318 1st St · Albany, NY 12206

$230,000

3 bd · 3.0 ba · 3,150 sqft · MultiFamily public records · 24 Days on market

Built 1920 2,178 sqft lot Est $387k · 41% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

.Calling all investors! Great opportunity to add to your portfolio Down stairs ( basement) 1 bedroom, 1 bath. Apt 2 -2 story with 1 bedroom on 1st floor and 3 bedrooms upstairs and 2 bathrooms . Separate utilities. Great income potential.

Key facts

• 2,178 sq ft lot
• Built 1920
• Listed 24 days

Property features AI

Finance

• Financial info: Two-unit property; Tenants pay hot water, heat, internet, cable TV, electricity, and gas; Owner pays water and trash collection

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex; Finished below-grade area present
• Construction: Brick and wood siding exterior; Rubber roof
• Exterior features: Back yard fencing

Interior

• Kitchen: Unit 2: kitchens located in basement and on 1st floor
• Bedrooms: Unit 1: 1 bedroom; Unit 2: 4 bedrooms (1 in basement, 1 on 1st floor, 3 on 2nd floor)
• Flooring: Vinyl flooring; Laminate flooring
• Bathrooms: 3 full bathrooms total (one in basement, one on 1st floor, one on 2nd floor); Unit 1: 1 full bath; Unit 2: 2 full baths (one in basement, one on 1st floor, one on 2nd floor)
• Heating & cooling: Baseboard heating (natural gas); Wall cooling units
• Interior features: Vinyl and laminate flooring
• Laundry & utility: Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $230k).
• Recommended offer: $227k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.5% 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 fast (+5.4%/yr); 89 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 + 5.4% rent growth), your $64k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 22y 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 $51k; list at $230k implies a 351% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $226,550 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.15% ✓
• Cap rate: 18.47%
• Cash-on-cash: 43.50%
• DSCR: 2.94
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $387,450
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13 Lexington Ave	0.05mi	3/2.0	3,064 (-3%)	21mo	$68,900	$22	72
492 Madison Ave	0.75mi	3/2.5	2,995 (-5%)	4mo	$360,000	$120	52
51 1/2 First St	0.71mi	4/3.5 (+1)	2,975 (-6%)	5mo	$365,000	$123	46
234 Lark St	0.59mi	4/3.0 (+1)	3,048 (-3%)	23mo	$460,000	$151	43
395 Hamilton St	0.73mi	3/4.0	2,880 (-9%)	19mo	$440,000	$153	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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: 43.0%
• Equity multiple: 2.92×
• Total profit: $123,577
• Equity at exit: $34,294

10-year hold

• IRR: 50.2%
• Equity multiple: 6.46×
• Total profit: $351,453
• Equity at exit: $19,886

Cash invested: $64,400 (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: 12.4×

Monthly cashflow live

• Estimated rent: $4,956 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$279 /mo · $3,346/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,041
• Net cashflow: $2,334

Break-even live

Break-even rent $2,001

Max offer price $230,000

Occupancy floor 48%

Sensitivity live

Price	-10% $2,465	-5% $2,400	+0% $2,334	+5% $2,269	+10% $2,204
Rent	-10% $1,943	-5% $2,139	+0% $2,334	+5% $2,530	+10% $2,726
Rate	-1.0pp $2,450	-0.5pp $2,393	base $2,334	+0.5pp $2,275	+1.0pp $2,214

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,102
1× unit	3	1	$1,854
Total (3 units)			$4,956

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
41 Dove St Albany, NY	2.0	2.5	2400	$2,350	$0.98	15d	1	0.61mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	44d	1	0.66mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	44d	1	0.82mi
363 Ontario St Albany, NY	1.0–2.0	1.0–2.5	1610	$3,485	$2.16	15d	1	1.16mi
32 Peyster St Unit 1st floor Albany, NY	3.0	2.0	2714	$2,500	$0.92	44d	1	1.41mi
57 S Main Ave Albany, NY	4.0	1.0	2695	$1,600	$0.59	44d	1	1.41mi

Listing history 31 events

1. 2026-06-21
   days on market $230,000 Active 24 DOM
2. 2026-06-18
   days on market $230,000 Active 21 DOM
3. 2026-06-17
   days on market $230,000 Active 20 DOM
4. 2026-06-16
   days on market $230,000 Active 19 DOM
5. 2026-06-15
   days on market $230,000 Active 18 DOM
6. 2026-06-14
   days on market $230,000 Active 16 DOM
7. 2026-06-10
   days on market $230,000 Active 13 DOM
8. 2026-06-08
   days on market $230,000 Active 11 DOM
9. 2026-06-07
   days on market $230,000 Active 10 DOM
10. 2026-06-03
    days on market $230,000 Active 6 DOM
11. 2026-06-02
    days on market $230,000 Active 5 DOM
12. 2026-06-01
    days on market $230,000 Active 4 DOM
13. 2026-05-31
    days on market $230,000 Active 3 DOM
14. 2026-05-31
    days on market $230,000 Active 2 DOM
15. 2026-05-28
    listed $230,000 Active
16. 2017-06-20
    soldstatus $51,000
17. 2014-12-30
    historical
18. 2014-06-30
    listed $63,000
19. 2012-09-15
    historical
20. 2012-03-20
    listed $64,900
21. 2012-01-01
    historical
22. 2011-07-05
    listed $64,900
23. 2007-06-01
    soldstatus $36,000
24. 2007-03-30
    historical
25. 2006-12-01
    listed $48,000
26. 2005-03-23
    soldstatus $43,000
27. 2005-03-23
    soldstatus $55,000
28. 2005-02-20
    soldstatus $43,000
29. 2005-02-16
    historical
30. 2004-10-25
    listed $49,900
31. 2004-10-12
    soldstatus $50,000

ⓘ 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: $3,346 · $279/mo
• Projected year-2 tax: $3,617 · $301/mo
• Expected delta: +$270/yr (+$23/mo · 8.1%)

ⓘ 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: $59,472
• − Mortgage interest: −$12,884
• − Property taxes: −$3,346
• − Insurance: −$1,150
• − Repairs & maintenance: −$4,758
• − Management: −$4,758
• − Depreciation: −$6,691
• Taxable income: $25,886
• Est. tax owed @ 24.0%: −$6,213
• After-tax cash flow: $21,800/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

+360.0% since first listed

17 events — show timeline

• 2026-05-28 Listed $230,000 Global MLS
• 2017-06-20 Sold (Public Records) $51,000 Public Records
• 2014-12-30 Listing Removed — Global MLS
• 2014-06-30 Listed $63,000 Global MLS
• 2012-09-15 Listing Removed — Global MLS
• 2012-03-20 Listed $64,900 Global MLS
• 2012-01-01 Listing Removed — Global MLS
• 2011-07-05 Listed $64,900 Global MLS
• 2007-06-01 Sold (MLS) $36,000 Global MLS
• 2007-03-30 Listing Removed — Global MLS
• 2006-12-01 Listed $48,000 Global MLS
• 2005-03-23 Sold (Public Records) $55,000 Public Records
• 2005-03-23 Sold (Public Records) $43,000 Public Records
• 2005-02-20 Sold (MLS) $43,000 Global MLS
• 2005-02-16 Listing Removed — Global MLS
• 2004-10-25 Listed $49,900 Global MLS
• 2004-10-12 Sold (Public Records) $50,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $3,346 · -2.3% YoY. Source: county tax records.