495 Morris St · Albany, NY 12208

$198,000

3 bd · 1.0 ba · 1,442 sqft · Townhouse public records · 14 Days on market

Built 1930 2,178 sqft lot Est $245k · 19% 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 +17.4/30.0
• ARV discount +15.0/15.0
• 1% rule +5.6/10.0
• DSCR +5.4/10.0
• 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

Welcome to this beautifully renovated home in the heart of Albany! Step inside to discover gleaming new floors that flow seamlessly throughout, creating a warm and inviting atmosphere. The modern kitchen has been completely remodeled with stylish cabinetry, quartz countertops, and updated appliances, perfect for everyday living and entertaining. Both bathrooms have been thoughtfully redesigned with contemporary finishes, offering comfort and elegance. One bedroom and one large office on the first floor, three bedrooms and one full bathroom on the second floor. This move-in ready home combines classic Albany charm with the convenience of modern updates. Located close to shopping, dining, sch

Key facts

• Updated appliances
• Quartz countertops
• Renovated home

Tags

• RENOVATED HOME
• MODERN KITCHEN
• REMODELED CABINETRY
• QUARTZ COUNTERTOPS
• UPDATED APPLIANCES
• REDESIGNED BATHROOMS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $198k.

Deal economics

• At list price, monthly cash flow is $149 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $198k).
• Cap rate 7.2% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• This rent runs 36% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 15y ago; this cycle's ask has dropped $42k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $44k; list at $198k implies a 355% 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 $198,000

Questions for the listing agent

1. Built in 1930 — 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 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: 1.06% ✓
• Cap rate: 7.20%
• Cash-on-cash: 3.23%
• DSCR: 1.14
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $245,140
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
27 S Pine Ave	0.70mi	4/2.5 (+1)	1,617 (+12%)	17mo	$275,000	$170	22

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: -8.7%
• Equity multiple: 0.67×
• Total profit: $-18,034
• Equity at exit: $29,522

10-year hold

• IRR: 3.6%
• Equity multiple: 1.29×
• Total profit: $15,944
• Equity at exit: $17,119

Cash invested: $55,440 (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: 7.9×

Monthly cashflow live

• Estimated rent: $2,101 high
• Mortgage (P&I): −$1,038
• Tax from tax record: −$389 /mo · $4,672/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $149

Break-even live

Break-even rent $1,912

Max offer price $198,000

Occupancy floor 88%

Sensitivity live

Price	-10% $261	-5% $205	+0% $149	+5% $93	+10% $37
Rent	-10% $-17	-5% $66	+0% $149	+5% $232	+10% $315
Rate	-1.0pp $249	-0.5pp $200	base $149	+0.5pp $98	+1.0pp $46

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: $49,500
• Closing costs: $5,940
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
673 Myrtle Ave Albany, NY	4.0	1.0	1076	$2,400	$2.23	22d	1	0.04mi
830 Madison Ave Albany, NY	3.0	1.0	1180	$1,700	$1.44	24d	1	0.12mi
363 Ontario St Albany, NY	1.0–2.0	1.0–2.5	1610	$3,485	$2.16	15d	1	0.15mi
517 Hamilton St Albany, NY	4.0	1.0	1020	$2,000	$1.96	24d	1	0.18mi
614 Park Ave Albany, NY	3.0	1.0	1118	$2,500	$2.24	44d	1	0.19mi
489 Hamilton St Unit 1 Albany, NY	3.0	1.0	1100	$1,800	$1.64	15d	1	0.20mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,850	$1.46	15d	1	0.25mi
437 Hamilton St Unit 2 Albany, NY	4.0	1.0	1200	$2,300	$1.92	15d	1	0.29mi
433 Hamilton St Unit 1 Albany, NY	4.0	1.0	1200	$2,300	$1.92	15d	1	0.30mi
273 Western Ave Unit 3 Albany, NY	3.0	1.0	1100	$1,850	$1.68	24d	1	0.31mi
273 Western Ave Unit 2 Albany, NY	3.0	1.0	1000	$1,800	$1.80	24d	1	0.31mi
58 Elberon Pl Apt 2 Albany, NY	4.0	1.0	1250	$2,200	$1.76	44d	1	0.34mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	24d	1	0.35mi
223 Western Ave #1 Albany, NY	3.0	1.0	1100	$1,750	$1.59	24d	1	0.36mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	44d	1	0.38mi
21 Woodlawn Ave Unit 3rd floor Albany, NY	3.0	1.0	1300	$1,500	$1.15	24d	1	0.41mi
21 Woodlawn Ave Unit 3RDFL Albany, NY	3.0	1.0	1300	$1,500	$1.15	44d	1	0.41mi
180 Western Ave Unit 2nd Floor Albany, NY	2.0	1.0	1000	$1,575	$1.57	44d	1	0.41mi
180 Western Ave Unit 1st Floor Albany, NY	2.0	1.0	900	$1,550	$1.72	44d	1	0.42mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	15d	1	0.42mi
188 Spring St Unit 2 Albany, NY	2.0	1.0	1200	$1,475	$1.23	44d	1	0.43mi
104 S Main Ave Unit 1 Albany, NY	3.0	1.0	1300	$2,600	$2.00	44d	1	0.46mi
569 Washington Ave Unit 1st Floor Albany, NY	4.0	1.0	1275	$2,000	$1.57	44d	1	0.49mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	15d	1	0.50mi
35 Parkwood St Albany, NY	2.0	1.0	900	$1,495	$1.66	24d	1	0.51mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	24d	1	0.52mi
52 Grove Ave Albany, NY	4.0	1.0	1200	$2,200	$1.83	22d	1	0.54mi
460 Washington Ave Albany, NY	2.0	1.0	950	$1,650	$1.74	24d	1	0.57mi
260 Bradford St Unit 205 Albany, NY	3.0	2.0	912	$1,700	$1.86	24d	1	0.61mi
78 S Pine Ave Unit 2 Albany, NY	3.0	1.5	1541	$2,350	$1.52	15d	1	0.71mi
42 Harris Ave Unit 2 Albany, NY	2.0	1.0	1000	$1,600	$1.60	15d	1	0.75mi
526 Central Ave Albany, NY	1.0–2.0	1.0	957	$1,435	$1.50	44d	1	0.76mi
520 Madison Ave Unit 1 Albany, NY	3.0	1.0	1080	$1,700	$1.57	44d	1	0.78mi
30 Cardinal Ave Albany, NY	4.0	1.0	1529	$2,800	$1.83	45d	1	0.81mi
898 Lancaster St Unit 2 Albany, NY	2.0	1.0	1200	$1,700	$1.42	24d	1	0.81mi
6A Weis Rd Albany, NY	2.0	1.0	900	$1,610	$1.79	15d	1	0.91mi
530 3rd St Apt 2 Albany, NY	2.0	1.0	900	$1,400	$1.56	44d	1	0.93mi
563 New Scotland Ave Albany, NY	2.0	1.0–2.0	931	$3,125	$3.36	15d	37	0.93mi
88 Willett St Albany, NY	3.0	1.0	825	$2,080	$2.52	15d	10	0.93mi
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	44d	1	0.96mi

Listing history 28 events

1. 2026-06-18
   days on market $198,000 Active 14 DOM
2. 2026-06-17
   days on market $198,000 Active 13 DOM
3. 2026-06-16
   days on market $198,000 Active 12 DOM
4. 2026-06-15
   days on market $198,000 Active 11 DOM
5. 2026-06-14
   days on market $198,000 Active 9 DOM
6. 2026-06-10
   days on market $198,000 Active 6 DOM
7. 2026-06-08
   days on market $198,000 Active 4 DOM
8. 2026-06-07
   statusdays on marketlisting id $198,000 Active 3 DOM
9. 2026-02-04
   status Pending
10. 2025-10-20
    price $198,000
11. 2025-09-22
    price $214,500
12. 2025-09-03
    price $229,900
13. 2025-08-23
    listed $239,900 Active
14. 2024-08-01
    historical $2,400
15. 2024-07-27
    listed $2,400
16. 2024-07-22
    historical $2,400
17. 2024-07-17
    price $2,400
18. 2024-07-08
    price $2,200
19. 2024-07-04
    listed $1,800
20. 2015-05-06
    historical
21. 2014-12-09
    listed $119,000
22. 2013-03-15
    historical
23. 2012-09-19
    listed $129,900
24. 2012-03-14
    soldstatus $43,500
25. 2012-02-24
    historical
26. 2012-01-27
    listed $52,500
27. 2012-01-26
    historical
28. 2011-12-29
    listed $58,000

ⓘ 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: $4,672 · $389/mo
• Projected year-2 tax: $4,672 · $389/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: $25,207
• − Mortgage interest: −$11,091
• − Property taxes: −$4,672
• − Insurance: −$990
• − Repairs & maintenance: −$2,017
• − Management: −$2,017
• − Depreciation: −$5,760
• Taxable loss: −$1,339
• Est. tax savings @ 24.0%: +$321
• After-tax cash flow: $2,113/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

+241.4% since first listed

20 events — show timeline

• 2026-02-04 Pending — Global MLS
• 2025-10-20 Price Changed $198,000 Global MLS
• 2025-09-22 Price Changed $214,500 Global MLS
• 2025-09-03 Price Changed $229,900 Global MLS
• 2025-08-23 Listed $239,900 Global MLS
• 2024-08-01 Rental Removed $2,400 BUILDIUM
• 2024-07-27 Listed for Rent $2,400 BUILDIUM
• 2024-07-22 Rental Removed $2,400 BUILDIUM
• 2024-07-17 Price Changed $2,400 BUILDIUM
• 2024-07-08 Price Changed $2,200 BUILDIUM
• 2024-07-04 Listed for Rent $1,800 BUILDIUM
• 2015-05-06 Listing Removed — Global MLS
• 2014-12-09 Listed $119,000 Global MLS
• 2013-03-15 Listing Removed — Global MLS
• 2012-09-19 Listed $129,900 Global MLS
• 2012-03-14 Sold (MLS) $43,500 Global MLS
• 2012-02-24 Listing Removed — Global MLS
• 2012-01-27 Listed $52,500 Global MLS
• 2012-01-26 Listing Removed — Global MLS
• 2011-12-29 Listed $58,000 Global MLS

Property tax history

+2.4%/yr

Latest (2025): $4,672 · +2.0% YoY. Source: county tax records.