38 Trinity Pl

Albany, NY 12202

$219,000A+

4 bd · 2.0 ba · 2,550 sqft · Built 1880 · MultiFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,310/mo
• Mortgage (P&I): −$1,148
• Tax + insurance: −$523
• HOA: −$0
• Vac / Maint / Mgmt: −$695
• Net cashflow: $943/mo
• Annual: $11,319/yr
• Cap rate: 11.46%
• Cash-on-cash: 18.46%
• DSCR: 1.82
• 1% rule: 1.51%
• Cash to close: $61,320

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $219k. Condition is rated fair.
• At list price, monthly cash flow is $943 ($11k/yr) — positive. Per door: $472/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $219k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $23k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• 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: Giffen Memorial Elementary School (math 17% / reading 22%, grade F, #1,992 of 2,108 statewide, top 95%, 404 students, 93% FRL); Albany High School (math 74% / reading 67%, grade B+, #710 of 1,100 statewide, top 65%, 2,676 students, 69% FRL) — zoned schools average 81% FRL vs 66% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.7%/yr); 102 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 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; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $61k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 11.5% 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.
• This rent per unit runs 38% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exterior paint — Peeling paint and exposed brick indicate significant damage.
• Major: Interior paint — Chipped and damaged areas suggest extensive wear and tear.
• Moderate: Kitchen and bathroom updates — Both areas need updating to modernize and improve functionality.