187 N Lake Ave · Albany, NY 12206

$299,000

6 bd · 2.0 ba · 2,372 sqft · MultiFamily public records · 1 Days on market

Built 1900 2,178 sqft lot Est $216k · 39% over

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Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Great corner lot. Ready for ownership as occupant or investor. Rents could be higher. Hdwdfl, newer kitchen and baths. Natural woodwork thruout. Built in cabinets. Walk-in pantries. New circuit breakers, separate private entrance, separate utilities, -- Excellent Condition

Key facts

• 2,178 sq ft lot
• Built 1900

Property features AI

Finance

• Financial info: Two-unit property

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex; Total living area above grade 2,372; Below-grade finished area 1,186
• Construction: Vinyl siding
• Exterior features: Small lot (approximately 0.05 acre)

Interior

• Bedrooms: Each unit has 4 bedrooms (Unit 1: 4 bedrooms; Unit 2: 4 bedrooms)
• Bathrooms: Two full bathrooms total (one full bath on the 1st level, one full bath on the 2nd level)
• Heating & cooling: Forced air heating
• Interior features: Unfinished walk-out basement with interior entry

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $642/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• Cap rate 11.4% 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; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $4,123/mo this rent would consume 119% 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 $9k 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 $84k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 23y 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 $130k; list at $299k implies a 130% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $299,000

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 1900 — 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. 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.
7. 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.
8. 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: 1.38% ✓
• Cap rate: 11.44%
• Cash-on-cash: 18.40%
• DSCR: 1.82
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $215,852
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
534 1st St	0.23mi	6/2.0	2,464 (+4%)	0mo	$175,000	$71	83
10 Wilkins Ave	0.31mi	6/2.0	2,294 (-3%)	1mo	$280,000	$122	79
24 Kent St	0.50mi	6/2.0	2,364 (-0%)	5mo	$210,000	$89	72
337 3rd St	0.17mi	6/2.0	2,058 (-13%)	1mo	$160,000	$78	69
351 2nd St	0.14mi	6/2.0	2,056 (-13%)	3mo	$184,002	$89	68
189-B Quail St	0.56mi	6/2.0	2,512 (+6%)	3mo	$185,000	$74	62
18.5 Dudley Hts	0.58mi	6/2.0	2,200 (-7%)	0mo	$289,900	$132	60
362 Clinton Ave	0.43mi	7/4.0 (+1)	2,490 (+5%)	2mo	$270,000	$108	57
558 Washington Ave	0.49mi	7/3.0 (+1)	2,562 (+8%)	3mo	$325,000	$127	52
97 Lark St	0.62mi	6/3.0	2,214 (-7%)	4mo	$259,000	$117	52
459 Hudson Ave	0.67mi	6/2.0	2,584 (+9%)	3mo	$235,000	$91	51
466 Hudson Ave	0.70mi	6/2.0	2,712 (+14%)	3mo	$235,000	$87	41

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: 12.7%
• Equity multiple: 1.52×
• Total profit: $43,373
• Equity at exit: $44,582

10-year hold

• IRR: 23.3%
• Equity multiple: 3.23×
• Total profit: $186,416
• Equity at exit: $25,852

Cash invested: $83,720 (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: 12.1×

Monthly cashflow live

• Estimated rent: $4,123 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$281 /mo · $3,372/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$866
• Net cashflow: $1,284

Break-even live

Break-even rent $2,498

Max offer price $299,000

Occupancy floor 64%

Sensitivity live

Price	-10% $1,453	-5% $1,368	+0% $1,284	+5% $1,199	+10% $1,114
Rent	-10% $958	-5% $1,121	+0% $1,284	+5% $1,446	+10% $1,609
Rate	-1.0pp $1,434	-0.5pp $1,360	base $1,284	+0.5pp $1,206	+1.0pp $1,127

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1	$4,124
Total (2 units)			$4,123

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: $74,750
• Closing costs: $8,970
• 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	24d	1	1.41mi

Listing history 2 events

1. 2026-06-18
   remarks 341-char remark
2. 2026-06-18
   listed $299,000 Active 1 DOM

ⓘ 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: $3,372 · $281/mo
• Projected year-2 tax: $4,212 · $351/mo
• Expected delta: +$841/yr (+$70/mo · 24.9%)

ⓘ 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: $49,476
• − Mortgage interest: −$16,749
• − Property taxes: −$3,372
• − Insurance: −$1,495
• − Repairs & maintenance: −$3,958
• − Management: −$3,958
• − Depreciation: −$8,698
• Taxable income: $11,246
• Est. tax owed @ 24.0%: −$2,699
• After-tax cash flow: $12,704/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

+399.2% since first listed

15 events — show timeline

• 2026-06-15 Listed $299,000 Global MLS
• 2024-03-14 Rental Removed $1,550 APPFOLIO
• 2023-12-14 Listed for Rent $1,550 APPFOLIO
• 2006-07-11 Sold (Public Records) $129,900 Public Records
• 2006-07-03 Sold (MLS) $129,900 Global MLS
• 2006-05-01 Listing Removed — Global MLS
• 2006-01-16 Listed $119,000 Global MLS
• 2005-10-24 Sold (Public Records) $65,000 Public Records
• 2005-10-19 Sold (MLS) $64,900 Global MLS
• 2005-09-23 Listing Removed — Global MLS
• 2005-09-19 Listed $64,900 Global MLS
• 2005-08-04 Sold (Public Records) $62,000 Public Records
• 2003-11-13 Sold (MLS) $53,000 Global MLS
• 2003-10-21 Listing Removed — Global MLS
• 2003-05-16 Listed $59,900 Global MLS

Property tax history

+10.6%/yr

Latest (2025): $3,372 · -15.6% YoY. Source: county tax records.