198 Jefferson St · Albany, NY 12210

$299,900

2 bd · 2.0 ba · 1,610 sqft · MultiFamily public records · 1 Days on market

Built 1985 1,306 sqft lot Est $248k · 21% 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 +25.0/30.0
• DSCR +8.2/10.0
• 1% rule +7.1/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +2.0/10.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks

Rare opportunity to own a well-maintained duplex in the highly Desirable Center Square neighborhood. Never before available and proudly held within the same family, never rented. This unique property offers both character and versatility, perfect for owner-occupants or investors alike. The first-floor unit features a comfortable 1-bedroom, 1-bath layout, while the second-floor unit offers 2 bedrooms, 1 bath, a dedicated laundry area, and a stunning loft-style bedroom with vaulted ceilings that adds both charm and architectural interest. Abundant natural light fills both units, enhancing the warm and inviting feel throughout. Outside, enjoy a fully fenced backyard, ideal for relaxing, entert

Key facts

• 6 guest spots
• Vaulted ceilings
• 1,306 sq ft lot

Tags

• FULLY FENCED BACKYARD
• DEDICATED LAUNDRY AREA
• STUNNING LOFT-STYLE BEDROOM
• VAULTED CEILINGS
• ONE DEDICATED PARKING SPACE
• 6 GUEST SPOTS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $656 ($8k/yr) — positive. Per door: $328/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Cap rate 8.9% 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: Rents rising fast (+6.9%/yr); 70 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,615/mo this rent would consume 78% of the median local household income ($56k/yr) (locally 1211% 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 $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 + 6.9% rent growth), your $84k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $233k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $299,900

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.21% ✓
• Cap rate: 8.92%
• Cash-on-cash: 9.37%
• DSCR: 1.42
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $247,940
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5 Garden Aly	0.10mi	2/2.0	1,545 (-4%)	1mo	$392,000	$254	88
63 Irving St	0.11mi	3/2.5 (+1)	1,638 (+2%)	13mo	$207,000	$126	74
144 Dove St	0.12mi	2/2.0	1,720 (+7%)	12mo	$264,900	$154	73
202 Jefferson St	0.01mi	3/2.0 (+1)	1,776 (+10%)	6mo	$325,000	$183	72
301 Hudson Ave	0.18mi	3/2.0 (+1)	1,700 (+6%)	16mo	$360,000	$212	64
299 Hudson Ave	0.18mi	3/3.0 (+1)	1,710 (+6%)	14mo	$324,450	$190	61
60 Bradford St	0.69mi	3/2.0 (+1)	1,600 (-1%)	4mo	$170,000	$106	58
40 Spring St	0.37mi	3/3.0 (+1)	1,716 (+7%)	14mo	$221,100	$129	51
6 Myrtle Ave	0.65mi	2/2.0	1,446 (-10%)	7mo	$235,000	$163	47
241 Delaware Ave	0.63mi	3/3.0 (+1)	1,780 (+11%)	9mo	$140,000	$79	36
8 Myrtle Ave	0.65mi	3/2.0 (+1)	1,446 (-10%)	14mo	$195,000	$135	36
307 Orange St	0.67mi	3/2.5 (+1)	1,750 (+9%)	17mo	$90,000	$51	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 · 6.86% rent growth · sell at horizon

5-year hold

• IRR: 2.3%
• Equity multiple: 1.09×
• Total profit: $7,903
• Equity at exit: $44,716

10-year hold

• IRR: 15.5%
• Equity multiple: 2.50×
• Total profit: $126,027
• Equity at exit: $25,930

Cash invested: $83,972 (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 12210

• Home prices YoY: -2.3%
• Rents YoY: 6.9%
• Active inventory: 70
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $3,615 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$502 /mo · $6,026/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$759
• Net cashflow: $656

Break-even live

Break-even rent $2,785

Max offer price $299,900

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,616
Total (2 units)			$3,615

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
409 Madison Ave Albany, NY	2.0	2.0	1050	$2,094	$1.99	23d	1	0.09mi
364 Madison Ave Albany, NY	2.0	2.0	1150	$1,850	$1.61	21d	1	0.09mi
366 Hamilton St #2 Albany, NY	1.0	1.0	1400	$1,800	$1.29	14d	1	0.11mi
292 Lark St Albany, NY	2.0	1.0	1100	$1,500	$1.36	43d	1	0.13mi
346 Madison Ave Unit 3 Albany, NY	3.0	2.0	1110	$2,725	$2.45	43d	1	0.13mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	23d	1	0.14mi
88 Willett St Albany, NY	3.0	1.0	825	$1,802	$2.18	14d	10	0.19mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	43d	1	0.20mi
227 Jay St Albany, NY	2.0	2.0	1710	$2,150	$1.26	43d	1	0.24mi
154 Lancaster St Unit 1 Albany, NY	2.0	1.5	1500	$2,200	$1.47	23d	1	0.25mi
520 Madison Ave Unit 1 Albany, NY	3.0	1.0	1080	$1,700	$1.57	43d	1	0.29mi
352 State St Albany, NY	2.0	2.0	1143	$2,500	$2.19	23d	1	0.35mi
240 Washington Ave Albany, NY	2.0	2.0	1560	$2,450	$1.57	43d	1	0.45mi
25 Bleecker Pl #1 Albany, NY	2.0	1.0	1150	$1,350	$1.17	44d	1	0.54mi
164 Madison Ave Albany, NY	2.0	1.0	1200	$1,500	$1.25	43d	1	0.58mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	43d	1	0.64mi
48 N Pearl St Albany, NY	2.0	1.0–2.5	1251	$3,500	$2.80	14d	17	0.76mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	14d	1	0.80mi
111 Pine St Unit 4E Albany, NY	1.0	1.0	1200	$1,850	$1.54	43d	1	0.83mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	14d	1	0.84mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	23d	1	0.86mi
15 Ten Broeck St Albany, NY	2.0	1.5	1900	$1,750	$0.92	21d	1	0.88mi
21 Woodlawn Ave Unit 3RDFL Albany, NY	3.0	1.0	1300	$1,500	$1.15	43d	1	0.91mi
21 Woodlawn Ave Unit 3rd floor Albany, NY	3.0	1.0	1300	$1,500	$1.15	23d	1	0.91mi
22 Hurlbut St Albany, NY	3.0	1.0	1209	$2,050	$1.70	43d	1	0.93mi
614 Park Ave Albany, NY	3.0	1.0	1118	$2,500	$2.24	43d	1	0.93mi
223 Western Ave #1 Albany, NY	3.0	1.0	1100	$1,750	$1.59	23d	1	0.94mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	23d	1	0.94mi
86 Hackett Blvd Albany, NY	2.0	1.0	1100	$1,900	$1.73	23d	1	0.96mi
830 Madison Ave Albany, NY	3.0	1.0	1180	$1,700	$1.44	23d	1	0.97mi
489 Hamilton St Unit 1 Albany, NY	3.0	1.0	1100	$1,800	$1.64	14d	1	0.98mi
273 Western Ave Unit 3 Albany, NY	3.0	1.0	1100	$1,850	$1.68	23d	1	1.03mi
188 Spring St Unit 2 Albany, NY	2.0	1.0	1200	$1,475	$1.23	43d	1	1.05mi
363 Ontario St Albany, NY	1.0–2.0	1.0–2.5	1610	$3,485	$2.16	14d	1	1.08mi
502 Second Ave #3 Albany, NY	3.0	1.0	1100	$1,800	$1.64	43d	1	1.18mi
99 New Broadway Rensselaer, NY	2.0	1.0–2.0	946	$2,495	$2.64	14d	5	1.24mi
50 Southern Blvd Albany, NY	3.0	1.0	1200	$1,650	$1.38	14d	1	1.28mi
98 Mount Hope Dr Albany, NY	2.0	1.5	1200	$2,000	$1.67	14d	1	1.31mi
883 Broadway Apt 103 Albany, NY	2.0	1.0	1155	$1,785	$1.55	23d	1	1.31mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,850	$1.46	14d	1	1.32mi

Listing history 5 events

1. 2026-04-24
   status Pending
2. 2026-04-23
   listed $299,900 Active
3. 2022-06-24
   soldstatus $233,000
4. 2017-09-27
   soldstatus $90,000
5. 2001-07-23
   soldstatus $60,000

ⓘ 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: $6,026 · $502/mo
• Projected year-2 tax: $6,026 · $502/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: $43,380
• − Mortgage interest: −$16,799
• − Property taxes: −$6,026
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,470
• − Management: −$3,470
• − Depreciation: −$8,724
• Taxable income: $3,390
• Est. tax owed @ 24.0%: −$814
• After-tax cash flow: $7,059/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): 10,297
• Household income: $55,843
• Rent vs Own: 75.3% rent · 24.7% own
• Severe rent burden: 1211.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 44% Black 41% Two or more races 7% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 4% Lithuanian 2% Serbian 2%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 3% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -5.92%
• Current HPI: 252.3084
• Rent YoY: ▲ 6.86%
• 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

+399.8% since first listed

5 events — show timeline

• 2026-04-24 Pending — Global MLS
• 2026-04-23 Listed $299,900 Global MLS
• 2022-06-24 Sold (Public Records) $233,000 Public Records
• 2017-09-27 Sold (Public Records) $90,000 Public Records
• 2001-07-23 Sold (Public Records) $60,000 Public Records

Property tax history

+20.6%/yr

Latest (2025): $6,026 · +3.1% YoY. Source: county tax records.