1243 Broadway · Albany, NY 12204

$199,900

3 bd · 2.0 ba · 1,840 sqft · MultiFamily public records · 32 Days on market

Built 1915 1,742 sqft lot Est $213k · 6% 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 +30.0/30.0
• ARV discount +10.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +4.0/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Turnkey 2 family investment property, everything has been updated and shows spotless. 2 years left on transferable roof warranty. Building is currently occupied to paying tenants. 24 hour notice. Don't miss out on this opportunity!

Key facts

• Newer boiler
• Hot water tanks
• Hardwood floors

Tags

• HARDWOOD FLOORS
• NEWER BOILER
• HOT WATER TANKS
• FULLY APPLIANCED KITCHENS
• LAUNDRY IN BOTH UNITS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $684/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.5% 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: 24 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.9%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 (-1.9% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% 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 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.85% ✓
• Cap rate: 14.51%
• Cash-on-cash: 29.33%
• DSCR: 2.31
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $213,440
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12 South St	0.11mi	4/2.0 (+1)	1,848 (+0%)	8mo	$215,000	$116	83

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-1.91% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.1%
• Equity multiple: 2.15×
• Total profit: $64,217
• Equity at exit: $39,705

10-year hold

• IRR: 32.3%
• Equity multiple: 4.16×
• Total profit: $177,120
• Equity at exit: $34,776

Cash invested: $55,972 (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 12204

• Home prices YoY: -0.7%
• Active inventory: 24
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $3,695 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$419 /mo · $5,031/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$776
• Net cashflow: $1,368

Break-even live

Break-even rent $1,963

Max offer price $199,900

Occupancy floor 58%

Sensitivity live

Price	-10% $1,481	-5% $1,425	+0% $1,368	+5% $1,312	+10% $1,255
Rent	-10% $1,076	-5% $1,222	+0% $1,368	+5% $1,514	+10% $1,660
Rate	-1.0pp $1,469	-0.5pp $1,419	base $1,368	+0.5pp $1,316	+1.0pp $1,264

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,696
Total (2 units)			$3,695

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
624 N Pearl St Unit 1st floor Albany, NY	4.0	2.0	1800	$1,950	$1.08	16d	1	0.19mi
1 Broadway Menands, NY	2.0	1.0–2.0	1017	$3,125	$3.07	16d	5	0.43mi
1556 1st St Rensselaer, NY	2.0	1.0	2178	$1,600	$0.73	16d	1	1.13mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	25d	1	1.21mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	46d	1	1.29mi
15 Ten Broeck St Albany, NY	2.0	1.5	1900	$1,750	$0.92	23d	1	1.31mi
2 River Chase Rensselaer, NY	1.0–3.0	1.0–2.0	1348	$2,615	$1.94	16d	34	1.50mi

Listing history 14 events

1. 2026-04-28
   status Pending
2. 2026-04-15
   price $199,900
3. 2026-03-27
   listed $215,000 Active
4. 2024-05-28
   soldstatus $185,000
5. 2024-05-23
   soldstatus $185,000 Closed 231-char remark

   Show marketing remark (231 chars)

   Turnkey 2 family investment property, everything has been updated and shows spotless. 2 years left on transferable roof warranty. Building is currently occupied to paying tenants. 24 hour notice. Don't miss out on this opportunity!

6. 2024-04-11
   status Pending 231-char remark

   Show marketing remark (231 chars)

   Turnkey 2 family investment property, everything has been updated and shows spotless. 2 years left on transferable roof warranty. Building is currently occupied to paying tenants. 24 hour notice. Don't miss out on this opportunity!

7. 2024-04-04
   price $190,000 231-char remark

   Show marketing remark (231 chars)

   Turnkey 2 family investment property, everything has been updated and shows spotless. 2 years left on transferable roof warranty. Building is currently occupied to paying tenants. 24 hour notice. Don't miss out on this opportunity!

8. 2024-03-18
   price $200,000 231-char remark

   Show marketing remark (231 chars)

   Turnkey 2 family investment property, everything has been updated and shows spotless. 2 years left on transferable roof warranty. Building is currently occupied to paying tenants. 24 hour notice. Don't miss out on this opportunity!

9. 2024-03-15
   listed $215,000 Active 231-char remark

   Show marketing remark (231 chars)

   Turnkey 2 family investment property, everything has been updated and shows spotless. 2 years left on transferable roof warranty. Building is currently occupied to paying tenants. 24 hour notice. Don't miss out on this opportunity!

10. 2018-04-10
    soldstatus $128,500
11. 2018-04-06
    soldstatus $125,500 Closed (Final Sale) 167-char remark

    Show marketing remark (167 chars)

    Fantastic 2 family investment property or owner occupied, everything has been updated and shows spotless, transferable roof warranty, easy to show! Very Good Condition

12. 2018-03-06
    status Pend (Under Cntr) 167-char remark

    Show marketing remark (167 chars)

    Fantastic 2 family investment property or owner occupied, everything has been updated and shows spotless, transferable roof warranty, easy to show! Very Good Condition

13. 2018-02-27
    listed $129,900 Active 167-char remark

    Show marketing remark (167 chars)

    Fantastic 2 family investment property or owner occupied, everything has been updated and shows spotless, transferable roof warranty, easy to show! Very Good Condition

14. 2015-11-23
    soldstatus $42,000

ⓘ 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: $5,031 · $419/mo
• Projected year-2 tax: $5,031 · $419/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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,340
• − Mortgage interest: −$11,198
• − Property taxes: −$5,031
• − Insurance: −$1,000
• − Repairs & maintenance: −$3,547
• − Management: −$3,547
• − Depreciation: −$5,815
• Taxable income: $14,203
• Est. tax owed @ 24.0%: −$3,409
• After-tax cash flow: $13,010/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
• City population: 116,921
• Population (ZIP): 8,423

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 0.66)
• Race & ethnicity: White 50% Black 29% Asian 8% Two or more races 8% Hispanic / Latino 5%
• Common ancestry: Romanian 6% Lithuanian 5% Slovak 2%
• Foreign-born: 8% · Canada, China, Jamaica
• Languages at home: 89% English-only · Spanish 3% Other Indo-European 3% Other Asian/Pacific 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: ▼ -1.91%
• Current HPI: 264.5536
• Rent YoY: —
• Metro: —
• 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

+376.0% since first listed

14 events — show timeline

• 2026-04-28 Pending — Global MLS
• 2026-04-15 Price Changed $199,900 Global MLS
• 2026-03-27 Listed $215,000 Global MLS
• 2024-05-28 Sold (Public Records) $185,000 Public Records
• 2024-05-23 Sold (MLS) $185,000 Global MLS
• 2024-04-11 Pending — Global MLS
• 2024-04-04 Price Changed $190,000 Global MLS
• 2024-03-18 Price Changed $200,000 Global MLS
• 2024-03-15 Listed $215,000 Global MLS
• 2018-04-10 Sold (Public Records) $128,500 Public Records
• 2018-04-06 Sold (MLS) $125,500 Global MLS
• 2018-03-06 Pending — Global MLS
• 2018-02-27 Listed $129,900 Global MLS
• 2015-11-23 Sold (Public Records) $42,000 Public Records

Property tax history

+8.3%/yr

Latest (2025): $5,031 · +3.7% YoY. Source: county tax records.