683 State St · Albany, NY 12203

$369,000

6 bd · 2.0 ba · 1,668 sqft · MultiFamily public records · 62 Days on market

Built 1900 2,613 sqft lot $221/sqft · 16% below area Est $462k · 20% 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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +3.0/5.0
• 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

Fully renovated and presents a turnkey multifamily investment with immediate lease-up potential in one of Albany's most durable rental submarkets. RENOVATIONS & CAPEX IMPROVEMENTS: New LVP flooring throughout Fully updated bathrooms with marble-look porcelain tile & rainfall fixtures New windows and doors Updated exterior siding Recessed lighting + modern finishes Updated Electrical and Plumbing Newer roof True Turnkey Asset -- No renovation risk or CapEx pipeline 3BR Units Rare Amenity Combo: Onsite Parking + in unit laundry Delivered Vacant -- Control tenant selection + maximize rents immediately Proven Submarket -- Stable occupancy with diverse renter base Situated in Pine Hills, one of Albany's most established rental markets: Minutes to University at Albany Strong access to healthcare, education, and state employment hubs Consistent demand from students, professionals, and workforce tenants Projected CAP Rate: >10% (Pro Forma) Agent is the Owner

Key facts

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

🏷️ Possibly a rental listed for sale. The $369,000 price doesn't fit this home's estimated sale value (~$461,762) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $369k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $369k).
• Recommended offer: $347k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.5% 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 (+1.9%/yr); 124 active listings in the ZIP; solid renter incomes; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $5,211/mo this rent would consume 75% of the median local household income ($83k/yr) (locally 1704% 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 $11k 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 + 1.9% rent growth), your $103k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($347k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 21y ago; this cycle's ask is 18350% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $152k; list at $369k implies a 142% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $346,860 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% 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 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: 1.41% ✓
• Cap rate: 11.51%
• Cash-on-cash: 18.62%
• DSCR: 1.83
• GRM: 5.9

CMA / ARV

• ARV (median comp): $461,762
• List price: $369,000
• Delta: -20.09%
• 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
184 Quail St	0.07mi	6/3.0	1,853 (+11%)	4mo	$231,000	$125	71
348 1st St	0.59mi	6/2.0	1,606 (-4%)	5mo	$250,000	$156	63
538 Hamilton St	0.33mi	6/3.0	1,524 (-9%)	6mo	$285,000	$187	61
446 1st St	0.45mi	6/2.0	1,848 (+11%)	1mo	$160,000	$87	60
339 2nd St	0.60mi	6/2.0	1,784 (+7%)	1mo	$175,000	$98	60
44-46 Quail St	0.47mi	6/2.0	1,818 (+9%)	7mo	$153,000	$84	57
106 Spring St	0.14mi	5/2.0 (-1)	1,896 (+14%)	13mo	$236,000	$124	55
951 State St	0.59mi	5/2.0 (-1)	1,632 (-2%)	13mo	$365,000	$224	53
320 1st St	0.63mi	5/3.0 (-1)	1,638 (-2%)	10mo	$213,000	$130	50
312 Third St	0.66mi	6/2.0	1,772 (+6%)	16mo	$130,000	$73	45
331 1st St	0.61mi	6/2.0	1,800 (+8%)	17mo	$189,900	$106	44
309 Manning Blvd	0.74mi	5/2.0 (-1)	1,868 (+12%)	10mo	$305,000	$163	32

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 · 1.85% rent growth · sell at horizon

5-year hold

• IRR: 9.1%
• Equity multiple: 1.35×
• Total profit: $36,388
• Equity at exit: $55,019

10-year hold

• IRR: 17.3%
• Equity multiple: 2.35×
• Total profit: $139,466
• Equity at exit: $31,904

Cash invested: $103,320 (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 12203

• Home prices YoY: -31.0%
• Rents YoY: 1.9%
• Active inventory: 124
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $5,211 high
• Mortgage (P&I): −$1,935
• Tax from tax record: −$425 /mo · $5,100/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,094
• Net cashflow: $1,603

Break-even live

Break-even rent $3,182

Max offer price $369,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$5,211
Total (3 units)			$5,211

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: $92,250
• Closing costs: $11,070
• Reserves months: —
• Total cash needed: —

Listing history 46 events

1. 2026-06-18
   days on market $369,000 Active 62 DOM
2. 2026-06-17
   days on market $369,000 Active 61 DOM
3. 2026-06-16
   days on market $369,000 Active 60 DOM
4. 2026-06-15
   days on market $369,000 Active 59 DOM
5. 2026-06-14
   remarks 699-char remark
6. 2026-06-14
   days on market $369,000 Active 57 DOM
7. 2026-06-10
   days on market $369,000 Active 54 DOM
8. 2026-06-08
   days on market $369,000 Active 52 DOM
9. 2026-06-07
   days on market $369,000 Active 51 DOM
10. 2026-06-03
    days on market $369,000 Active 47 DOM
11. 2026-06-02
    days on market $369,000 Active 46 DOM
12. 2026-06-01
    days on market $369,000 Active 45 DOM
13. 2026-05-31
    days on market $369,000 Active 44 DOM
14. 2026-05-31
    days on market $369,000 Active 43 DOM
15. 2026-05-04
    price $1,950
16. 2026-04-29
    listed $2,000
17. 2026-04-28
    historical $2,000
18. 2026-04-21
    price $2,000
19. 2026-04-19
    listed $2,100
20. 2026-04-17
    listed $369,000 Active 995-char remark

    Show marketing remark (995 chars)

    Fully renovated and presents a turnkey multifamily investment with immediate lease-up potential in one of Albany's most durable rental submarkets. RENOVATIONS & CAPEX IMPROVEMENTS: New LVP flooring throughout Fully updated bathrooms with marble-look porcelain tile & rainfall fixtures New windows and doors Updated exterior siding Recessed lighting + modern finishes Updated Electrical and Plumbing Newer roof True Turnkey Asset -- No renovation risk or CapEx pipeline 3BR Units Rare Amenity Combo: Onsite Parking + in unit laundry Delivered Vacant -- Control tenant selection + maximize rents immediately Proven Submarket -- Stable occupancy with diverse renter base Situated in Pine Hills, one of Albany's most established rental markets: Minutes to University at Albany Strong access to healthcare, education, and state employment hubs Consistent demand from students, professionals, and workforce tenants Projected CAP Rate: >10% (Pro Forma) Agent is the Owner

21. 2026-01-02
    historical $1,650
22. 2025-12-23
    historical
23. 2025-12-17
    listed $1,650
24. 2025-12-04
    listed $269,000 Active
25. 2022-02-24
    price $1,500
26. 2021-07-06
    soldstatus $152,500
27. 2021-06-25
    soldstatus $152,500 Closed (Final Sale)
28. 2021-06-25
    soldstatus $152,500 Closed
29. 2021-06-25
    soldstatus $152,500
30. 2021-03-31
    status Pending
31. 2021-03-30
    status Pend (Under Cntr)
32. 2021-03-22
    listed $169,900 New
33. 2021-03-22
    listed $169,900 Active
34. 2021-03-22
    listed $169,900
35. 2021-03-22
    listed $169,900
36. 2011-06-13
    historical
37. 2011-02-01
    listed $105,000
38. 2010-11-06
    historical
39. 2010-05-05
    listed $105,000
40. 2007-06-29
    soldstatus $65,000
41. 2007-06-12
    historical
42. 2007-05-30
    listed $59,000
43. 2005-03-15
    soldstatus $103,000
44. 2005-03-11
    soldstatus $100,000
45. 2005-02-01
    historical
46. 2005-01-22
    listed $99,900

ⓘ 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: $5,100 · $425/mo
• Projected year-2 tax: $5,668 · $472/mo
• Expected delta: +$568/yr (+$47/mo · 11.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 75% 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 5% 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: $62,532
• − Mortgage interest: −$20,670
• − Property taxes: −$5,100
• − Insurance: −$1,845
• − Repairs & maintenance: −$5,003
• − Management: −$5,003
• − Depreciation: −$10,735
• Taxable income: $14,178
• Est. tax owed @ 24.0%: −$3,403
• After-tax cash flow: $15,832/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): 30,771
• Household income: $83,147
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 1704.0

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 (69%)
• Race & ethnicity: White 69% Black 10% Asian 8% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 82% English-only · Other Indo-European 6% Spanish 3% Russian/Polish/Slavic 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: ▼ -133.05%
• Current HPI: 296.0467
• Rent YoY: ▲ 1.85%
• 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

-98.0% since first listed

32 events — show timeline

• 2026-05-04 Price Changed $1,950 TURBOTENANT
• 2026-04-29 Listed for Rent $2,000 TURBOTENANT
• 2026-04-28 Rental Removed $2,000 TURBOTENANT
• 2026-04-21 Price Changed $2,000 TURBOTENANT
• 2026-04-19 Listed for Rent $2,100 TURBOTENANT
• 2026-04-17 Listed $369,000 Global MLS
• 2026-01-02 Rental Removed $1,650 TURBOTENANT
• 2025-12-23 Listing Removed — Global MLS
• 2025-12-17 Listed for Rent $1,650 TURBOTENANT
• 2025-12-04 Listed $269,000 Global MLS
• 2022-02-24 Price Changed $1,500 RENT.
• 2021-07-06 Sold (Public Records) $152,500 Public Records
• 2021-06-25 Sold (MLS) $152,500 HVCRMLS
• 2021-06-25 Sold (MLS) $152,500 OneKey® MLS as Distributed by MLS Grid
• 2021-06-25 Sold (MLS) $152,500 Global MLS
• 2021-03-31 Pending — OneKey® MLS as Distributed by MLS Grid
• 2021-03-30 Pending — Global MLS
• 2021-03-22 Listed $169,900 HVCRMLS
• 2021-03-22 Listed $169,900 HVCRMLS
• 2021-03-22 Listed $169,900 OneKey® MLS as Distributed by MLS Grid
• 2021-03-22 Listed $169,900 Global MLS
• 2011-06-13 Listing Removed — Global MLS
• 2011-02-01 Listed $105,000 Global MLS
• 2010-11-06 Listing Removed — Global MLS
• 2010-05-05 Listed $105,000 Global MLS
• 2007-06-29 Sold (MLS) $65,000 Global MLS
• 2007-06-12 Listing Removed — Global MLS
• 2007-05-30 Listed $59,000 Global MLS
• 2005-03-15 Sold (Public Records) $103,000 Public Records
• 2005-03-11 Sold (MLS) $100,000 Global MLS
• 2005-02-01 Listing Removed — Global MLS
• 2005-01-22 Listed $99,900 Global MLS

Property tax history

+7.1%/yr

Latest (2025): $5,100 · -0.7% YoY. Source: county tax records.