118 N Allen St · Albany, NY 12203

$280,000

6 bd · 2.0 ba · 1,924 sqft · MultiFamily public records · 310 Days on market

Built 1917 Fair condition 3,049 sqft lot $146/sqft · 33% below area Est $421k · 33% 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 +26.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.9/10.0
• 1% rule +6.4/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.0/5.0
• Condition / age +2.2/5.0
• 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. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $722 ($9k/yr) — positive. Per door: $361/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 9.4% vs local median 6.0% 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); 172 active listings in the ZIP; solid renter incomes; 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 $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.

Negotiation context

• It's been on market 310 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 310 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.14% ✓
• Cap rate: 9.39%
• Cash-on-cash: 11.05%
• DSCR: 1.49
• GRM: 7.3

CMA / ARV

• ARV (median comp): $420,519
• List price: $280,000
• Delta: -33.42%
• 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%)	12mo	$305,000	$163	76
1 Manning Sq	0.48mi	6/2.0	1,800 (-6%)	1mo	$268,000	$149	66
137 N Pine Ave	0.06mi	6/4.0	2,140 (+11%)	10mo	$153,000	$71	62
835 Lancaster St	0.12mi	7/3.0 (+1)	2,190 (+14%)	2mo	$432,000	$197	61
9 N Manning Blvd	0.59mi	5/2.0 (-1)	1,936 (+1%)	7mo	$145,000	$75	61
598 Morris St	0.57mi	6/2.0	2,000 (+4%)	10mo	$220,000	$110	58
84 N Allen St	0.09mi	5/3.0 (-1)	2,179 (+13%)	10mo	$425,000	$195	56
609 3rd St	0.66mi	7/2.0 (+1)	1,792 (-7%)	2mo	$160,000	$89	51
531 Hamilton St	0.63mi	5/3.0 (-1)	2,112 (+10%)	6mo	$284,750	$135	40
608 3rd St	0.64mi	6/2.0	2,174 (+13%)	10mo	$91,500	$42	40
487 Hamilton St	0.75mi	6/2.0	2,152 (+12%)	12mo	$230,000	$107	35
698 State St	0.74mi	7/2.0 (+1)	2,192 (+14%)	12mo	$284,500	$130	27

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: -1.0%
• Equity multiple: 0.96×
• Total profit: $-3,075
• Equity at exit: $41,749

10-year hold

• IRR: 7.4%
• Equity multiple: 1.53×
• Total profit: $41,758
• 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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 13 active · 19 under contract
• Months of supply: 7.1 mo (14%/mo absorbed)
• Median asking: $285,000 ($148/sqft)
• Median days on market: 63 d
• This list price: 46% of active listings are priced below it
• ARV vs active asking: +48.1% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 12203

• Home prices YoY: -31.0%
• Rents YoY: 1.9%
• Active inventory: 172
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $3,187 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$211 /mo · $2,529/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$669
• Net cashflow: $722

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,186
Total (2 units)			$3,187

Break-even live

Break-even rent $2,273

Max offer price $280,000

Occupancy floor 72%

Sensitivity live

Price	-10% $880	-5% $801	+0% $722	+5% $643	+10% $563
Rent	-10% $470	-5% $596	+0% $722	+5% $848	+10% $974
Rate	-1.0pp $863	-0.5pp $793	base $722	+0.5pp $649	+1.0pp $576

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
826 Chestnut St Unit 03 Albany, NY	1.0	1.0	—	$1,290	—	70d	1	0.13mi
826 Chestnut St Albany, NY	1.0	1.0	—	$1,325	—	93d	1	0.13mi
705 Hudson Ave Unit 2ND Albany, NY	1.0	1.0	—	$825	—	72d	1	0.19mi
898 Lancaster St Unit 2 Albany, NY	2.0	1.0	1200	$1,700	$1.42	72d	1	0.21mi
144 Manning Blvd Albany, NY	2.0	1.0	—	$1,550	—	63d	1	0.26mi
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	93d	1	0.31mi
99 Winthrop Ave Unit B Albany, NY	2.0	1.0	—	$1,200	—	72d	1	0.33mi
50 Manning Blvd Apt 1 Albany, NY	1.0	1.0	—	$1,250	—	63d	1	0.35mi
11 King Ave Unit 2 Albany, NY	3.0	1.0	1100	$1,550	$1.41	16d	1	0.36mi
98 Kent St Unit 2nd Floor Albany, NY	3.0	1.0	1442	$1,650	$1.14	16d	1	0.39mi
526 Central Ave Albany, NY	1.0–2.0	1.0	957	$1,435	$1.50	16d	1	0.44mi
164 Terrace Ave Albany, NY	3.0	1.5	—	$2,600	—	72d	1	0.45mi
1 Bleecker Ter Albany, NY	1.0–3.0	1.0–1.5	701	$1,592	$2.27	15d	1	0.49mi
858 Myrtle Ave Apt 2 Albany, NY	1.0	1.0	—	$1,100	—	93d	1	0.51mi
921 Park Ave Unit 6 Albany, NY	2.0	1.0	—	$1,400	—	16d	1	0.51mi
78 S Pine Ave Unit 2 Albany, NY	3.0	1.5	1541	$2,350	$1.52	63d	1	0.52mi
38 S Main Ave Albany, NY	1.0	1.0	—	$1,297	—	72d	1	0.53mi
634 Western Ave Albany, NY	1.0	1.0	—	$1,250	—	93d	1	0.53mi
31 Terrace Ave Albany, NY	2.0	1.0	741	$1,500	$2.02	93d	1	0.54mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,775	$1.40	16d	1	0.55mi
203 Partridge St Albany, NY	3.0	1.0	—	$1,650	—	93d	1	0.56mi
775 Myrtle Ave Albany, NY	1.0–2.0	1.0	—	$1,750	—	16d	4	0.57mi
545 Hamilton St Unit A Albany, NY	2.0	1.0	900	$1,600	$1.78	16d	1	0.58mi
400 Central Ave Albany, NY	2.0	1.0	675	$1,591	$2.36	93d	11	0.62mi
260 Bradford St Unit 105 Albany, NY	2.0	1.0	745	$1,500	$2.01	72d	1	0.62mi
260 Bradford St Unit 102 Albany, NY	1.0	1.0	571	$1,300	$2.28	72d	1	0.62mi
260 Bradford St Unit 205 Albany, NY	3.0	2.0	912	$1,700	$1.86	72d	1	0.62mi
260 Bradford St Unit 104 Albany, NY	1.0	1.0	341	$1,000	$2.93	72d	1	0.62mi
520 Hamilton St Unit 7 Albany, NY	1.0	1.0	—	$1,100	—	16d	1	0.63mi
273 Western Ave Unit 3 Albany, NY	3.0	1.0	1100	$1,850	$1.68	72d	1	0.66mi
273 Western Ave Unit 2 Albany, NY	3.0	1.0	1000	$1,800	$1.80	72d	1	0.66mi
190 Spring St Albany, NY	1.0	1.0	—	$1,350	—	93d	1	0.67mi
55 Ryckman Ave Albany, NY	3.0	1.0	—	$2,100	—	72d	1	0.67mi
188 Spring St Unit 2 Albany, NY	2.0	1.0	1200	$1,475	$1.23	93d	1	0.68mi
711 State St Albany, NY	3.0	1.0	—	$1,800	—	93d	1	0.68mi
864 Madison Ave Albany, NY	3.0	1.0	—	$1,350	—	16d	1	0.68mi
1058 Washington Ave Albany, NY	1.0	1.0	600	$1,250	$2.08	93d	1	0.69mi
23 Benson St Albany, NY	2.0	1.0	720	$1,350	$1.88	16d	1	0.71mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	93d	1	0.71mi
32 Peyster St Unit 1st floor Albany, NY	3.0	2.0	2714	$2,500	$0.92	93d	1	0.71mi

Listing history 50 events

1. 2026-08-08
   days on market $280,000 Active 310 DOM
2. 2026-08-07
   days on market $280,000 Active 309 DOM
3. 2026-08-06
   days on market $280,000 Active 308 DOM
4. 2026-08-05
   days on market $280,000 Active 307 DOM
5. 2026-08-04
   days on market $280,000 Active 306 DOM
6. 2026-08-03
   days on market $280,000 Active 305 DOM
7. 2026-07-31
   days on market $280,000 Active 302 DOM
8. 2026-07-29
   days on market $280,000 Active 300 DOM
9. 2026-07-27
   days on market $280,000 Active 298 DOM
10. 2026-07-25
    days on market $280,000 Active 296 DOM
11. 2026-07-24
    days on market $280,000 Active 295 DOM
12. 2026-07-23
    days on market $280,000 Active 294 DOM
13. 2026-07-22
    days on market $280,000 Active 293 DOM
14. 2026-07-21
    days on market $280,000 Active 292 DOM
15. 2026-07-18
    days on market $280,000 Active 289 DOM
16. 2026-07-16
    days on market $280,000 Active 287 DOM
17. 2026-07-16
    days on market $280,000 Active 286 DOM
18. 2026-07-14
    days on market $280,000 Active 285 DOM
19. 2026-07-14
    days on market $280,000 Active 284 DOM
20. 2026-07-12
    days on market $280,000 Active 283 DOM
21. 2026-07-11
    days on market $280,000 Active 282 DOM
22. 2026-07-10
    days on market $280,000 Active 281 DOM
23. 2026-07-09
    days on market $280,000 Active 280 DOM
24. 2026-07-07
    days on market $280,000 Active 278 DOM
25. 2026-07-06
    days on market $280,000 Active 277 DOM
26. 2026-07-05
    days on market $280,000 Active 276 DOM
27. 2026-07-04
    days on market $280,000 Active 275 DOM
28. 2026-07-03
    days on market $280,000 Active 274 DOM
29. 2026-07-02
    days on market $280,000 Active 273 DOM
30. 2026-07-01
    days on market $280,000 Active 272 DOM
31. 2026-06-30
    days on market $280,000 Active 271 DOM
32. 2026-06-29
    days on market $280,000 Active 270 DOM
33. 2026-06-28
    days on market $280,000 Active 269 DOM
34. 2026-06-28
    days on market $280,000 Active 268 DOM
35. 2026-06-27
    days on market $280,000 Active 267 DOM
36. 2026-06-25
    days on market $280,000 Active 265 DOM
37. 2026-06-23
    days on market $280,000 Active 263 DOM
38. 2026-06-21
    days on market $280,000 Active 262 DOM
39. 2026-06-18
    days on market $280,000 Active 259 DOM
40. 2026-06-17
    days on market $280,000 Active 258 DOM
41. 2026-06-16
    days on market $280,000 Active 257 DOM
42. 2026-06-15
    days on market $280,000 Active 256 DOM
43. 2026-06-14
    days on market $280,000 Active 254 DOM
44. 2026-06-10
    days on market $280,000 Active 251 DOM
45. 2026-06-08
    days on market $280,000 Active 249 DOM
46. 2026-06-07
    days on market $280,000 Active 248 DOM
47. 2026-06-03
    days on market $280,000 Active 244 DOM
48. 2026-06-02
    days on market $280,000 Active 243 DOM
49. 2026-06-01
    days on market $280,000 Active 242 DOM
50. 2026-05-31
    days on market $280,000 Active 241 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: $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: $38,244
• − Mortgage interest: −$15,684
• − Property taxes: −$2,529
• − Insurance: −$1,400
• − Repairs & maintenance: −$3,060
• − Management: −$3,060
• − Depreciation: −$8,145
• Taxable income: $4,366
• Est. tax owed @ 24.0%: −$1,048
• After-tax cash flow: $7,615/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.

Condition & rehab AI · 10 photos

Fair 45/100 Moderate rehab Est. rehab $48,100–$86,580 screening

The home requires significant repairs to the roof and exterior siding, but the interior is in good condition. A new roof and exterior siding would significantly increase its value.

Deferred maintenance Est. $10,000–$30,000 screening

• Major Roof (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — No roof visible, but based on the age of the house and the general condition, it is likely to be in poor condition.

Repairs flagged

• Major roof — The roof appears to be in poor condition, with visible wear and tear.
• Major exterior siding — The exterior siding shows signs of wear and discoloration.

Value-add opportunities

• Both New roof — A new roof would significantly increase the home's value, both for resale and rental, as it is a major structural component. ↑
• Both New exterior siding — New siding would improve the home's curb appeal and increase its value for both resale and rental. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 38/100

Zoned Schools

Elementary Pine Hills Elementary School F NY #1,846/2,108 Nat'l #30,133/41,679 Middle North Albany Academy Middle School F NY #689/729 Nat'l #12,017/14,009 High Albany High School B+ NY #710/1,100 Nat'l #2,083/17,239

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

B Composite livability gradescore 79/100

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 · 320,794 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: 9% of renters

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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%

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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%

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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

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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.