11 Kensington Ct Apt 4

Albany, NY 12054

$215,000C-

2 bd · 1.0 ba · 1,085 sqft · Built 1965 · Condo · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,295/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$252
• HOA: −$400
• Vac / Maint / Mgmt: −$482
• Net cashflow: $33/mo
• Annual: $398/yr
• Cap rate: 6.48%
• Cash-on-cash: 0.66%
• DSCR: 1.03
• 1% rule: 1.07%
• Cash to close: $60,200

Investor read

• This is a 2-bed/1.0-bath condo listed at $215k.
• At list price, monthly cash flow is $33 ($398/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• It's been on market 43 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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.
• Bethlehem Central School District (suburban): math 70% / reading 74% proficiency, ranked #90 of 590 in NY (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Bethlehem Central Senior High School (math 100% / reading 87%, grade A+, #141 of 1,100 statewide, top 13%, 1,364 students, 13% FRL).
• Zoned-school proficiency averages 93% at this address vs 72% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the Bethlehem Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 70 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts; this cycle's ask has dropped $14k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.