282 Manning Blvd · Albany, NY 12206

$329,000

6 bd · 3.0 ba · 1,766 sqft · MultiFamily public records · 57 Days on market

Built 1930 5,227 sqft lot $186/sqft · 29% below area Est $464k · 29% under

---

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 +28.3/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

***Back on market due to buyer financing. Rare Three-Unit on Manning Blvd! Charming and well-located multi-family featuring two 1-bedroom units and one 2-bedroom unit. Prime location within walking distance to Pepper Jack's Café, Central Ave shops, and local amenities. One unit will be vacant by month's end, offering an excellent opportunity for investors or owner-occupants alike. Solid rental history, classic Albany architecture, and a sought-after boulevard address make this a must-see property!

Key facts

• Walking distance
• Multi-family
• Solid rental history

Tags

• THREE-UNIT
• MULTI-FAMILY
• PRIME LOCATION
• WALKING DISTANCE
• LOCAL AMENITIES
• SOLID RENTAL HISTORY

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $329k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $329k).
• Recommended offer: $319k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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.
• Market conditions: Rents rising fast (+5.4%/yr); 89 active listings in the ZIP; lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $4,258/mo this rent would consume 123% 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 $92k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($319k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y 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 $215k; list at $329k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $319,130 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.29% ✓
• Cap rate: 10.12%
• Cash-on-cash: 13.68%
• DSCR: 1.61
• GRM: 6.4

CMA / ARV

• ARV (median comp): $463,979
• List price: $329,000
• Delta: -29.09%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
309 Manning Blvd	0.08mi	5/2.0 (-1)	1,868 (+6%)	10mo	$305,000	$163	69
290 Manning Blvd	0.02mi	6/2.0	2,024 (+15%)	14mo	$325,000	$161	60
951 State St	0.25mi	5/2.0 (-1)	1,632 (-8%)	13mo	$365,000	$224	56
42 Garfield Pl	0.39mi	5/2.0 (-1)	1,596 (-10%)	8mo	$120,000	$75	50
9 N Manning Blvd	0.52mi	5/2.0 (-1)	1,936 (+10%)	5mo	$145,000	$75	46
538 Hamilton St	0.71mi	6/3.0	1,524 (-14%)	6mo	$285,000	$187	39
862 3rd St	0.45mi	5/2.0 (-1)	1,980 (+12%)	14mo	$205,000	$104	39
598 Morris St	0.68mi	6/2.0	2,000 (+13%)	8mo	$220,000	$110	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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: 6.5%
• Equity multiple: 1.26×
• Total profit: $24,058
• Equity at exit: $49,055

10-year hold

• IRR: 17.9%
• Equity multiple: 2.65×
• Total profit: $152,211
• Equity at exit: $28,446

Cash invested: $92,120 (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: 20.0×

Monthly cashflow live

• Estimated rent: $4,258 high
• Mortgage (P&I): −$1,725
• Tax from tax record: −$451 /mo · $5,415/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$894
• Net cashflow: $1,050

Break-even live

Break-even rent $2,929

Max offer price $329,000

Occupancy floor 70%

Sensitivity live

Price	-10% $1,236	-5% $1,143	+0% $1,050	+5% $957	+10% $864
Rent	-10% $714	-5% $882	+0% $1,050	+5% $1,218	+10% $1,387
Rate	-1.0pp $1,216	-0.5pp $1,134	base $1,050	+0.5pp $965	+1.0pp $878

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,740
1× unit	2	1	$1,518
Total (3 units)			$4,258

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-05-31
   days on market $329,000 Active 57 DOM
2. 2026-05-31
   days on market $329,000 Active 56 DOM
3. 2026-04-23
   status Active 510-char remark

   Show marketing remark (510 chars)

   ***Back on market due to buyer financing. Rare Three-Unit on Manning Blvd! Charming and well-located multi-family featuring two 1-bedroom units and one 2-bedroom unit. Prime location within walking distance to Pepper Jack's Café, Central Ave shops, and local amenities. One unit will be vacant by month's end, offering an excellent opportunity for investors or owner-occupants alike. Solid rental history, classic Albany architecture, and a sought-after boulevard address make this a must-see property!

4. 2025-12-01
   status Pending 510-char remark

   Show marketing remark (510 chars)

   ***Back on market due to buyer financing. Rare Three-Unit on Manning Blvd! Charming and well-located multi-family featuring two 1-bedroom units and one 2-bedroom unit. Prime location within walking distance to Pepper Jack's Café, Central Ave shops, and local amenities. One unit will be vacant by month's end, offering an excellent opportunity for investors or owner-occupants alike. Solid rental history, classic Albany architecture, and a sought-after boulevard address make this a must-see property!

5. 2025-11-18
   status Active 510-char remark

   Show marketing remark (510 chars)

   ***Back on market due to buyer financing. Rare Three-Unit on Manning Blvd! Charming and well-located multi-family featuring two 1-bedroom units and one 2-bedroom unit. Prime location within walking distance to Pepper Jack's Café, Central Ave shops, and local amenities. One unit will be vacant by month's end, offering an excellent opportunity for investors or owner-occupants alike. Solid rental history, classic Albany architecture, and a sought-after boulevard address make this a must-see property!

6. 2025-11-18
   price $329,000 510-char remark

   Show marketing remark (510 chars)

   ***Back on market due to buyer financing. Rare Three-Unit on Manning Blvd! Charming and well-located multi-family featuring two 1-bedroom units and one 2-bedroom unit. Prime location within walking distance to Pepper Jack's Café, Central Ave shops, and local amenities. One unit will be vacant by month's end, offering an excellent opportunity for investors or owner-occupants alike. Solid rental history, classic Albany architecture, and a sought-after boulevard address make this a must-see property!

7. 2025-10-22
   status Pending 510-char remark

   Show marketing remark (510 chars)

   ***Back on market due to buyer financing. Rare Three-Unit on Manning Blvd! Charming and well-located multi-family featuring two 1-bedroom units and one 2-bedroom unit. Prime location within walking distance to Pepper Jack's Café, Central Ave shops, and local amenities. One unit will be vacant by month's end, offering an excellent opportunity for investors or owner-occupants alike. Solid rental history, classic Albany architecture, and a sought-after boulevard address make this a must-see property!

8. 2025-10-15
   listed $339,000 Active 510-char remark

   Show marketing remark (510 chars)

   ***Back on market due to buyer financing. Rare Three-Unit on Manning Blvd! Charming and well-located multi-family featuring two 1-bedroom units and one 2-bedroom unit. Prime location within walking distance to Pepper Jack's Café, Central Ave shops, and local amenities. One unit will be vacant by month's end, offering an excellent opportunity for investors or owner-occupants alike. Solid rental history, classic Albany architecture, and a sought-after boulevard address make this a must-see property!

9. 2022-03-17
   price $945
10. 2018-10-25
    soldstatus $214,893 Closed (Final Sale) 326-char remark

    Show marketing remark (326 chars)

    This legal 3 family property is great as investor owned or owner occupied! This property offers large units throughout, close to colleges, hardwood floors, and offers off street parking! Located within walking distance to Central Ave, shopping, restaurants, and public transportation! *PRIVATE SHOWINGS ONLY* -- Good Condition

11. 2018-09-14
    status Pend (Under Cntr) 326-char remark

    Show marketing remark (326 chars)

    This legal 3 family property is great as investor owned or owner occupied! This property offers large units throughout, close to colleges, hardwood floors, and offers off street parking! Located within walking distance to Central Ave, shopping, restaurants, and public transportation! *PRIVATE SHOWINGS ONLY* -- Good Condition

12. 2018-08-13
    listed $215,000 New 326-char remark

    Show marketing remark (326 chars)

    This legal 3 family property is great as investor owned or owner occupied! This property offers large units throughout, close to colleges, hardwood floors, and offers off street parking! Located within walking distance to Central Ave, shopping, restaurants, and public transportation! *PRIVATE SHOWINGS ONLY* -- Good Condition

13. 2015-01-29
    historical
14. 2014-06-12
    listed $199,900
15. 2013-08-21
    soldstatus $210,000
16. 2013-07-19
    soldstatus $210,000
17. 2013-06-03
    historical
18. 2013-04-17
    listed $224,900
19. 2005-04-26
    soldstatus $158,000
20. 2005-04-15
    soldstatus $145,000
21. 2005-02-17
    historical
22. 2004-08-26
    listed $149,900

ⓘ 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: $5,415 · $451/mo
• Projected year-2 tax: $5,487 · $457/mo
• Expected delta: +$73/yr (+$6/mo · 1.3%)

ⓘ 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 · 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: $51,096
• − Mortgage interest: −$18,429
• − Property taxes: −$5,415
• − Insurance: −$1,645
• − Repairs & maintenance: −$4,088
• − Management: −$4,088
• − Depreciation: −$9,571
• Taxable income: $7,861
• Est. tax owed @ 24.0%: −$1,887
• After-tax cash flow: $10,716/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

+119.5% since first listed

20 events — show timeline

• 2026-04-23 Relisted — Global MLS
• 2025-12-01 Pending — Global MLS
• 2025-11-18 Relisted — Global MLS
• 2025-11-18 Price Changed $329,000 Global MLS
• 2025-10-22 Pending — Global MLS
• 2025-10-15 Listed $339,000 Global MLS
• 2022-03-17 Price Changed $945 RENT.
• 2018-10-25 Sold (MLS) $214,893 Global MLS
• 2018-09-14 Pending — Global MLS
• 2018-08-13 Listed $215,000 Global MLS
• 2015-01-29 Listing Removed — Global MLS
• 2014-06-12 Listed $199,900 Global MLS
• 2013-08-21 Sold (Public Records) $210,000 Public Records
• 2013-07-19 Sold (MLS) $210,000 Global MLS
• 2013-06-03 Listing Removed — Global MLS
• 2013-04-17 Listed $224,900 Global MLS
• 2005-04-26 Sold (Public Records) $158,000 Public Records
• 2005-04-15 Sold (MLS) $145,000 Global MLS
• 2005-02-17 Listing Removed — Global MLS
• 2004-08-26 Listed $149,900 Global MLS

Property tax history

-1.8%/yr

Latest (2025): $5,415 · +5.3% YoY. Source: county tax records.