14 W Erie St · Albany, NY 12208

$499,000

7 bd · 2.5 ba · 2,454 sqft · MultiFamily public records · 40 Days on market

Built 1930 4,791 sqft lot $203/sqft · 21% below area Est $631k · 21% under

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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 +18.1/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• 1% rule +5.2/10.0
• 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

Multi-family units

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

Listing remarks MLS

HUD DEAL -- Fair Condition

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 1930

Property features AI

Exterior

• Parking: Detached or attached garage providing 2 garage spaces; Total parking for 5 vehicles
• Utilities: Public water; Public sewer
• Home design: Duplex; Living area reported as 2,454
• Construction: Drywall and vinyl siding construction
• Exterior features: Paved driveway; Street access from public roads

Interior

• Bedrooms: Unit 1 has 4 bedrooms; Unit 2 has 6 bedrooms
• Bathrooms: 3 full bathrooms total; One full bath on the first floor and two full baths on the second floor; Unit 1 has 1 full bath; Unit 2 has 2 full baths
• Heating & cooling: Forced air heating
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 5-bed/1.5-bath units multifamily listed at $499k.

Deal economics

• At list price, monthly cash flow is $436 ($5k/yr) — positive. Per door: $218/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $499k).
• Recommended offer: $484k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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 (+5.0%/yr); 99 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 $5,086/mo this rent would consume 87% 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 $3k of loan paydown is wiped out by about $15k 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

• It's been on market 40 days — a 3% lower offer ($484k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 22y ago; this cycle's ask has dropped $51k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $87k; list at $499k implies a 474% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $484,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1930 — 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: 1.02% ✓
• Cap rate: 7.34%
• Cash-on-cash: 3.74%
• DSCR: 1.17
• GRM: 8.2

CMA / ARV

• ARV (median comp): $630,700
• List price: $499,000
• Delta: -20.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
40 Pinewood Ave	0.24mi	6/2.0 (-1)	2,400 (-2%)	2mo	$400,000	$167	77
38 Harris Ave	0.37mi	6/2.0 (-1)	2,492 (+2%)	3mo	$395,000	$159	71
4 Edison Ave	0.15mi	6/2.0 (-1)	2,640 (+8%)	6mo	$410,000	$155	68
49 Forest Ave	0.42mi	6/2.5 (-1)	2,640 (+8%)	6mo	$330,000	$125	58
614 Myrtle Ave	0.60mi	8/2.0 (+1)	2,424 (-1%)	6mo	$405,000	$167	58
77 S Pine Ave	0.65mi	6/2.0 (-1)	2,368 (-4%)	1mo	$375,000	$158	56
75 S Pine Ave	0.65mi	6/2.0 (-1)	2,356 (-4%)	2mo	$390,000	$166	54
380-382 Morris St	0.71mi	6/2.0 (-1)	2,344 (-4%)	3mo	$300,000	$128	50
687 Myrtle Ave	0.55mi	6/2.0 (-1)	2,238 (-9%)	6mo	$310,000	$139	48
563 Morris St	0.57mi	6/2.0 (-1)	2,224 (-9%)	6mo	$275,000	$124	46
874 Warren St	0.51mi	6/2.0 (-1)	2,800 (+14%)	3mo	$370,000	$132	44
561 Park Ave	0.65mi	7/4.5	2,700 (+10%)	6mo	$487,000	$180	40

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: -8.0%
• Equity multiple: 0.70×
• Total profit: $-42,243
• Equity at exit: $74,403

10-year hold

• IRR: 4.1%
• Equity multiple: 1.32×
• Total profit: $45,406
• Equity at exit: $43,144

Cash invested: $139,720 (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: 99
• Price-to-rent: 16.4×

Monthly cashflow live

• Estimated rent: $5,086 high
• Mortgage (P&I): −$2,617
• Tax from tax record: −$757 /mo · $9,090/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,068
• Net cashflow: $436

Break-even live

Break-even rent $4,534

Max offer price $499,000

Occupancy floor 86%

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

Units	Beds	Baths	Est. rent
▸ 2× units	5	1.5	$5,086
Total (2 units)			$5,086

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: $124,750
• Closing costs: $14,970
• 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	23d	1	1.05mi

Listing history 23 events

1. 2026-06-18
   days on market $499,000 Active 40 DOM
2. 2026-06-17
   days on market $499,000 Active 39 DOM
3. 2026-06-16
   days on market $499,000 Active 38 DOM
4. 2026-06-15
   days on market $499,000 Active 37 DOM
5. 2026-06-14
   days on market $499,000 Active 35 DOM
6. 2026-06-10
   days on market $499,000 Active 32 DOM
7. 2026-06-08
   days on market $499,000 Active 30 DOM
8. 2026-06-07
   days on market $499,000 Active 29 DOM
9. 2026-06-03
   pricedays on market $499,000 Active 25 DOM
10. 2026-06-02
    days on market $550,000 Active 24 DOM
11. 2026-06-01
    days on market $550,000 Active 23 DOM
12. 2026-05-31
    days on market $550,000 Active 22 DOM
13. 2026-05-31
    days on market $550,000 Active 21 DOM
14. 2026-05-09
    listed $550,000 Active 354-char remark
15. 2024-04-10
    historical
16. 2024-03-13
    listed
17. 2023-07-20
    historical
18. 2020-07-17
    soldstatus $87,000
19. 2005-03-01
    soldstatus $122,222
20. 2005-02-13
    soldstatus $122,222 26-char remark

    Show marketing remark (26 chars)

    HUD DEAL -- Fair Condition

21. 2004-12-13
    historical 26-char remark

    Show marketing remark (26 chars)

    HUD DEAL -- Fair Condition

22. 2004-10-07
    listed $65,000 26-char remark

    Show marketing remark (26 chars)

    HUD DEAL -- Fair Condition

23. 1999-12-10
    soldstatus $116,000

ⓘ 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: $9,090 · $757/mo
• Projected year-2 tax: $9,090 · $757/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 2/10 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: $61,032
• − Mortgage interest: −$27,952
• − Property taxes: −$9,090
• − Insurance: −$2,495
• − Repairs & maintenance: −$4,883
• − Management: −$4,883
• − Depreciation: −$14,516
• Taxable loss: −$2,786
• Est. tax savings @ 24.0%: +$669
• After-tax cash flow: $5,898/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): 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

+330.2% since first listed

11 events — show timeline

• 2026-06-03 Price Changed $499,000 Global MLS
• 2026-05-09 Listed $550,000 Global MLS
• 2024-04-10 Rental Removed — APPFOLIO
• 2024-03-13 Listed for Rent — APPFOLIO
• 2023-07-20 Rental Removed — APPFOLIO
• 2020-07-17 Sold (Public Records) $87,000 Public Records
• 2005-03-01 Sold (Public Records) $122,222 Public Records
• 2005-02-13 Sold (MLS) $122,222 Global MLS
• 2004-12-13 Listing Removed — Global MLS
• 2004-10-07 Listed $65,000 Global MLS
• 1999-12-10 Sold (Public Records) $116,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $9,090 · +212.2% YoY. Source: county tax records.