227 2nd Ave · Albany, NY 12209

$137,500

2 bd · 1.0 ba · 827 sqft · SingleFamily public records · 121 Days on market

Built 1900 2,613 sqft lot Est $132k · at est.

---

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 +25.1/30.0
• DSCR +8.2/10.0
• 1% rule +6.6/10.0
• ARV discount +5.7/15.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 2,613 sq ft lot
• 2 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $302 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $138k).
• Recommended offer: $121k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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.
• 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: 47 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); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $951 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.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $20k; list at $138k implies a 588% 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 $121,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
7. 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.
8. 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: 1.16% ✓
• Cap rate: 8.93%
• Cash-on-cash: 9.43%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $132,320
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
227 2nd Ave	0.00mi	2/1.5	827 (0%)	1mo	$127,500	$154	97
105 Kenosha St	0.66mi	2/1.0	836 (+1%)	6mo	$206,000	$246	62
49 Grandview Ter	0.27mi	2/1.0	902 (+9%)	14mo	$150,000	$166	61
5 Cuyler St	0.46mi	1/1.5 (-1)	748 (-10%)	8mo	$99,000	$132	48
5 Alden Ave	0.44mi	2/1.0	719 (-13%)	21mo	$115,000	$160	41

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.1%
• Equity multiple: 0.92×
• Total profit: $-2,984
• Equity at exit: $20,502

10-year hold

• IRR: 7.7%
• Equity multiple: 1.58×
• Total profit: $22,335
• Equity at exit: $11,888

Cash invested: $38,500 (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 12209

• Home prices YoY: -7.3%
• Active inventory: 47
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,600 high
• Mortgage (P&I): −$721
• Tax from tax record: −$183 /mo · $2,195/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $302

Break-even live

Break-even rent $1,217

Max offer price $137,500

Occupancy floor 76%

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: $34,375
• Closing costs: $4,125
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13 W Van Vechten St Albany, NY	2.0	1.0	640	$1,100	$1.72	44d	1	0.23mi
43 Second Ave Albany, NY	1.0	1.0	900	$1,500	$1.67	44d	1	0.51mi
420 Delaware Ave Albany, NY	1.0	1.0	700	$1,395	$1.99	23d	1	0.57mi
132 4th Ave Albany, NY	3.0	1.0	770	$1,800	$2.34	21d	1	0.58mi
86 Hackett Blvd Albany, NY	2.0	1.0	1100	$1,900	$1.73	23d	1	0.63mi
502 Second Ave #3 Albany, NY	3.0	1.0	1100	$1,800	$1.64	44d	1	0.64mi
4 Irving St Unit 2nd Floor Albany, NY	3.0	1.0	1000	$1,695	$1.70	44d	1	0.76mi
5 Irving St Albany, NY	1.0	1.0	680	$1,200	$1.76	23d	1	0.78mi
17 Ash Grove Pl Albany, NY	2.0	1.0	800	$1,400	$1.75	44d	1	0.83mi
103 Grand St Unit 1 Albany, NY	2.0	1.0	800	$1,250	$1.56	14d	1	0.85mi
125 Jefferson St Unit 2 Albany, NY	1.0	1.0	1000	$2,045	$2.04	14d	1	0.85mi
346 Madison Ave Unit 3 Albany, NY	3.0	2.0	1110	$2,725	$2.45	44d	1	0.88mi
341 Madison Ave Albany, NY	2.0	1.0	1000	$1,800	$1.80	14d	1	0.90mi
357 Madison Ave Unit Basement Albany, NY	1.0	1.0	900	$1,550	$1.72	14d	1	0.91mi
168 S Pearl St Albany, NY	3.0	1.5	1044	$1,800	$1.72	23d	1	0.93mi
151 Madison Ave Unit C Albany, NY	2.0	1.0	750	$1,125	$1.50	23d	1	0.93mi
409 Madison Ave Albany, NY	2.0	2.0	1050	$2,094	$1.99	23d	1	0.95mi
151 S Pearl St Albany, NY	2.0	1.0	1000	$1,600	$1.60	14d	1	0.95mi
31 Van Zandt St Albany, NY	2.0	1.0	850	$1,700	$2.00	44d	1	0.96mi
135 Madison Ave Unit 2 Albany, NY	2.0	1.0	1000	$1,400	$1.40	44d	1	0.96mi
100 Morris St Albany, NY	1.0	1.0	563	$1,288	$2.29	14d	4	0.97mi
292 Lark St Albany, NY	2.0	1.0	1100	$1,500	$1.36	44d	1	0.99mi
484 Madison Ave Albany, NY	1.0	1.0	800	$1,850	$2.31	44d	1	0.99mi
100 Willett St Unit 2R Albany, NY	1.0	1.0	600	$1,395	$2.33	44d	1	1.01mi
86 Dana Ave Albany, NY	1.0	1.0	731	$1,750	$2.39	14d	4	1.01mi
88 Willett St Albany, NY	3.0	1.0	825	$1,802	$2.18	14d	10	1.03mi
520 Madison Ave Unit 1 Albany, NY	3.0	1.0	1080	$1,700	$1.57	44d	1	1.04mi
156 Jay St Albany, NY	2.0	1.0	600	$1,200	$2.00	44d	1	1.04mi
149 Jay St Albany, NY	2.0	1.0	1000	$1,750	$1.75	44d	1	1.06mi
40 S Pearl St Unit 206 Albany, NY	1.0	1.0	800	$1,295	$1.62	23d	1	1.15mi
290 State St #1 Albany, NY	1.0	1.0	1000	$1,600	$1.60	44d	1	1.18mi
155 Chestnut St Albany, NY	2.0	1.0	850	$2,000	$2.35	14d	1	1.18mi
318 State St Unit 8 Albany, NY	1.0	1.0	750	$1,495	$1.99	23d	1	1.19mi
318 State St Unit 1 Albany, NY	1.0	1.0	750	$1,395	$1.86	44d	1	1.19mi
326 State St Albany, NY	1.0	1.0	1000	$1,600	$1.60	44d	1	1.20mi
521 Warren St Albany, NY	2.0	1.0	850	$2,300	$2.71	14d	1	1.22mi
42 Harris Ave Unit 2 Albany, NY	2.0	1.0	1000	$1,600	$1.60	14d	1	1.23mi
138 Washington Ave Albany, NY	1.0	1.0	900	$1,800	$2.00	44d	1	1.24mi
25 Woodlawn Ave Unit 5 Albany, NY	1.0	1.0	550	$1,375	$2.50	14d	1	1.24mi
199 Lark St Albany, NY	3.0	1.0	1000	$1,800	$1.80	44d	1	1.25mi

Listing history 5 events

1. 2025-12-17
   status Pending
2. 2025-11-05
   historical Contingent
3. 2025-10-28
   price $137,500
4. 2025-08-18
   listed $142,500 Active
5. 1999-03-31
   soldstatus $20,000

ⓘ 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: $2,195 · $183/mo
• Projected year-2 tax: $2,259 · $188/mo
• Expected delta: +$64/yr (+$5/mo · 2.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% 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: $19,196
• − Mortgage interest: −$7,702
• − Property taxes: −$2,195
• − Insurance: −$688
• − Repairs & maintenance: −$1,536
• − Management: −$1,536
• − Depreciation: −$4,000
• Taxable income: $1,540
• Est. tax owed @ 24.0%: −$370
• After-tax cash flow: $3,260/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
• City population: 116,921
• Population (ZIP): 10,754

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 46% Black 23% Hispanic / Latino 19% Asian 8% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 4% Lithuanian 3% Serbian 1%
• Foreign-born: 18% · Canada, Philippines, South Korea
• Languages at home: 77% English-only · Spanish 13% Other Asian/Pacific 3% Tagalog/Filipino 1%

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: ▼ -24.91%
• Current HPI: 318.0191
• Rent YoY: —
• Metro: —
• 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

+587.5% since first listed

5 events — show timeline

• 2025-12-17 Pending — Global MLS
• 2025-11-05 Contingent — Global MLS
• 2025-10-28 Price Changed $137,500 Global MLS
• 2025-08-18 Listed $142,500 Global MLS
• 1999-03-31 Sold (Public Records) $20,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $2,195 · +0.0% YoY. Source: county tax records.