860 Washington Ave · Albany, NY 12203

$227,000

4 bd · 2.0 ba · 2,051 sqft · MultiFamily · 100 Days on market

Built 1907 Fair condition 3,920 sqft lot $111/sqft · 55% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• 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

• Hardwood
• Duplex
• Close to bus line

Tags

• DUPLEX
• HARDWOOD
• CLOSE TO BUS LINE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $227k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $588/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $227k).
• Recommended offer: $207k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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.
• Market conditions: Rents rising (+1.9%/yr); 124 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,474/mo this rent would consume 50% 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 $7k 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 $64k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

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

Recommended offer $206,570 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% 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 1907 — 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: 1.53% ✓
• Cap rate: 12.51%
• Cash-on-cash: 22.20%
• DSCR: 1.99
• GRM: 5.4

CMA / ARV

• ARV (median comp): $504,376
• List price: $227,000
• Delta: -54.99%
• 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	0.07mi	5/2.0 (+1)	1,868 (-9%)	10mo	$305,000	$163	68
84 N Allen St	0.14mi	5/3.0 (+1)	2,179 (+6%)	9mo	$425,000	$195	67
847 Jay St	0.20mi	5/2.0 (+1)	2,246 (+10%)	8mo	$285,000	$127	63
455 Bradford St	0.27mi	4/2.0	1,800 (-12%)	8mo	$230,000	$128	60
523 Central Ave	0.50mi	4/4.0	2,016 (-2%)	11mo	$289,000	$143	57
596 3rd St	0.64mi	4/2.0	1,920 (-6%)	4mo	$150,000	$78	56
627 3rd St	0.61mi	4/2.0	2,200 (+7%)	5mo	$225,000	$102	56
18 N Allen St	0.31mi	5/3.0 (+1)	2,232 (+9%)	8mo	$250,000	$112	56
9 N Manning Blvd	0.56mi	5/2.0 (+1)	1,936 (-6%)	5mo	$145,000	$75	55
862 3rd St	0.52mi	5/2.0 (+1)	1,980 (-4%)	13mo	$205,000	$104	54
531 Hamilton St	0.66mi	5/3.0 (+1)	2,112 (+3%)	5mo	$284,750	$135	52
105 Clermont St	0.65mi	5/2.0 (+1)	2,356 (+15%)	7mo	$320,000	$136	34

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: 13.7%
• Equity multiple: 1.54×
• Total profit: $34,176
• Equity at exit: $33,846

10-year hold

• IRR: 21.6%
• Equity multiple: 2.74×
• Total profit: $110,460
• Equity at exit: $19,627

Cash invested: $63,560 (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: 10.9×

Monthly cashflow live

• Estimated rent: $3,474 high
• Mortgage (P&I): −$1,190
• Tax est. 1.5%: −$284 /mo · $3,405/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$730
• Net cashflow: $1,176

Break-even live

Break-even rent $1,986

Max offer price $227,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,474
Total (2 units)			$3,474

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: $56,750
• Closing costs: $6,810
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	43d	1	0.28mi
78 S Pine Ave Unit 2 Albany, NY	3.0	1.5	1541	$2,350	$1.52	14d	1	0.57mi
57 S Main Ave Albany, NY	4.0	1.0	2695	$1,600	$0.59	43d	1	0.63mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	43d	1	0.76mi
32 Peyster St Unit 1st floor Albany, NY	3.0	2.0	2714	$2,500	$0.92	43d	1	0.78mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	43d	1	0.78mi
726 Western Ave Albany, NY	4.0	2.5	1900	$2,800	$1.47	43d	1	0.86mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	43d	1	0.87mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	14d	1	0.91mi
830 Western Ave Albany, NY	4.0	2.5	1600	$2,700	$1.69	14d	1	0.96mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	14d	1	0.97mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	23d	1	1.03mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	23d	1	1.13mi
255 Patroon Creek Blvd Albany, NY	1.0–3.0	1.0–2.0	1080	$2,559	$2.37	14d	22	1.17mi
53 Greenway N Albany, NY	3.0	2.0	1500	$2,600	$1.73	23d	1	1.20mi
30 Cardinal Ave Albany, NY	4.0	1.0	1529	$2,800	$1.83	44d	1	1.30mi

Listing history 4 events

1. 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.

2. 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.

3. 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.

4. 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: $41,688
• − Mortgage interest: −$12,716
• − Property taxes: −$3,405
• − Insurance: −$1,135
• − Repairs & maintenance: −$3,335
• − Management: −$3,335
• − Depreciation: −$6,604
• Taxable income: $11,159
• Est. tax owed @ 24.0%: −$2,678
• After-tax cash flow: $11,430/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

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

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · outdated and in poor condition	Major	$15,000–50,000
bathroom fixtures · small and outdated	Major	$15,000–50,000
paint · paint appears worn	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• 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 ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

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