54 Delaware St · Albany, NY 12202

$145,000

4 bd · 2.0 ba · 1,080 sqft · MultiFamily public records · 94 Days on market

Built 1910 Fair condition 2,178 sqft lot $134/sqft · 45% below area Est $264k · 45% 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
• Schools +4.5/10.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0

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

This property has been with one family for many years, great opportunity to own and invest in a 2F residence. Each unit is rented, month to month and generates $1350 in rents a month, along with taxes the expenses are roughly $1258 a year for insurance, $50 a month in electric, $80-90 for water quarterly. *Water is included in rent for the tenants. Property is being sold ''as is''. Back on the market due to lack of communication from out of town buyer. Offers pending releases being signed.

Key facts

• 2,178 sq ft lot
• Built 1910
• Listed 93 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $145k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $145k).
• Recommended offer: $132k (9.0% 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); 91 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 63d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% 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 $16k of equity ($1k loan paydown + $14k 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 $41k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $80k; list at $145k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,950 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.01% ✓
• Cap rate: 17.10%
• Cash-on-cash: 38.58%
• DSCR: 2.72
• GRM: 4.1

CMA / ARV

• ARV (median comp): $263,552
• List price: $145,000
• Delta: -44.98%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
175 Broad St	0.32mi	3/1.5 (-1)	1,080 (0%)	5mo	$150,000	$139	74
72 Grandview Ter	0.27mi	4/1.0	972 (-10%)	5mo	$226,000	$233	62
23 Albion Ave	1.46mi	3/1.5 (-1)	1,106 (+2%)	2mo	$229,000	$207	53
217 Mount Hope Dr	0.78mi	3/1.0 (-1)	1,102 (+2%)	3mo	$187,000	$170	50
839 5th St	1.41mi	3/1.0 (-1)	1,111 (+3%)	2mo	$60,000	$54	49
78 3rd Ave	1.11mi	3/2.0 (-1)	1,168 (+8%)	0mo	$212,000	$182	46
19 Marwill St	1.35mi	3/1.0 (-1)	1,138 (+5%)	2mo	$260,000	$228	46
415 Second Ave	1.09mi	3/1.5 (-1)	1,168 (+8%)	4mo	$209,000	$179	41
168 Southern Blvd	1.06mi	4/2.0	1,254 (+16%)	1mo	$270,000	$215	39
1 Holmes Ct	1.47mi	3/1.0 (-1)	975 (-10%)	2mo	$206,000	$211	38
2 Sand St	0.57mi	3/1.0 (-1)	1,252 (+16%)	4mo	$165,000	$132	37
10 Matilda St	1.32mi	3/1.0 (-1)	1,272 (+18%)	0mo	$235,000	$185	31

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: 57.5%
• Equity multiple: 5.37×
• Total profit: $177,552
• Equity at exit: $130,627

10-year hold

• IRR: 53.1%
• Equity multiple: 13.21×
• Total profit: $495,730
• Equity at exit: $281,703

Cash invested: $40,600 (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 →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $289,900 ($247/sqft)
• Median days on market: 140 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -1.0% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 12202

• Home prices YoY: 14.3%
• Rents YoY: 8.7%
• Active inventory: 91
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,915 high
• Mortgage (P&I): −$760
• Tax from tax record: −$177 /mo · $2,121/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$612
• Net cashflow: $1,305

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,916
Total (2 units)			$2,915

Break-even live

Break-even rent $1,263

Max offer price $145,000

Occupancy floor 50%

Sensitivity live

Price	-10% $1,387	-5% $1,346	+0% $1,305	+5% $1,264	+10% $1,223
Rent	-10% $1,075	-5% $1,190	+0% $1,305	+5% $1,420	+10% $1,536
Rate	-1.0pp $1,378	-0.5pp $1,342	base $1,305	+0.5pp $1,268	+1.0pp $1,229

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: $36,250
• Closing costs: $4,350
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11 Osborne St Unit 2 Albany, NY	3.0	1.0	—	$1,325	—	62d	1	0.06mi
24 Delaware St #2 Albany, NY	3.0	1.5	—	$2,195	—	62d	1	0.09mi
44 Alexander St Albany, NY	2.0	1.0	1250	$1,800	$1.44	0d	1	0.10mi
44 Osborne St Unit 1 Albany, NY	3.0	1.0	—	$1,350	—	62d	1	0.10mi
56 3rd Ave Unit 1 Albany, NY	2.0	1.0	—	$1,485	—	139d	1	0.12mi
56 3rd Ave Unit 1 Albany, NY	2.0	1.0	—	$1,485	—	116d	1	0.12mi
15 Delaware St Albany, NY	1.0	1.0	1060	$1,500	$1.42	6d	1	0.12mi
13 Delaware St Albany, NY	2.0	1.0	1060	$1,800	$1.70	6d	1	0.12mi
132 4th Ave Albany, NY	3.0	1.0	770	$1,800	$2.34	116d	1	0.12mi
84 Clinton St Apt 2 Albany, NY	3.0	1.0	1000	$1,699	$1.70	6d	1	0.16mi
52 Clinton St Unit 3 Albany, NY	2.0	1.0	—	$1,300	—	119d	1	0.17mi
52 Clinton St Unit 1 Albany, NY	1.0	1.0	—	$1,000	—	119d	1	0.17mi
43 Second Ave Albany, NY	1.0	1.0	900	$1,500	$1.67	139d	1	0.20mi
138 Morton Ave Unit 4 Albany, NY	1.0	1.0	—	$1,050	—	62d	1	0.21mi
138 Morton Ave Unit 2 Albany, NY	2.0	1.0	—	$1,150	—	119d	1	0.21mi
136 Morton Ave Albany, NY	3.0	1.0	—	$2,000	—	139d	1	0.21mi
136 Morton Ave Unit 1 Albany, NY	1.0	1.0	—	$1,100	—	139d	1	0.21mi
28 Myrtle Ave Apt 1 Albany, NY	2.0	1.0	1000	$1,350	$1.35	6d	1	0.30mi
94 Philip St Albany, NY	1.0	1.0	—	$1,200	—	110d	1	0.33mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	139d	1	0.33mi
30 Boenau St Albany, NY	3.0	1.0	1085	$1,800	$1.66	6d	1	0.33mi
163 Eagle St Albany, NY	2.0	1.0	—	$1,500	—	6d	1	0.33mi
17 Ash Grove Pl Albany, NY	2.0	1.0	800	$1,400	$1.75	139d	1	0.33mi
25 Bleecker Pl #1 Albany, NY	2.0	1.0	1150	$1,350	$1.17	140d	1	0.34mi
202 Morton Ave Albany, NY	3.0	1.0	1200	$1,650	$1.38	6d	1	0.35mi
109 Grand St Albany, NY	3.0	2.0	—	$549	—	6d	1	0.35mi
103 Grand St Unit 1 Albany, NY	2.0	1.0	800	$1,250	$1.56	110d	1	0.36mi
147 Eagle St Albany, NY	1.0	1.0	625	$1,100	$1.76	6d	1	0.38mi
222 S Swan St Albany, NY	2.0	1.0	1000	$1,400	$1.40	6d	1	0.38mi
96 Grand St Unit 1 Albany, NY	1.0	1.0	—	$1,300	—	116d	1	0.39mi
96 Grand St Unit 2 Albany, NY	2.0	1.0	—	$1,400	—	110d	1	0.39mi
96 Grand St Unit 1 Albany, NY	1.0	1.0	—	$1,200	—	62d	1	0.39mi
96 Grand St Unit 2 Albany, NY	2.0	1.0	—	$1,400	—	116d	1	0.39mi
168 S Pearl St Albany, NY	3.0	1.5	1044	$1,800	$1.72	119d	1	0.41mi
31 Elm St Albany, NY	1.0	1.0	840	$1,500	$1.79	62d	1	0.42mi
31 Elm St Albany, NY	1.0	1.0	840	$1,250	$1.49	6d	1	0.42mi
45 Elm St Albany, NY	1.0	1.0	650	$1,400	$2.15	62d	1	0.42mi
45 Elm St Albany, NY	1.0	1.0	650	$1,400	$2.15	3d	1	0.42mi
51 Elm St Apt 7 Albany, NY	2.0	1.0	800	$1,200	$1.50	3d	1	0.42mi
189 Second Ave Unit 2 Albany, NY	3.0	1.0	—	$1,300	—	6d	1	0.42mi

Listing history 13 events

1. 2026-06-10
   days on market $145,000 Active 94 DOM
2. 2026-06-08
   days on market $145,000 Active 92 DOM
3. 2026-06-07
   statusdays on market $145,000 Active 91 DOM
4. 2026-04-21
   status Pending
5. 2026-01-22
   listed $145,000 Active
6. 2023-02-03
   soldstatus $80,000
7. 2022-12-27
   status Pending 494-char remark

   Show marketing remark (494 chars)

   This property has been with one family for many years, great opportunity to own and invest in a 2F residence. Each unit is rented, month to month and generates $1350 in rents a month, along with taxes the expenses are roughly $1258 a year for insurance, $50 a month in electric, $80-90 for water quarterly. *Water is included in rent for the tenants. Property is being sold ''as is''. Back on the market due to lack of communication from out of town buyer. Offers pending releases being signed.

8. 2022-10-22
   price $105,000 494-char remark

   Show marketing remark (494 chars)

   This property has been with one family for many years, great opportunity to own and invest in a 2F residence. Each unit is rented, month to month and generates $1350 in rents a month, along with taxes the expenses are roughly $1258 a year for insurance, $50 a month in electric, $80-90 for water quarterly. *Water is included in rent for the tenants. Property is being sold ''as is''. Back on the market due to lack of communication from out of town buyer. Offers pending releases being signed.

9. 2022-09-18
   price $125,400 494-char remark

   Show marketing remark (494 chars)

   This property has been with one family for many years, great opportunity to own and invest in a 2F residence. Each unit is rented, month to month and generates $1350 in rents a month, along with taxes the expenses are roughly $1258 a year for insurance, $50 a month in electric, $80-90 for water quarterly. *Water is included in rent for the tenants. Property is being sold ''as is''. Back on the market due to lack of communication from out of town buyer. Offers pending releases being signed.

10. 2022-09-06
    status Active 494-char remark

    Show marketing remark (494 chars)

    This property has been with one family for many years, great opportunity to own and invest in a 2F residence. Each unit is rented, month to month and generates $1350 in rents a month, along with taxes the expenses are roughly $1258 a year for insurance, $50 a month in electric, $80-90 for water quarterly. *Water is included in rent for the tenants. Property is being sold ''as is''. Back on the market due to lack of communication from out of town buyer. Offers pending releases being signed.

11. 2022-07-20
    status Pending 494-char remark

    Show marketing remark (494 chars)

    This property has been with one family for many years, great opportunity to own and invest in a 2F residence. Each unit is rented, month to month and generates $1350 in rents a month, along with taxes the expenses are roughly $1258 a year for insurance, $50 a month in electric, $80-90 for water quarterly. *Water is included in rent for the tenants. Property is being sold ''as is''. Back on the market due to lack of communication from out of town buyer. Offers pending releases being signed.

12. 2022-07-13
    historical Contingent 494-char remark

    Show marketing remark (494 chars)

    This property has been with one family for many years, great opportunity to own and invest in a 2F residence. Each unit is rented, month to month and generates $1350 in rents a month, along with taxes the expenses are roughly $1258 a year for insurance, $50 a month in electric, $80-90 for water quarterly. *Water is included in rent for the tenants. Property is being sold ''as is''. Back on the market due to lack of communication from out of town buyer. Offers pending releases being signed.

13. 2022-07-01
    listed $132,500 Active 494-char remark

    Show marketing remark (494 chars)

    This property has been with one family for many years, great opportunity to own and invest in a 2F residence. Each unit is rented, month to month and generates $1350 in rents a month, along with taxes the expenses are roughly $1258 a year for insurance, $50 a month in electric, $80-90 for water quarterly. *Water is included in rent for the tenants. Property is being sold ''as is''. Back on the market due to lack of communication from out of town buyer. Offers pending releases being signed.

ⓘ 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: $2,121 · $177/mo
• Projected year-2 tax: $2,286 · $190/mo
• Expected delta: +$165/yr (+$14/mo · 7.8%)

ⓘ 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: $34,980
• − Mortgage interest: −$8,122
• − Property taxes: −$2,121
• − Insurance: −$725
• − Repairs & maintenance: −$2,798
• − Management: −$2,798
• − Depreciation: −$4,218
• Taxable income: $14,197
• Est. tax owed @ 24.0%: −$3,407
• After-tax cash flow: $12,256/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.

Condition & rehab AI · 5 photos

Fair 45/100 Moderate rehab Est. rehab $27,000–$48,600 screening

This multi-family property requires significant exterior and interior renovations to improve its condition and increase its value. A new siding and interior renovation would be the highest-ROI updates.

Repairs flagged

• Major exterior siding — The siding is visibly weathered and stained, indicating a need for replacement or significant cleaning.
• Major interior paint — The paint is peeling and the flooring looks worn, indicating a need for a full interior renovation.

Value-add opportunities

• Both exterior siding replacement — A new exterior siding will improve the curb appeal and increase the property's resale and rental value. ↑
• Both interior renovation — A fresh paint job and new flooring will significantly improve the interior condition, enhancing both resale and rental potential. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 45/100

Zoned Schools

Elementary Giffen Memorial Elementary School F NY #1,992/2,108 Nat'l #33,738/41,679 High Albany High School B+ NY #710/1,100 Nat'l #2,083/17,239

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

B Composite livability gradescore 79/100

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 · 320,794 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: 5% of renters

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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%

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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%

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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

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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

+9.4% since first listed

10 events — show timeline

• 2026-04-21 Pending — Global MLS
• 2026-01-22 Listed $145,000 Global MLS
• 2023-02-03 Sold (Public Records) $80,000 Public Records
• 2022-12-27 Pending — Global MLS
• 2022-10-22 Price Changed $105,000 Global MLS
• 2022-09-18 Price Changed $125,400 Global MLS
• 2022-09-06 Relisted — Global MLS
• 2022-07-20 Pending — Global MLS
• 2022-07-13 Contingent — Global MLS
• 2022-07-01 Listed $132,500 Global MLS

Property tax history

+4.3%/yr

Latest (2025): $2,121 · +9.3% YoY. Source: county tax records.