350 Madison Ave · Albany, NY 12210

$424,900

8 bd · 3.0 ba · 3,300 sqft · MultiFamily public records · 30 Days on market

Built 1876 1,742 sqft lot Est $363k · 17% 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 +26.7/30.0
• DSCR +9.2/10.0
• 1% rule +7.9/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +2.0/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Prime location in the Hudson/Park & Center square neighborhood, easy to rent, beautiful curb appeal, freshly painted, has been owner occupied for over 10 years, redone backyard, newer roof, newer windows, front has new storms, low maintenance and easy to maintain. Top Floor currently being used as a 2 bedroom but can easily go back to 3 bedrooms. Great tenants already in place, walk to capital, restaurants and Washington Park. Excellent Condition

Key facts

• Updated throughout
• Basement unit
• Newer roof

Tags

• UPDATED THROUGHOUT
• TURNKEY
• BASEMENT UNIT
• NEWER ROOF
• NEWER WINDOWS
• REAR DECK

What this means for you Summary

Snapshot

• This is a 2×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $384/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $425k).
• Recommended offer: $419k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.5% 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.

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 (+6.9%/yr); 70 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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 + 6.9% rent growth), your $119k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($419k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y 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 $295k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1876 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $418,526 (1.5% below list)

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 1876 — 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: 1.29% ✓
• Cap rate: 9.55%
• Cash-on-cash: 11.62%
• DSCR: 1.52
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $363,000
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
184 S Swan St	0.13mi	8/3.0	3,132 (-5%)	22mo	$417,000	$133	67
44 Park Ave	0.47mi	9/3.0 (+1)	3,316 (+0%)	8mo	$382,000	$115	66
292 Catherine St	0.53mi	9/4.0 (+1)	3,200 (-3%)	1mo	$404,250	$126	60
89 Delaware Ave	0.32mi	8/4.0	3,510 (+6%)	15mo	$385,000	$110	58
57 Dana Ave	0.37mi	8/2.0	2,902 (-12%)	13mo	$252,500	$87	48
224 Delaware Ave	0.64mi	7/4.0 (-1)	3,196 (-3%)	10mo	$300,000	$94	47
248 Morris St	0.74mi	7/3.0 (-1)	3,048 (-8%)	3mo	$359,000	$118	46
11 Trinity Pl	0.55mi	8/3.0	3,744 (+14%)	17mo	$225,000	$60	38
151 Lark St	0.54mi	7/3.0 (-1)	2,850 (-14%)	18mo	$55,000	$19	32

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 · 6.86% rent growth · sell at horizon

5-year hold

• IRR: 5.5%
• Equity multiple: 1.23×
• Total profit: $26,827
• Equity at exit: $63,354

10-year hold

• IRR: 18.4%
• Equity multiple: 2.82×
• Total profit: $216,901
• Equity at exit: $36,738

Cash invested: $118,972 (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 12210

• Home prices YoY: -2.3%
• Rents YoY: 6.9%
• Active inventory: 70
• Price-to-rent: 19.9×

Monthly cashflow live

• Estimated rent: $5,475 high
• Mortgage (P&I): −$2,228
• Tax from tax record: −$768 /mo · $9,218/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,150
• Net cashflow: $1,152

Break-even live

Break-even rent $4,017

Max offer price $424,900

Occupancy floor 74%

Sensitivity live

Price	-10% $1,392	-5% $1,272	+0% $1,152	+5% $1,032	+10% $911
Rent	-10% $719	-5% $936	+0% $1,152	+5% $1,368	+10% $1,584
Rate	-1.0pp $1,366	-0.5pp $1,260	base $1,152	+0.5pp $1,042	+1.0pp $930

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,556
1× unit	3	1	$1,919
Total (3 units)			$5,475

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: $106,225
• Closing costs: $12,747
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2025-12-06
   status Pending
2. 2025-11-05
   listed $424,900 Active
3. 2020-12-03
   soldstatus $295,000 Closed (Final Sale) 454-char remark

   Show marketing remark (454 chars)

   Prime location in the Hudson/Park & Center square neighborhood, easy to rent, beautiful curb appeal, freshly painted, has been owner occupied for over 10 years, redone backyard, newer roof, newer windows, front has new storms, low maintenance and easy to maintain. Top Floor currently being used as a 2 bedroom but can easily go back to 3 bedrooms. Great tenants already in place, walk to capital, restaurants and Washington Park. Excellent Condition

4. 2020-10-22
   status Pend (Under Cntr) 454-char remark

   Show marketing remark (454 chars)

   Prime location in the Hudson/Park & Center square neighborhood, easy to rent, beautiful curb appeal, freshly painted, has been owner occupied for over 10 years, redone backyard, newer roof, newer windows, front has new storms, low maintenance and easy to maintain. Top Floor currently being used as a 2 bedroom but can easily go back to 3 bedrooms. Great tenants already in place, walk to capital, restaurants and Washington Park. Excellent Condition

5. 2020-09-09
   listed $309,900 New 454-char remark

   Show marketing remark (454 chars)

   Prime location in the Hudson/Park & Center square neighborhood, easy to rent, beautiful curb appeal, freshly painted, has been owner occupied for over 10 years, redone backyard, newer roof, newer windows, front has new storms, low maintenance and easy to maintain. Top Floor currently being used as a 2 bedroom but can easily go back to 3 bedrooms. Great tenants already in place, walk to capital, restaurants and Washington Park. Excellent Condition

6. 2010-01-21
   soldstatus $200,000
7. 2010-01-15
   soldstatus $200,000 398-char remark

   Show marketing remark (398 chars)

   Hudson/Park 3 unit within walking distance of Empire Plaza, Capitol & Lark St. Basement apt. just repainted/cleaned & ready for new tenant. 2nd Fl. unit is bi-level w/ BR on 3rd Fl., cleaned & ready to rent. ROPs on file valid till 7/8/10. Sep. utilities. Taxes reflect over assessment of $226,000. Seller acknowledges older roof & property priced accordingly. Very Good Condition

8. 2009-12-07
   historical 398-char remark

   Show marketing remark (398 chars)

   Hudson/Park 3 unit within walking distance of Empire Plaza, Capitol & Lark St. Basement apt. just repainted/cleaned & ready for new tenant. 2nd Fl. unit is bi-level w/ BR on 3rd Fl., cleaned & ready to rent. ROPs on file valid till 7/8/10. Sep. utilities. Taxes reflect over assessment of $226,000. Seller acknowledges older roof & property priced accordingly. Very Good Condition

9. 2009-11-09
   listed $199,999 398-char remark

   Show marketing remark (398 chars)

   Hudson/Park 3 unit within walking distance of Empire Plaza, Capitol & Lark St. Basement apt. just repainted/cleaned & ready for new tenant. 2nd Fl. unit is bi-level w/ BR on 3rd Fl., cleaned & ready to rent. ROPs on file valid till 7/8/10. Sep. utilities. Taxes reflect over assessment of $226,000. Seller acknowledges older roof & property priced accordingly. Very Good Condition

10. 2002-05-06
    soldstatus $95,800
11. 2002-04-22
    soldstatus $95,600
12. 2002-03-22
    historical
13. 2002-01-29
    listed $95,000
14. 1999-04-08
    soldstatus $44,901
15. 1998-10-30
    soldstatus $150,801

ⓘ 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: $9,218 · $768/mo
• Projected year-2 tax: $9,218 · $768/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 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: $65,700
• − Mortgage interest: −$23,801
• − Property taxes: −$9,218
• − Insurance: −$2,124
• − Repairs & maintenance: −$5,256
• − Management: −$5,256
• − Depreciation: −$12,361
• Taxable income: $7,684
• Est. tax owed @ 24.0%: −$1,844
• After-tax cash flow: $11,978/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): 10,297
• Household income: $55,843
• Rent vs Own: 75.3% rent · 24.7% own
• Severe rent burden: 1211.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 44% Black 41% Two or more races 7% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 4% Lithuanian 2% Serbian 2%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 3% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -5.92%
• Current HPI: 252.3084
• Rent YoY: ▲ 6.86%
• 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

+181.8% since first listed

15 events — show timeline

• 2025-12-06 Pending — Global MLS
• 2025-11-05 Listed $424,900 Global MLS
• 2020-12-03 Sold (MLS) $295,000 Global MLS
• 2020-10-22 Pending — Global MLS
• 2020-09-09 Listed $309,900 Global MLS
• 2010-01-21 Sold (Public Records) $200,000 Public Records
• 2010-01-15 Sold (MLS) $200,000 Global MLS
• 2009-12-07 Listing Removed — Global MLS
• 2009-11-09 Listed $199,999 Global MLS
• 2002-05-06 Sold (Public Records) $95,800 Public Records
• 2002-04-22 Sold (MLS) $95,600 Global MLS
• 2002-03-22 Listing Removed — Global MLS
• 2002-01-29 Listed $95,000 Global MLS
• 1999-04-08 Sold (Public Records) $44,901 Public Records
• 1998-10-30 Sold (Public Records) $150,801 Public Records

Property tax history

+2.8%/yr

Latest (2025): $9,218 · +3.0% YoY. Source: county tax records.