500 Washington Ave · Albany, NY 12203

$265,000

6 bd · 2.0 ba · 1,920 sqft · MultiFamily public records · 96 Days on market

Built 1900 1,742 sqft lot Est $190k · 39% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Take advantage of this newly renovated two family! NEW bathrooms, NEW floors, NEW carpet, NEW paint! Situated close to various colleges, this two family has great student rental history and is ready for you to buy. Make an appointment today while it still lasts!

Key facts

• New flooring
• New bathrooms
• 1,742 sq ft lot

Tags

• INCOME GENERATING DUPLEX
• NEW BATHROOMS
• NEW FLOORING
• HIGH EFFICIENCY BOILER

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $542/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $265k).
• Recommended offer: $241k (9.0% below list) — sets the bar for market timing.

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: 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).

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 $74k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 96 days — a 9% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $226k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $241,150 (9.0% below list)

Questions for the listing agent

1. It's been on market 96 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. Built in 1900 — 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: 1.37% ✓
• Cap rate: 11.20%
• Cash-on-cash: 17.54%
• DSCR: 1.78
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $190,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
184 Quail St	0.12mi	6/3.0	1,853 (-4%)	4mo	$231,000	$125	81
446 1st St	0.36mi	6/2.0	1,848 (-4%)	1mo	$160,000	$87	76
184 N Lake Ave	0.47mi	6/2.0	1,974 (+3%)	1mo	$195,000	$99	72
157 Western Ave	0.12mi	7/2.0 (+1)	2,144 (+12%)	5mo	$215,000	$100	66
645 Myrtle Ave	0.52mi	6/2.0	2,000 (+4%)	5mo	$270,000	$135	64
339 2nd St	0.51mi	6/2.0	1,784 (-7%)	1mo	$175,000	$98	64
351 2nd St	0.49mi	6/2.0	2,056 (+7%)	3mo	$184,002	$89	62
189 Elk St	0.71mi	6/2.0	1,880 (-2%)	2mo	$89,900	$48	62
337 3rd St	0.55mi	6/2.0	2,058 (+7%)	1mo	$160,000	$78	61
9 N Manning Blvd	0.69mi	5/2.0 (-1)	1,936 (+1%)	5mo	$145,000	$75	57
531 Hamilton St	0.40mi	5/3.0 (-1)	2,112 (+10%)	5mo	$284,750	$135	52
156 Lark St	0.74mi	6/3.0	1,728 (-10%)	1mo	$235,000	$136	44

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: 7.7%
• Equity multiple: 1.30×
• Total profit: $21,999
• Equity at exit: $39,512

10-year hold

• IRR: 16.0%
• Equity multiple: 2.23×
• Total profit: $91,537
• Equity at exit: $22,912

Cash invested: $74,200 (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: 12.2×

Monthly cashflow live

• Estimated rent: $3,634 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$286 /mo · $3,435/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$763
• Net cashflow: $1,084

Break-even live

Break-even rent $2,261

Max offer price $265,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,634
Total (2 units)			$3,634

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-04-28
   status Pending
2. 2026-03-15
   price $265,000
3. 2026-01-22
   listed $275,000 Active
4. 2022-07-25
   soldstatus $226,000
5. 2022-04-22
   status Pending 262-char remark

   Show marketing remark (262 chars)

   Take advantage of this newly renovated two family! NEW bathrooms, NEW floors, NEW carpet, NEW paint! Situated close to various colleges, this two family has great student rental history and is ready for you to buy. Make an appointment today while it still lasts!

6. 2022-04-08
   listed $219,000 Active 262-char remark

   Show marketing remark (262 chars)

   Take advantage of this newly renovated two family! NEW bathrooms, NEW floors, NEW carpet, NEW paint! Situated close to various colleges, this two family has great student rental history and is ready for you to buy. Make an appointment today while it still lasts!

7. 2022-02-14
   soldstatus $115,000
8. 2022-01-16
   historical 17-char remark

   Show marketing remark (17 chars)

   SOLD BEFORE PRINT

9. 2022-01-14
   listed $115,000 17-char remark

   Show marketing remark (17 chars)

   SOLD BEFORE PRINT

ⓘ 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: $3,435 · $286/mo
• Projected year-2 tax: $3,957 · $330/mo
• Expected delta: +$522/yr (+$43/mo · 15.2%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% 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: $43,608
• − Mortgage interest: −$14,844
• − Property taxes: −$3,435
• − Insurance: −$1,325
• − Repairs & maintenance: −$3,489
• − Management: −$3,489
• − Depreciation: −$7,709
• Taxable income: $9,317
• Est. tax owed @ 24.0%: −$2,236
• After-tax cash flow: $10,778/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

+130.4% since first listed

9 events — show timeline

• 2026-04-28 Pending — Global MLS
• 2026-03-15 Price Changed $265,000 Global MLS
• 2026-01-22 Listed $275,000 Global MLS
• 2022-07-25 Sold (Public Records) $226,000 Public Records
• 2022-04-22 Pending — Global MLS
• 2022-04-08 Listed $219,000 Global MLS
• 2022-02-14 Sold (Public Records) $115,000 Public Records
• 2022-01-16 Listing Removed — Global MLS
• 2022-01-14 Listed $115,000 Global MLS

Property tax history

+5.8%/yr

Latest (2025): $3,435 · -36.9% YoY. Source: county tax records.