860 Washington Ave · Albany, NY 12203

$329,000

5 bd · 2.0 ba · 2,051 sqft · MultiFamily · 18 Days on market

Built 1907 Fair condition 3,920 sqft lot $160/sqft · 29% below area Est $462k · 29% under

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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 +19.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +5.1/10.0
• 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

This house is being sold as is. Great Investment opportunity. Come see this amazing duplex, large rooms,., hardwood, and close to the bus line.

Key facts

• New appliance
• Natural light
• Shiny tiled

Tags

• NEW APPLIANCE
• GLEAMING HARDWOOD
• SHINY TILED
• QUALITY VINYL FLOORING
• NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $329k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $355 ($4k/yr) — positive. Per door: $178/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $329k).
• Recommended offer: $324k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 5.9% in Albany — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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); 223 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 $10k 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 18 days — a 2% lower offer ($324k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 45% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $324,065 (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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.01% ✓
• Cap rate: 7.59%
• Cash-on-cash: 4.63%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

• ARV (median comp): $462,428
• List price: $329,000
• Delta: -28.85%
• 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
860 Washington Ave	0.00mi	4/2.0 (-1)	2,051 (0%)	3mo	$217,000	$106	92
1061 Madison Ave	0.40mi	5/2.0	2,050 (-0%)	0mo	$230,000	$112	81
9 N Manning Blvd	0.56mi	5/2.0	1,936 (-6%)	8mo	$145,000	$75	57
531 Hamilton St	0.66mi	5/3.0	2,112 (+3%)	8mo	$284,750	$135	54
1 Manning Sq	0.46mi	6/2.0 (+1)	1,800 (-12%)	2mo	$268,000	$149	52
596 3rd St	0.64mi	4/2.0 (-1)	1,920 (-6%)	7mo	$150,000	$78	49
627 3rd St	0.61mi	4/2.0 (-1)	2,200 (+7%)	8mo	$225,000	$102	48
147 Homestead Ave	0.33mi	6/2.0 (+1)	2,342 (+14%)	10mo	$330,000	$141	47
563 Morris St	0.65mi	6/2.0 (+1)	2,224 (+8%)	9mo	$275,000	$124	43
75 S Pine Ave	0.58mi	6/2.0 (+1)	2,356 (+15%)	5mo	$390,000	$166	39
265 Western Ave	0.73mi	6/2.0 (+1)	2,240 (+9%)	9mo	$220,000	$98	38
105 Clermont St	0.65mi	5/2.0	2,356 (+15%)	10mo	$320,000	$136	36

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: -10.4%
• Equity multiple: 0.63×
• Total profit: $-34,429
• Equity at exit: $49,055

10-year hold

• IRR: -2.7%
• Equity multiple: 0.83×
• Total profit: $-15,889
• Equity at exit: $28,446

Cash invested: $92,120 (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: 26 active · 29 under contract
• Months of supply: 9.8 mo (10%/mo absorbed)
• Median asking: $269,950 ($129/sqft)
• Median days on market: 48 d
• This list price: 81% of active listings are priced below it
• ARV vs active asking: +74.5% 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: 223
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $3,328 high
• Mortgage (P&I): −$1,725
• Tax est. 1.5%: −$411 /mo · $4,935/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$699
• Net cashflow: $355

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,328
Total (2 units)			$3,328

Break-even live

Break-even rent $2,878

Max offer price $329,000

Occupancy floor 84%

Sensitivity live

Price	-10% $583	-5% $469	+0% $355	+5% $242	+10% $128
Rent	-10% $93	-5% $224	+0% $355	+5% $487	+10% $618
Rate	-1.0pp $521	-0.5pp $439	base $355	+0.5pp $270	+1.0pp $183

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: $82,250
• Closing costs: $9,870
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
282 Manning Blvd #2 Albany, NY	1.0	1.0	—	$1,100	—	6d	1	0.06mi
831 Washington Ave Albany, NY	3.0	1.0	1184	$1,700	$1.44	6d	1	0.07mi
27 McKinley St Albany, NY	2.0	1.0	712	$1,700	$2.39	6d	1	0.16mi
826 Chestnut St Albany, NY	1.0	1.0	—	$1,325	—	139d	1	0.20mi
826 Chestnut St Unit 03 Albany, NY	1.0	1.0	—	$1,290	—	117d	1	0.20mi
898 Lancaster St Unit 2 Albany, NY	2.0	1.0	1200	$1,700	$1.42	119d	1	0.22mi
148 Manning Blvd Apt 3 Albany, NY	2.0	1.0	—	$1,550	—	6d	1	0.22mi
144 Manning Blvd Albany, NY	2.0	1.0	—	$1,550	—	110d	1	0.23mi
800 Chestnut St Unit 2 Albany, NY	2.0	1.0	—	$1,500	—	6d	1	0.23mi
705 Hudson Ave Unit 1ST Albany, NY	1.0	1.0	—	$950	—	6d	1	0.25mi
705 Hudson Ave Unit 2ND Albany, NY	1.0	1.0	—	$825	—	119d	1	0.25mi
830 Jay St #2 Albany, NY	2.0	1.0	900	$1,350	$1.50	6d	1	0.25mi
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	139d	1	0.28mi
663 Hudson Ave Albany, NY	3.0	1.0	1450	$2,100	$1.45	0d	1	0.29mi
11 King Ave Unit 2 Albany, NY	3.0	1.0	1100	$1,550	$1.41	62d	1	0.30mi
99 Winthrop Ave Unit B Albany, NY	2.0	1.0	—	$1,200	—	119d	1	0.33mi
4 King Ave #2 Albany, NY	2.0	1.0	—	$1,400	—	6d	1	0.33mi
50 Manning Blvd Apt 1 Albany, NY	1.0	1.0	—	$1,250	—	110d	1	0.36mi
13 Ver Planck St Albany, NY	3.0	2.0	2058	$2,900	$1.41	6d	1	0.39mi
164 Terrace Ave Albany, NY	3.0	1.5	—	$2,600	—	119d	1	0.41mi
98 Kent St Unit 2nd Floor Albany, NY	3.0	1.0	1442	$1,650	$1.14	62d	1	0.41mi
143 Benson St Unit 2 Albany, NY	3.0	1.0	1100	$1,650	$1.50	6d	1	0.42mi
526 Central Ave Albany, NY	1.0–2.0	1.0	957	$1,435	$1.50	62d	1	0.44mi
1 Bleecker Ter Albany, NY	1.0–2.0	1.0	609	$1,795	$2.95	0d	1	0.46mi
31 Terrace Ave Albany, NY	2.0	1.0	741	$1,500	$2.02	139d	1	0.54mi
634 Western Ave Albany, NY	1.0	1.0	—	$1,250	—	139d	1	0.55mi
78 S Pine Ave Unit 2 Albany, NY	3.0	1.5	1541	$2,350	$1.52	110d	1	0.57mi
921 Park Ave Unit 6 Albany, NY	2.0	1.0	—	$1,300	—	6d	1	0.57mi
858 Myrtle Ave Apt 2 Albany, NY	1.0	1.0	—	$1,100	—	139d	1	0.57mi
640 Morris St Apt 3 Albany, NY	2.0	1.0	1200	$1,600	$1.33	6d	1	0.58mi
38 S Main Ave Albany, NY	1.0	1.0	—	$1,297	—	119d	1	0.59mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,775	$1.40	62d	1	0.62mi
90 S Pine Ave Unit D Albany, NY	2.0	1.0	795	$1,500	$1.89	6d	1	0.62mi
75 Eileen St Albany, NY	3.0	1.0	2000	$2,600	$1.30	2d	1	0.62mi
203 Partridge St Albany, NY	3.0	1.0	—	$1,650	—	139d	1	0.62mi
4143 N Manning Blvd Albany, NY	3.0	1.0	1200	$1,500	$1.25	6d	1	0.62mi
400 Central Ave Albany, NY	2.0	1.0	675	$1,591	$2.36	139d	11	0.64mi
545 Hamilton St Unit A Albany, NY	2.0	1.0	900	$1,600	$1.78	62d	1	0.64mi
775 Myrtle Ave Albany, NY	1.0–2.0	1.0	—	$1,750	—	6d	3	0.64mi
1058 Washington Ave Albany, NY	1.0	1.0	600	$1,250	$2.08	139d	1	0.64mi

Listing history 19 events

1. 2026-09-24
   days on market $329,000 Active 18 DOM
2. 2026-09-23
   days on market $329,000 Active 17 DOM
3. 2026-09-22
   days on market $329,000 Active 16 DOM
4. 2026-09-21
   days on market $329,000 Active 15 DOM
5. 2026-09-20
   days on market $329,000 Active 14 DOM
6. 2026-09-19
   days on market $329,000 Active 13 DOM
7. 2026-09-18
   days on market $329,000 Active 12 DOM
8. 2026-09-17
   days on market $329,000 Active 11 DOM
9. 2026-09-16
   days on market $329,000 Active 10 DOM
10. 2026-09-15
    days on market $329,000 Active 9 DOM
11. 2026-09-14
    days on market $329,000 Active 8 DOM
12. 2026-09-13
    days on market $329,000 Active 7 DOM
13. 2026-09-12
    days on market $329,000 Active 6 DOM
14. 2026-09-11
    remarks 655-char remark
15. 2026-09-11
    pricestatusdays on marketlisting id $329,000 Active 5 DOM
16. 2026-05-08
    status Pending 143-char remark

    Show marketing remark (143 chars)

    This house is being sold as is. Great Investment opportunity. Come see this amazing duplex, large rooms,., hardwood, and close to the bus line.

17. 2026-02-24
    status Active 143-char remark

    Show marketing remark (143 chars)

    This house is being sold as is. Great Investment opportunity. Come see this amazing duplex, large rooms,., hardwood, and close to the bus line.

18. 2025-12-10
    status Pending 143-char remark

    Show marketing remark (143 chars)

    This house is being sold as is. Great Investment opportunity. Come see this amazing duplex, large rooms,., hardwood, and close to the bus line.

19. 2025-11-10
    listed $227,000 Active 143-char remark

    Show marketing remark (143 chars)

    This house is being sold as is. Great Investment opportunity. Come see this amazing duplex, large rooms,., hardwood, and close to the bus line.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $39,936
• − Mortgage interest: −$18,429
• − Property taxes: −$4,935
• − Insurance: −$1,645
• − Repairs & maintenance: −$3,195
• − Management: −$3,195
• − Depreciation: −$9,571
• Taxable loss: −$1,034
• Est. tax savings @ 24.0%: +$248
• After-tax cash flow: $4,514/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 · 12 photos

Fair 45/100 Moderate rehab Est. rehab $51,275–$92,295 screening

This two-unit property requires moderate renovations to its kitchen and bathrooms, as well as some paint work. The home has good structural integrity and a decent exterior, making it a good investment opportunity.

Repairs flagged

• Major kitchen cabinets — outdated and in poor condition
• Major bathroom fixtures — small and outdated
• Minor paint — paint appears worn

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen would increase both resale and rental value ↑
• Both bathroom renovation — upgrading the bathrooms would increase both resale and rental value ↑
• Both painting — fresh paint would improve the home's curb appeal and interior aesthetics ↑

ⓘ 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

4 events — show timeline

• 2026-05-08 Pending — Global MLS
• 2026-02-24 Relisted — Global MLS
• 2025-12-10 Pending — Global MLS
• 2025-11-10 Listed $227,000 Global MLS