2003-06-10
    listed $89,900

ⓘ 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: $5,057 · $421/mo
• Projected year-2 tax: $5,057 · $421/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 ≥98°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: $57,480
• − Mortgage interest: −$16,188
• − Property taxes: −$5,057
• − Insurance: −$1,445
• − Repairs & maintenance: −$4,598
• − Management: −$4,598
• − Depreciation: −$8,407
• Taxable income: $17,185
• Est. tax owed @ 24.0%: −$4,124
• After-tax cash flow: $16,596/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): 10,166
• Household income: $52,868
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 935.0

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 0.73)
• Race & ethnicity: Black 40% White 28% Hispanic / Latino 15% Two or more races 14% Asian 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 5%
• Common ancestry: Iranian 2% Romanian 1% Serbian 1%
• Foreign-born: 14% · Canada, Philippines, China
• Languages at home: 80% English-only · Spanish 10% Other Asian/Pacific 4% Arabic 1%

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: ▲ 38.05%
• Current HPI: 303.8939
• Rent YoY: ▲ 8.70%
• 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

+221.5% since first listed

11 events — show timeline

• 2026-03-30 Pending — Global MLS
• 2026-03-10 Listed $289,000 Global MLS
• 2013-10-25 Sold (MLS) $63,500 Global MLS
• 2013-09-23 Listing Removed — Global MLS
• 2013-09-05 Listed $67,000 Global MLS
• 2013-01-01 Listing Removed — Global MLS
• 2011-06-15 Listed $109,900 Global MLS
• 2003-10-27 Sold (Public Records) $89,900 Public Records
• 2003-08-22 Sold (MLS) $89,900 Global MLS
• 2003-06-30 Listing Removed — Global MLS
• 2003-06-10 Listed $89,900 Global MLS

Property tax history

+0.1%/yr

Latest (2025): $5,057 · +5.6% YoY. Source: county tax records.