344 2nd Ave · Albany, NY 12209

$250,000

4 bd · 2.0 ba · 2,538 sqft · MultiFamily public records · 99 Days on market

Built 1920 4,791 sqft lot $99/sqft · 47% below area Est $468k · 47% 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
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

This spacious duplex is ideally situated in a central location with convenient access to public transportation. It has been fully renovated and features two bedrooms and one bathroom in each unit, along with expansive kitchens that include dining areas. The second floor offers ample space that can be utilized as a third bedroom. Current rental rates are aligned with the market, and both units are currently occupied. Driveway belongs to neighbor. 24 Hour Notice for showings . First floor rent is 1340- month to month. Second floor rent is 1300- 1 year lease ending 7/31/2026.

Key facts

• Fully renovated
• Ample space
• Expansive kitchens

Tags

• FULLY RENOVATED
• EXPANSIVE KITCHENS
• AMPLE SPACE

🏷️ Possibly a rental listed for sale. The $250,000 price doesn't fit this home's estimated sale value (~$468,499) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $681/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $228k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.8% 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: 47 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 + 3.0% rent growth), your $70k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y ago; this cycle's ask has dropped $25k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $227,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% 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 1920 — 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: 1.52% ✓
• Cap rate: 12.83%
• Cash-on-cash: 23.35%
• DSCR: 2.04
• GRM: 5.5

CMA / ARV

• ARV (median comp): $468,499
• List price: $250,000
• Delta: -46.64%
• 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
48 W Van Vechten St	0.15mi	4/2.0	2,166 (-15%)	1mo	$170,000	$78	68
105 Southern Blvd	0.30mi	5/4.0 (+1)	2,446 (-4%)	1mo	$405,000	$166	66
3 Hurlbut St	0.05mi	5/2.0 (+1)	2,342 (-8%)	18mo	$233,000	$99	65
8 Avondale Ter	0.48mi	4/2.0	2,296 (-10%)	2mo	$189,000	$82	60
29 Garden St	0.24mi	4/2.0	2,244 (-12%)	12mo	$300,000	$134	59
19 Garden St	0.25mi	5/3.0 (+1)	2,479 (-2%)	23mo	$305,000	$123	56
365 2nd Ave	0.14mi	4/2.0	2,174 (-14%)	23mo	$180,000	$83	50
319 Mccarty Ave	0.20mi	5/2.0 (+1)	2,808 (+11%)	24mo	$245,000	$87	48
12 Delaware Ter	0.44mi	5/2.0 (+1)	2,256 (-11%)	14mo	$180,000	$80	44
12 Grandview Ter	0.50mi	5/2.0 (+1)	2,244 (-12%)	10mo	$249,900	$111	44
270 Morton Ave	0.56mi	5/4.0 (+1)	2,714 (+7%)	9mo	$477,000	$176	42
26 Marinello Ter	0.40mi	5/2.5 (+1)	2,210 (-13%)	13mo	$413,000	$187	42

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: 16.4%
• Equity multiple: 1.66×
• Total profit: $46,255
• Equity at exit: $37,276

10-year hold

• IRR: 25.0%
• Equity multiple: 3.17×
• Total profit: $152,029
• Equity at exit: $21,615

Cash invested: $70,000 (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: 10.9×

Monthly cashflow live

• Estimated rent: $3,812 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$234 /mo · $2,810/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$801
• Net cashflow: $1,362

Break-even live

Break-even rent $2,088

Max offer price $250,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,812
Total (2 units)			$3,812

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	43d	1	1.45mi

Listing history 16 events

1. 2026-05-12
   status Active 588-char remark

   Show marketing remark (588 chars)

   This spacious duplex is ideally situated in a central location with convenient access to public transportation. It has been fully renovated and features two bedrooms and one bathroom in each unit, along with expansive kitchens that include dining areas. The second floor offers ample space that can be utilized as a third bedroom. Current rental rates are aligned with the market, and both units are currently occupied. Driveway belongs to neighbor. 24 Hour Notice for showings . First floor rent is 1340- month to month. Second floor rent is 1300- 1 year lease ending 7/31/2026.

2. 2026-04-25
   status Pending 588-char remark

   Show marketing remark (588 chars)

   This spacious duplex is ideally situated in a central location with convenient access to public transportation. It has been fully renovated and features two bedrooms and one bathroom in each unit, along with expansive kitchens that include dining areas. The second floor offers ample space that can be utilized as a third bedroom. Current rental rates are aligned with the market, and both units are currently occupied. Driveway belongs to neighbor. 24 Hour Notice for showings . First floor rent is 1340- month to month. Second floor rent is 1300- 1 year lease ending 7/31/2026.

3. 2026-04-21
   historical Contingent 588-char remark

   Show marketing remark (588 chars)

   This spacious duplex is ideally situated in a central location with convenient access to public transportation. It has been fully renovated and features two bedrooms and one bathroom in each unit, along with expansive kitchens that include dining areas. The second floor offers ample space that can be utilized as a third bedroom. Current rental rates are aligned with the market, and both units are currently occupied. Driveway belongs to neighbor. 24 Hour Notice for showings . First floor rent is 1340- month to month. Second floor rent is 1300- 1 year lease ending 7/31/2026.

4. 2026-04-09
   price $250,000 588-char remark

   Show marketing remark (588 chars)

   This spacious duplex is ideally situated in a central location with convenient access to public transportation. It has been fully renovated and features two bedrooms and one bathroom in each unit, along with expansive kitchens that include dining areas. The second floor offers ample space that can be utilized as a third bedroom. Current rental rates are aligned with the market, and both units are currently occupied. Driveway belongs to neighbor. 24 Hour Notice for showings . First floor rent is 1340- month to month. Second floor rent is 1300- 1 year lease ending 7/31/2026.

5. 2026-03-07
   price $261,999 588-char remark

   Show marketing remark (588 chars)

   This spacious duplex is ideally situated in a central location with convenient access to public transportation. It has been fully renovated and features two bedrooms and one bathroom in each unit, along with expansive kitchens that include dining areas. The second floor offers ample space that can be utilized as a third bedroom. Current rental rates are aligned with the market, and both units are currently occupied. Driveway belongs to neighbor. 24 Hour Notice for showings . First floor rent is 1340- month to month. Second floor rent is 1300- 1 year lease ending 7/31/2026.

6. 2026-02-04
   price $267,000 588-char remark

   Show marketing remark (588 chars)

   This spacious duplex is ideally situated in a central location with convenient access to public transportation. It has been fully renovated and features two bedrooms and one bathroom in each unit, along with expansive kitchens that include dining areas. The second floor offers ample space that can be utilized as a third bedroom. Current rental rates are aligned with the market, and both units are currently occupied. Driveway belongs to neighbor. 24 Hour Notice for showings . First floor rent is 1340- month to month. Second floor rent is 1300- 1 year lease ending 7/31/2026.

7. 2026-01-24
   listed $274,999 Active 588-char remark

   Show marketing remark (588 chars)

   This spacious duplex is ideally situated in a central location with convenient access to public transportation. It has been fully renovated and features two bedrooms and one bathroom in each unit, along with expansive kitchens that include dining areas. The second floor offers ample space that can be utilized as a third bedroom. Current rental rates are aligned with the market, and both units are currently occupied. Driveway belongs to neighbor. 24 Hour Notice for showings . First floor rent is 1340- month to month. Second floor rent is 1300- 1 year lease ending 7/31/2026.

8. 2024-07-04
   historical $1,300
9. 2024-06-22
   listed $1,300
10. 2024-06-10
    soldstatus $235,000
11. 2022-12-05
    soldstatus $111,000
12. 2022-10-10
    status Pending 240-char remark

    Show marketing remark (240 chars)

    Calling all investors looking for your next BRRR project? This two-family property is currently grossing $19,200, rents are below market value. With a little TLC this properties ARV could be $220,000. Schedule your personal showing today.

13. 2022-08-24
    listed $109,900 Active 240-char remark

    Show marketing remark (240 chars)

    Calling all investors looking for your next BRRR project? This two-family property is currently grossing $19,200, rents are below market value. With a little TLC this properties ARV could be $220,000. Schedule your personal showing today.

14. 2013-11-21
    historical
15. 2013-07-24
    listed $85,900
16. 2005-01-19
    soldstatus $65,000

ⓘ 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: $2,810 · $234/mo
• Projected year-2 tax: $3,517 · $293/mo
• Expected delta: +$708/yr (+$59/mo · 25.2%)

ⓘ 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 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: $45,744
• − Mortgage interest: −$14,004
• − Property taxes: −$2,810
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,660
• − Management: −$3,660
• − Depreciation: −$7,273
• Taxable income: $13,089
• Est. tax owed @ 24.0%: −$3,141
• After-tax cash flow: $13,205/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

+284.6% since first listed

16 events — show timeline

• 2026-05-12 Relisted — Global MLS
• 2026-04-25 Pending — Global MLS
• 2026-04-21 Contingent — Global MLS
• 2026-04-09 Price Changed $250,000 Global MLS
• 2026-03-07 Price Changed $261,999 Global MLS
• 2026-02-04 Price Changed $267,000 Global MLS
• 2026-01-24 Listed $274,999 Global MLS
• 2024-07-04 Rental Removed $1,300 GLOBALMLS
• 2024-06-22 Listed for Rent $1,300 GLOBALMLS
• 2024-06-10 Sold (Public Records) $235,000 Public Records
• 2022-12-05 Sold (Public Records) $111,000 Public Records
• 2022-10-10 Pending — Global MLS
• 2022-08-24 Listed $109,900 Global MLS
• 2013-11-21 Listing Removed — Global MLS
• 2013-07-24 Listed $85,900 Global MLS
• 2005-01-19 Sold (Public Records) $65,000 Public Records

Property tax history

-0.3%/yr

Latest (2025): $2,810 · -0.7% YoY. Source: county tax records.