835 Lancaster St · Albany, NY 12203

$399,900

3 bd · 2.0 ba · 1,962 sqft · MultiFamily public records · 3 Days on market

Built 1920 6,534 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

No more showings. Multiple offers. Highest & best by 10/1 at 5PM. Pristine, turn key, two family in Pine Hills on HUGE triple lot with TONS of off street parking & two car garage! Everything has been redone in the past 17 years including: roof, windows, siding, electrical, two story trex deck, privacy fence, kitchen, bathrooms, etc. AC has been added as well as a security system & outdoor lighting (motion sensor). Gorgeous hardwood floors & tile in the 3 bathrooms! Sale includes lots at 846 & 848 Chestnut. Showings begin Sunday at 12PM. Excellent Condition

Key facts

• Cozy 1st floor unit
• Separate utilities
• Updated bath

Tags

• COZY 1ST FLOOR UNIT
• HARDWOOD FLOORS
• UPDATED BATH
• SEPARATE UTILITIES
• GAS HOT WATER RADIATORS
• DUCTLESS SPLITS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $400k).
• Cap rate 14.7% 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.
• 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); 127 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 46% 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 $7,032/mo this rent would consume 101% 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 $3k of loan paydown is wiped out by about $12k 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 $112k 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.
• 2 sale attempts since 7y 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 $275k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $399,900

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.76% ✓
• Cap rate: 14.73%
• Cash-on-cash: 30.12%
• DSCR: 2.34
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $251,136
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
338 Manning Blvd	0.23mi	3/2.0	1,680 (-14%)	9mo	$242,500	$144	57
455 Bradford St	0.41mi	4/2.0 (+1)	1,800 (-8%)	8mo	$230,000	$128	56
596 3rd St	0.71mi	4/2.0 (+1)	1,920 (-2%)	4mo	$150,000	$78	55
33 Lincoln Ave	0.32mi	4/2.0 (+1)	1,785 (-9%)	14mo	$215,000	$120	53
523 Central Ave	0.55mi	4/4.0 (+1)	2,016 (+3%)	11mo	$289,000	$143	48
685 Myrtle Ave	0.64mi	4/2.0 (+1)	2,128 (+8%)	6mo	$310,000	$146	47
598-600 3rd St	0.71mi	4/2.0 (+1)	1,920 (-2%)	15mo	$245,000	$128	46
34 Garfield Pl	0.60mi	4/2.0 (+1)	1,840 (-6%)	16mo	$80,000	$43	43
162 S Allen St	0.64mi	4/2.0 (+1)	1,828 (-7%)	18mo	$280,000	$153	38
627 3rd St	0.70mi	4/2.0 (+1)	2,200 (+12%)	5mo	$225,000	$102	38
605 3rd St	0.72mi	4/2.0 (+1)	1,792 (-9%)	14mo	$152,000	$85	35
584-586 Central Ave	0.45mi	3/4.0	2,240 (+14%)	15mo	$225,000	$100	35

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: 23.4%
• Equity multiple: 1.95×
• Total profit: $106,260
• Equity at exit: $59,626

10-year hold

• IRR: 30.6%
• Equity multiple: 3.60×
• Total profit: $291,163
• Equity at exit: $34,576

Cash invested: $111,972 (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: 127
• Price-to-rent: 22.6×

Monthly cashflow live

• Estimated rent: $7,032 medium
• Mortgage (P&I): −$2,097
• Tax from tax record: −$481 /mo · $5,771/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,477
• Net cashflow: $2,811

Break-even live

Break-even rent $3,474

Max offer price $399,900

Occupancy floor 55%

Sensitivity live

Price	-10% $3,037	-5% $2,924	+0% $2,811	+5% $2,697	+10% $2,584
Rent	-10% $2,255	-5% $2,533	+0% $2,811	+5% $3,088	+10% $3,366
Rate	-1.0pp $3,012	-0.5pp $2,912	base $2,811	+0.5pp $2,707	+1.0pp $2,602

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,477
▸ 3× units	3	1.5	$5,553
Total (4 units)			$7,032

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	45d	1	0.30mi
78 S Pine Ave Unit 2 Albany, NY	3.0	1.5	1541	$2,350	$1.52	16d	1	0.44mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,850	$1.46	16d	1	0.48mi
569 Washington Ave Unit 1st Floor Albany, NY	4.0	1.0	1275	$2,000	$1.57	45d	1	0.60mi
104 S Main Ave Unit 1 Albany, NY	3.0	1.0	1300	$2,600	$2.00	45d	1	0.64mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	45d	1	0.64mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	45d	1	0.72mi
363 Ontario St Albany, NY	1.0–2.0	1.0–2.5	1610	$3,485	$2.16	16d	1	0.76mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	45d	1	0.79mi
58 Elberon Pl Apt 2 Albany, NY	4.0	1.0	1250	$2,200	$1.76	45d	1	0.80mi
726 Western Ave Albany, NY	4.0	2.5	1900	$2,800	$1.47	45d	1	0.81mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	16d	1	0.85mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	25d	1	0.88mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	16d	1	0.92mi
830 Western Ave Albany, NY	4.0	2.5	1600	$2,700	$1.69	16d	1	0.92mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	25d	1	1.01mi
21 Woodlawn Ave Unit 3RDFL Albany, NY	3.0	1.0	1300	$1,500	$1.15	45d	1	1.06mi
21 Woodlawn Ave Unit 3rd floor Albany, NY	3.0	1.0	1300	$1,500	$1.15	25d	1	1.06mi
563 New Scotland Ave Albany, NY	2.0	1.0–2.0	931	$3,125	$3.36	16d	37	1.06mi
32 Richmond St Unit 2 Albany, NY	3.0	3.0	1248	$2,500	$2.00	16d	1	1.08mi
53 Greenway N Albany, NY	3.0	2.0	1500	$2,600	$1.73	25d	1	1.08mi
30 Cardinal Ave Albany, NY	4.0	1.0	1529	$2,800	$1.83	46d	1	1.15mi
255 Patroon Creek Blvd Albany, NY	1.0–3.0	1.0–2.0	1080	$2,559	$2.37	16d	22	1.23mi
240 Washington Ave Albany, NY	2.0	2.0	1560	$2,450	$1.57	45d	1	1.47mi

Listing history 6 events

1. 2026-04-01
   status Pending
2. 2026-03-28
   listed $399,900 Active
3. 2019-12-09
   soldstatus $275,000
4. 2019-12-04
   soldstatus $275,000 Closed (Final Sale) 588-char remark

   Show marketing remark (588 chars)

   No more showings. Multiple offers. Highest & best by 10/1 at 5PM. Pristine, turn key, two family in Pine Hills on HUGE triple lot with TONS of off street parking & two car garage! Everything has been redone in the past 17 years including: roof, windows, siding, electrical, two story trex deck, privacy fence, kitchen, bathrooms, etc. AC has been added as well as a security system & outdoor lighting (motion sensor). Gorgeous hardwood floors & tile in the 3 bathrooms! Sale includes lots at 846 & 848 Chestnut. Showings begin Sunday at 12PM. Excellent Condition

5. 2019-10-03
   status Pend (Under Cntr) 588-char remark

   Show marketing remark (588 chars)

   No more showings. Multiple offers. Highest & best by 10/1 at 5PM. Pristine, turn key, two family in Pine Hills on HUGE triple lot with TONS of off street parking & two car garage! Everything has been redone in the past 17 years including: roof, windows, siding, electrical, two story trex deck, privacy fence, kitchen, bathrooms, etc. AC has been added as well as a security system & outdoor lighting (motion sensor). Gorgeous hardwood floors & tile in the 3 bathrooms! Sale includes lots at 846 & 848 Chestnut. Showings begin Sunday at 12PM. Excellent Condition

6. 2019-09-25
   listed $259,000 New 588-char remark

   Show marketing remark (588 chars)

   No more showings. Multiple offers. Highest & best by 10/1 at 5PM. Pristine, turn key, two family in Pine Hills on HUGE triple lot with TONS of off street parking & two car garage! Everything has been redone in the past 17 years including: roof, windows, siding, electrical, two story trex deck, privacy fence, kitchen, bathrooms, etc. AC has been added as well as a security system & outdoor lighting (motion sensor). Gorgeous hardwood floors & tile in the 3 bathrooms! Sale includes lots at 846 & 848 Chestnut. Showings begin Sunday at 12PM. Excellent Condition

ⓘ 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: $5,771 · $481/mo
• Projected year-2 tax: $6,264 · $522/mo
• Expected delta: +$494/yr (+$41/mo · 8.6%)

ⓘ 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: $84,384
• − Mortgage interest: −$22,401
• − Property taxes: −$5,771
• − Insurance: −$2,000
• − Repairs & maintenance: −$6,751
• − Management: −$6,751
• − Depreciation: −$11,633
• Taxable income: $29,078
• Est. tax owed @ 24.0%: −$6,979
• After-tax cash flow: $26,749/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

+54.4% since first listed

6 events — show timeline

• 2026-04-01 Pending — Global MLS
• 2026-03-28 Listed $399,900 Global MLS
• 2019-12-09 Sold (Public Records) $275,000 Public Records
• 2019-12-04 Sold (MLS) $275,000 Global MLS
• 2019-10-03 Pending — Global MLS
• 2019-09-25 Listed $259,000 Global MLS

Property tax history

+2.0%/yr

Latest (2025): $5,771 · -0.1% YoY. Source: county tax records.