810 Lancaster St · Albany, NY 12203

$365,000

6 bd · 3.0 ba · 3,424 sqft · MultiFamily public records · 5 Days on market

Built 1946 5,662 sqft lot Est $428k · 15% 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 +30.0/30.0
• ARV discount +14.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Perfect for Investment or Owner Occupant! Three big units with beautiful woodwork, fireplaces, and large kitchens. Full front porch downstairs; private porch for unit 3; private deck for unit 2. Two car garage for owner use or added income plus 2 off street pkg spaces. Both boilers new w/in 3 yrs. Rents could easily be higher in units 1 & 2. Very Good Condition

Key facts

• Coveted neighborhood
• Efficient boilers
• New roof

Tags

• THREE FAMILY RESIDENCE
• TWO STORY OWNERS SUITE
• NEW ROOF
• EFFICIENT BOILERS
• UPDATED VINYL WINDOWS
• COVETED NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $365k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $588/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $365k).
• Cap rate 12.1% 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); 124 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $5,846/mo this rent would consume 84% 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 $11k 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 $102k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 16y 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 $214k; list at $365k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $365,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.60% ✓
• Cap rate: 12.09%
• Cash-on-cash: 20.70%
• DSCR: 1.92
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $428,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
866 Madison Ave	0.51mi	6/5.0	3,424 (0%)	6mo	$377,000	$110	64
1 S Pine Ave	0.30mi	6/2.5	3,719 (+9%)	11mo	$390,000	$105	60
78 S Pine Ave	0.45mi	6/3.0	3,082 (-10%)	4mo	$427,500	$139	59
475 Hamilton St	0.60mi	6/2.0	3,320 (-3%)	5mo	$275,000	$83	59
25 N Pine Ave	0.24mi	6/2.0	3,232 (-6%)	21mo	$405,000	$125	58
883 Warren St	0.44mi	6/2.0	3,192 (-7%)	14mo	$410,000	$128	53
789 Park Ave	0.43mi	6/2.0	3,000 (-12%)	6mo	$359,000	$120	50
575 Western Ave	0.34mi	7/5.0 (+1)	3,810 (+11%)	7mo	$565,000	$148	46
798 Park Ave	0.45mi	6/2.0	3,006 (-12%)	16mo	$397,000	$132	42
424-426 Hudson Ave	0.73mi	6/2.0	2,972 (-13%)	13mo	$273,000	$92	29
92 Ontario St	0.74mi	7/2.0 (+1)	3,112 (-9%)	18mo	$220,000	$71	27
296 Quail St	0.75mi	6/2.0	2,956 (-14%)	17mo	$375,000	$127	24

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: 11.7%
• Equity multiple: 1.46×
• Total profit: $46,730
• Equity at exit: $54,423

10-year hold

• IRR: 19.7%
• Equity multiple: 2.56×
• Total profit: $159,634
• Equity at exit: $31,559

Cash invested: $102,200 (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: 15.6×

Monthly cashflow live

• Estimated rent: $5,846 high
• Mortgage (P&I): −$1,914
• Tax from tax record: −$789 /mo · $9,473/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,228
• Net cashflow: $1,763

Break-even live

Break-even rent $3,615

Max offer price $365,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$5,847
Total (3 units)			$5,846

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: $91,250
• Closing costs: $10,950
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
69 Winthrop Ave Albany, NY	6.0	2.0	2800	$2,795	$1.00	23d	1	0.43mi

Listing history 6 events

1. 2026-04-21
   status Pending
2. 2026-04-16
   listed $365,000 Active
3. 2011-04-29
   soldstatus $214,000
4. 2011-04-26
   soldstatus $214,000 372-char remark

   Show marketing remark (372 chars)

   Perfect for Investment or Owner Occupant! Three big units with beautiful woodwork, fireplaces, and large kitchens. Full front porch downstairs; private porch for unit 3; private deck for unit 2. Two car garage for owner use or added income plus 2 off street pkg spaces. Both boilers new w/in 3 yrs. Rents could easily be higher in units 1 & 2. Very Good Condition

5. 2011-02-28
   historical 372-char remark

   Show marketing remark (372 chars)

   Perfect for Investment or Owner Occupant! Three big units with beautiful woodwork, fireplaces, and large kitchens. Full front porch downstairs; private porch for unit 3; private deck for unit 2. Two car garage for owner use or added income plus 2 off street pkg spaces. Both boilers new w/in 3 yrs. Rents could easily be higher in units 1 & 2. Very Good Condition

6. 2010-08-16
   listed $220,000 372-char remark

   Show marketing remark (372 chars)

   Perfect for Investment or Owner Occupant! Three big units with beautiful woodwork, fireplaces, and large kitchens. Full front porch downstairs; private porch for unit 3; private deck for unit 2. Two car garage for owner use or added income plus 2 off street pkg spaces. Both boilers new w/in 3 yrs. Rents could easily be higher in units 1 & 2. Very Good 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: $9,473 · $789/mo
• Projected year-2 tax: $9,473 · $789/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: $70,152
• − Mortgage interest: −$20,446
• − Property taxes: −$9,473
• − Insurance: −$1,825
• − Repairs & maintenance: −$5,612
• − Management: −$5,612
• − Depreciation: −$10,618
• Taxable income: $16,566
• Est. tax owed @ 24.0%: −$3,976
• After-tax cash flow: $17,177/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

+65.9% since first listed

6 events — show timeline

• 2026-04-21 Pending — Global MLS
• 2026-04-16 Listed $365,000 Global MLS
• 2011-04-29 Sold (Public Records) $214,000 Public Records
• 2011-04-26 Sold (MLS) $214,000 Global MLS
• 2011-02-28 Listing Removed — Global MLS
• 2010-08-16 Listed $220,000 Global MLS

Property tax history

+1.6%/yr

Latest (2025): $9,473 · +2.9% YoY. Source: county tax records.