497 Washington Ave · Albany, NY 12206

$199,999

2 bd · 2.0 ba · 1,924 sqft · SingleFamily · 117 Days on market

Built 1910 3,920 sqft lot $104/sqft · 40% below area Est $334k · 40% under

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Why this score? — see what drove the C 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 +19.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +5.1/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss one of the best-priced commercial opportunities in Pine Hills! This mixed-use property offers immediate income with future upside in a highly visible location for your next business, just one block from the UAlbany Downtown Campus. The second floor features a leased 2-bedroom apartment secured through May 2027, providing stable income from the start. The vacant first-floor commercial space offers incredible flexibility. It is currently vacant and ready for your vision -- ideal for retail, office, studio, or service-based business. Close to Washington Park, the SUNY Albany downtown campus, and directly on the bus line, this property benefits from strong tenant demand, visibility, and convenience. This is a rare opportunity to secure a well-located mixed-use property in one of Albany's most active rental corridors with built-in income and future growth potential.

Key facts

• Leased apartment
• Mixed-use property
• Strong tenant demand

Tags

• MIXED-USE PROPERTY
• LEASED APARTMENT
• VACANT COMMERCIAL SPACE
• STRONG TENANT DEMAND
• HIGHLY VISIBLE LOCATION
• CLOSE TO WASHINGTON PARK

🏷️ Possibly a rental listed for sale. The $199,999 price doesn't fit this home's estimated sale value (~$334,399) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $216 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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 fast (+5.4%/yr); 89 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $2,022/mo this rent would consume 58% of the median local household income ($42k/yr) (locally 2035% 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 6y ago; this cycle's ask has dropped $50k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $181,999 (9.0% below list)

Questions for the listing agent

1. It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 7.59%
• Cash-on-cash: 4.62%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

• ARV (median comp): $334,399
• List price: $199,999
• Delta: -40.19%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
294 Western Ave	0.32mi	3/1.5 (+1)	1,840 (-4%)	12mo	$275,000	$149	61
282 Morris St	0.52mi	3/1.5 (+1)	1,766 (-8%)	14mo	$250,000	$142	43
564 Myrtle Ave	0.55mi	3/1.5 (+1)	1,692 (-12%)	8mo	$309,000	$183	41
257 Quail St	0.36mi	2/2.5	2,208 (+15%)	23mo	$200,000	$91	38
105 S Lake Ave	0.47mi	3/2.5 (+1)	2,200 (+14%)	20mo	$360,000	$164	30

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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: -6.4%
• Equity multiple: 0.76×
• Total profit: $-13,711
• Equity at exit: $29,821

10-year hold

• IRR: 5.9%
• Equity multiple: 1.48×
• Total profit: $27,131
• Equity at exit: $17,292

Cash invested: $56,000 (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 12206

• Home prices YoY: -9.9%
• Rents YoY: 5.4%
• Active inventory: 89
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,022 high
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $216

Break-even live

Break-even rent $1,750

Max offer price $199,999

Occupancy floor 84%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	14d	1	0.13mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	43d	1	0.15mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	14d	1	0.16mi
240 Washington Ave Albany, NY	2.0	2.0	1560	$2,450	$1.57	43d	1	0.61mi
363 Ontario St Albany, NY	1.0–2.0	1.0–2.5	1610	$3,485	$2.16	14d	1	0.68mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	23d	1	0.71mi
88 Willett St Albany, NY	3.0	1.0	825	$1,802	$2.18	14d	10	0.72mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,850	$1.46	14d	1	0.72mi
227 Jay St Albany, NY	2.0	2.0	1710	$2,150	$1.26	43d	1	0.74mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	23d	1	0.80mi
21 Woodlawn Ave Unit 3RDFL Albany, NY	3.0	1.0	1300	$1,500	$1.15	43d	1	0.81mi
21 Woodlawn Ave Unit 3rd floor Albany, NY	3.0	1.0	1300	$1,500	$1.15	23d	1	0.81mi
41 Dove St Albany, NY	2.0	2.5	2400	$2,350	$0.98	14d	1	0.83mi
366 Hamilton St #2 Albany, NY	1.0	1.0	1400	$1,800	$1.29	14d	1	0.86mi
154 Lancaster St Unit 1 Albany, NY	2.0	1.5	1500	$2,200	$1.47	23d	1	0.88mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	43d	1	0.91mi
104 S Main Ave Unit 1 Albany, NY	3.0	1.0	1300	$2,600	$2.00	43d	1	0.99mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	23d	1	0.99mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	43d	1	1.09mi
78 S Pine Ave Unit 2 Albany, NY	3.0	1.5	1541	$2,350	$1.52	14d	1	1.13mi
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	43d	1	1.17mi
15 Ten Broeck St Albany, NY	2.0	1.5	1900	$1,750	$0.92	21d	1	1.28mi
48 N Pearl St Albany, NY	2.0	1.0–2.5	1251	$3,500	$2.80	14d	17	1.37mi
563 New Scotland Ave Albany, NY	2.0	1.0–2.0	931	$3,125	$3.36	14d	37	1.47mi
32 Richmond St Unit 2 Albany, NY	3.0	3.0	1248	$2,500	$2.00	14d	1	1.48mi

Listing history 32 events

1. 2026-06-18
   days on market $199,999 Active 117 DOM
2. 2026-06-17
   days on market $199,999 Active 116 DOM
3. 2026-06-16
   days on market $199,999 Active 115 DOM
4. 2026-06-15
   days on market $199,999 Active 114 DOM
5. 2026-06-14
   days on market $199,999 Active 112 DOM
6. 2026-06-10
   days on market $199,999 Active 109 DOM
7. 2026-06-08
   days on market $199,999 Active 107 DOM
8. 2026-06-07
   days on market $199,999 Active 106 DOM
9. 2026-06-03
   days on market $199,999 Active 102 DOM
10. 2026-06-02
    pricedays on market $199,999 Active 101 DOM
11. 2026-06-01
    days on market $224,900 Active 100 DOM
12. 2026-05-31
    days on market $224,900 Active 99 DOM
13. 2026-05-31
    days on market $224,900 Active 98 DOM
14. 2026-04-17
    price $224,900 894-char remark

    Show marketing remark (894 chars)

    Don't miss one of the best-priced commercial opportunities in Pine Hills! This mixed-use property offers immediate income with future upside in a highly visible location for your next business, just one block from the UAlbany Downtown Campus. The second floor features a leased 2-bedroom apartment secured through May 2027, providing stable income from the start. The vacant first-floor commercial space offers incredible flexibility. It is currently vacant and ready for your vision -- ideal for retail, office, studio, or service-based business. Close to Washington Park, the SUNY Albany downtown campus, and directly on the bus line, this property benefits from strong tenant demand, visibility, and convenience. This is a rare opportunity to secure a well-located mixed-use property in one of Albany's most active rental corridors with built-in income and future growth potential.

15. 2026-02-21
    listed $250,000 Active 894-char remark

    Show marketing remark (894 chars)

    Don't miss one of the best-priced commercial opportunities in Pine Hills! This mixed-use property offers immediate income with future upside in a highly visible location for your next business, just one block from the UAlbany Downtown Campus. The second floor features a leased 2-bedroom apartment secured through May 2027, providing stable income from the start. The vacant first-floor commercial space offers incredible flexibility. It is currently vacant and ready for your vision -- ideal for retail, office, studio, or service-based business. Close to Washington Park, the SUNY Albany downtown campus, and directly on the bus line, this property benefits from strong tenant demand, visibility, and convenience. This is a rare opportunity to secure a well-located mixed-use property in one of Albany's most active rental corridors with built-in income and future growth potential.

16. 2025-03-30
    price $219,900
17. 2025-03-17
    status Active
18. 2025-03-04
    status Pending
19. 2025-03-04
    historical
20. 2025-01-28
    status Active
21. 2025-01-23
    historical Contingent
22. 2024-12-30
    price $229,900
23. 2024-12-30
    listed $299,900 Active
24. 2024-12-28
    price $229,900
25. 2024-07-10
    status Active
26. 2024-07-07
    status Pending
27. 2024-07-07
    historical
28. 2024-07-07
    price $250,000
29. 2024-06-28
    listed $250,000 Active
30. 2020-08-07
    status Pend (Under Cntr)
31. 2020-08-07
    historical
32. 2020-03-03
    listed $149,000 New

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,269
• − Mortgage interest: −$11,203
• − Property taxes: −$3,000
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,942
• − Management: −$1,942
• − Depreciation: −$5,818
• Taxable loss: −$635
• Est. tax savings @ 24.0%: +$152
• After-tax cash flow: $2,739/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): 14,572
• Household income: $41,548
• Rent vs Own: 73.4% rent · 26.6% own
• Severe rent burden: 2035.0

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: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: Black 38% White 27% Hispanic / Latino 15% Two or more races 12% Asian 10%
• Hispanic origin (detail): Puerto Rican 10% Dominican 1%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 1%
• Foreign-born: 22% · Canada, China
• Languages at home: 75% English-only · Spanish 10% Other Indo-European 5% Chinese 3%

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: ▼ -30.24%
• Current HPI: 275.8109
• Rent YoY: ▲ 5.37%
• 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

+50.9% since first listed

19 events — show timeline

• 2026-04-17 Price Changed $224,900 Global MLS
• 2026-02-21 Listed $250,000 Global MLS
• 2025-03-30 Price Changed $219,900 Global MLS
• 2025-03-17 Relisted — Global MLS
• 2025-03-04 Pending — Global MLS
• 2025-03-04 Listing Removed — Global MLS
• 2025-01-28 Relisted — Global MLS
• 2025-01-23 Contingent — Global MLS
• 2024-12-30 Price Changed $229,900 Global MLS
• 2024-12-30 Listed $299,900 Global MLS
• 2024-12-28 Price Changed $229,900 Global MLS
• 2024-07-10 Relisted — Global MLS
• 2024-07-07 Pending — Global MLS
• 2024-07-07 Price Changed $250,000 Global MLS
• 2024-07-07 Listing Removed — Global MLS
• 2024-06-28 Listed $250,000 Global MLS
• 2020-08-07 Pending — Global MLS
• 2020-08-07 Listing Removed — Global MLS
• 2020-03-03 Listed $149,000 Global MLS