808B Madison Ave · Albany, NY 12208

$234,900

6 bd · 6.0 ba · 2,060 sqft · MultiFamily · 20 Days on market

Built 1950 Fair condition 4,356 sqft lot Est $278k · 16% 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 +14.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Schools +3.2/10.0
• 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

Three-unit investment opportunity featuring one bedroom ($1350), one studio ($980), one studio ($950). Owner pays all utilities. Two units paid by 3rd party with annual rent increase 7.7% each September. Strong income potential with established tenancy in place.

Key facts

• 4,356 sq ft lot
• Built 1950
• Listed 20 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $235k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $722/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $235k).
• Recommended offer: $231k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.7% 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 (+5.0%/yr); 100 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,882/mo this rent would consume 66% of the median local household income ($70k/yr) (locally 1952% 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 + 5.0% rent growth), your $66k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $231,376 (1.5% below list)

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.65% ✓
• Cap rate: 13.67%
• Cash-on-cash: 26.34%
• DSCR: 2.17
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $278,100
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
645 Myrtle Ave	0.13mi	6/2.0	2,000 (-3%)	5mo	$270,000	$135	69
538 Myrtle Ave	0.22mi	5/5.0 (-1)	2,216 (+8%)	2mo	$410,000	$185	66
531 Hamilton St	0.20mi	5/3.0 (-1)	2,112 (+2%)	5mo	$284,750	$135	66
676 Providence St	0.36mi	5/2.0 (-1)	2,118 (+3%)	2mo	$250,000	$118	57
687 Myrtle Ave	0.21mi	6/2.0	2,238 (+9%)	6mo	$310,000	$139	55
184 Quail St	0.29mi	6/3.0	1,853 (-10%)	4mo	$231,000	$125	54
157 Western Ave	0.33mi	7/2.0 (+1)	2,144 (+4%)	5mo	$215,000	$100	53
380-382 Morris St	0.15mi	6/2.0	2,344 (+14%)	3mo	$300,000	$128	51
391 Washington Ave	0.57mi	7/4.0 (+1)	2,217 (+8%)	5mo	$350,000	$158	44
24 Kent St	0.52mi	6/2.0	2,364 (+15%)	5mo	$210,000	$89	32
454 Ontario St	0.48mi	5/2.0 (-1)	1,776 (-14%)	5mo	$290,000	$163	31
59 N Allen St	0.75mi	7/2.0 (+1)	2,260 (+10%)	5mo	$315,000	$139	25

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 · 5.05% rent growth · sell at horizon

5-year hold

• IRR: 22.4%
• Equity multiple: 1.94×
• Total profit: $62,099
• Equity at exit: $35,024

10-year hold

• IRR: 31.8%
• Equity multiple: 4.16×
• Total profit: $207,655
• Equity at exit: $20,310

Cash invested: $65,772 (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 12208

• Home prices YoY: -30.1%
• Rents YoY: 5.0%
• Active inventory: 100
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $3,882 high
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,524/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$815
• Net cashflow: $1,443

Break-even live

Break-even rent $2,055

Max offer price $234,900

Occupancy floor 58%

Sensitivity live

Price	-10% $1,606	-5% $1,525	+0% $1,443	+5% $1,362	+10% $1,281
Rent	-10% $1,137	-5% $1,290	+0% $1,443	+5% $1,597	+10% $1,750
Rate	-1.0pp $1,562	-0.5pp $1,503	base $1,443	+0.5pp $1,383	+1.0pp $1,321

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$3,882
Total (2 units)			$3,882

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: $58,725
• Closing costs: $7,047
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
69 Winthrop Ave Albany, NY	6.0	2.0	2800	$2,795	$1.00	24d	1	1.01mi

Listing history 2 events

1. 2026-03-10
   status Pending
2. 2026-02-18
   listed $234,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $46,584
• − Mortgage interest: −$13,158
• − Property taxes: −$3,524
• − Insurance: −$1,174
• − Repairs & maintenance: −$3,727
• − Management: −$3,727
• − Depreciation: −$6,833
• Taxable income: $14,441
• Est. tax owed @ 24.0%: −$3,466
• After-tax cash flow: $13,855/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 · 1 photo

Fair 45/100 Moderate rehab

The property presents as a moderate rehab opportunity with average exterior and landscaping. Repairs to the roof and siding, along with maintenance to the HVAC and landscaping, would significantly improve its value.

Repairs flagged

• Minor roof — Siding looks weathered but no visible damage.
• Minor exterior siding — Siding looks weathered but no visible damage.
• Minor landscaping — Trees are leafy but landscaping is not well-maintained.

Value-add opportunities

• Both paint exterior — Fresh paint can improve curb appeal and property value.
• Both trim trees — Well-maintained landscaping can enhance curb appeal and property value.
• Rental inspect HVAC — A functional HVAC system is crucial for tenant satisfaction and renter retention.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Siding looks weathered but no visible damage.	Minor	$500–3,000
exterior siding · Siding looks weathered but no visible damage.	Minor	$500–3,000
landscaping · Trees are leafy but landscaping is not well-maintained.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both paint exterior — Fresh paint can improve curb appeal and property value. ↑
• Both trim trees — Well-maintained landscaping can enhance curb appeal and property value. ↑
• Rental inspect HVAC — A functional HVAC system is crucial for tenant satisfaction and renter retention. ↑

ⓘ 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): 23,289
• Household income: $70,413
• Rent vs Own: 54.9% rent · 45.1% own
• Severe rent burden: 1952.0

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 (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%

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: ▲ 5.05%
• 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

2 events — show timeline

• 2026-03-10 Pending — Global MLS
• 2026-02-18 Listed $234,900 Global MLS