236 Quail St · Albany, NY 12203

$245,000

5 bd · 2.0 ba · 2,124 sqft · MultiFamily public records · 62 Days on market

Built 1915 2,613 sqft lot $115/sqft · 48% below area Est $471k · 48% 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 +29.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Looking for your next investment? This duplex will be a great addition. This 2 family house is right near the bus line and 5-10 minutes away from Colonie center with the college nearby. You could not ask for a better location. Currently both units are rented and the tenants pay their own utilities.

Key facts

• 2 family house
• Rented units
• Nearby college

Tags

• DUPLEX
• 2 FAMILY HOUSE
• BUS LINE
• NEARBY COLLEGE
• RENTED UNITS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $245k.

Deal economics

• At list price, monthly cash flow is $900 ($11k/yr) — positive. Per door: $450/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $245k).
• Recommended offer: $230k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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 (+1.9%/yr); 124 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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 $3,528/mo this rent would consume 51% 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 $7k 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 $69k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($230k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 12y 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 $178k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $230,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 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 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.44% ✓
• Cap rate: 10.70%
• Cash-on-cash: 15.74%
• DSCR: 1.70
• GRM: 5.8

CMA / ARV

• ARV (median comp): $471,223
• List price: $245,000
• Delta: -48.01%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
531 Hamilton St	0.24mi	5/3.0	2,112 (-1%)	5mo	$284,750	$135	80
685 Myrtle Ave	0.32mi	4/2.0 (-1)	2,128 (+0%)	5mo	$310,000	$146	75
676 Providence St	0.49mi	5/2.0	2,118 (-0%)	2mo	$250,000	$118	75
645 Myrtle Ave	0.26mi	6/2.0 (+1)	2,000 (-6%)	5mo	$270,000	$135	69
538 Myrtle Ave	0.27mi	5/5.0	2,216 (+4%)	2mo	$410,000	$185	66
687 Myrtle Ave	0.33mi	6/2.0 (+1)	2,238 (+5%)	6mo	$310,000	$139	66
380-382 Morris St	0.21mi	6/2.0 (+1)	2,344 (+10%)	3mo	$300,000	$128	65
563 Morris St	0.40mi	6/2.0 (+1)	2,224 (+5%)	6mo	$275,000	$124	64
184 Quail St	0.16mi	6/3.0 (+1)	1,853 (-13%)	4mo	$231,000	$125	58
24 Kent St	0.44mi	6/2.0 (+1)	2,364 (+11%)	4mo	$210,000	$89	52
184 N Lake Ave	0.74mi	6/2.0 (+1)	1,974 (-7%)	1mo	$195,000	$99	48
446 1st St	0.64mi	6/2.0 (+1)	1,848 (-13%)	1mo	$160,000	$87	43

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: 5.2%
• Equity multiple: 1.20×
• Total profit: $13,751
• Equity at exit: $36,530

10-year hold

• IRR: 13.6%
• Equity multiple: 2.02×
• Total profit: $70,295
• Equity at exit: $21,183

Cash invested: $68,600 (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: 11.6×

Monthly cashflow live

• Estimated rent: $3,528 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$500 /mo · $6,004/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$741
• Net cashflow: $900

Break-even live

Break-even rent $2,389

Max offer price $245,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,528
Total (2 units)			$3,528

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	43d	1	0.03mi
57 S Main Ave Albany, NY	4.0	1.0	2695	$1,600	$0.59	43d	1	0.67mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	23d	1	0.76mi
30 Cardinal Ave Albany, NY	4.0	1.0	1529	$2,800	$1.83	44d	1	1.03mi
69 Winthrop Ave Albany, NY	6.0	2.0	2800	$2,795	$1.00	23d	1	1.09mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	43d	1	1.37mi
15 Stanwix St Albany, NY	4.0	1.5	1660	$2,500	$1.51	14d	1	1.37mi
726 Western Ave Albany, NY	4.0	2.5	1900	$2,800	$1.47	43d	1	1.49mi

Listing history 21 events

1. 2026-04-23
   price $245,000 299-char remark

   Show marketing remark (299 chars)

   Looking for your next investment? This duplex will be a great addition. This 2 family house is right near the bus line and 5-10 minutes away from Colonie center with the college nearby. You could not ask for a better location. Currently both units are rented and the tenants pay their own utilities.

2. 2026-03-28
   listed $250,000 Active 299-char remark

   Show marketing remark (299 chars)

   Looking for your next investment? This duplex will be a great addition. This 2 family house is right near the bus line and 5-10 minutes away from Colonie center with the college nearby. You could not ask for a better location. Currently both units are rented and the tenants pay their own utilities.

3. 2025-09-06
   historical
4. 2025-07-27
   listed $239,000 Active
5. 2025-05-25
   historical
6. 2025-03-07
   listed $249,000 Active
7. 2024-04-29
   status Active
8. 2024-04-18
   status Pending
9. 2024-04-18
   historical
10. 2024-03-30
    listed $249,000 Active
11. 2019-02-22
    soldstatus $178,500
12. 2019-01-31
    soldstatus $178,380 Closed (Final Sale)
13. 2019-01-02
    status Pend (Under Cntr)
14. 2018-12-03
    listed $186,900 New
15. 2018-09-27
    historical
16. 2018-07-30
    listed $194,900 New
17. 2014-08-29
    soldstatus $165,000
18. 2014-08-25
    soldstatus $165,000
19. 2014-07-06
    historical
20. 2014-07-06
    listed $165,000
21. 2001-01-22
    soldstatus $65,600

ⓘ 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: $6,004 · $500/mo
• Projected year-2 tax: $6,004 · $500/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: $42,336
• − Mortgage interest: −$13,724
• − Property taxes: −$6,004
• − Insurance: −$1,225
• − Repairs & maintenance: −$3,387
• − Management: −$3,387
• − Depreciation: −$7,127
• Taxable income: $7,482
• Est. tax owed @ 24.0%: −$1,796
• After-tax cash flow: $9,003/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

+273.5% since first listed

21 events — show timeline

• 2026-04-23 Price Changed $245,000 Global MLS
• 2026-03-28 Listed $250,000 Global MLS
• 2025-09-06 Listing Removed — Global MLS
• 2025-07-27 Listed $239,000 Global MLS
• 2025-05-25 Listing Removed — Global MLS
• 2025-03-07 Listed $249,000 Global MLS
• 2024-04-29 Relisted — Global MLS
• 2024-04-18 Pending — Global MLS
• 2024-04-18 Listing Removed — Global MLS
• 2024-03-30 Listed $249,000 Global MLS
• 2019-02-22 Sold (Public Records) $178,500 Public Records
• 2019-01-31 Sold (MLS) $178,380 Global MLS
• 2019-01-02 Pending — Global MLS
• 2018-12-03 Listed $186,900 Global MLS
• 2018-09-27 Listing Removed — Global MLS
• 2018-07-30 Listed $194,900 Global MLS
• 2014-08-29 Sold (Public Records) $165,000 Public Records
• 2014-08-25 Sold (MLS) $165,000 Global MLS
• 2014-07-06 Listed $165,000 Global MLS
• 2014-07-06 Listing Removed — Global MLS
• 2001-01-22 Sold (Public Records) $65,600 Public Records

Property tax history

+1.8%/yr

Latest (2025): $6,004 · -0.8% YoY. Source: county tax records.