395 Second Ave · Albany, NY 12209

$235,000

4 bd · 2.0 ba · 2,040 sqft · MultiFamily public records · 7 Days on market

Built 1912 3,484 sqft lot Est $228k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.2/15.0
• 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

-- Excellent Condition

Key facts

• Vacant lower unit
• Functional kitchens
• Immediate income

Tags

• WELL MAINTAINED DUPLEX
• GENEROUS LIVING ROOMS
• DEDICATED DINING AREAS
• FUNCTIONAL KITCHENS
• IMMEDIATE INCOME
• VACANT LOWER UNIT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $530/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $235k).
• Cap rate 11.7% 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: 47 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $7k 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 $66k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,000

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 1912 — 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: 1.50% ✓
• Cap rate: 11.70%
• Cash-on-cash: 19.32%
• DSCR: 1.86
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $228,480
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34 Hampton St	0.14mi	4/2.0	2,104 (+3%)	1mo	$235,000	$112	87
15 Cuyler Ave	0.18mi	3/2.0 (-1)	2,044 (+0%)	7mo	$300,000	$147	80
8 Stanwix St	0.03mi	4/2.0	1,800 (-12%)	1mo	$290,000	$161	78
48 W Van Vechten St	0.27mi	4/2.0	2,166 (+6%)	1mo	$170,000	$78	76
13 Sligo St	0.42mi	5/2.0 (+1)	1,938 (-5%)	2mo	$335,000	$173	65
7 Bohl Ave	0.47mi	4/2.0	2,132 (+4%)	9mo	$300,000	$141	63
13 Barclay St	0.37mi	5/2.0 (+1)	2,148 (+5%)	11mo	$230,000	$107	60
29 Garden St	0.39mi	4/2.0	2,244 (+10%)	12mo	$300,000	$134	55
8 Avondale Ter	0.61mi	4/2.0	2,296 (+12%)	2mo	$189,000	$82	48
248 Catherine St	0.66mi	4/2.0	1,816 (-11%)	3mo	$185,000	$102	48
241 Delaware Ave	0.48mi	3/3.0 (-1)	1,780 (-13%)	9mo	$140,000	$79	40
12 Grandview Ter	0.73mi	5/2.0 (+1)	2,244 (+10%)	10mo	$249,900	$111	36

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: 11.3%
• Equity multiple: 1.45×
• Total profit: $29,491
• Equity at exit: $35,039

10-year hold

• IRR: 20.3%
• Equity multiple: 2.72×
• Total profit: $113,008
• Equity at exit: $20,319

Cash invested: $65,800 (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: 11.1×

Monthly cashflow live

• Estimated rent: $3,524 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$395 /mo · $4,735/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$740
• Net cashflow: $1,059

Break-even live

Break-even rent $2,183

Max offer price $235,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,192	-5% $1,126	+0% $1,059	+5% $993	+10% $926
Rent	-10% $781	-5% $920	+0% $1,059	+5% $1,198	+10% $1,338
Rate	-1.0pp $1,177	-0.5pp $1,119	base $1,059	+0.5pp $998	+1.0pp $936

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,524
Total (2 units)			$3,524

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 Stanwix St Albany, NY	4.0	1.5	1660	$2,500	$1.51	15d	1	0.03mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	45d	1	0.98mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	25d	1	1.04mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	25d	1	1.15mi
30 Cardinal Ave Albany, NY	4.0	1.0	1529	$2,800	$1.83	46d	1	1.21mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	45d	1	1.27mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	25d	1	1.28mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	45d	1	1.38mi
32 Peyster St Unit 1st floor Albany, NY	3.0	2.0	2714	$2,500	$0.92	45d	1	1.46mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	45d	1	1.46mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	15d	1	1.50mi

Listing history 6 events

1. 2026-03-27
   status Pending
2. 2026-03-20
   listed $235,000 Active
3. 2025-10-03
   soldstatus $285,000
4. 2003-07-23
   soldstatus $92,020 22-char remark

   Show marketing remark (22 chars)

   -- Excellent Condition

5. 2003-05-16
   historical 22-char remark

   Show marketing remark (22 chars)

   -- Excellent Condition

6. 2002-10-25
   listed $92,000 22-char remark

   Show marketing remark (22 chars)

   -- Excellent 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: $4,735 · $395/mo
• Projected year-2 tax: $4,735 · $395/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 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: $42,288
• − Mortgage interest: −$13,164
• − Property taxes: −$4,735
• − Insurance: −$1,175
• − Repairs & maintenance: −$3,383
• − Management: −$3,383
• − Depreciation: −$6,836
• Taxable income: $9,612
• Est. tax owed @ 24.0%: −$2,307
• After-tax cash flow: $10,403/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

+155.4% since first listed

6 events — show timeline

• 2026-03-27 Pending — Global MLS
• 2026-03-20 Listed $235,000 Global MLS
• 2025-10-03 Sold (Public Records) $285,000 Public Records
• 2003-07-23 Sold (MLS) $92,020 Global MLS
• 2003-05-16 Listing Removed — Global MLS
• 2002-10-25 Listed $92,000 Global MLS

Property tax history

+1.2%/yr

Latest (2025): $4,735 · +4.9% YoY. Source: county tax records.