118 N Allen St · Albany, NY 12203

$280,000

6 bd · 2.0 ba · 1,924 sqft · MultiFamily public records · 259 Days on market

Built 1917 3,049 sqft lot $146/sqft · 47% below area Est $528k · 47% under

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Why this score? — see what drove the B 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 +27.8/30.0
• ARV discount +15.0/15.0
• DSCR +9.8/10.0
• 1% rule +7.0/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +3.0/5.0
• 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

2 family -a perfect opportunity to owner occupy or invest!. Home features NEW laminate floors, New Roof, NEW paint with NEW stainless steel appliances. Add this investment property to your portfolio before its too late!

Key facts

• New paint
• New laminate floors
• New roof

Tags

• NEW LAMINATE FLOORS
• NEW ROOF
• NEW PAINT
• NEW STAINLESS STEEL APPLIANCES

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $855 ($10k/yr) — positive. Per door: $428/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $280k).
• Recommended offer: $246k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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 (+1.9%/yr); 124 active listings in the ZIP; solid renter incomes; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,356/mo this rent would consume 48% of the median local household income ($83k/yr) (locally 1704% 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 $8k 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 + 1.9% rent growth), your $78k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 259 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 6y 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 $75k; list at $280k implies a 273% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $246,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 259 days. Have you received any prior offers? Is the seller open to a 12% 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 1917 — 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: 1.20% ✓
• Cap rate: 9.96%
• Cash-on-cash: 13.09%
• DSCR: 1.58
• GRM: 7.0

CMA / ARV

• ARV (median comp): $528,346
• List price: $280,000
• Delta: -47.00%
• 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
309 Manning Blvd	0.10mi	5/2.0 (-1)	1,868 (-3%)	10mo	$305,000	$163	77
290 Manning Blvd	0.12mi	6/2.0	2,024 (+5%)	13mo	$325,000	$161	75
137 N Pine Ave	0.06mi	6/4.0	2,140 (+11%)	8mo	$153,000	$71	64
9 N Manning Blvd	0.59mi	5/2.0 (-1)	1,936 (+1%)	5mo	$145,000	$75	62
598 Morris St	0.57mi	6/2.0	2,000 (+4%)	8mo	$220,000	$110	60
84 N Allen St	0.09mi	5/3.0 (-1)	2,179 (+13%)	9mo	$425,000	$195	57
862 3rd St	0.56mi	5/2.0 (-1)	1,980 (+3%)	13mo	$205,000	$104	53
531 Hamilton St	0.63mi	5/3.0 (-1)	2,112 (+10%)	5mo	$284,750	$135	42
608 3rd St	0.64mi	6/2.0	2,174 (+13%)	9mo	$91,500	$42	41
487 Hamilton St	0.75mi	6/2.0	2,152 (+12%)	10mo	$230,000	$107	37
23 Benson St	0.74mi	6/3.0	2,160 (+12%)	14mo	$200,000	$93	30
698 State St	0.74mi	7/2.0 (+1)	2,192 (+14%)	11mo	$284,500	$130	28

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 · 1.85% rent growth · sell at horizon

5-year hold

• IRR: 1.8%
• Equity multiple: 1.07×
• Total profit: $5,237
• Equity at exit: $41,749

10-year hold

• IRR: 10.2%
• Equity multiple: 1.75×
• Total profit: $59,181
• Equity at exit: $24,209

Cash invested: $78,400 (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 12203

• Home prices YoY: -31.0%
• Rents YoY: 1.9%
• Active inventory: 124
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $3,356 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$211 /mo · $2,529/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$705
• Net cashflow: $855

Break-even live

Break-even rent $2,273

Max offer price $280,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,356
Total (2 units)			$3,356

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-18
   days on market $280,000 Active 259 DOM
2. 2026-06-17
   days on market $280,000 Active 258 DOM
3. 2026-06-16
   days on market $280,000 Active 257 DOM
4. 2026-06-15
   days on market $280,000 Active 256 DOM
5. 2026-06-14
   days on market $280,000 Active 254 DOM
6. 2026-06-10
   days on market $280,000 Active 251 DOM
7. 2026-06-08
   days on market $280,000 Active 249 DOM
8. 2026-06-07
   days on market $280,000 Active 248 DOM
9. 2026-06-03
   days on market $280,000 Active 244 DOM
10. 2026-06-02
    days on market $280,000 Active 243 DOM
11. 2026-06-01
    days on market $280,000 Active 242 DOM
12. 2026-05-31
    days on market $280,000 Active 241 DOM
13. 2026-05-31
    days on market $280,000 Active 240 DOM
14. 2025-09-30
    listed $280,000 Active 219-char remark

    Show marketing remark (219 chars)

    2 family -a perfect opportunity to owner occupy or invest!. Home features NEW laminate floors, New Roof, NEW paint with NEW stainless steel appliances. Add this investment property to your portfolio before its too late!

15. 2022-09-13
    status Pending 265-char remark

    Show marketing remark (265 chars)

    Delivered vacant, this 2 family is the perfect opportunity to owner occupy or invest! This turn key, move in ready, home features NEW laminate floors, NEW paint with NEW stainless steel appliances. Add this investment property to your portfolio before its too late!

16. 2022-08-08
    listed $235,000 Active 265-char remark

    Show marketing remark (265 chars)

    Delivered vacant, this 2 family is the perfect opportunity to owner occupy or invest! This turn key, move in ready, home features NEW laminate floors, NEW paint with NEW stainless steel appliances. Add this investment property to your portfolio before its too late!

17. 2022-07-29
    historical
18. 2022-06-30
    price $235,000
19. 2022-06-12
    status Active
20. 2022-04-28
    status Pending
21. 2022-04-08
    price $239,999
22. 2022-02-19
    status Active
23. 2022-02-13
    historical Contingent
24. 2022-01-25
    price $249,999
25. 2022-01-15
    listed $260,000 Active
26. 2021-05-17
    soldstatus $75,000
27. 2021-05-11
    soldstatus $75,000 Closed (Final Sale)
28. 2021-03-02
    status Pend (Under Cntr)
29. 2021-02-19
    price $114,900
30. 2021-02-05
    price $129,900
31. 2021-02-04
    status Back On Market
32. 2020-11-04
    status Pend (Under Cntr)
33. 2020-10-31
    price $99,900
34. 2020-10-21
    price $114,900
35. 2020-10-14
    listed $124,900 New

ⓘ 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: $2,529 · $211/mo
• Projected year-2 tax: $3,631 · $303/mo
• Expected delta: +$1,101/yr (+$92/mo · 43.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% 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: $40,272
• − Mortgage interest: −$15,684
• − Property taxes: −$2,529
• − Insurance: −$1,400
• − Repairs & maintenance: −$3,222
• − Management: −$3,222
• − Depreciation: −$8,145
• Taxable income: $6,069
• Est. tax owed @ 24.0%: −$1,457
• After-tax cash flow: $8,809/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): 30,771
• Household income: $83,147
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 1704.0

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 (69%)
• Race & ethnicity: White 69% Black 10% Asian 8% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 82% English-only · Other Indo-European 6% Spanish 3% Russian/Polish/Slavic 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: ▼ -133.05%
• Current HPI: 296.0467
• Rent YoY: ▲ 1.85%
• 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

+124.2% since first listed

22 events — show timeline

• 2025-09-30 Listed $280,000 Global MLS
• 2022-09-13 Pending — Global MLS
• 2022-08-08 Listed $235,000 Global MLS
• 2022-07-29 Listing Removed — Global MLS
• 2022-06-30 Price Changed $235,000 Global MLS
• 2022-06-12 Relisted — Global MLS
• 2022-04-28 Pending — Global MLS
• 2022-04-08 Price Changed $239,999 Global MLS
• 2022-02-19 Relisted — Global MLS
• 2022-02-13 Contingent — Global MLS
• 2022-01-25 Price Changed $249,999 Global MLS
• 2022-01-15 Listed $260,000 Global MLS
• 2021-05-17 Sold (Public Records) $75,000 Public Records
• 2021-05-11 Sold (MLS) $75,000 Global MLS
• 2021-03-02 Pending — Global MLS
• 2021-02-19 Price Changed $114,900 Global MLS
• 2021-02-05 Price Changed $129,900 Global MLS
• 2021-02-04 Relisted — Global MLS
• 2020-11-04 Pending — Global MLS
• 2020-10-31 Price Changed $99,900 Global MLS
• 2020-10-21 Price Changed $114,900 Global MLS
• 2020-10-14 Listed $124,900 Global MLS

Property tax history

+2.3%/yr

Latest (2025): $2,529 · +7.7% YoY. Source: county tax records.