501 2nd St · Albany, NY 12206

$145,000

2 bd · 2.0 ba · 1,540 sqft · MultiFamily public records · 53 Days on market

Built 1900 3,049 sqft lot $94/sqft · 35% below area Est $222k · 35% 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 +15.0/15.0
• 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 +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great opportunity to own a versatile 2-unit property in the West Hill neighborhood of Albany! Whether you're starting your homeownership journey or expanding your investment portfolio, this income-generating property provides flexibility and potential for additional income! The upstairs apartment offers the possibility of a 3-bedroom layout, downstairs apartment offers possibility of a 2-bedroom layout, providing added value and rental appeal. Utilize the rear enclosed porches for additional storage space with washer/dryer hookup, as well as an enclosed backyard, perfect for keeping your pets secure and outdoor enjoyment. Currently occupied, this property presents immediate income of $1,650/mo. plus utilities. Active residential occupancy permits are in place through 2/2028. Ideally situated near the bus line with easy access to Central Avenue, Albany Medical Center, Bleecker Stadium Park, and downtown Albany-an area experiencing exciting revitalization. Don't miss this opportunity to invest in a growing area with strong upside! Rents could be higher

Key facts

• 3,049 sq ft lot
• Built 1900
• Listed 53 days

🏷️ Possibly a rental listed for sale. The $145,000 price doesn't fit this home's estimated sale value (~$222,412) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.0% 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; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $3,540/mo this rent would consume 102% 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 $4k 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 $41k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $140,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 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 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: 2.44% ✓
• Cap rate: 21.02%
• Cash-on-cash: 52.59%
• DSCR: 3.34
• GRM: 3.4

CMA / ARV

• ARV (median comp): $222,412
• List price: $145,000
• Delta: -34.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
125 Spring St	0.46mi	2/2.0	1,456 (-6%)	3mo	$180,000	$124	67
178 Spring St	0.46mi	3/2.0 (+1)	1,524 (-1%)	9mo	$195,000	$128	64
60 Bradford St	0.54mi	3/2.0 (+1)	1,600 (+4%)	5mo	$170,000	$106	60

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: 53.3%
• Equity multiple: 3.43×
• Total profit: $98,533
• Equity at exit: $21,620

10-year hold

• IRR: 59.4%
• Equity multiple: 7.63×
• Total profit: $269,204
• Equity at exit: $12,537

Cash invested: $40,600 (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: 6.8×

Monthly cashflow live

• Estimated rent: $3,540 high
• Mortgage (P&I): −$760
• Tax from tax record: −$196 /mo · $2,358/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$743
• Net cashflow: $1,779

Break-even live

Break-even rent $1,288

Max offer price $145,000

Occupancy floor 45%

Sensitivity live

Price	-10% $1,861	-5% $1,820	+0% $1,779	+5% $1,738	+10% $1,697
Rent	-10% $1,500	-5% $1,639	+0% $1,779	+5% $1,919	+10% $2,059
Rate	-1.0pp $1,852	-0.5pp $1,816	base $1,779	+0.5pp $1,742	+1.0pp $1,704

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,540
Total (2 units)			$3,540

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
526 Central Ave Albany, NY	1.0–2.0	1.0	957	$1,435	$1.50	45d	1	0.44mi
188 Spring St Unit 2 Albany, NY	2.0	1.0	1200	$1,475	$1.23	45d	1	0.48mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	15d	1	0.56mi
223 Western Ave #1 Albany, NY	3.0	1.0	1100	$1,750	$1.59	24d	1	0.58mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	15d	1	0.59mi
273 Western Ave Unit 3 Albany, NY	3.0	1.0	1100	$1,850	$1.68	24d	1	0.60mi
489 Hamilton St Unit 1 Albany, NY	3.0	1.0	1100	$1,800	$1.64	15d	1	0.72mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	24d	1	0.76mi
830 Madison Ave Albany, NY	3.0	1.0	1180	$1,700	$1.44	24d	1	0.82mi
11 King Ave Unit 2 Albany, NY	3.0	1.0	1100	$1,600	$1.45	15d	1	0.86mi
240 Washington Ave Albany, NY	2.0	2.0	1560	$2,450	$1.57	45d	1	0.86mi
352 State St Albany, NY	2.0	2.0	1143	$2,500	$2.19	24d	1	0.97mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,850	$1.46	15d	1	0.99mi
614 Park Ave Albany, NY	3.0	1.0	1118	$2,500	$2.24	45d	1	1.02mi
520 Madison Ave Unit 1 Albany, NY	3.0	1.0	1080	$1,700	$1.57	45d	1	1.03mi
363 Ontario St Albany, NY	1.0–2.0	1.0–2.5	1610	$3,485	$2.16	15d	1	1.06mi
227 Jay St Albany, NY	2.0	2.0	1710	$2,150	$1.26	45d	1	1.06mi
88 Willett St Albany, NY	3.0	1.0	825	$1,802	$2.18	15d	10	1.07mi
898 Lancaster St Unit 2 Albany, NY	2.0	1.0	1200	$1,700	$1.42	24d	1	1.08mi
292 Lark St Albany, NY	2.0	1.0	1100	$1,500	$1.36	45d	1	1.13mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	24d	1	1.14mi
32 Richmond St Unit 2 Albany, NY	3.0	3.0	1248	$2,500	$2.00	15d	1	1.15mi
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	45d	1	1.16mi
154 Lancaster St Unit 1 Albany, NY	2.0	1.5	1500	$2,200	$1.47	24d	1	1.16mi
409 Madison Ave Albany, NY	2.0	2.0	1050	$2,094	$1.99	24d	1	1.18mi
366 Hamilton St #2 Albany, NY	1.0	1.0	1400	$1,800	$1.29	15d	1	1.19mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	45d	1	1.21mi
21 Woodlawn Ave Unit 3rd floor Albany, NY	3.0	1.0	1300	$1,500	$1.15	24d	1	1.24mi
21 Woodlawn Ave Unit 3RDFL Albany, NY	3.0	1.0	1300	$1,500	$1.15	45d	1	1.24mi
104 S Main Ave Unit 1 Albany, NY	3.0	1.0	1300	$2,600	$2.00	45d	1	1.27mi
364 Madison Ave Albany, NY	2.0	2.0	1150	$1,850	$1.61	22d	1	1.29mi
78 S Pine Ave Unit 2 Albany, NY	3.0	1.5	1541	$2,350	$1.52	15d	1	1.30mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	24d	1	1.32mi
346 Madison Ave Unit 3 Albany, NY	3.0	2.0	1110	$2,725	$2.45	45d	1	1.32mi
15 Ten Broeck St Albany, NY	2.0	1.5	1900	$1,750	$0.92	22d	1	1.38mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	45d	1	1.46mi
883 Broadway Apt 103 Albany, NY	2.0	1.0	1155	$1,785	$1.55	24d	1	1.46mi

Listing history 2 events

1. 2026-05-31
   statusdays on market $145,000 Pending 53 DOM
2. 2026-04-07
   listed $145,000 Active 1068-char remark

   Show marketing remark (1068 chars)

   Great opportunity to own a versatile 2-unit property in the West Hill neighborhood of Albany! Whether you're starting your homeownership journey or expanding your investment portfolio, this income-generating property provides flexibility and potential for additional income! The upstairs apartment offers the possibility of a 3-bedroom layout, downstairs apartment offers possibility of a 2-bedroom layout, providing added value and rental appeal. Utilize the rear enclosed porches for additional storage space with washer/dryer hookup, as well as an enclosed backyard, perfect for keeping your pets secure and outdoor enjoyment. Currently occupied, this property presents immediate income of $1,650/mo. plus utilities. Active residential occupancy permits are in place through 2/2028. Ideally situated near the bus line with easy access to Central Avenue, Albany Medical Center, Bleecker Stadium Park, and downtown Albany-an area experiencing exciting revitalization. Don't miss this opportunity to invest in a growing area with strong upside! Rents could be higher

ⓘ 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: $2,358 · $196/mo
• Projected year-2 tax: $2,404 · $200/mo
• Expected delta: +$46/yr (+$4/mo · 2.0%)

ⓘ 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: $42,480
• − Mortgage interest: −$8,122
• − Property taxes: −$2,358
• − Insurance: −$725
• − Repairs & maintenance: −$3,398
• − Management: −$3,398
• − Depreciation: −$4,218
• Taxable income: $20,260
• Est. tax owed @ 24.0%: −$4,862
• After-tax cash flow: $16,489/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

1 event — show timeline

• 2026-04-07 Listed $145,000 Global MLS

Property tax history

-0.0%/yr

Latest (2025): $2,358 · -0.7% YoY. Source: county tax records.