85 S Pine Ave · Albany, NY 12208

$350,000

6 bd · 2.0 ba · 2,356 sqft · MultiFamily public records · 3 Days on market

Built 1907 5,662 sqft lot Est $327k · 7% over

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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 +19.5/30.0
• DSCR +6.2/10.0
• 1% rule +5.6/10.0
• ARV discount +4.4/15.0
• 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

H302396 Fantastic opportunity to own a well maintained two family on a quiet street close to shopping, colleges and hospitals. New front porch. 2nd floor owners unit has a large living room, dining room, over sized master bedroom and a guest bedroom. 1st floor unit is a 3 bedroom which was recently painted, has a brand new boiler and is ready for immediate occupancy. Both units have 3 season rooms. Off street parking is off of the alley in the back. No showings til Open House on Sunday, June 24 from 12-3. Excellent Condition

Key facts

• Separate utilities
• Bright open layout
• Rear den

Tags

• PINE HILLS NEIGHBORHOOD
• TREE-LINED STREET
• REAR DEN
• BRIGHT OPEN LAYOUT
• SEPARATE UTILITIES
• NATURAL GAS HEAT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $399 ($5k/yr) — positive. Per door: $199/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Cap rate 7.7% 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: Pine Hills Elementary School (math 17% / reading 32%, grade F, #1,846 of 2,108 statewide, top 91%, 333 students, 72% FRL); Albany High School (math 74% / reading 67%, grade B+, #710 of 1,100 statewide, top 65%, 2,676 students, 69% FRL).
• Market conditions: Rents rising fast (+5.0%/yr); 99 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 $3,697/mo this rent would consume 63% 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 $10k 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 26y 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 $230k; list at $350k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $350,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.06% ✓
• Cap rate: 7.66%
• Cash-on-cash: 4.88%
• DSCR: 1.22
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $327,484
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
77 S Pine Ave	0.02mi	6/2.0	2,368 (+0%)	1mo	$375,000	$158	97
75 S Pine Ave	0.03mi	6/2.0	2,356 (0%)	2mo	$390,000	$166	97
147 Homestead Ave	0.58mi	6/2.0	2,342 (-1%)	7mo	$330,000	$141	66
59 N Allen St	0.40mi	7/2.0 (+1)	2,260 (-4%)	5mo	$315,000	$139	65
563 Morris St	0.54mi	6/2.0	2,224 (-6%)	6mo	$275,000	$124	60
687 Myrtle Ave	0.64mi	6/2.0	2,238 (-5%)	6mo	$310,000	$139	57
116 Homestead Ave	0.54mi	6/2.0	2,640 (+12%)	6mo	$240,000	$91	50
4 Edison Ave	0.53mi	6/2.0	2,640 (+12%)	6mo	$410,000	$155	50
278 Manning Blvd	0.68mi	7/2.0 (+1)	2,464 (+5%)	7mo	$310,000	$126	50
115 Homestead Ave	0.53mi	5/2.0 (-1)	2,641 (+12%)	2mo	$380,000	$144	48
676 Providence St	0.67mi	5/2.0 (-1)	2,118 (-10%)	2mo	$250,000	$118	45
531 Hamilton St	0.71mi	5/3.0 (-1)	2,112 (-10%)	5mo	$284,750	$135	37

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: -6.3%
• Equity multiple: 0.76×
• Total profit: $-23,408
• Equity at exit: $52,186

10-year hold

• IRR: 5.8%
• Equity multiple: 1.47×
• Total profit: $46,115
• Equity at exit: $30,262

Cash invested: $98,000 (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: 99
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $3,697 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$540 /mo · $6,485/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$776
• Net cashflow: $399

Break-even live

Break-even rent $3,192

Max offer price $350,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,696
Total (2 units)			$3,697

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
69 Winthrop Ave Albany, NY	6.0	2.0	2800	$2,795	$1.00	23d	1	0.43mi

Listing history 17 events

1. 2026-04-03
   status Pending
2. 2026-03-31
   listed $350,000 Active
3. 2026-02-04
   historical
4. 2026-01-05
   price $365,000
5. 2025-11-06
   listed $385,000 Active
6. 2018-09-04
   soldstatus $230,000
7. 2018-08-29
   soldstatus $230,000 Closed (Final Sale) 532-char remark

   Show marketing remark (532 chars)

   H302396 Fantastic opportunity to own a well maintained two family on a quiet street close to shopping, colleges and hospitals. New front porch. 2nd floor owners unit has a large living room, dining room, over sized master bedroom and a guest bedroom. 1st floor unit is a 3 bedroom which was recently painted, has a brand new boiler and is ready for immediate occupancy. Both units have 3 season rooms. Off street parking is off of the alley in the back. No showings til Open House on Sunday, June 24 from 12-3. Excellent Condition

8. 2018-06-26
   status Pend (Under Cntr) 532-char remark

   Show marketing remark (532 chars)

   H302396 Fantastic opportunity to own a well maintained two family on a quiet street close to shopping, colleges and hospitals. New front porch. 2nd floor owners unit has a large living room, dining room, over sized master bedroom and a guest bedroom. 1st floor unit is a 3 bedroom which was recently painted, has a brand new boiler and is ready for immediate occupancy. Both units have 3 season rooms. Off street parking is off of the alley in the back. No showings til Open House on Sunday, June 24 from 12-3. Excellent Condition

9. 2018-06-20
   listed $219,900 New 532-char remark

   Show marketing remark (532 chars)

   H302396 Fantastic opportunity to own a well maintained two family on a quiet street close to shopping, colleges and hospitals. New front porch. 2nd floor owners unit has a large living room, dining room, over sized master bedroom and a guest bedroom. 1st floor unit is a 3 bedroom which was recently painted, has a brand new boiler and is ready for immediate occupancy. Both units have 3 season rooms. Off street parking is off of the alley in the back. No showings til Open House on Sunday, June 24 from 12-3. Excellent Condition

10. 2005-08-30
    soldstatus $200,000
11. 2005-01-10
    soldstatus $200,000
12. 2004-08-10
    historical
13. 2004-08-03
    listed $189,900
14. 2001-02-07
    soldstatus $84,000
15. 2001-01-31
    soldstatus $84,000
16. 2000-12-20
    historical
17. 2000-07-24
    listed $83,000

ⓘ 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: $6,485 · $540/mo
• Projected year-2 tax: $6,485 · $540/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 5% 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: $44,364
• − Mortgage interest: −$19,605
• − Property taxes: −$6,485
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,549
• − Management: −$3,549
• − Depreciation: −$10,182
• Taxable loss: −$757
• Est. tax savings @ 24.0%: +$182
• After-tax cash flow: $4,969/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

+321.7% since first listed

17 events — show timeline

• 2026-04-03 Pending — Global MLS
• 2026-03-31 Listed $350,000 Global MLS
• 2026-02-04 Listing Removed — Global MLS
• 2026-01-05 Price Changed $365,000 Global MLS
• 2025-11-06 Listed $385,000 Global MLS
• 2018-09-04 Sold (Public Records) $230,000 Public Records
• 2018-08-29 Sold (MLS) $230,000 Global MLS
• 2018-06-26 Pending — Global MLS
• 2018-06-20 Listed $219,900 Global MLS
• 2005-08-30 Sold (Public Records) $200,000 Public Records
• 2005-01-10 Sold (MLS) $200,000 Global MLS
• 2004-08-10 Listing Removed — Global MLS
• 2004-08-03 Listed $189,900 Global MLS
• 2001-02-07 Sold (Public Records) $84,000 Public Records
• 2001-01-31 Sold (MLS) $84,000 Global MLS
• 2000-12-20 Listing Removed — Global MLS
• 2000-07-24 Listed $83,000 Global MLS

Property tax history

-2.8%/yr

Latest (2025): $6,485 · +2.9% YoY. Source: county tax records.