244 Morris St · Albany, NY 12208

$289,900

6 bd · 2.0 ba · 2,244 sqft · MultiFamily public records · 2 Days on market

Built 1920 Fair condition 3,049 sqft lot $129/sqft · 35% below area Est $447k · 35% 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 +28.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.2/5.0
• 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

Two family walking distance from Albany Med. Each unit contains 3 bedrooms and 1 bathroom. This property is perfect for owner occupy or an investment property. Highly desirable location provides a great opportunity to grow portfolio.

Key facts

• Separate utilities
• Asphalt roof
• Open floor plans

Tags

• WALKING DISTANCE TO ALBANY MED
• SPACIOUS APARTMENTS
• OPEN FLOOR PLANS
• HARDWOOD FLOORS
• SEPARATE UTILITIES
• ASPHALT ROOF

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1-bath units multifamily listed at $290k. Condition is rated fair.
• This rent per unit runs 33% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $909 ($11k/yr) — positive. Per door: $454/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $290k).
• Cap rate 10.1% vs local median 6.0% 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 fast (+5.0%/yr); 133 active listings in the ZIP; 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 $9k 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 $81k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 25y 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 $210k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $289,900

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.34% ✓
• Cap rate: 10.05%
• Cash-on-cash: 13.44%
• DSCR: 1.60
• GRM: 6.2

CMA / ARV

• ARV (median comp): $447,249
• List price: $289,900
• Delta: -33.15%
• 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
380-382 Morris St	0.20mi	6/2.0	2,344 (+4%)	5mo	$300,000	$128	79
637 Myrtle Ave	0.36mi	6/2.0	2,296 (+2%)	1mo	$315,000	$137	78
538 Myrtle Ave	0.16mi	5/5.0 (-1)	2,216 (-1%)	4mo	$410,000	$185	71
27 N Lake Ave	0.45mi	6/2.0	2,364 (+5%)	0mo	$321,000	$136	70
613 Providence St	0.43mi	5/2.0 (-1)	2,344 (+4%)	1mo	$420,000	$179	67
69 Dana Ave	0.33mi	6/2.0	1,938 (-14%)	0mo	$260,000	$134	62
676 Providence St	0.53mi	5/2.0 (-1)	2,118 (-6%)	4mo	$250,000	$118	58
391 Washington Ave	0.51mi	7/4.0 (+1)	2,217 (-1%)	6mo	$350,000	$158	56
189-B Quail St	0.45mi	6/2.0	2,512 (+12%)	4mo	$185,000	$74	55
531 Hamilton St	0.53mi	5/3.0 (-1)	2,112 (-6%)	6mo	$284,750	$135	51
500 Washington Ave	0.52mi	6/2.0	1,920 (-14%)	1mo	$255,000	$133	51
558 Washington Ave	0.61mi	7/3.0 (+1)	2,562 (+14%)	4mo	$325,000	$127	35

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: 5.9%
• Equity multiple: 1.24×
• Total profit: $19,257
• Equity at exit: $43,225

10-year hold

• IRR: 17.2%
• Equity multiple: 2.56×
• Total profit: $127,001
• Equity at exit: $25,065

Cash invested: $81,172 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 20 active · 37 under contract
• Months of supply: 4.0 mo (25%/mo absorbed)
• Median asking: $287,000 ($132/sqft)
• Median days on market: 67 d
• This list price: 55% of active listings are priced below it
• ARV vs active asking: +50.5% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 12208

• Home prices YoY: -30.1%
• Rents YoY: 5.0%
• Active inventory: 133
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $3,892 high
• Mortgage (P&I): −$1,520
• Tax from tax record: −$525 /mo · $6,298/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$817
• Net cashflow: $909

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,892
Total (2 units)			$3,892

Break-even live

Break-even rent $2,742

Max offer price $289,900

Occupancy floor 72%

Sensitivity live

Price	-10% $1,073	-5% $991	+0% $909	+5% $827	+10% $745
Rent	-10% $601	-5% $755	+0% $909	+5% $1,063	+10% $1,216
Rate	-1.0pp $1,055	-0.5pp $983	base $909	+0.5pp $834	+1.0pp $757

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: $72,475
• Closing costs: $8,697
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
541 Myrtle Ave Unit 1A Albany, NY	2.0	1.0	—	$1,850	—	93d	1	0.16mi
594 Madison Ave Unit 2F Albany, NY	2.0	1.0	—	$1,400	—	16d	1	0.18mi
521 Warren St Albany, NY	2.0	1.0	850	$1,950	$2.29	16d	1	0.19mi
521 Warren St Albany, NY	2.0	1.0	850	$2,300	$2.71	63d	1	0.19mi
33 New Scotland Ave Albany, NY	1.0–2.0	1.0–2.0	912	$2,785	$3.05	16d	5	0.22mi
560 Madison Ave Albany, NY	2.0	2.0	—	$3,500	—	16d	1	0.25mi
433 Hamilton St Unit 1 Albany, NY	4.0	1.0	1200	$2,300	$1.92	63d	1	0.27mi
437 Hamilton St Unit 2 Albany, NY	4.0	1.0	1200	$2,300	$1.92	63d	1	0.28mi
407 Hudson Ave Albany, NY	4.0	2.0	—	$2,600	—	93d	1	0.28mi
3 Elberon Pl Unit 1 Albany, NY	3.0	1.0	—	$1,450	—	93d	1	0.28mi
5 Elberon Pl Unit 3 Albany, NY	4.0	1.0	—	$1,950	—	93d	1	0.29mi
9 Elberon Pl Fl 3 Albany, NY	4.0	1.0	—	$1,900	—	16d	1	0.29mi
433 Morris St Unit 1 Albany, NY	4.0	1.0	—	$2,400	—	93d	1	0.30mi
113 Morris St Unit 3 Albany, NY	2.0	2.0	—	$1,550	—	93d	1	0.30mi
11 Elberon Pl Unit 1 Albany, NY	4.0	1.0	—	$1,950	—	93d	1	0.30mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	93d	1	0.30mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	72d	1	0.31mi
19 Elberon Pl Albany, NY	2.0	1.0	—	$1,350	—	93d	1	0.31mi
445 Morris St Albany, NY	3.0	1.0	1300	$1,905	$1.47	16d	1	0.32mi
614 Park Ave Albany, NY	3.0	1.0	1118	$2,500	$2.24	93d	1	0.33mi
520 Madison Ave Unit 1 Albany, NY	3.0	1.0	1080	$1,695	$1.57	16d	1	0.34mi
520 Madison Ave Unit 3 Albany, NY	2.0	1.0	—	$1,400	—	16d	1	0.34mi
52 Elberon Pl Albany, NY	4.0	1.5	—	$2,600	—	93d	1	0.34mi
43 Elberon Pl Albany, NY	3.0	1.0	—	$1,650	—	93d	1	0.34mi
459 Hamilton St Albany, NY	4.0	1.5	—	$2,000	—	93d	1	0.35mi
56 Elberon Pl Albany, NY	3.0	1.0	—	$1,575	—	93d	1	0.35mi
45 Elberon Pl #1 Albany, NY	3.0	1.0	—	$1,650	—	93d	1	0.35mi
461 Hamilton St Unit 2 Albany, NY	3.0	1.0	—	$1,800	—	16d	1	0.35mi
47 Elberon Pl Apt 2 Albany, NY	3.0	1.0	—	$1,650	—	93d	1	0.35mi
58 Elberon Pl Albany, NY	4.0	1.0	—	$1,725	—	72d	1	0.35mi
58 Elberon Pl Apt 2 Albany, NY	4.0	1.0	1250	$2,200	$1.76	93d	1	0.35mi
811 Madison Ave Apt 6 Albany, NY	3.0	2.0	—	$1,950	—	93d	1	0.35mi
811 Madison Ave Apt 5 Albany, NY	3.0	2.0	750	$1,950	$2.60	16d	1	0.35mi
152 Western Ave Unit 1 Albany, NY	3.0	1.0	1100	$2,000	$1.82	16d	1	0.35mi
452A Hudson Ave #1 Albany, NY	2.0	1.0	—	$1,400	—	70d	1	0.35mi
452A Hudson Ave Unit 2 Albany, NY	3.0	1.0	—	$1,600	—	70d	1	0.36mi
51 Elberon Pl Albany, NY	3.0	1.0	—	$1,650	—	93d	1	0.36mi
508 Madison Ave Unit 2R Albany, NY	2.0	1.0	—	$1,750	—	93d	1	0.36mi
180 Western Ave Unit 2nd Floor Albany, NY	2.0	1.0	1000	$1,575	$1.57	93d	1	0.36mi
221 Quail St Unit 2 Albany, NY	4.0	1.0	—	$2,750	—	93d	1	0.36mi

Listing history 11 events

1. 2026-08-08
   days on market $289,900 Active 2 DOM
2. 2026-08-07
   pricestatusdays on marketlisting id $289,900 Active 1 DOM
3. 2026-05-04
   status Pending 256-char remark

   Show marketing remark (256 chars)

   Two family walking distance from Albany Med. Each unit contains 3 bedrooms and 1 bathroom. This property is perfect for owner occupy or an investment property. Highly desirable location provides a great opportunity to grow portfolio. Agent is owner

4. 2026-04-16
   status Active 256-char remark

   Show marketing remark (256 chars)

   Two family walking distance from Albany Med. Each unit contains 3 bedrooms and 1 bathroom. This property is perfect for owner occupy or an investment property. Highly desirable location provides a great opportunity to grow portfolio. Agent is owner

5. 2026-03-20
   status Pending 256-char remark

   Show marketing remark (256 chars)

   Two family walking distance from Albany Med. Each unit contains 3 bedrooms and 1 bathroom. This property is perfect for owner occupy or an investment property. Highly desirable location provides a great opportunity to grow portfolio. Agent is owner

6. 2026-02-26
   listed $299,000 Active 256-char remark

   Show marketing remark (256 chars)

   Two family walking distance from Albany Med. Each unit contains 3 bedrooms and 1 bathroom. This property is perfect for owner occupy or an investment property. Highly desirable location provides a great opportunity to grow portfolio. Agent is owner

7. 2026-02-02
   soldstatus $210,000
8. 2002-03-04
   soldstatus $85,000
9. 2002-02-27
   soldstatus $85,000 236-char remark

   Show marketing remark (236 chars)

   INVESTORS DELIGHT-EXCELLENT CONDITION & ALWAYS RENTED MED STUDENTS. HARDWOOD FLOORS, UPDATED BATHS & KITCHENS YARD ABUTTED BY 467 MYRTLE AVE ALSO FOR SALE. 3 BRS, 1 BATH EACH UNIT. CALL PAM AT 448-0859 TO SEE. Superior Condition

10. 2002-01-04
    historical 236-char remark

    Show marketing remark (236 chars)

    INVESTORS DELIGHT-EXCELLENT CONDITION & ALWAYS RENTED MED STUDENTS. HARDWOOD FLOORS, UPDATED BATHS & KITCHENS YARD ABUTTED BY 467 MYRTLE AVE ALSO FOR SALE. 3 BRS, 1 BATH EACH UNIT. CALL PAM AT 448-0859 TO SEE. Superior Condition

11. 2001-09-10
    listed $89,900 236-char remark

    Show marketing remark (236 chars)

    INVESTORS DELIGHT-EXCELLENT CONDITION & ALWAYS RENTED MED STUDENTS. HARDWOOD FLOORS, UPDATED BATHS & KITCHENS YARD ABUTTED BY 467 MYRTLE AVE ALSO FOR SALE. 3 BRS, 1 BATH EACH UNIT. CALL PAM AT 448-0859 TO SEE. Superior Condition

ⓘ 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: $6,298 · $525/mo
• Projected year-2 tax: $6,298 · $525/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 4/10 Moderate FEMA zone X (unshaded) · 21% 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 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: $46,704
• − Mortgage interest: −$16,239
• − Property taxes: −$6,298
• − Insurance: −$1,450
• − Repairs & maintenance: −$3,736
• − Management: −$3,736
• − Depreciation: −$8,433
• Taxable income: $6,812
• Est. tax owed @ 24.0%: −$1,635
• After-tax cash flow: $9,271/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 · 9 photos

Fair 45/100 Moderate rehab Est. rehab $56,100–$100,980 screening

This property requires extensive repairs and maintenance, including roof replacement, exterior siding repair, and HVAC system replacement. The property has a fair condition score and is in need of significant work to improve its value for resale and rental.

Deferred maintenance Est. $50,000–$150,000 screening

• Major Roof (roof) — No roof visible in photos
• Major Windows (windows) — Windows appear old and weathered
• Major Electrical (electrical) — Electrical panel not visible
• Major Plumbing (plumbing) — No plumbing fixtures visible
• Major Exterior (exterior) — Exterior siding appears old and weathered

Repairs flagged

• Major roof — The roof appears to be in poor condition, with visible wear and tear. The satellite image shows a large section of the roof is missing or damaged.
• Major exterior siding — The exterior siding is peeling and in poor condition. The satellite image shows significant damage to the roof and siding.
• Major flooring — The flooring in the kitchen appears to be in poor condition, with visible wear and tear. The satellite image shows a large section of the roof is missing or damaged.
• Major HVAC system — The HVAC system appears to be in poor condition. The satellite image shows a large section of the roof is missing or damaged.

Value-add opportunities

• Both roof replacement — Replacing the roof will improve the overall condition of the property and increase its value for both resale and rental. ↑
• Both exterior siding repair — Repairing the exterior siding will improve the curb appeal and increase the property's value for both resale and rental. ↑
• Both HVAC system replacement — Replacing the HVAC system will improve the comfort and energy efficiency of the property, increasing its value for both resale and rental. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 52/100

Zoned Schools

Elementary New Scotland Elementary School F NY #1,277/2,108 Nat'l #16,061/41,679 Middle William S Hackett Middle School F NY #407/729 Nat'l #5,867/14,009 High Albany High School B+ NY #710/1,100 Nat'l #2,083/17,239

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

B Composite livability gradescore 79/100

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 · 320,794 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: 11% of renters

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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%

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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%

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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

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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

+232.6% since first listed

9 events — show timeline

• 2026-05-04 Pending — Global MLS
• 2026-04-16 Relisted — Global MLS
• 2026-03-20 Pending — Global MLS
• 2026-02-26 Listed $299,000 Global MLS
• 2026-02-02 Sold (Public Records) $210,000 Public Records
• 2002-03-04 Sold (Public Records) $85,000 Public Records
• 2002-02-27 Sold (MLS) $85,000 Global MLS
• 2002-01-04 Listing Removed — Global MLS
• 2001-09-10 Listed $89,900 Global MLS

Property tax history

+0.7%/yr

Latest (2025): $6,298 · -0.7% YoY. Source: county tax records.