609 3rd St · Albany, NY 12206

$169,000

4 bd · 2.0 ba · 1,792 sqft · MultiFamily public records · 6 Days on market

Built 1920 3,484 sqft lot Est $168k · at est.

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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 +7.4/15.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• 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 money maker! Separated utilities. One tenant paying $1,250 for a 3 bedroom that is month to month and the other apartment is another 3 bedroom and paying $1,400. This property is part of a much bigger portfolio, call your agent to get a full list with all the income and expenses.

Key facts

• 3,484 sq ft lot
• Built 1920
• Listed 6 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $169k.

Deal economics

• At list price, monthly cash flow is $4k ($51k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $169k).
• Cap rate 36.5% 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.
• 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 (+5.4%/yr); 89 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $6,919/mo this rent would consume 200% of the median local household income ($42k/yr) (locally 2035% 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 $1k of loan paydown is wiped out by about $5k 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 + 5.4% rent growth), your $47k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 4.09% ✓
• Cap rate: 36.54%
• Cash-on-cash: 108.04%
• DSCR: 5.81
• GRM: 2.0

CMA / ARV

• ARV (on-the-fly): $168,448
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
596 3rd St	0.03mi	4/2.0	1,920 (+7%)	4mo	$150,000	$78	83
9 N Manning Blvd	0.08mi	5/2.0 (+1)	1,936 (+8%)	5mo	$145,000	$75	73
455 Bradford St	0.42mi	4/2.0	1,800 (+0%)	8mo	$230,000	$128	73
478 3rd St	0.36mi	4/2.0	1,852 (+3%)	8mo	$119,000	$64	71
9 Rawson St	0.24mi	4/2.0	1,661 (-7%)	7mo	$195,000	$117	71
596 Livingston Ave	0.22mi	4/2.0	1,584 (-12%)	3mo	$148,000	$93	68
97 West St	0.59mi	4/2.0	1,760 (-2%)	6mo	$187,000	$106	64
685 Clinton Ave	0.35mi	4/2.0	2,032 (+13%)	6mo	$190,000	$94	56
338 Manning Blvd	0.51mi	3/2.0 (-1)	1,680 (-6%)	9mo	$242,500	$144	53
42 Garfield Pl	0.38mi	5/2.0 (+1)	1,596 (-11%)	8mo	$120,000	$75	53
376 1st St	0.74mi	4/2.0	1,680 (-6%)	10mo	$100,000	$60	47
178 Spring St	0.62mi	3/2.0 (-1)	1,524 (-15%)	9mo	$195,000	$128	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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.52×
• Total profit: $260,970
• Equity at exit: $25,198

10-year hold

• IRR: —
• Equity multiple: 14.73×
• Total profit: $649,912
• Equity at exit: $14,612

Cash invested: $47,320 (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 12206

• Home prices YoY: -9.9%
• Rents YoY: 5.4%
• Active inventory: 89
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $6,919 medium
• Mortgage (P&I): −$886
• Tax from tax record: −$249 /mo · $2,989/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,453
• Net cashflow: $4,260

Break-even live

Break-even rent $1,526

Max offer price $169,000

Occupancy floor 33%

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1.5	$6,920
Total (4 units)			$6,919

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
569 Washington Ave Unit 1st Floor Albany, NY	4.0	1.0	1275	$2,000	$1.57	44d	1	0.52mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	44d	1	0.65mi
32 Richmond St Unit 2 Albany, NY	3.0	3.0	1248	$2,500	$2.00	14d	1	0.79mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	14d	1	0.81mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	14d	1	0.82mi
58 Elberon Pl Apt 2 Albany, NY	4.0	1.0	1250	$2,200	$1.76	44d	1	0.83mi
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	44d	1	0.89mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	44d	1	0.92mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,850	$1.46	14d	1	0.97mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	23d	1	1.13mi
78 S Pine Ave Unit 2 Albany, NY	3.0	1.5	1541	$2,350	$1.52	14d	1	1.15mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	44d	1	1.19mi
104 S Main Ave Unit 1 Albany, NY	3.0	1.0	1300	$2,600	$2.00	44d	1	1.24mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	23d	1	1.29mi
21 Woodlawn Ave Unit 3RDFL Albany, NY	3.0	1.0	1300	$1,500	$1.15	44d	1	1.38mi
21 Woodlawn Ave Unit 3rd floor Albany, NY	3.0	1.0	1300	$1,500	$1.15	23d	1	1.38mi
88 Willett St Albany, NY	3.0	1.0	825	$2,080	$2.52	14d	10	1.40mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	23d	1	1.43mi
726 Western Ave Albany, NY	4.0	2.5	1900	$2,800	$1.47	44d	1	1.48mi

Listing history 18 events

1. 2026-03-04
   status Pending
2. 2026-02-23
   listed $169,000 Active
3. 2023-11-03
   soldstatus $149,000 Closed 289-char remark

   Show marketing remark (289 chars)

   Great money maker! Separated utilities. One tenant paying $1,250 for a 3 bedroom that is month to month and the other apartment is another 3 bedroom and paying $1,400. This property is part of a much bigger portfolio, call your agent to get a full list with all the income and expenses.

4. 2023-09-16
   status Pending 289-char remark

   Show marketing remark (289 chars)

   Great money maker! Separated utilities. One tenant paying $1,250 for a 3 bedroom that is month to month and the other apartment is another 3 bedroom and paying $1,400. This property is part of a much bigger portfolio, call your agent to get a full list with all the income and expenses.

5. 2023-09-07
   status Active 289-char remark

   Show marketing remark (289 chars)

   Great money maker! Separated utilities. One tenant paying $1,250 for a 3 bedroom that is month to month and the other apartment is another 3 bedroom and paying $1,400. This property is part of a much bigger portfolio, call your agent to get a full list with all the income and expenses.

6. 2023-08-17
   status Pending 289-char remark

   Show marketing remark (289 chars)

   Great money maker! Separated utilities. One tenant paying $1,250 for a 3 bedroom that is month to month and the other apartment is another 3 bedroom and paying $1,400. This property is part of a much bigger portfolio, call your agent to get a full list with all the income and expenses.

7. 2023-07-25
   listed $149,000 Active 289-char remark

   Show marketing remark (289 chars)

   Great money maker! Separated utilities. One tenant paying $1,250 for a 3 bedroom that is month to month and the other apartment is another 3 bedroom and paying $1,400. This property is part of a much bigger portfolio, call your agent to get a full list with all the income and expenses.

8. 2021-03-03
   soldstatus $105,000
9. 2021-02-25
   soldstatus $104,900 Closed (Final Sale) 18-char remark

   Show marketing remark (18 chars)

   Section 8 approved

10. 2021-02-24
    listed $104,900 New 18-char remark

    Show marketing remark (18 chars)

    Section 8 approved

11. 2018-07-06
    soldstatus $10,000 Closed (Final Sale)
12. 2018-06-15
    status Pend (Under Cntr)
13. 2018-06-08
    listed $15,000 New
14. 2005-08-29
    soldstatus $91,000
15. 2005-08-18
    soldstatus $91,000
16. 2005-05-31
    historical
17. 2005-03-14
    listed $94,500
18. 2002-08-28
    soldstatus $84,000

ⓘ 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: $2,989 · $249/mo
• Projected year-2 tax: $2,989 · $249/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 · 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: $83,028
• − Mortgage interest: −$9,467
• − Property taxes: −$2,989
• − Insurance: −$845
• − Repairs & maintenance: −$6,642
• − Management: −$6,642
• − Depreciation: −$4,916
• Taxable income: $51,527
• Est. tax owed @ 24.0%: −$12,366
• After-tax cash flow: $38,757/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): 14,572
• Household income: $41,548
• Rent vs Own: 73.4% rent · 26.6% own
• Severe rent burden: 2035.0

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: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: Black 38% White 27% Hispanic / Latino 15% Two or more races 12% Asian 10%
• Hispanic origin (detail): Puerto Rican 10% Dominican 1%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 1%
• Foreign-born: 22% · Canada, China
• Languages at home: 75% English-only · Spanish 10% Other Indo-European 5% Chinese 3%

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: ▼ -30.24%
• Current HPI: 275.8109
• Rent YoY: ▲ 5.37%
• 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

+101.2% since first listed

18 events — show timeline

• 2026-03-04 Pending — Global MLS
• 2026-02-23 Listed $169,000 Global MLS
• 2023-11-03 Sold (MLS) $149,000 Global MLS
• 2023-09-16 Pending — Global MLS
• 2023-09-07 Relisted — Global MLS
• 2023-08-17 Pending — Global MLS
• 2023-07-25 Listed $149,000 Global MLS
• 2021-03-03 Sold (Public Records) $105,000 Public Records
• 2021-02-25 Sold (MLS) $104,900 Global MLS
• 2021-02-24 Listed $104,900 Global MLS
• 2018-07-06 Sold (MLS) $10,000 Global MLS
• 2018-06-15 Pending — Global MLS
• 2018-06-08 Listed $15,000 Global MLS
• 2005-08-29 Sold (Public Records) $91,000 Public Records
• 2005-08-18 Sold (MLS) $91,000 Global MLS
• 2005-05-31 Listing Removed — Global MLS
• 2005-03-14 Listed $94,500 Global MLS
• 2002-08-28 Sold (Public Records) $84,000 Public Records

Property tax history

-2.0%/yr

Latest (2025): $2,989 · -0.8% YoY. Source: county tax records.