431 Morris St · Albany, NY 12208

$285,000

6 bd · 2.0 ba · 1,820 sqft · MultiFamily public records · 90 Days on market

Built 1900 Fair condition 2,613 sqft lot $157/sqft · 21% below area Est $359k · 21% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Great opportunity for Investor or owner occupant, convenient location close to Albany Medical center, Albany Law, 4 bedroom top floor units 3 bedrooms downstairs. Recently renovated kitchen, new floors, new windows, freshly painted. Unit 1 is currently rented at $1,498/month. Unit 2 is currently rented at $1,600/month. Stabilized gross rent is approximately $3,098/month ($37,176/year). Estimated operating expenses are: taxes ($5,473/yr), insurance ($1,600/yr), and water/sewer (~$1,200/yr), for total estimated annual operating expenses of ~$8,273 and estimated NOI of ~$28,903/year (~$2,408/month). Estimated Cap rate is approximately 10.1%.

Key facts

• New floors
• Freshly painted
• Convenient location

Tags

• CONVENIENT LOCATION
• RECENTLY RENOVATED KITCHEN
• NEW FLOORS
• NEW WINDOWS
• FRESHLY PAINTED

🏷️ Possibly a rental listed for sale. The $285,000 price doesn't fit this home's estimated sale value (~$358,673) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $285k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $285k).
• Recommended offer: $268k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.9% 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: 133 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $4,305/mo this rent would consume 73% of the median local household income ($70k/yr) — 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 $9k 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 + 3.0% rent growth), your $80k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($268k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $196k; 45% 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.

Recommended offer $267,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.51% ✓
• Cap rate: 11.90%
• Cash-on-cash: 20.02%
• DSCR: 1.89
• GRM: 5.5

CMA / ARV

• ARV (median comp): $358,673
• List price: $285,000
• Delta: -20.54%
• 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
645 Myrtle Ave	0.09mi	6/2.0	2,000 (+10%)	7mo	$270,000	$135	73
184 Quail St	0.34mi	6/3.0	1,853 (+2%)	6mo	$231,000	$125	72
500 Washington Ave	0.46mi	6/2.0	1,920 (+6%)	1mo	$255,000	$133	68
454 Ontario St	0.42mi	5/2.0 (-1)	1,776 (-2%)	6mo	$290,000	$163	66
682 State St	0.38mi	5/2.0 (-1)	1,744 (-4%)	10mo	$205,000	$118	62
69 Dana Ave	0.63mi	6/2.0	1,938 (+6%)	0mo	$260,000	$134	60
598 Morris St	0.40mi	6/2.0	2,000 (+10%)	10mo	$220,000	$110	57
106 Spring St	0.43mi	5/2.0 (-1)	1,896 (+4%)	15mo	$236,000	$124	56
148 Quail St	0.49mi	6/2.0	2,058 (+13%)	11mo	$160,000	$78	46
721 State St	0.41mi	7/2.0 (+1)	2,072 (+14%)	20mo	$252,000	$122	36
528 Madison Ave	0.60mi	5/4.0 (-1)	1,994 (+10%)	9mo	$330,000	$165	35
951 State St	0.72mi	5/2.0 (-1)	1,632 (-10%)	15mo	$365,000	$224	32

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.2%
• Equity multiple: 1.49×
• Total profit: $38,756
• Equity at exit: $42,494

10-year hold

• IRR: 21.2%
• Equity multiple: 2.80×
• Total profit: $143,469
• Equity at exit: $24,642

Cash invested: $79,800 (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: 18 active · 23 under contract
• Months of supply: 7.7 mo (13%/mo absorbed)
• Median asking: $289,450 ($140/sqft)
• Median days on market: 65 d
• This list price: 44% of active listings are priced below it
• ARV vs active asking: +40.7% above current asking $/sqft

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

ZIP-level market 12208

• Home prices YoY: -30.1%
• Active inventory: 133
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $4,305 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$456 /mo · $5,472/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$904
• Net cashflow: $1,332

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

Units	Beds	Baths	Est. rent
1× unit	4	1	$2,400
1× unit	3	1	$1,905
Total (2 units)			$4,305

Break-even live

Break-even rent $2,619

Max offer price $285,000

Occupancy floor 64%

Sensitivity live

Price	-10% $1,493	-5% $1,412	+0% $1,332	+5% $1,251	+10% $1,170
Rent	-10% $992	-5% $1,162	+0% $1,332	+5% $1,502	+10% $1,672
Rate	-1.0pp $1,475	-0.5pp $1,404	base $1,332	+0.5pp $1,258	+1.0pp $1,183

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: $71,250
• Closing costs: $8,550
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
445 Morris St Albany, NY	3.0	1.0	1300	$1,905	$1.47	16d	1	0.04mi
830 Madison Ave Albany, NY	3.0	1.0	1180	$1,700	$1.44	72d	1	0.08mi
437 Hamilton St Unit 2 Albany, NY	4.0	1.0	1200	$2,300	$1.92	63d	1	0.15mi
489 Hamilton St Unit 1 Albany, NY	3.0	1.0	1100	$1,800	$1.64	63d	1	0.15mi
489 Hamilton St Unit 2 Albany, NY	3.0	1.0	1100	$1,800	$1.64	16d	1	0.15mi
433 Hamilton St Unit 1 Albany, NY	4.0	1.0	1200	$2,300	$1.92	63d	1	0.16mi
614 Park Ave Albany, NY	3.0	1.0	1118	$2,500	$2.24	93d	1	0.16mi
673 Myrtle Ave Albany, NY	4.0	1.0	1076	$2,200	$2.04	16d	1	0.18mi
517 Hamilton St Albany, NY	4.0	1.0	1020	$2,000	$1.96	72d	1	0.22mi
58 Elberon Pl Apt 2 Albany, NY	4.0	1.0	1250	$2,200	$1.76	93d	1	0.23mi
545 Hamilton St Unit A Albany, NY	2.0	1.0	900	$1,600	$1.78	16d	1	0.26mi
273 Western Ave Unit 3 Albany, NY	3.0	1.0	1100	$1,850	$1.68	72d	1	0.28mi
273 Western Ave Unit 2 Albany, NY	3.0	1.0	1000	$1,800	$1.80	72d	1	0.28mi
223 Western Ave #1 Albany, NY	3.0	1.0	1100	$2,000	$1.82	16d	1	0.28mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	72d	1	0.29mi
180 Western Ave Unit 2nd Floor Albany, NY	2.0	1.0	1000	$1,575	$1.57	93d	1	0.29mi
180 Western Ave Unit 1st Floor Albany, NY	2.0	1.0	900	$1,550	$1.72	93d	1	0.30mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	63d	1	0.30mi
152 Western Ave Unit 1 Albany, NY	3.0	1.0	1100	$2,000	$1.82	16d	1	0.33mi
690 State St Unit 1 Albany, NY	3.0	1.0	1100	$1,500	$1.36	16d	1	0.34mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	63d	1	0.37mi
21 Woodlawn Ave Unit 3RDFL Albany, NY	3.0	1.0	1300	$1,500	$1.15	93d	1	0.38mi
21 Woodlawn Ave Unit 3rd floor Albany, NY	3.0	1.0	1300	$1,500	$1.15	72d	1	0.38mi
188 Spring St Unit 2 Albany, NY	2.0	1.0	1200	$1,475	$1.23	93d	1	0.39mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,775	$1.40	16d	1	0.42mi
460 Washington Ave Albany, NY	2.0	1.0	950	$1,650	$1.74	72d	1	0.45mi
569 Washington Ave Unit 1st Floor Albany, NY	4.0	1.0	1275	$2,000	$1.57	93d	1	0.48mi
569 Washington Ave Unit 1st Floor Albany, NY	4.0	1.0	1275	$1,895	$1.49	16d	1	0.48mi
33 New Scotland Ave Albany, NY	1.0–2.0	1.0–2.0	912	$2,785	$3.05	16d	5	0.51mi
86 Benson St Albany, NY	4.0	1.5	1300	$3,200	$2.46	16d	1	0.52mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	93d	1	0.53mi
52 Grove Ave Albany, NY	4.0	1.0	1200	$2,200	$1.83	70d	1	0.54mi
260 Bradford St Unit 205 Albany, NY	3.0	2.0	912	$1,700	$1.86	72d	1	0.59mi
520 Madison Ave Unit 1 Albany, NY	3.0	1.0	1080	$1,695	$1.57	16d	1	0.61mi
35 Parkwood St Albany, NY	2.0	1.0	900	$1,495	$1.66	72d	1	0.62mi
104 S Main Ave Unit 1 Albany, NY	3.0	1.0	1300	$2,600	$2.00	93d	1	0.62mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	72d	1	0.64mi
98 Kent St Unit 2nd Floor Albany, NY	3.0	1.0	1442	$1,650	$1.14	16d	1	0.65mi
418 Sheridan Ave Albany, NY	3.0	2.0	1200	$1,100	$0.92	16d	1	0.74mi
88 Willett St Albany, NY	3.0	1.0	850	$2,080	$2.45	16d	10	0.76mi

Listing history 13 events

1. 2026-06-03
   days on market $285,000 Active 90 DOM
2. 2026-06-02
   days on market $285,000 Active 89 DOM
3. 2026-06-01
   days on market $285,000 Active 88 DOM
4. 2026-05-31
   days on market $285,000 Active 87 DOM
5. 2026-05-31
   days on market $285,000 Active 86 DOM
6. 2026-03-05
   listed $285,000 Active 646-char remark

   Show marketing remark (646 chars)

   Great opportunity for Investor or owner occupant, convenient location close to Albany Medical center, Albany Law, 4 bedroom top floor units 3 bedrooms downstairs. Recently renovated kitchen, new floors, new windows, freshly painted. Unit 1 is currently rented at $1,498/month. Unit 2 is currently rented at $1,600/month. Stabilized gross rent is approximately $3,098/month ($37,176/year). Estimated operating expenses are: taxes ($5,473/yr), insurance ($1,600/yr), and water/sewer (~$1,200/yr), for total estimated annual operating expenses of ~$8,273 and estimated NOI of ~$28,903/year (~$2,408/month). Estimated Cap rate is approximately 10.1%.

7. 2022-02-22
   soldstatus $196,000
8. 2021-12-14
   historical Contingent 447-char remark

   Show marketing remark (447 chars)

   Cash flowing 2 family walking distance to shopping and public transportation. Located in highly sought after rental area this cash flowing two family can be packaged with 62 other rental units and with several other properties within walking distance to each other. This is an Excellent opportunity for the seasoned investor or new investor looking to build their portfolio and keep management costs down! 24 hour notice required for all showings!

9. 2021-09-21
   price $204,900 447-char remark

   Show marketing remark (447 chars)

   Cash flowing 2 family walking distance to shopping and public transportation. Located in highly sought after rental area this cash flowing two family can be packaged with 62 other rental units and with several other properties within walking distance to each other. This is an Excellent opportunity for the seasoned investor or new investor looking to build their portfolio and keep management costs down! 24 hour notice required for all showings!

10. 2021-07-11
    listed $219,900 New 447-char remark

    Show marketing remark (447 chars)

    Cash flowing 2 family walking distance to shopping and public transportation. Located in highly sought after rental area this cash flowing two family can be packaged with 62 other rental units and with several other properties within walking distance to each other. This is an Excellent opportunity for the seasoned investor or new investor looking to build their portfolio and keep management costs down! 24 hour notice required for all showings!

11. 2000-04-10
    soldstatus $77,600
12. 1999-06-14
    soldstatus $46,000
13. 1999-03-30
    soldstatus $25,000

ⓘ 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: $5,472 · $456/mo
• Projected year-2 tax: $5,472 · $456/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 1/10 Low
• 🌡 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,660
• − Mortgage interest: −$15,964
• − Property taxes: −$5,472
• − Insurance: −$1,425
• − Repairs & maintenance: −$4,133
• − Management: −$4,133
• − Depreciation: −$8,291
• Taxable income: $12,242
• Est. tax owed @ 24.0%: −$2,938
• After-tax cash flow: $13,041/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 $45,500–$81,900 screening

This multi-family property requires moderate renovations to improve its condition and increase its value. Key areas for improvement include the kitchen and bathroom, as well as the exterior siding. With some updates, it could become a more attractive investment.

Deferred maintenance Est. $20,000–$60,000 screening

• Major Roof (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — No roof material or condition visible
• Major Hvac (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — No HVAC type or condition visible

Repairs flagged

• Major Kitchen cabinets — Worn and outdated
• Major Bathroom fixtures — Worn and outdated
• Moderate Exterior siding — Weathered and in need of repainting

Value-add opportunities

• Both Paint and update kitchen cabinets — Fresh paint and updated cabinets would improve both resale and rental value ↑
• Both Replace bathroom fixtures — New fixtures would enhance both resale and rental appeal ↑
• Both Paint exterior siding — Fresh paint would improve curb appeal and rental value ↑

ⓘ 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.

D Composite school gradezoned avg 52/100

Zoned Schools

Elementary New Scotland Elementary School F NY #1,277/2,108 Nat'l #16,061/41,679 Middle William S Hackett Middle School F NY #407/729 Nat'l #5,867/14,009 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): 23,289
• Household income: $70,413
• Rent vs Own: 54.9% rent · 45.1% own
• Severe rent burden: 11% 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 (66%)
• Race & ethnicity: White 66% Black 12% Asian 10% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 5% Italian 3% Scotch-Irish 3%
• Foreign-born: 16% · Canada, China, Philippines
• Languages at home: 83% English-only · Other Indo-European 4% Other Asian/Pacific 3% French/Haitian/Cajun 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: ▼ -120.46%
• Current HPI: 279.716
• Rent YoY: —
• Metro: —
• 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

+1040.0% since first listed

8 events — show timeline

• 2026-03-05 Listed $285,000 Global MLS
• 2022-02-22 Sold (Public Records) $196,000 Public Records
• 2021-12-14 Contingent — Global MLS
• 2021-09-21 Price Changed $204,900 Global MLS
• 2021-07-11 Listed $219,900 Global MLS
• 2000-04-10 Sold (Public Records) $77,600 Public Records
• 1999-06-14 Sold (Public Records) $46,000 Public Records
• 1999-03-30 Sold (Public Records) $25,000 Public Records

Property tax history

-0.4%/yr

Latest (2025): $5,472 · -0.8% YoY. Source: county tax records.