511 Morris St · Albany, NY 12208

$274,900

2 bd · 2.0 ba · 1,872 sqft · MultiFamily public records · 102 Days on market

Built 1880 4,791 sqft lot $147/sqft · 33% below area Est $459k · 40% 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 +26.8/30.0
• ARV discount +15.0/15.0
• DSCR +9.2/10.0
• 1% rule +7.7/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Well-maintained two-family investment property in Albany's desirable Pine Hills neighborhood. Both units currently have long-term tenants who would like to renew their leases. Property features separate utilities, a large driveway with ample off-street parking, and a small backyard area. Coin-operated washer and dryer located in the basement. The second unit has been recently fully renovated, while the first unit has been freshly painted with refinished floors. Convenient Albany location close to colleges, hospitals, shopping, and restaurants.

Key facts

• Separate utilities
• Large driveway
• 4,791 sq ft lot

Tags

• TWO-FAMILY INVESTMENT PROPERTY
• SEPARATE UTILITIES
• LARGE DRIVEWAY
• AMPLE OFF-STREET PARKING
• COIN-OPERATED WASHER AND DRYER
• RECENTLY FULLY RENOVATED

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $752 ($9k/yr) — positive. Per door: $376/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $250k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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 (+5.0%/yr); 100 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,480/mo this rent would consume 59% of the median local household income ($70k/yr) (locally 1952% 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 $2k of loan paydown is wiped out by about $8k 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 + 5.0% rent growth), your $77k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($250k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 26y ago; this cycle's ask has dropped $15k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $148k; list at $275k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $250,159 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.27% ✓
• Cap rate: 9.57%
• Cash-on-cash: 11.72%
• DSCR: 1.52
• GRM: 6.6

CMA / ARV

• ARV (median comp): $459,121
• List price: $274,900
• Delta: -40.12%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
338 Manning Blvd	0.74mi	3/2.0 (+1)	1,680 (-10%)	9mo	$242,500	$144	36
60 Bradford St	0.74mi	3/2.0 (+1)	1,600 (-14%)	5mo	$170,000	$106	32

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 · 5.05% rent growth · sell at horizon

5-year hold

• IRR: 3.5%
• Equity multiple: 1.14×
• Total profit: $10,775
• Equity at exit: $40,988

10-year hold

• IRR: 15.0%
• Equity multiple: 2.34×
• Total profit: $102,840
• Equity at exit: $23,768

Cash invested: $76,972 (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 12208

• Home prices YoY: -30.1%
• Rents YoY: 5.0%
• Active inventory: 100
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $3,480 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$441 /mo · $5,295/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$731
• Net cashflow: $752

Break-even live

Break-even rent $2,528

Max offer price $274,900

Occupancy floor 73%

Sensitivity live

Price	-10% $907	-5% $830	+0% $752	+5% $674	+10% $596
Rent	-10% $477	-5% $614	+0% $752	+5% $889	+10% $1,027
Rate	-1.0pp $890	-0.5pp $822	base $752	+0.5pp $681	+1.0pp $608

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,480
Total (2 units)			$3,480

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: $68,725
• Closing costs: $8,247
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
363 Ontario St Albany, NY	1.0–2.0	1.0–2.5	1610	$3,485	$2.16	15d	1	0.15mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,850	$1.46	15d	1	0.25mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	25d	1	0.35mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	45d	1	0.38mi
21 Woodlawn Ave Unit 3RDFL Albany, NY	3.0	1.0	1300	$1,500	$1.15	45d	1	0.41mi
21 Woodlawn Ave Unit 3rd floor Albany, NY	3.0	1.0	1300	$1,500	$1.15	25d	1	0.41mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	15d	1	0.42mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	45d	1	0.44mi
104 S Main Ave Unit 1 Albany, NY	3.0	1.0	1300	$2,600	$2.00	45d	1	0.46mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	15d	1	0.50mi
78 S Pine Ave Unit 2 Albany, NY	3.0	1.5	1541	$2,350	$1.52	15d	1	0.71mi
563 New Scotland Ave Albany, NY	2.0	1.0–2.0	931	$3,125	$3.36	15d	37	0.93mi
88 Willett St Albany, NY	3.0	1.0	825	$1,802	$2.18	15d	10	0.93mi
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	45d	1	0.96mi
240 Washington Ave Albany, NY	2.0	2.0	1560	$2,450	$1.57	45d	1	0.99mi
227 Jay St Albany, NY	2.0	2.0	1710	$2,150	$1.26	45d	1	1.02mi
366 Hamilton St #2 Albany, NY	1.0	1.0	1400	$1,800	$1.29	15d	1	1.08mi
53 Greenway N Albany, NY	3.0	2.0	1500	$2,600	$1.73	25d	1	1.14mi
41 Dove St Albany, NY	2.0	2.5	2400	$2,350	$0.98	15d	1	1.15mi
154 Lancaster St Unit 1 Albany, NY	2.0	1.5	1500	$2,200	$1.47	25d	1	1.17mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	25d	1	1.19mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	45d	1	1.21mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	25d	1	1.32mi

Listing history 35 events

1. 2026-06-21
   days on market $274,900 Active 102 DOM
2. 2026-06-18
   days on market $274,900 Active 99 DOM
3. 2026-06-17
   days on market $274,900 Active 98 DOM
4. 2026-06-16
   days on market $274,900 Active 97 DOM
5. 2026-06-15
   days on market $274,900 Active 96 DOM
6. 2026-06-14
   days on market $274,900 Active 94 DOM
7. 2026-06-10
   days on market $274,900 Active 91 DOM
8. 2026-06-08
   days on market $274,900 Active 89 DOM
9. 2026-06-07
   days on market $274,900 Active 88 DOM
10. 2026-06-03
    days on market $274,900 Active 84 DOM
11. 2026-06-02
    days on market $274,900 Active 83 DOM
12. 2026-06-01
    days on market $274,900 Active 82 DOM
13. 2026-05-31
    days on market $274,900 Active 81 DOM
14. 2026-05-31
    days on market $274,900 Active 80 DOM
15. 2026-03-25
    price $274,900 549-char remark

    Show marketing remark (549 chars)

    Well-maintained two-family investment property in Albany's desirable Pine Hills neighborhood. Both units currently have long-term tenants who would like to renew their leases. Property features separate utilities, a large driveway with ample off-street parking, and a small backyard area. Coin-operated washer and dryer located in the basement. The second unit has been recently fully renovated, while the first unit has been freshly painted with refinished floors. Convenient Albany location close to colleges, hospitals, shopping, and restaurants.

16. 2026-03-11
    listed $289,900 Active 549-char remark

    Show marketing remark (549 chars)

    Well-maintained two-family investment property in Albany's desirable Pine Hills neighborhood. Both units currently have long-term tenants who would like to renew their leases. Property features separate utilities, a large driveway with ample off-street parking, and a small backyard area. Coin-operated washer and dryer located in the basement. The second unit has been recently fully renovated, while the first unit has been freshly painted with refinished floors. Convenient Albany location close to colleges, hospitals, shopping, and restaurants.

17. 2017-12-15
    soldstatus $148,400 Closed (Final Sale) 477-char remark

    Show marketing remark (477 chars)

    Well maintained 2 Family investment property in desirable Pine Hills neighborhood! Long-term tenants in both units wish to renew leases for another year. Large driveway with plenty of off-street parking for both units. Small backyard area, separate utilities, washer/dryer in basement with coin operation capabilities. Recently & fully renovated 2nd unit. Recently painted & refinished floors in 1st unit. Convenient Albany location! Agent is owner. Excellent Condition

18. 2017-10-27
    status Pend (Under Cntr) 477-char remark

    Show marketing remark (477 chars)

    Well maintained 2 Family investment property in desirable Pine Hills neighborhood! Long-term tenants in both units wish to renew leases for another year. Large driveway with plenty of off-street parking for both units. Small backyard area, separate utilities, washer/dryer in basement with coin operation capabilities. Recently & fully renovated 2nd unit. Recently painted & refinished floors in 1st unit. Convenient Albany location! Agent is owner. Excellent Condition

19. 2017-09-29
    price $149,000 477-char remark

    Show marketing remark (477 chars)

    Well maintained 2 Family investment property in desirable Pine Hills neighborhood! Long-term tenants in both units wish to renew leases for another year. Large driveway with plenty of off-street parking for both units. Small backyard area, separate utilities, washer/dryer in basement with coin operation capabilities. Recently & fully renovated 2nd unit. Recently painted & refinished floors in 1st unit. Convenient Albany location! Agent is owner. Excellent Condition

20. 2017-08-08
    price $154,000 477-char remark

    Show marketing remark (477 chars)

    Well maintained 2 Family investment property in desirable Pine Hills neighborhood! Long-term tenants in both units wish to renew leases for another year. Large driveway with plenty of off-street parking for both units. Small backyard area, separate utilities, washer/dryer in basement with coin operation capabilities. Recently & fully renovated 2nd unit. Recently painted & refinished floors in 1st unit. Convenient Albany location! Agent is owner. Excellent Condition

21. 2017-07-26
    price $159,000 477-char remark

    Show marketing remark (477 chars)

    Well maintained 2 Family investment property in desirable Pine Hills neighborhood! Long-term tenants in both units wish to renew leases for another year. Large driveway with plenty of off-street parking for both units. Small backyard area, separate utilities, washer/dryer in basement with coin operation capabilities. Recently & fully renovated 2nd unit. Recently painted & refinished floors in 1st unit. Convenient Albany location! Agent is owner. Excellent Condition

22. 2017-07-18
    price $164,500 477-char remark

    Show marketing remark (477 chars)

    Well maintained 2 Family investment property in desirable Pine Hills neighborhood! Long-term tenants in both units wish to renew leases for another year. Large driveway with plenty of off-street parking for both units. Small backyard area, separate utilities, washer/dryer in basement with coin operation capabilities. Recently & fully renovated 2nd unit. Recently painted & refinished floors in 1st unit. Convenient Albany location! Agent is owner. Excellent Condition

23. 2017-07-06
    listed $169,500 New 477-char remark

    Show marketing remark (477 chars)

    Well maintained 2 Family investment property in desirable Pine Hills neighborhood! Long-term tenants in both units wish to renew leases for another year. Large driveway with plenty of off-street parking for both units. Small backyard area, separate utilities, washer/dryer in basement with coin operation capabilities. Recently & fully renovated 2nd unit. Recently painted & refinished floors in 1st unit. Convenient Albany location! Agent is owner. Excellent Condition

24. 2012-09-18
    soldstatus $127,500
25. 2012-06-21
    soldstatus $127,500
26. 2012-05-04
    historical
27. 2012-04-24
    listed $129,900
28. 2011-11-01
    historical
29. 2011-02-07
    listed $139,900
30. 2009-07-02
    historical
31. 2009-01-02
    listed $149,900
32. 2000-10-24
    soldstatus $72,000
33. 2000-07-14
    soldstatus $72,000
34. 2000-03-17
    historical
35. 2000-01-27
    listed $76,000

ⓘ 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: $5,295 · $441/mo
• Projected year-2 tax: $5,295 · $441/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: $41,760
• − Mortgage interest: −$15,399
• − Property taxes: −$5,295
• − Insurance: −$1,374
• − Repairs & maintenance: −$3,341
• − Management: −$3,341
• − Depreciation: −$7,997
• Taxable income: $5,013
• Est. tax owed @ 24.0%: −$1,203
• After-tax cash flow: $7,819/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): 23,289
• Household income: $70,413
• Rent vs Own: 54.9% rent · 45.1% own
• Severe rent burden: 1952.0

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 (66%)
• Race & ethnicity: White 66% Black 12% Asian 10% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 5% Italian 3% Scotch-Irish 3%
• Foreign-born: 16% · Canada, China, Philippines
• Languages at home: 83% English-only · Other Indo-European 4% Other Asian/Pacific 3% French/Haitian/Cajun 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: ▼ -120.46%
• Current HPI: 279.716
• Rent YoY: ▲ 5.05%
• 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

+261.7% since first listed

21 events — show timeline

• 2026-03-25 Price Changed $274,900 Global MLS
• 2026-03-11 Listed $289,900 Global MLS
• 2017-12-15 Sold (MLS) $148,400 Global MLS
• 2017-10-27 Pending — Global MLS
• 2017-09-29 Price Changed $149,000 Global MLS
• 2017-08-08 Price Changed $154,000 Global MLS
• 2017-07-26 Price Changed $159,000 Global MLS
• 2017-07-18 Price Changed $164,500 Global MLS
• 2017-07-06 Listed $169,500 Global MLS
• 2012-09-18 Sold (Public Records) $127,500 Public Records
• 2012-06-21 Sold (MLS) $127,500 Global MLS
• 2012-05-04 Listing Removed — Global MLS
• 2012-04-24 Listed $129,900 Global MLS
• 2011-11-01 Listing Removed — Global MLS
• 2011-02-07 Listed $139,900 Global MLS
• 2009-07-02 Listing Removed — Global MLS
• 2009-01-02 Listed $149,900 Global MLS
• 2000-10-24 Sold (Public Records) $72,000 Public Records
• 2000-07-14 Sold (MLS) $72,000 Global MLS
• 2000-03-17 Listing Removed — Global MLS
• 2000-01-27 Listed $76,000 Global MLS

Property tax history

+2.1%/yr

Latest (2025): $5,295 · -0.8% YoY. Source: county tax records.