824 Madison Ave · Albany, NY 12208

$254,900

6 bd · 2.0 ba · 2,360 sqft · MultiFamily public records · 61 Days on market

Built 1910 2,613 sqft lot Est $300k · 15% 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 +14.2/15.0
• 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: 2 units. confirmed

Listing remarks MLS

Large two family with full basement & storage attic. Slate roof. Lots of potential.

Key facts

• Front porches
• Durable slate roof
• Recently renovated

Tags

• TWO-FAMILY PROPERTY
• RECENTLY RENOVATED
• DURABLE SLATE ROOF
• OVERSIZED ATTIC
• FRONT PORCHES

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $255k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $617/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $255k).
• Recommended offer: $240k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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: 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 + 5.0% rent growth), your $71k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($240k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $188k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $239,606 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.54% ✓
• Cap rate: 12.10%
• Cash-on-cash: 20.74%
• DSCR: 1.92
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $299,720
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
380-382 Morris St	0.18mi	6/2.0	2,344 (-1%)	3mo	$300,000	$128	88
189-B Quail St	0.27mi	6/2.0	2,512 (+6%)	3mo	$185,000	$74	75
459 Hudson Ave	0.16mi	6/2.0	2,584 (+10%)	3mo	$235,000	$91	74
24 Kent St	0.50mi	6/2.0	2,364 (+0%)	4mo	$210,000	$89	73
466 Hudson Ave	0.13mi	6/2.0	2,712 (+15%)	3mo	$235,000	$87	67
531 Hamilton St	0.17mi	5/3.0 (-1)	2,112 (-10%)	5mo	$284,750	$135	62
538 Myrtle Ave	0.25mi	5/5.0 (-1)	2,216 (-6%)	2mo	$410,000	$185	59
676 Providence St	0.36mi	5/2.0 (-1)	2,118 (-10%)	2mo	$250,000	$118	59
534 1st St	0.73mi	6/2.0	2,464 (+4%)	0mo	$175,000	$71	58
558 Washington Ave	0.38mi	7/3.0 (+1)	2,562 (+9%)	3mo	$325,000	$127	57
113 S Lake Ave	0.25mi	5/4.5 (-1)	2,608 (+10%)	4mo	$525,000	$201	52
391 Washington Ave	0.58mi	7/4.0 (+1)	2,217 (-6%)	5mo	$350,000	$158	46

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: 15.5%
• Equity multiple: 1.64×
• Total profit: $45,604
• Equity at exit: $38,006

10-year hold

• IRR: 25.7%
• Equity multiple: 3.47×
• Total profit: $176,586
• Equity at exit: $22,039

Cash invested: $71,372 (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: 10.9×

Monthly cashflow live

• Estimated rent: $3,913 high
• Mortgage (P&I): −$1,337
• Tax from tax record: −$415 /mo · $4,980/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$822
• Net cashflow: $1,233

Break-even live

Break-even rent $2,352

Max offer price $254,900

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,912
Total (2 units)			$3,913

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: $63,725
• Closing costs: $7,647
• 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	1.01mi

Listing history 6 events

1. 2026-04-22
   status Pending
2. 2026-02-20
   listed $254,900 Active
3. 2023-03-29
   status Pending 87-char remark

   Show marketing remark (87 chars)

   Large two family with full basement & storage attic. Slate roof. Lots of potential.

4. 2023-01-26
   soldstatus $187,500 Closed 87-char remark

   Show marketing remark (87 chars)

   Large two family with full basement & storage attic. Slate roof. Lots of potential.

5. 2022-12-27
   status Pending 87-char remark

   Show marketing remark (87 chars)

   Large two family with full basement & storage attic. Slate roof. Lots of potential.

6. 2022-11-14
   listed $209,000 Active 87-char remark

   Show marketing remark (87 chars)

   Large two family with full basement & storage attic. Slate roof. Lots of potential.

ⓘ 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: $4,980 · $415/mo
• Projected year-2 tax: $4,980 · $415/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 · 17 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: $46,956
• − Mortgage interest: −$14,278
• − Property taxes: −$4,980
• − Insurance: −$1,274
• − Repairs & maintenance: −$3,756
• − Management: −$3,756
• − Depreciation: −$7,415
• Taxable income: $11,495
• Est. tax owed @ 24.0%: −$2,759
• After-tax cash flow: $12,042/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

+22.0% since first listed

6 events — show timeline

• 2026-04-22 Pending — Global MLS
• 2026-02-20 Listed $254,900 Global MLS
• 2023-03-29 Pending — Global MLS
• 2023-01-26 Sold (MLS) $187,500 Global MLS
• 2022-12-27 Pending — Global MLS
• 2022-11-14 Listed $209,000 Global MLS

Property tax history

-0.6%/yr

Latest (2025): $4,980 · +3.8% YoY. Source: county tax records.