38 Trinity Pl · Albany, NY 12202

$249,900

4 bd · 2.0 ba · 2,550 sqft · MultiFamily public records · 110 Days on market

Built 1880 2,178 sqft lot $98/sqft · 43% below area Est $440k · 43% under

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Why this score? — see what drove the A 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 +29.5/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.1/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Brick two-family investment opportunity in Albany's Mansion neighborhood. Upper unit rented at $1,500/month; lower 3-bedroom unit delivered vacant. Separate utilities.Spacious layouts in both units, newer gas furnaces fenced yard, Kitchens are functional but offer room for improvement, creating upside for investors looking to add value through updates. Convenient location near downtown and Empire State Plaza.

Key facts

• Fenced yard
• 2,178 sq ft lot
• Built 1880

Tags

• FENCED YARD

🏷️ Possibly a rental listed for sale. The $249,900 price doesn't fit this home's estimated sale value (~$440,112) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $891 ($11k/yr) — positive. Per door: $446/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $227k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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 (+8.7%/yr); 58 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,514/mo this rent would consume 80% of the median local household income ($53k/yr) (locally 935% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $70k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y 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 $189k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $227,409 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 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: 1.41% ✓
• Cap rate: 10.57%
• Cash-on-cash: 15.28%
• DSCR: 1.68
• GRM: 5.9

CMA / ARV

• ARV (median comp): $440,112
• List price: $249,900
• Delta: -43.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26 Trinity Pl	0.03mi	5/2.0 (+1)	2,508 (-2%)	11mo	$230,000	$92	82
64 Clinton St	0.33mi	5/3.0 (+1)	2,640 (+4%)	6mo	$140,000	$53	65
208 Elm St	0.57mi	4/3.0	2,508 (-2%)	3mo	$420,000	$167	64
184 Elm St	0.52mi	4/2.0	2,394 (-6%)	7mo	$375,000	$157	59
285.5 Hudson Ave	0.65mi	4/4.0	2,478 (-3%)	5mo	$430,000	$174	53
9 Osborne St	0.35mi	5/2.5 (+1)	2,772 (+9%)	15mo	$250,000	$90	50
369 Madison Ave	0.64mi	3/2.0 (-1)	2,280 (-11%)	4mo	$230,000	$101	44
220 Elm St	0.59mi	4/3.0	2,776 (+9%)	12mo	$378,000	$136	44
144 Jay St	0.61mi	4/2.0	2,220 (-13%)	14mo	$325,000	$146	38
270 Morton Ave	0.72mi	5/4.0 (+1)	2,714 (+6%)	9mo	$477,000	$176	35
12 Grandview Ter	0.68mi	5/2.0 (+1)	2,244 (-12%)	10mo	$249,900	$111	35
314 Hudson Ave	0.71mi	3/3.5 (-1)	2,350 (-8%)	13mo	$470,000	$200	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 38.2%
• Equity multiple: 4.02×
• Total profit: $211,580
• Equity at exit: $225,130

10-year hold

• IRR: 34.9%
• Equity multiple: 9.93×
• Total profit: $624,740
• Equity at exit: $485,501

Cash invested: $69,972 (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 12202

• Home prices YoY: 14.3%
• Rents YoY: 8.7%
• Active inventory: 58
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $3,514 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$470 /mo · $5,643/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$738
• Net cashflow: $891

Break-even live

Break-even rent $2,386

Max offer price $249,900

Occupancy floor 70%

Sensitivity live

Price	-10% $1,033	-5% $962	+0% $891	+5% $820	+10% $750
Rent	-10% $614	-5% $752	+0% $891	+5% $1,030	+10% $1,169
Rate	-1.0pp $1,017	-0.5pp $955	base $891	+0.5pp $826	+1.0pp $761

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,514
Total (2 units)			$3,514

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	44d	1	0.82mi

Listing history 26 events

1. 2026-06-09
   status $249,900 Pending 110 DOM
2. 2026-06-08
   days on market $249,900 Active 110 DOM
3. 2026-06-07
   days on market $249,900 Active 109 DOM
4. 2026-06-03
   days on market $249,900 Active 105 DOM
5. 2026-06-02
   days on market $249,900 Active 104 DOM
6. 2026-06-01
   days on market $249,900 Active 103 DOM
7. 2026-05-31
   days on market $249,900 Active 102 DOM
8. 2026-05-31
   days on market $249,900 Active 101 DOM
9. 2026-03-09
   price $249,900 414-char remark

   Show marketing remark (414 chars)

   Brick two-family investment opportunity in Albany's Mansion neighborhood. Upper unit rented at $1,500/month; lower 3-bedroom unit delivered vacant. Separate utilities.Spacious layouts in both units, newer gas furnaces fenced yard, Kitchens are functional but offer room for improvement, creating upside for investors looking to add value through updates. Convenient location near downtown and Empire State Plaza.

10. 2026-02-18
    listed $259,900 Active 414-char remark

    Show marketing remark (414 chars)

    Brick two-family investment opportunity in Albany's Mansion neighborhood. Upper unit rented at $1,500/month; lower 3-bedroom unit delivered vacant. Separate utilities.Spacious layouts in both units, newer gas furnaces fenced yard, Kitchens are functional but offer room for improvement, creating upside for investors looking to add value through updates. Convenient location near downtown and Empire State Plaza.

11. 2021-08-06
    soldstatus $189,000
12. 2021-06-30
    soldstatus $195,000 Closed (Final Sale) 844-char remark

    Show marketing remark (844 chars)

    MULTIPLE OFFERS. BEST & FINAL DUE MON. 4/5 AT 5PM. Fantastic opportunity to own a brick two-family in the popular Mansion area of Albany. This property offers updated units, a fenced yard, off-street parking, remodeled kitchens, and newer gas furnaces (Unit 1's from 2021 & Unit 2's from 2018). Both units are currently rented. Unit 1 rents for $1,495/month & Unit 2 rents for $995/month, totaling a potential income of $29,880/year! Tenants pay separate utilities. Unit 1 is located across 2 levels, and boasts 3 bedrooms, butcher block countertops, ceramic tile & vinyl flooring. Unit 2 boasts 2 bedrooms plus a den, stainless steel appliances, butcher block countertops, ceramic tile, vinyl & hardwood floors, vaulted ceilings, & crown molding. Easy access to Empire State Plaza. A must see! Excellent Condition

13. 2021-04-07
    status Pend (Under Cntr) 844-char remark

    Show marketing remark (844 chars)

    MULTIPLE OFFERS. BEST & FINAL DUE MON. 4/5 AT 5PM. Fantastic opportunity to own a brick two-family in the popular Mansion area of Albany. This property offers updated units, a fenced yard, off-street parking, remodeled kitchens, and newer gas furnaces (Unit 1's from 2021 & Unit 2's from 2018). Both units are currently rented. Unit 1 rents for $1,495/month & Unit 2 rents for $995/month, totaling a potential income of $29,880/year! Tenants pay separate utilities. Unit 1 is located across 2 levels, and boasts 3 bedrooms, butcher block countertops, ceramic tile & vinyl flooring. Unit 2 boasts 2 bedrooms plus a den, stainless steel appliances, butcher block countertops, ceramic tile, vinyl & hardwood floors, vaulted ceilings, & crown molding. Easy access to Empire State Plaza. A must see! Excellent Condition

14. 2021-03-29
    listed $189,000 New 844-char remark

    Show marketing remark (844 chars)

    MULTIPLE OFFERS. BEST & FINAL DUE MON. 4/5 AT 5PM. Fantastic opportunity to own a brick two-family in the popular Mansion area of Albany. This property offers updated units, a fenced yard, off-street parking, remodeled kitchens, and newer gas furnaces (Unit 1's from 2021 & Unit 2's from 2018). Both units are currently rented. Unit 1 rents for $1,495/month & Unit 2 rents for $995/month, totaling a potential income of $29,880/year! Tenants pay separate utilities. Unit 1 is located across 2 levels, and boasts 3 bedrooms, butcher block countertops, ceramic tile & vinyl flooring. Unit 2 boasts 2 bedrooms plus a den, stainless steel appliances, butcher block countertops, ceramic tile, vinyl & hardwood floors, vaulted ceilings, & crown molding. Easy access to Empire State Plaza. A must see! Excellent Condition

15. 2018-07-19
    soldstatus $130,000 Closed (Final Sale)
16. 2018-03-15
    status Pend (Under Cntr)
17. 2018-01-18
    price $149,000
18. 2017-10-17
    price $152,000
19. 2017-10-17
    status Price Change
20. 2017-10-14
    historical
21. 2017-06-22
    price $154,000
22. 2017-05-19
    price $159,000
23. 2017-04-11
    listed $169,000 New
24. 2014-01-01
    historical
25. 2013-07-16
    listed $175,000
26. 2005-07-27
    soldstatus $40,000

ⓘ 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: $5,643 · $470/mo
• Projected year-2 tax: $5,643 · $470/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 ≥98°F today · 18 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: $42,168
• − Mortgage interest: −$13,998
• − Property taxes: −$5,643
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,373
• − Management: −$3,373
• − Depreciation: −$7,270
• Taxable income: $7,260
• Est. tax owed @ 24.0%: −$1,742
• After-tax cash flow: $8,951/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): 10,166
• Household income: $52,868
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 935.0

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 0.73)
• Race & ethnicity: Black 40% White 28% Hispanic / Latino 15% Two or more races 14% Asian 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 5%
• Common ancestry: Iranian 2% Romanian 1% Serbian 1%
• Foreign-born: 14% · Canada, Philippines, China
• Languages at home: 80% English-only · Spanish 10% Other Asian/Pacific 4% Arabic 1%

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: ▲ 38.05%
• Current HPI: 303.8939
• Rent YoY: ▲ 8.70%
• 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

+524.8% since first listed

18 events — show timeline

• 2026-03-09 Price Changed $249,900 Global MLS
• 2026-02-18 Listed $259,900 Global MLS
• 2021-08-06 Sold (Public Records) $189,000 Public Records
• 2021-06-30 Sold (MLS) $195,000 Global MLS
• 2021-04-07 Pending — Global MLS
• 2021-03-29 Listed $189,000 Global MLS
• 2018-07-19 Sold (MLS) $130,000 Global MLS
• 2018-03-15 Pending — Global MLS
• 2018-01-18 Price Changed $149,000 Global MLS
• 2017-10-17 Price Changed $152,000 Global MLS
• 2017-10-17 Relisted — Global MLS
• 2017-10-14 Listing Removed — Global MLS
• 2017-06-22 Price Changed $154,000 Global MLS
• 2017-05-19 Price Changed $159,000 Global MLS
• 2017-04-11 Listed $169,000 Global MLS
• 2014-01-01 Listing Removed — Global MLS
• 2013-07-16 Listed $175,000 Global MLS
• 2005-07-27 Sold (Public Records) $40,000 Public Records

Property tax history

+12.9%/yr

Latest (2025): $5,643 · -0.7% YoY. Source: county tax records.