507 Central Ave · Albany, NY 12206

$325,000

6 bd · 2.0 ba · 2,100 sqft · MultiFamily public records · 6 Days on market

Built 1925 1,742 sqft lot $155/sqft · 29% below area Est $457k · 29% under

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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 +22.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +5.3/10.0
• 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

Completely Remodeled 2 Unit, 1st floor 4 Bedroom 1 Bath, 2nd Floor 3 Bedroom 1 Bath, Estimated CAP RATE over 14%. New heating systems, new windows, new Kitchens and baths. Completely redone!! fantastic investment or owner occupy opportunity!!! This two-family investment property Income-producing duplex for sale in Albany separate electric and gas utilities, month-to-month rental flexibility, formal dining rooms, full kitchens, basement storage, attic space, and baseboard heat. Conveniently located near downtown Albany, shopping, restaurants, parks, public transportation, and major highways within the Albany School District.

Key facts

• New kitchens
• New baths
• New heating systems

Tags

• NEW HEATING SYSTEMS
• NEW WINDOWS
• NEW KITCHENS
• NEW BATHS
• FORMAL DINING ROOMS
• FULL KITCHENS

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex; Living area around 2,100
• Construction: Constructed with other/non-standard materials
• Exterior features: Asphalt roof; Lot approximately 0.04 acre

Interior

• Bedrooms: Unit 1: 3–4 bedrooms (beds located on multiple levels); Unit 2: 2 bedrooms (both on the 2nd floor)
• Bathrooms: Two full bathrooms total; Unit 1: one full bathroom on the 1st floor; Unit 2: one full bathroom on the 2nd floor
• Heating & cooling: Baseboard electric heating; Heating present
• Interior features: Full basement

🏷️ Possibly a rental listed for sale. The $325,000 price doesn't fit this home's estimated sale value (~$457,114) 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 $325k.

Deal economics

• At list price, monthly cash flow is $535 ($6k/yr) — positive. Per door: $268/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $325k).
• Cap rate 8.3% 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 (+5.4%/yr); 89 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,359/mo this rent would consume 97% of the median local household income ($42k/yr) (locally 2035% 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 $2k of loan paydown is wiped out by about $10k 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 + 5.4% rent growth), your $91k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 24y 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 $40k; list at $325k implies a 712% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $325,000

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 1925 — 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: 1.03% ✓
• Cap rate: 8.27%
• Cash-on-cash: 7.06%
• DSCR: 1.31
• GRM: 8.1

CMA / ARV

• ARV (median comp): $457,114
• List price: $325,000
• Delta: -28.90%
• 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
9 N Manning Blvd	0.21mi	5/2.0 (-1)	1,936 (-8%)	5mo	$145,000	$75	68
24 Kent St	0.21mi	6/2.0	2,364 (+13%)	4mo	$210,000	$89	65
337 3rd St	0.71mi	6/2.0	2,058 (-2%)	1mo	$160,000	$78	62
351 2nd St	0.68mi	6/2.0	2,056 (-2%)	3mo	$184,002	$89	62
184 N Lake Ave	0.58mi	6/2.0	1,974 (-6%)	1mo	$195,000	$99	62
531 Hamilton St	0.57mi	5/3.0 (-1)	2,112 (+1%)	5mo	$284,750	$135	60
157 Western Ave	0.60mi	7/2.0 (+1)	2,144 (+2%)	5mo	$215,000	$100	59
446 1st St	0.52mi	6/2.0	1,848 (-12%)	1mo	$160,000	$87	55
563 Morris St	0.71mi	6/2.0	2,224 (+6%)	6mo	$275,000	$124	52
59 N Allen St	0.63mi	7/2.0 (+1)	2,260 (+8%)	5mo	$315,000	$139	49
184 Quail St	0.52mi	6/3.0	1,853 (-12%)	4mo	$231,000	$125	48
391 Washington Ave	0.72mi	7/4.0 (+1)	2,217 (+6%)	5mo	$350,000	$158	40

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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.89×
• Total profit: $-10,417
• Equity at exit: $48,459

10-year hold

• IRR: 9.1%
• Equity multiple: 1.77×
• Total profit: $70,014
• Equity at exit: $28,100

Cash invested: $91,000 (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 12206

• Home prices YoY: -9.9%
• Rents YoY: 5.4%
• Active inventory: 89
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $3,359 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$279 /mo · $3,346/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$705
• Net cashflow: $535

Break-even live

Break-even rent $2,682

Max offer price $325,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,360
Total (2 units)			$3,359

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: $81,250
• Closing costs: $9,750
• 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	0.88mi

Listing history 11 events

1. 2026-05-13
   listed $325,000 Active 633-char remark
2. 2011-10-16
   historical
3. 2011-03-30
   listed $99,900
4. 2010-01-09
   historical
5. 2009-07-08
   listed $99,700
6. 2008-06-12
   historical
7. 2007-12-12
   listed $103,000
8. 2002-09-27
   soldstatus $40,000
9. 2002-09-27
   soldstatus $77,000
10. 2002-09-19
    soldstatus $40,000
11. 2002-05-25
    listed $59,500

ⓘ 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: $3,346 · $279/mo
• Projected year-2 tax: $4,419 · $368/mo
• Expected delta: +$1,073/yr (+$89/mo · 32.1%)

ⓘ 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: $40,308
• − Mortgage interest: −$18,205
• − Property taxes: −$3,346
• − Insurance: −$1,625
• − Repairs & maintenance: −$3,225
• − Management: −$3,225
• − Depreciation: −$9,455
• Taxable income: $1,228
• Est. tax owed @ 24.0%: −$295
• After-tax cash flow: $6,125/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): 14,572
• Household income: $41,548
• Rent vs Own: 73.4% rent · 26.6% own
• Severe rent burden: 2035.0

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 0.75)
• Race & ethnicity: Black 38% White 27% Hispanic / Latino 15% Two or more races 12% Asian 10%
• Hispanic origin (detail): Puerto Rican 10% Dominican 1%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 1%
• Foreign-born: 22% · Canada, China
• Languages at home: 75% English-only · Spanish 10% Other Indo-European 5% Chinese 3%

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: ▼ -30.24%
• Current HPI: 275.8109
• Rent YoY: ▲ 5.37%
• 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

+446.2% since first listed

12 events — show timeline

• 2026-05-19 Pending — Global MLS
• 2026-05-13 Listed $325,000 Global MLS
• 2011-10-16 Listing Removed — Global MLS
• 2011-03-30 Listed $99,900 Global MLS
• 2010-01-09 Listing Removed — Global MLS
• 2009-07-08 Listed $99,700 Global MLS
• 2008-06-12 Listing Removed — Global MLS
• 2007-12-12 Listed $103,000 Global MLS
• 2002-09-27 Sold (Public Records) $77,000 Public Records
• 2002-09-27 Sold (Public Records) $40,000 Public Records
• 2002-09-19 Sold (MLS) $40,000 Global MLS
• 2002-05-25 Listed $59,500 Global MLS

Property tax history

+1.1%/yr

Latest (2025): $3,346 · -5.5% YoY. Source: county tax records.