84 Winthrop Ave · Albany, NY 12203

$264,800

4 bd · 4.0 ba · 2,924 sqft · MultiFamily public records · 3 Days on market

Built 1935 4,791 sqft lot Est $354k · 25% 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
• Schools +3.2/10.0
• Rent growth +3.0/5.0
• 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: 3 units. confirmed

Listing remarks

Super clean 3 family in the heart of Albany. Walk to local shopping or the many major hospitals or Colleges. Unit 1 is vacant & features 4 BR's & 1.5 bath in addition to lot of natural wood work, wood floors, & custom built ins. Unit 2 has an immaculate long term tenant in place & features 2 BR's, eat in kitchen, & living room plus access to 2nd flr balcony. Unit 3 is a 1BR apartment w/ kitchen & LR. Full bsmnt features coin operated laundry. Sep utilities & off st parking. Rents could be a little higher. Excellent Condition

Key facts

• 4,791 sq ft lot
• Built 1935
• Listed 3 days

🏷️ Possibly a rental listed for sale. The $264,800 price doesn't fit this home's estimated sale value (~$353,804) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1×4.0bd/1.5ba + 1×2.0bd/1.0ba + 1×1.0bd/1.0ba units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $598/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $265k).
• Cap rate 14.4% 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 (+1.9%/yr); 124 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $5,234/mo this rent would consume 76% of the median local household income ($83k/yr) (locally 1704% 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 $2k of loan paydown is wiped out by about $8k 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 + 1.9% rent growth), your $74k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.8% of price; built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $264,800

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 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.98% ✓
• Cap rate: 14.43%
• Cash-on-cash: 29.06%
• DSCR: 2.29
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $353,804
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
481 Western Ave	0.45mi	4/4.0	3,056 (+4%)	7mo	$330,000	$108	65
115 Homestead Ave	0.08mi	5/2.0 (+1)	2,641 (-10%)	2mo	$380,000	$144	65
112 N Allen St	0.34mi	4/3.0	2,504 (-14%)	6mo	$350,000	$140	52
1014 Washington Ave	0.27mi	5/2.0 (+1)	2,600 (-11%)	8mo	$315,000	$121	50
166 N Allen St	0.46mi	4/2.0	2,514 (-14%)	12mo	$165,000	$66	38
95 Hunter Ave	0.73mi	5/3.0 (+1)	3,208 (+10%)	23mo	$235,000	$73	22

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 · 1.85% rent growth · sell at horizon

5-year hold

• IRR: 22.0%
• Equity multiple: 1.89×
• Total profit: $65,848
• Equity at exit: $39,483

10-year hold

• IRR: 29.3%
• Equity multiple: 3.46×
• Total profit: $182,172
• Equity at exit: $22,895

Cash invested: $74,144 (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 12203

• Home prices YoY: -31.0%
• Rents YoY: 1.9%
• Active inventory: 124
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $5,234 high
• Mortgage (P&I): −$1,389
• Tax from tax record: −$840 /mo · $10,085/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,099
• Net cashflow: $1,795

Break-even live

Break-even rent $2,961

Max offer price $264,800

Occupancy floor 61%

Sensitivity live

Price	-10% $1,945	-5% $1,870	+0% $1,795	+5% $1,720	+10% $1,646
Rent	-10% $1,382	-5% $1,589	+0% $1,795	+5% $2,002	+10% $2,209
Rate	-1.0pp $1,929	-0.5pp $1,863	base $1,795	+0.5pp $1,727	+1.0pp $1,657

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

Units	Beds	Baths	Est. rent
1× unit	4.0	1.5	$2,077
1× unit	2.0	1	$1,669
1× unit	1.0	1	$1,487
Total (3 units)			$5,234

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: $66,200
• Closing costs: $7,944
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
57 S Main Ave Albany, NY	4.0	1.0	2695	$1,600	$0.59	44d	1	0.62mi
32 Peyster St Unit 1st floor Albany, NY	3.0	2.0	2714	$2,500	$0.92	44d	1	0.78mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	44d	1	1.05mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	44d	1	1.09mi

Listing history 5 events

1. 2023-03-29
   status Pending
2. 2021-12-14
   status Pending
3. 2018-09-28
   soldstatus $268,000
4. 2018-07-13
   status Pend (Under Cntr)
5. 2018-07-09
   listed $264,800 New

ⓘ 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: $10,085 · $840/mo
• Projected year-2 tax: $10,085 · $840/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 6/10 Major FEMA zone X (unshaded) · 68% 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: $62,808
• − Mortgage interest: −$14,833
• − Property taxes: −$10,085
• − Insurance: −$1,324
• − Repairs & maintenance: −$5,025
• − Management: −$5,025
• − Depreciation: −$7,703
• Taxable income: $18,813
• Est. tax owed @ 24.0%: −$4,515
• After-tax cash flow: $17,030/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): 30,771
• Household income: $83,147
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 1704.0

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 (69%)
• Race & ethnicity: White 69% Black 10% Asian 8% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 82% English-only · Other Indo-European 6% Spanish 3% Russian/Polish/Slavic 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: ▼ -133.05%
• Current HPI: 296.0467
• Rent YoY: ▲ 1.85%
• 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

+1.2% since first listed

5 events — show timeline

• 2023-03-29 Pending — Global MLS
• 2021-12-14 Pending — Global MLS
• 2018-09-28 Sold (Public Records) $268,000 Public Records
• 2018-07-13 Pending — Global MLS
• 2018-07-09 Listed $264,800 Global MLS

Property tax history

+1.7%/yr

Latest (2025): $10,085 · -5.7% YoY. Source: county tax records.