516 1st St · Albany, NY 12206

$164,000

3 bd · 1.5 ba · 1,190 sqft · SingleFamily public records · 46 Days on market

Built 1900 3,920 sqft lot $138/sqft · at area comps

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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 +21.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +6.3/10.0
• 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

Listing remarks MLS

Tenant occupied, single family, 3 bed, 2 bath. Property sold as-is, 48 hour notice required for showing.

Key facts

• 3,920 sq ft lot
• Built 1900
• Listed 46 days

🏷️ Possibly a rental listed for sale. The $164,000 price doesn't fit this home's estimated sale value (~$565,497) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $164k.

Deal economics

• At list price, monthly cash flow is $257 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $164k).
• Recommended offer: $159k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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.
• Market conditions: Rents rising fast (+5.4%/yr); 89 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); lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $1,847/mo this rent would consume 53% 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 $46k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $159,080 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.13% ✓
• Cap rate: 8.17%
• Cash-on-cash: 6.71%
• DSCR: 1.30
• GRM: 7.4

CMA / ARV

• ARV (median comp): $565,497
• List price: $164,000
• Delta: -71.00%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
502 1st St	0.03mi	3/1.0	1,152 (-3%)	6mo	$120,000	$104	86
487 2nd St	0.08mi	3/1.0	1,320 (+11%)	12mo	$181,700	$138	66
371 1st St	0.34mi	3/2.0	1,294 (+9%)	4mo	$120,000	$93	64
317 Sherman St	0.14mi	2/1.0 (-1)	1,050 (-12%)	4mo	$65,000	$62	64
30 Judson St	0.37mi	3/1.0	1,272 (+7%)	8mo	$52,000	$41	63
20 Pennsylvania Ave	0.64mi	3/1.0	1,218 (+2%)	6mo	$175,000	$144	59
534 Hudson Ave	0.63mi	2/1.5 (-1)	1,148 (-4%)	14mo	$153,000	$133	48
184 Benson St	0.57mi	3/1.5	1,346 (+13%)	6mo	$265,000	$197	46
194 Kent St	0.75mi	2/1.0 (-1)	1,224 (+3%)	11mo	$142,800	$117	44
176 Benson St	0.56mi	4/2.0 (+1)	1,301 (+9%)	10mo	$255,000	$196	43
254 2nd St	0.59mi	4/1.0 (+1)	1,320 (+11%)	10mo	$105,000	$80	39
457 Hamilton St	0.63mi	4/1.0 (+1)	1,298 (+9%)	16mo	$175,000	$135	35

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: -3.2%
• Equity multiple: 0.88×
• Total profit: $-5,643
• Equity at exit: $24,453

10-year hold

• IRR: 9.1%
• Equity multiple: 1.78×
• Total profit: $35,851
• Equity at exit: $14,180

Cash invested: $45,920 (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: 7.4×

Monthly cashflow live

• Estimated rent: $1,847 high
• Mortgage (P&I): −$860
• Tax from tax record: −$274 /mo · $3,290/yr
• Insurance: −$68
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $257

Break-even live

Break-even rent $1,522

Max offer price $164,000

Occupancy floor 81%

Sensitivity live

Price	-10% $350	-5% $303	+0% $257	+5% $210	+10% $164
Rent	-10% $111	-5% $184	+0% $257	+5% $330	+10% $403
Rate	-1.0pp $339	-0.5pp $298	base $257	+0.5pp $214	+1.0pp $171

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: $41,000
• Closing costs: $4,920
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
530 3rd St Apt 2 Albany, NY	2.0	1.0	900	$1,400	$1.56	44d	1	0.20mi
400 Central Ave Albany, NY	2.0	1.0	675	$1,591	$2.36	44d	11	0.22mi
260 Bradford St Unit 105 Albany, NY	2.0	1.0	745	$1,500	$2.01	24d	1	0.24mi
260 Bradford St Unit 205 Albany, NY	3.0	2.0	912	$1,700	$1.86	24d	1	0.24mi
469 Livingston Ave Albany, NY	1.0–3.0	1.0	685	$1,610	$2.35	15d	1	0.30mi
569 Washington Ave Unit 1st Floor Albany, NY	4.0	1.0	1275	$2,000	$1.57	44d	1	0.35mi
188 Spring St Unit 2 Albany, NY	2.0	1.0	1200	$1,475	$1.23	44d	1	0.39mi
460 Washington Ave Albany, NY	2.0	1.0	950	$1,650	$1.74	24d	1	0.40mi
526 Central Ave Albany, NY	1.0–2.0	1.0	957	$1,435	$1.50	44d	1	0.41mi
316 2nd St Albany, NY	3.0	1.0	850	$1,700	$2.00	44d	1	0.45mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	15d	1	0.48mi
223 Western Ave #1 Albany, NY	3.0	1.0	1100	$1,750	$1.59	24d	1	0.49mi
180 Western Ave Unit 1st Floor Albany, NY	2.0	1.0	900	$1,550	$1.72	44d	1	0.51mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	15d	1	0.51mi
180 Western Ave Unit 2nd Floor Albany, NY	2.0	1.0	1000	$1,575	$1.57	44d	1	0.51mi
273 Western Ave Unit 3 Albany, NY	3.0	1.0	1100	$1,850	$1.68	24d	1	0.52mi
273 Western Ave Unit 2 Albany, NY	3.0	1.0	1000	$1,800	$1.80	24d	1	0.52mi
58 Elberon Pl Apt 2 Albany, NY	4.0	1.0	1250	$2,200	$1.76	44d	1	0.56mi
1 Bleecker Ter Albany, NY	1.0–2.0	1.0	609	$1,499	$2.46	15d	1	0.56mi
489 Hamilton St Unit 1 Albany, NY	3.0	1.0	1100	$1,800	$1.64	15d	1	0.64mi
437 Hamilton St Unit 2 Albany, NY	4.0	1.0	1200	$2,300	$1.92	15d	1	0.64mi
433 Hamilton St Unit 1 Albany, NY	4.0	1.0	1200	$2,300	$1.92	15d	1	0.64mi
517 Hamilton St Albany, NY	4.0	1.0	1020	$2,000	$1.96	24d	1	0.65mi
336 Clinton Ave Albany, NY	2.0	1.0	900	$1,700	$1.89	44d	1	0.69mi
830 Madison Ave Albany, NY	3.0	1.0	1180	$1,700	$1.44	24d	1	0.73mi
800 Madison Ave Albany, NY	1.0–2.0	1.0	800	$1,650	$2.06	15d	2	0.73mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	24d	1	0.77mi
504 Morris St Albany, NY	2.0	1.0	720	$1,395	$1.94	24d	1	0.84mi
504 Morris St Albany, NY	2.0	1.0	720	$1,450	$2.01	44d	1	0.84mi
110 Lark St Unit STREET-1 Albany, NY	2.0	1.0	975	$1,150	$1.18	21d	1	0.84mi
110 Lark St Unit STREET-1 Albany, NY	2.0	1.0	975	$1,150	$1.18	15d	1	0.84mi
11 King Ave Unit 2 Albany, NY	3.0	1.0	1100	$1,600	$1.45	15d	1	0.85mi
673 Myrtle Ave Albany, NY	4.0	1.0	1076	$2,400	$2.23	21d	1	0.86mi
254 Sheridan Ave Unit 2 Albany, NY	3.0	1.0	900	$1,300	$1.44	24d	1	0.87mi
199 Lark St Albany, NY	3.0	1.0	1000	$1,800	$1.80	44d	1	0.91mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,850	$1.46	15d	1	0.92mi
352 State St Albany, NY	2.0	2.0	1143	$2,500	$2.19	24d	1	0.92mi
614 Park Ave Albany, NY	3.0	1.0	1118	$2,500	$2.24	44d	1	0.93mi
520 Madison Ave Unit 1 Albany, NY	3.0	1.0	1080	$1,700	$1.57	44d	1	0.97mi
363 Ontario St Albany, NY	1.0–2.0	1.0–2.5	1610	$3,485	$2.16	15d	1	0.97mi

Listing history 27 events

1. 2026-06-18
   days on market $164,000 Active 46 DOM
2. 2026-06-17
   days on market $164,000 Active 45 DOM
3. 2026-06-16
   days on market $164,000 Active 44 DOM
4. 2026-06-15
   days on market $164,000 Active 43 DOM
5. 2026-06-14
   days on market $164,000 Active 41 DOM
6. 2026-06-10
   days on market $164,000 Active 38 DOM
7. 2026-06-09
   price $164,000 Active 36 DOM
8. 2026-06-08
   days on market $165,000 Active 36 DOM
9. 2026-06-07
   days on market $165,000 Active 35 DOM
10. 2026-06-03
    days on market $165,000 Active 31 DOM
11. 2026-06-02
    days on market $165,000 Active 30 DOM
12. 2026-06-01
    days on market $165,000 Active 29 DOM
13. 2026-05-31
    days on market $165,000 Active 28 DOM
14. 2026-05-31
    days on market $165,000 Active 27 DOM
15. 2026-05-05
    status Active 105-char remark

    Show marketing remark (105 chars)

    Tenant occupied, single family, 3 bed, 2 bath. Property sold as-is, 48 hour notice required for showing.

16. 2026-02-19
    historical 105-char remark

    Show marketing remark (105 chars)

    Tenant occupied, single family, 3 bed, 2 bath. Property sold as-is, 48 hour notice required for showing.

17. 2026-02-17
    listed $165,000 Active 105-char remark

    Show marketing remark (105 chars)

    Tenant occupied, single family, 3 bed, 2 bath. Property sold as-is, 48 hour notice required for showing.

18. 2023-11-09
    soldstatus $200,000
19. 2016-08-10
    soldstatus $20,000
20. 2016-08-04
    soldstatus $25,000 Closed (Final Sale) 98-char remark

    Show marketing remark (98 chars)

    Well planned SFR much roomier then it looks, currently rented for $1000/mo with long term tenants.

21. 2016-03-23
    status Pend (Under Cntr) 98-char remark

    Show marketing remark (98 chars)

    Well planned SFR much roomier then it looks, currently rented for $1000/mo with long term tenants.

22. 2016-03-01
    listed $35,000 New 98-char remark

    Show marketing remark (98 chars)

    Well planned SFR much roomier then it looks, currently rented for $1000/mo with long term tenants.

23. 2009-08-14
    historical
24. 2008-10-19
    historical
25. 2008-08-12
    listed $89,000
26. 2008-04-19
    listed $89,000
27. 1998-05-27
    soldstatus $77,897

ⓘ 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: $3,290 · $274/mo
• Projected year-2 tax: $3,290 · $274/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: $22,166
• − Mortgage interest: −$9,187
• − Property taxes: −$3,290
• − Insurance: −$820
• − Repairs & maintenance: −$1,773
• − Management: −$1,773
• − Depreciation: −$4,771
• Taxable income: $552
• Est. tax owed @ 24.0%: −$133
• After-tax cash flow: $2,948/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

+111.8% since first listed

13 events — show timeline

• 2026-05-05 Relisted — Global MLS
• 2026-02-19 Listing Removed — Global MLS
• 2026-02-17 Listed $165,000 Global MLS
• 2023-11-09 Sold (Public Records) $200,000 Public Records
• 2016-08-10 Sold (Public Records) $20,000 Public Records
• 2016-08-04 Sold (MLS) $25,000 Global MLS
• 2016-03-23 Pending — Global MLS
• 2016-03-01 Listed $35,000 Global MLS
• 2009-08-14 Listing Removed — Global MLS
• 2008-10-19 Listing Removed — Global MLS
• 2008-08-12 Listed $89,000 Global MLS
• 2008-04-19 Listed $89,000 Global MLS
• 1998-05-27 Sold (Public Records) $77,897 Public Records

Property tax history

+18.3%/yr

Latest (2025): $3,290 · -0.6% YoY. Source: county tax records.