631 Washington Ave · Albany, NY 12206

$325,000

5 bd · 2.0 ba · 2,272 sqft · MultiFamily public records · 6 Days on market

Built 1900 3,920 sqft lot Est $232k · 40% over

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Why this score? — see what drove the D 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 +18.5/30.0
• DSCR +5.8/10.0
• 1% rule +5.5/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Schools +3.2/10.0
• 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

Very well maintained 2 family, 3rd floor is framed, wired and plumbed for additional living space or 3rd unit (variance needed) Plenty of upgrades and modifications for excellent owner occupied upstairs unit -- Excellent Condition

Key facts

• New boiler
• Separate utilities
• Up down duplex

Tags

• UP DOWN DUPLEX
• STRONG INCOME POTENTIAL
• NEW BOILER
• NEW WATER HEATER
• UPDATED BATHROOM
• SEPARATE UTILITIES

Property features AI

Finance

• Financial info: Two-unit property; Tenants pay: hot water, heat, internet, cable TV, electricity, gas; Owner pays: trash collection, sewer, water

Exterior

• Parking: Off-street parking with driveway for 3 vehicles
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; Circuit breaker electrical; Cable connected
• Home design: Duplex; Entry levels: Unit 1 primarily 1st floor, Unit 2 primarily 2nd floor
• Construction: Wood siding; Block and combination foundation; Slate roof; Built as a multi-family duplex
• Exterior features: Front porch; Rear covered porch; Covered deck

Interior

• Kitchen: Each unit includes a kitchen
• Bedrooms: Unit 1: 3 bedrooms on the 1st floor; Unit 2: 2 bedrooms on the 2nd floor
• Flooring: Vinyl; Carpet; Hardwood
• Bathrooms: Two full bathrooms (one on 1st floor, one on 2nd floor)
• Heating & cooling: Hot water heating; Natural gas
• Interior features: Paddle fan; High-speed internet
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $312 ($4k/yr) — positive. Per door: $156/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $325k).
• Cap rate 7.4% vs local median 5.7% in Albany — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% 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 $3,421/mo this rent would consume 99% 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 $2k of loan paydown is wiped out by about $10k 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.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 22y 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 $150k; list at $325k implies a 117% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $325,000

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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.05% ✓
• Cap rate: 7.44%
• Cash-on-cash: 4.11%
• DSCR: 1.18
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $231,744
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Kent St	0.11mi	6/2.0 (+1)	2,364 (+4%)	5mo	$210,000	$89	79
531 Hamilton St	0.33mi	5/3.0	2,112 (-7%)	5mo	$284,750	$135	65
627 3rd St	0.48mi	4/2.0 (-1)	2,200 (-3%)	5mo	$225,000	$102	63
534 1st St	0.41mi	6/2.0 (+1)	2,464 (+8%)	0mo	$175,000	$71	61
189-B Quail St	0.33mi	6/2.0 (+1)	2,512 (+11%)	3mo	$185,000	$74	60
380-382 Morris St	0.63mi	6/2.0 (+1)	2,344 (+3%)	3mo	$300,000	$128	58
459 Hudson Ave	0.37mi	6/2.0 (+1)	2,584 (+14%)	3mo	$235,000	$91	52
538 Myrtle Ave	0.70mi	5/5.0	2,216 (-2%)	2mo	$410,000	$185	50
645 Myrtle Ave	0.56mi	6/2.0 (+1)	2,000 (-12%)	5mo	$270,000	$135	44
351 2nd St	0.73mi	6/2.0 (+1)	2,056 (-10%)	3mo	$184,002	$89	42
184 N Lake Ave	0.65mi	6/2.0 (+1)	1,974 (-13%)	1mo	$195,000	$99	42
113 S Lake Ave	0.68mi	5/4.5	2,608 (+15%)	4mo	$525,000	$201	30

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: -7.0%
• Equity multiple: 0.73×
• Total profit: $-24,317
• Equity at exit: $48,459

10-year hold

• IRR: 5.5%
• Equity multiple: 1.45×
• Total profit: $40,936
• Equity at exit: $28,100

Cash invested: $91,000 (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: 15.8×

Monthly cashflow live

• Estimated rent: $3,421 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$551 /mo · $6,613/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$718
• Net cashflow: $312

Break-even live

Break-even rent $3,026

Max offer price $325,000

Occupancy floor 86%

Sensitivity live

Price	-10% $496	-5% $404	+0% $312	+5% $220	+10% $128
Rent	-10% $42	-5% $177	+0% $312	+5% $447	+10% $582
Rate	-1.0pp $475	-0.5pp $394	base $312	+0.5pp $228	+1.0pp $142

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,422
Total (2 units)			$3,421

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	44d	1	0.49mi
57 S Main Ave Albany, NY	4.0	1.0	2695	$1,600	$0.59	44d	1	0.68mi
69 Winthrop Ave Albany, NY	6.0	2.0	2800	$2,795	$1.00	24d	1	0.81mi
726 Western Ave Albany, NY	4.0	2.5	1900	$2,800	$1.47	44d	1	1.28mi
830 Western Ave Albany, NY	4.0	2.5	1600	$2,700	$1.69	14d	1	1.40mi

Listing history 6 events

1. 2026-06-18
   days on market $325,000 Active 6 DOM
2. 2026-06-17
   days on market $325,000 Active 5 DOM
3. 2026-06-16
   days on market $325,000 Active 4 DOM
4. 2026-06-15
   days on market $325,000 Active 3 DOM
5. 2026-06-14
   remarks 699-char remark
6. 2026-06-14
   listed $325,000 Active 1 DOM

ⓘ 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: $6,613 · $551/mo
• Projected year-2 tax: $6,613 · $551/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: $41,052
• − Mortgage interest: −$18,205
• − Property taxes: −$6,613
• − Insurance: −$1,625
• − Repairs & maintenance: −$3,284
• − Management: −$3,284
• − Depreciation: −$9,455
• Taxable loss: −$1,414
• Est. tax savings @ 24.0%: +$339
• After-tax cash flow: $4,080/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

+111.0% since first listed

10 events — show timeline

• 2026-06-12 Listed $325,000 Global MLS
• 2025-05-02 Price Changed $295,000 Global MLS
• 2025-04-18 Relisted — Global MLS
• 2025-04-09 Pending — Global MLS
• 2025-04-09 Listing Removed — Global MLS
• 2025-04-03 Listed $299,000 Global MLS
• 2005-07-20 Sold (Public Records) $150,000 Public Records
• 2004-12-30 Sold (MLS) $154,500 Global MLS
• 2004-10-04 Listing Removed — Global MLS
• 2004-09-21 Listed $154,000 Global MLS

Property tax history

-0.3%/yr

Latest (2025): $6,613 · -1.4% YoY. Source: county tax records.