3 Elizabeth St Apt 2 · Albany, NY 12202

$39,999

3 bd · 2.0 ba · 1,013 sqft · Condo public records · 31 Days on market

Built 2014 $150/mo HOA · 9% of rent

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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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0

Listing remarks

3 Bed, 2 Bath Condo - 3 Elizabeth St Unit 2, Albany - Cash Only! Spacious 3-bedroom, 2-bath condo over 1,000 sq. ft. with high ceilings and gated off-street parking for added security. Originally reconfigured into a condo in 2014, so much of it is newer, but a recent fire left some areas needing more work than others. HOA fees cover common area, parking lot, and exterior maintenance. This is an assignment of contract - 10% due at signing. Incredible opportunity for investors—this won't last long!

Key facts

• Newer renovations
• High ceilings
• $150 HOA

Tags

• HIGH CEILINGS
• GATED OFF-STREET PARKING
• NEWER RENOVATIONS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $40k.

Deal economics

• At list price, monthly cash flow is $941 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 34.5% 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.
• 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 (+8.7%/yr); 58 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• This rent runs 39% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $4k of equity ($276 loan paydown + $4k appreciation (10.0% local appreciation)).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $38,799 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 4.33% ✓
• Cap rate: 34.53%
• Cash-on-cash: 100.85%
• DSCR: 5.49
• GRM: 1.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 9.13×
• Total profit: $90,998
• Equity at exit: $36,034

10-year hold

• IRR: —
• Equity multiple: 22.76×
• Total profit: $243,733
• Equity at exit: $77,709

Cash invested: $11,200 (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 12202

• Home prices YoY: 14.3%
• Rents YoY: 8.7%
• Active inventory: 58
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $1,731 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$150
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $941

Break-even live

Break-even rent $540

Max offer price $39,999

Occupancy floor 41%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
132 4th Ave Albany, NY	3.0	1.0	770	$1,800	$2.34	21d	1	0.17mi
17 Ash Grove Pl Albany, NY	2.0	1.0	800	$1,400	$1.75	43d	1	0.25mi
25 Bleecker Pl #1 Albany, NY	2.0	1.0	1150	$1,350	$1.17	44d	1	0.25mi
103 Grand St Unit 1 Albany, NY	2.0	1.0	800	$1,250	$1.56	14d	1	0.28mi
168 S Pearl St Albany, NY	3.0	1.5	1044	$1,800	$1.72	23d	1	0.33mi
164 Madison Ave Albany, NY	2.0	1.0	1200	$1,500	$1.25	43d	1	0.35mi
151 S Pearl St Albany, NY	2.0	1.0	1000	$1,600	$1.60	14d	1	0.37mi
151 Madison Ave Unit C Albany, NY	2.0	1.0	750	$1,125	$1.50	23d	1	0.38mi
475 S Pearl St #3 Albany, NY	4.0	2.0	1200	$1,850	$1.54	14d	1	0.38mi
475 S Pearl St #3 Albany, NY	4.0	2.0	1200	$1,850	$1.54	21d	1	0.38mi
135 Madison Ave Unit 2 Albany, NY	2.0	1.0	1000	$1,400	$1.40	43d	1	0.39mi
31 Van Zandt St Albany, NY	2.0	1.0	850	$1,700	$2.00	43d	1	0.41mi
4 Irving St Unit 2nd Floor Albany, NY	3.0	1.0	1000	$1,695	$1.70	43d	1	0.51mi
346 Madison Ave Unit 3 Albany, NY	3.0	2.0	1110	$2,725	$2.45	43d	1	0.61mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	23d	1	0.61mi
341 Madison Ave Albany, NY	2.0	1.0	1000	$1,800	$1.80	14d	1	0.62mi
364 Madison Ave Albany, NY	2.0	2.0	1150	$1,850	$1.61	21d	1	0.65mi
149 Jay St Albany, NY	2.0	1.0	1000	$1,750	$1.75	43d	1	0.74mi
98 Mount Hope Dr Albany, NY	2.0	1.5	1200	$2,000	$1.67	14d	1	0.76mi
37 Maiden Ln Albany, NY	2.0	1.0	700	$1,515	$2.16	14d	1	0.76mi
409 Madison Ave Albany, NY	2.0	2.0	1050	$2,094	$1.99	23d	1	0.77mi
154 Lancaster St Unit 1 Albany, NY	2.0	1.5	1500	$2,200	$1.47	23d	1	0.78mi
48 N Pearl St Albany, NY	2.0	1.0–2.5	1251	$3,500	$2.80	14d	17	0.80mi
292 Lark St Albany, NY	2.0	1.0	1100	$1,500	$1.36	43d	1	0.81mi
22 Hurlbut St Albany, NY	3.0	1.0	1209	$2,050	$1.70	43d	1	0.88mi
88 Willett St Albany, NY	3.0	1.0	825	$2,080	$2.52	14d	10	0.88mi
31 Bertha St Albany, NY	4.0	1.0	1116	$2,000	$1.79	23d	1	0.90mi
99 New Broadway Rensselaer, NY	2.0	1.0–2.0	946	$2,495	$2.64	14d	5	0.91mi
155 Chestnut St Albany, NY	2.0	1.0	850	$2,000	$2.35	14d	1	0.92mi
352 State St Albany, NY	2.0	2.0	1143	$2,500	$2.19	23d	1	0.97mi
520 Madison Ave Unit 1 Albany, NY	3.0	1.0	1080	$1,700	$1.57	43d	1	0.97mi
199 Lark St Albany, NY	3.0	1.0	1000	$1,800	$1.80	43d	1	0.99mi
100 New Broadway Rensselaer, NY	2.0	2.0	1248	$2,212	$1.77	14d	2	1.00mi
86 Hackett Blvd Albany, NY	2.0	1.0	1100	$1,900	$1.73	23d	1	1.11mi
254 Sheridan Ave Unit 2 Albany, NY	3.0	1.0	900	$1,300	$1.44	23d	1	1.14mi
9 St Josephs Ter Albany, NY	3.0	2.0	1000	$1,850	$1.85	43d	1	1.15mi
110 Lark St Unit STREET-1 Albany, NY	2.0	1.0	975	$1,150	$1.18	21d	1	1.19mi
110 Lark St Unit STREET-1 Albany, NY	2.0	1.0	975	$1,150	$1.18	14d	1	1.19mi
502 Second Ave #3 Albany, NY	3.0	1.0	1100	$1,800	$1.64	43d	1	1.21mi
945 Broadway Rensselaer, NY	3.0	1.0	1200	$1,650	$1.38	23d	1	1.21mi

HOA detail condo

• Monthly dues: $150 · $1,800/yr
• Likely covers: exterior maint.security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2025-04-19
   status Pending
2. 2025-04-17
   status Active
3. 2025-03-25
   status Pending
4. 2025-03-25
   price $39,999
5. 2025-03-08
   price $34,999
6. 2025-02-24
   listed $39,999 Active

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°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: $20,774
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,662
• − Management: −$1,662
• − HOA: −$1,800
• − Depreciation: −$1,164
• Taxable income: $11,446
• Est. tax owed @ 24.0%: −$2,747
• After-tax cash flow: $8,547/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): 10,166
• Household income: $52,868
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 935.0

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: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Black 40% White 28% Hispanic / Latino 15% Two or more races 14% Asian 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 5%
• Common ancestry: Iranian 2% Romanian 1% Serbian 1%
• Foreign-born: 14% · Canada, Philippines, China
• Languages at home: 80% English-only · Spanish 10% Other Asian/Pacific 4% Arabic 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: ▲ 38.05%
• Current HPI: 303.8939
• Rent YoY: ▲ 8.70%
• 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

+0.0% since first listed

6 events — show timeline

• 2025-04-19 Pending — Global MLS
• 2025-04-17 Relisted — Global MLS
• 2025-03-25 Pending — Global MLS
• 2025-03-25 Price Changed $39,999 Global MLS
• 2025-03-08 Price Changed $34,999 Global MLS
• 2025-02-24 Listed $39,999 Global MLS

Property tax history

+15.9%/yr

Latest (2025): $2,323 · +0.0% YoY. Source: county tax records.