190 S Allen St · Albany, NY 12208

$825,000

12 bd · 6.0 ba · 3,536 sqft · MultiFamily · 12 Days on market

Built 1940 Good condition 6,098 sqft lot $233/sqft · 45% above area Est $569k · 45% over

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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 +26.3/30.0
• DSCR +8.9/10.0
• 1% rule +7.0/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +3.8/5.0
• Schools +3.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Brick 6 unit walking distance to St. Peter's Hospital features all 2BR units and separate utilities. Electric baseboard heat. Can be sold with 6 unit 412 Delaware Ave and Duplex 414 Delaware Ave.

Key facts

• Separate utilities
• Solid brick building
• Six 2 bedroom units

Tags

• SOLID BRICK BUILDING
• SIX 2 BEDROOM UNITS
• SEPARATE UTILITIES
• ELECTRIC BASEBOARD HEAT
• FULLY REMODELED KITCHENS
• FULLY REMODELED BATHROOMS

Property features AI

Finance

• Financial info: Each of the six units: 4 total rooms, 2 bedrooms, 1 full bath; Tenants pay hot water, internet, cable TV, electricity, and gas

Exterior

• Parking: Paved parking for 6 vehicles
• Utilities: Public water; Public sewer; Cable connected
• Home design: Multi Family property
• Construction: Brick construction
• Exterior features: Flat rubber roof; Road frontage; Sloped lot

Interior

• Bedrooms: Six units with 2 bedrooms each (unit bedrooms listed by unit type)
• Bathrooms: Six full bathrooms; some full baths on basement, 1st and 2nd levels
• Heating & cooling: Baseboard heating; Electric heating
• Interior features: High-speed internet

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $825k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $353/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $825k).
• Cap rate 9.4% 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); 100 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $9,898/mo this rent would consume 169% of the median local household income ($70k/yr) (locally 1952% 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 $6k of loan paydown is wiped out by about $25k 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 $231k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $825,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.20% ✓
• Cap rate: 9.37%
• Cash-on-cash: 11.00%
• DSCR: 1.49
• GRM: 6.9

CMA / ARV

• ARV (median comp): $568,923
• List price: $825,000
• Delta: 45.01%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.05% rent growth · sell at horizon

5-year hold

• IRR: 2.4%
• Equity multiple: 1.10×
• Total profit: $22,195
• Equity at exit: $123,010

10-year hold

• IRR: 13.9%
• Equity multiple: 2.22×
• Total profit: $282,786
• Equity at exit: $71,331

Cash invested: $231,000 (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 12208

• Home prices YoY: -30.1%
• Rents YoY: 5.0%
• Active inventory: 100
• Price-to-rent: 41.7×

Monthly cashflow live

• Estimated rent: $9,898 high
• Mortgage (P&I): −$4,326
• Tax est. 1.5%: −$1,031 /mo · $12,375/yr
• Insurance: −$344
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,079
• Net cashflow: $2,118

Break-even live

Break-even rent $7,217

Max offer price $825,000

Occupancy floor 74%

Sensitivity live

Price	-10% $2,688	-5% $2,403	+0% $2,118	+5% $1,833	+10% $1,548
Rent	-10% $1,336	-5% $1,727	+0% $2,118	+5% $2,509	+10% $2,900
Rate	-1.0pp $2,533	-0.5pp $2,328	base $2,118	+0.5pp $1,904	+1.0pp $1,687

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$9,900
Total (6 units)			$9,898

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: $206,250
• Closing costs: $24,750
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-10
   status Pending 570-char remark
2. 2026-04-28
   listed $825,000 Active 570-char remark
3. 2025-07-14
   historical $1,450
4. 2025-07-09
   listed $1,450
5. 2023-07-21
   historical
6. 2023-07-18
   listed
7. 2023-07-14
   historical
8. 2022-05-07
   status Pending 195-char remark

   Show marketing remark (195 chars)

   Brick 6 unit walking distance to St. Peter's Hospital features all 2BR units and separate utilities. Electric baseboard heat. Can be sold with 6 unit 412 Delaware Ave and Duplex 414 Delaware Ave.

9. 2022-04-18
   listed $600,000 Active 195-char remark

   Show marketing remark (195 chars)

   Brick 6 unit walking distance to St. Peter's Hospital features all 2BR units and separate utilities. Electric baseboard heat. Can be sold with 6 unit 412 Delaware Ave and Duplex 414 Delaware Ave.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥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: $118,776
• − Mortgage interest: −$46,213
• − Property taxes: −$12,375
• − Insurance: −$4,125
• − Repairs & maintenance: −$9,502
• − Management: −$9,502
• − Depreciation: −$24,000
• Taxable income: $13,059
• Est. tax owed @ 24.0%: −$3,134
• After-tax cash flow: $22,282/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This fully updated 6-unit brick building is in excellent condition with new kitchens, bathrooms, and exterior. It offers a low-maintenance, turn-key investment opportunity.

Value-add opportunities

• Both Paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics
• Resale Replace old appliances — Modern appliances improve functionality and attract buyers
• Both Install smart home features — Enhances convenience and marketability

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Resale Replace old appliances — Modern appliances improve functionality and attract buyers ↑
• Both Install smart home features — Enhances convenience and marketability ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+37.5% since first listed

9 events — show timeline

• 2026-05-10 Pending — Global MLS
• 2026-04-28 Listed $825,000 Global MLS
• 2025-07-14 Rental Removed $1,450 LEASESTAR
• 2025-07-09 Listed for Rent $1,450 LEASESTAR
• 2023-07-21 Rental Removed — LEASESTAR
• 2023-07-18 Listed for Rent — LEASESTAR
• 2023-07-14 Rental Removed — LEASESTAR
• 2022-05-07 Pending — Global MLS
• 2022-04-18 Listed $600,000 Global MLS