486 3rd St #2 · Albany, NY 12206

$219,999

4 bd · 2.0 ba · — sqft · Condo · 63 Days on market

Built 1890 Good condition Est $215k · at est.

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Why this score? — see what drove the D 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 +14.7/30.0
• ARV discount +6.5/15.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +3.8/5.0
• Schools +3.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 486 3rd St, This beautiful renovated two family home is perfect for an owner occupant or investor. both units features new kitchens, bathrooms, flooring, New appliances and 2 new furnaces for each unit that offers the convenience of separate utilities for each apartment, New electrical and plumbing throughout and laundry hookup in each unit. Great investment opportunity in a highly desirable rental location. conveniently located near shopping, public transportation, and local amenities. (Red "X" on the house lets the city know property is vacant, there are no Hazards will be removed at closing)

Key facts

• New kitchens
• New boilers
• New flooring

Tags

• RENOVATED TWO FAMILY HOME
• NEW KITCHENS
• NEW BATHROOMS
• NEW FLOORING
• NEW APPLIANCES
• NEW BOILERS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath condo listed at $220k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $57 ($683/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (9.2% below list).
• Recommended offer: $200k (9.2% below list) — sets the bar for 1% rule.

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; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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).
• At $1,997/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 $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.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,661 (9.2% below list)

Questions for the listing agent

1. It's been on market 63 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.91% ✗
• Cap rate: 6.60%
• Cash-on-cash: 1.11%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

• ARV (median comp): $215,429
• List price: $219,999
• Delta: 2.12%
• Verdict: FAIR
• Comps: 2 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
339 1st St #2	0.48mi	4/2.0	1,400	10mo	$195,000	$139	57

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: -11.9%
• Equity multiple: 0.56×
• Total profit: $-27,118
• Equity at exit: $32,803

10-year hold

• IRR: 0.5%
• Equity multiple: 1.04×
• Total profit: $2,174
• Equity at exit: $19,021

Cash invested: $61,600 (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 →

ZIP-level market 12206

• Home prices YoY: -9.9%
• Rents YoY: 5.4%
• Active inventory: 89
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,997 high
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $57

Break-even live

Break-even rent $1,925

Max offer price $219,999

Occupancy floor 92%

Sensitivity live

Price	-10% $209	-5% $133	+0% $57	+5% $-19	+10% $-95
Rent	-10% $-101	-5% $-22	+0% $57	+5% $136	+10% $215
Rate	-1.0pp $168	-0.5pp $113	base $57	+0.5pp $0	+1.0pp $-58

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
88 Ontario St Unit 1 Albany, NY	3.0	1.0	—	$1,350	—	24d	1	0.13mi
469 Livingston Ave Albany, NY	1.0–3.0	1.0	685	$1,610	$2.35	14d	1	0.27mi
260 Bradford St Unit 205 Albany, NY	3.0	2.0	912	$1,700	$1.86	24d	1	0.35mi
1 Kent St Unit 1 Albany, NY	4.0	1.0	—	$2,000	—	44d	1	0.38mi
569 Washington Ave Unit 1st Floor Albany, NY	4.0	1.0	1275	$2,000	$1.57	44d	1	0.47mi
316 2nd St Albany, NY	3.0	1.0	850	$1,700	$2.00	44d	1	0.50mi
498 Washington Ave Fl 2 Albany, NY	4.0	1.0	—	$1,500	—	21d	1	0.52mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	44d	1	0.53mi
711 State St Albany, NY	3.0	1.0	—	$1,800	—	44d	1	0.54mi
171 Quail St Albany, NY	4.0	1.0	—	$2,400	—	44d	1	0.58mi
184 Quail St Albany, NY	3.0	1.0	618	$1,600	$2.59	44d	1	0.61mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	14d	1	0.63mi
149 Western Ave Albany, NY	5.0	2.0	—	$2,625	—	44d	1	0.63mi
223 Western Ave #1 Albany, NY	3.0	1.0	1100	$1,750	$1.59	24d	1	0.63mi
273 Western Ave Unit 2 Albany, NY	3.0	1.0	1000	$1,800	$1.80	24d	1	0.65mi
273 Western Ave Unit 3 Albany, NY	3.0	1.0	1100	$1,850	$1.68	24d	1	0.65mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	14d	1	0.66mi
240 Western Ave Albany, NY	4.0	1.0	—	$2,200	—	44d	1	0.67mi
268 Western Ave Albany, NY	4.0	1.0	—	$2,200	—	44d	1	0.68mi
51 Elberon Pl Albany, NY	3.0	1.0	—	$1,650	—	44d	1	0.68mi
47 Elberon Pl Apt 2 Albany, NY	3.0	1.0	—	$1,650	—	44d	1	0.69mi
45 Elberon Pl #1 Albany, NY	3.0	1.0	—	$1,650	—	44d	1	0.69mi
43 Elberon Pl Albany, NY	3.0	1.0	—	$1,650	—	44d	1	0.69mi
58 Elberon Pl Apt 2 Albany, NY	4.0	1.0	1250	$2,200	$1.76	44d	1	0.70mi
58 Elberon Pl Albany, NY	4.0	1.0	—	$1,725	—	24d	1	0.70mi
56 Elberon Pl Albany, NY	3.0	1.0	—	$1,575	—	44d	1	0.70mi
380 Orange St Unit 1 Albany, NY	3.0	1.0	—	$1,350	—	24d	1	0.71mi
52 Elberon Pl Albany, NY	4.0	1.5	—	$2,600	—	44d	1	0.71mi
380 Orange St Unit 2 Albany, NY	3.0	1.0	—	$1,350	—	44d	1	0.71mi
219 Quail St Albany, NY	5.0	1.0	—	$2,750	—	45d	1	0.71mi
219 Quail St Albany, NY	5.0	1.0	—	$2,750	—	44d	1	0.71mi
221 Quail St Unit 2 Albany, NY	4.0	1.0	—	$2,750	—	44d	1	0.71mi
11 Elberon Pl Unit 1 Albany, NY	4.0	1.0	—	$1,950	—	44d	1	0.72mi
9 Elberon Pl Fl 3 Albany, NY	4.0	1.0	—	$1,800	—	21d	1	0.72mi
5 Elberon Pl Unit 3 Albany, NY	4.0	1.0	—	$1,950	—	44d	1	0.73mi
3 Elberon Pl Unit 1 Albany, NY	3.0	1.0	—	$1,450	—	44d	1	0.73mi
407 Hudson Ave Albany, NY	4.0	2.0	—	$2,600	—	44d	1	0.74mi
452A Hudson Ave Unit 2 Albany, NY	3.0	1.0	—	$1,600	—	21d	1	0.75mi
256 Ontario St Albany, NY	4.0	1.5	—	$2,050	—	14d	1	0.76mi
489 Hamilton St Unit 1 Albany, NY	3.0	1.0	1100	$1,800	$1.64	14d	1	0.78mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $219,999 Active 63 DOM
2. 2026-06-17
   days on market $219,999 Active 62 DOM
3. 2026-06-16
   days on market $219,999 Active 61 DOM
4. 2026-06-15
   days on market $219,999 Active 60 DOM
5. 2026-06-14
   days on market $219,999 Active 58 DOM
6. 2026-06-10
   days on market $219,999 Active 55 DOM
7. 2026-06-08
   days on market $219,999 Active 53 DOM
8. 2026-06-07
   days on market $219,999 Active 52 DOM
9. 2026-06-03
   days on market $219,999 Active 48 DOM
10. 2026-06-02
    days on market $219,999 Active 47 DOM
11. 2026-06-01
    days on market $219,999 Active 46 DOM
12. 2026-05-31
    days on market $219,999 Active 45 DOM
13. 2026-05-31
    days on market $219,999 Active 44 DOM
14. 2026-04-17
    price $219,999 623-char remark

    Show marketing remark (623 chars)

    Welcome to 486 3rd St, This beautiful renovated two family home is perfect for an owner occupant or investor. both units features new kitchens, bathrooms, flooring, New appliances and 2 new furnaces for each unit that offers the convenience of separate utilities for each apartment, New electrical and plumbing throughout and laundry hookup in each unit. Great investment opportunity in a highly desirable rental location. conveniently located near shopping, public transportation, and local amenities. (Red "X" on the house lets the city know property is vacant, there are no Hazards will be removed at closing)

15. 2026-04-16
    listed $119,999 Active 623-char remark

    Show marketing remark (623 chars)

    Welcome to 486 3rd St, This beautiful renovated two family home is perfect for an owner occupant or investor. both units features new kitchens, bathrooms, flooring, New appliances and 2 new furnaces for each unit that offers the convenience of separate utilities for each apartment, New electrical and plumbing throughout and laundry hookup in each unit. Great investment opportunity in a highly desirable rental location. conveniently located near shopping, public transportation, and local amenities. (Red "X" on the house lets the city know property is vacant, there are no Hazards will be removed at closing)

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

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: $23,959
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,917
• − Management: −$1,917
• − Depreciation: −$6,400
• Taxable loss: −$2,997
• Est. tax savings @ 24.0%: +$719
• After-tax cash flow: $1,403/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 · 12 photos

Good 75/100 Cosmetic rehab

This renovated two-family home is in good condition with new kitchens, bathrooms, and appliances. It's an excellent investment opportunity in a desirable location.

Value-add opportunities

• Both Painting the exterior and landscaping — Enhances curb appeal and resale value.
• Resale Upgrading the kitchen appliances — Modern appliances attract more buyers.
• Resale Upgrading the bathroom fixtures — Modern fixtures improve the home's appeal and resale value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and landscaping — Enhances curb appeal and resale value. ↑
• Resale Upgrading the kitchen appliances — Modern appliances attract more buyers. ↑
• Resale Upgrading the bathroom fixtures — Modern fixtures improve the home's appeal and resale value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+83.3% since first listed

2 events — show timeline

• 2026-04-17 Price Changed $219,999 OneKey® MLS as Distributed by MLS Grid
• 2026-04-16 Listed $119,999 OneKey® MLS as Distributed by MLS Grid