40 Cortland Pl · Albany, NY 12203

$209,900

4 bd · 2.0 ba · 1,496 sqft · MultiFamily public records · 63 Days on market

Built 1903 1,306 sqft lot $140/sqft · 37% below area Est $334k · 37% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +3.0/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Great investment opportunity in a highly desirable rental location. Both units are in good condition, offering a true turnkey, low-maintenance investment. Each apartment features separate utilities for added convenience and efficiency. Both units are equipped with Navien high-efficiency heat and hot water systems and feature new kitchens. Strong rental history potential in a prime location close to SUNY Albany, Russell Sage College, and The College of Saint Rose. A solid, stress-free investment opportunity with great long-term appeal.

Key facts

• 1,306 sq ft lot
• Built 1903
• Listed 63 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $874 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Recommended offer: $197k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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.
• Market conditions: Rents rising (+1.9%/yr); 124 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• This rent runs 44% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 + 1.9% rent growth), your $59k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y 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 $86k; list at $210k implies a 144% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $197,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1903 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.45% ✓
• Cap rate: 11.29%
• Cash-on-cash: 17.85%
• DSCR: 1.79
• GRM: 5.7

CMA / ARV

• ARV (median comp): $334,353
• List price: $209,900
• Delta: -37.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
178 Spring St	0.20mi	3/2.0 (-1)	1,524 (+2%)	9mo	$195,000	$128	75
108 Spring St	0.06mi	4/2.0	1,560 (+4%)	24mo	$150,000	$96	70
60 Bradford St	0.26mi	3/2.0 (-1)	1,600 (+7%)	4mo	$170,000	$106	68
596 Livingston Ave	0.69mi	4/2.0	1,584 (+6%)	3mo	$148,000	$93	56
589 Clinton Ave	0.40mi	4/2.0	1,595 (+7%)	24mo	$125,000	$78	51
376 1st St	0.48mi	4/2.0	1,680 (+12%)	10mo	$100,000	$60	49
497 Morris St	0.47mi	4/2.0	1,373 (-8%)	21mo	$165,000	$120	47
555 2nd St	0.60mi	5/2.0 (+1)	1,402 (-6%)	17mo	$145,000	$103	42
320 1st St	0.55mi	5/3.0 (+1)	1,638 (+10%)	10mo	$213,000	$130	41
951 State St	0.74mi	5/2.0 (+1)	1,632 (+9%)	13mo	$365,000	$224	34
40 Spring St	0.70mi	3/3.0 (-1)	1,716 (+15%)	14mo	$221,100	$129	22

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 · 1.85% rent growth · sell at horizon

5-year hold

• IRR: 8.0%
• Equity multiple: 1.31×
• Total profit: $18,277
• Equity at exit: $31,297

10-year hold

• IRR: 16.3%
• Equity multiple: 2.26×
• Total profit: $74,023
• Equity at exit: $18,148

Cash invested: $58,772 (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 12203

• Home prices YoY: -31.0%
• Rents YoY: 1.9%
• Active inventory: 124
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $3,049 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$346 /mo · $4,155/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$640
• Net cashflow: $874

Break-even live

Break-even rent $1,942

Max offer price $209,900

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,048
Total (2 units)			$3,049

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	14d	1	0.07mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	14d	1	0.07mi
223 Western Ave #1 Albany, NY	3.0	1.0	1100	$1,750	$1.59	23d	1	0.13mi
58 Elberon Pl Apt 2 Albany, NY	4.0	1.0	1250	$2,200	$1.76	43d	1	0.15mi
433 Hamilton St Unit 1 Albany, NY	4.0	1.0	1200	$2,300	$1.92	14d	1	0.22mi
437 Hamilton St Unit 2 Albany, NY	4.0	1.0	1200	$2,300	$1.92	14d	1	0.22mi
273 Western Ave Unit 3 Albany, NY	3.0	1.0	1100	$1,850	$1.68	23d	1	0.23mi
273 Western Ave Unit 2 Albany, NY	3.0	1.0	1000	$1,800	$1.80	23d	1	0.23mi
489 Hamilton St Unit 1 Albany, NY	3.0	1.0	1100	$1,800	$1.64	14d	1	0.28mi
569 Washington Ave Unit 1st Floor Albany, NY	4.0	1.0	1275	$2,000	$1.57	43d	1	0.29mi
260 Bradford St Unit 205 Albany, NY	3.0	2.0	912	$1,700	$1.86	23d	1	0.35mi
517 Hamilton St Albany, NY	4.0	1.0	1020	$2,000	$1.96	23d	1	0.35mi
830 Madison Ave Albany, NY	3.0	1.0	1180	$1,700	$1.44	23d	1	0.36mi
673 Myrtle Ave Albany, NY	4.0	1.0	1076	$2,400	$2.23	21d	1	0.51mi
614 Park Ave Albany, NY	3.0	1.0	1118	$2,500	$2.24	43d	1	0.53mi
520 Madison Ave Unit 1 Albany, NY	3.0	1.0	1080	$1,700	$1.57	43d	1	0.59mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	23d	1	0.62mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,850	$1.46	14d	1	0.67mi
88 Willett St Albany, NY	3.0	1.0	825	$2,080	$2.52	14d	10	0.68mi
199 Lark St Albany, NY	3.0	1.0	1000	$1,800	$1.80	43d	1	0.68mi
21 Woodlawn Ave Unit 3rd floor Albany, NY	3.0	1.0	1300	$1,500	$1.15	23d	1	0.73mi
21 Woodlawn Ave Unit 3RDFL Albany, NY	3.0	1.0	1300	$1,500	$1.15	43d	1	0.73mi
254 Sheridan Ave Unit 2 Albany, NY	3.0	1.0	900	$1,300	$1.44	23d	1	0.76mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	43d	1	0.85mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	23d	1	0.85mi
52 Grove Ave Albany, NY	4.0	1.0	1200	$2,200	$1.83	21d	1	0.89mi
104 S Main Ave Unit 1 Albany, NY	3.0	1.0	1300	$2,600	$2.00	43d	1	0.93mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	23d	1	0.96mi
346 Madison Ave Unit 3 Albany, NY	3.0	2.0	1110	$2,725	$2.45	43d	1	0.96mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	23d	1	1.00mi
4 Irving St Unit 2nd Floor Albany, NY	3.0	1.0	1000	$1,695	$1.70	43d	1	1.04mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	43d	1	1.05mi
11 King Ave Unit 2 Albany, NY	3.0	1.0	1100	$1,600	$1.45	14d	1	1.05mi
78 S Pine Ave Unit 2 Albany, NY	3.0	1.5	1541	$2,350	$1.52	14d	1	1.09mi
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	43d	1	1.16mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	43d	1	1.20mi
9 St Josephs Ter Albany, NY	3.0	2.0	1000	$1,850	$1.85	43d	1	1.21mi
30 Cardinal Ave Albany, NY	4.0	1.0	1529	$2,800	$1.83	44d	1	1.27mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	43d	1	1.49mi
31 Bertha St Albany, NY	4.0	1.0	1116	$2,000	$1.79	23d	1	1.49mi

Listing history 22 events

1. 2026-06-17
   status $209,900 Pending 63 DOM
2. 2026-06-17
   days on market $209,900 Active 63 DOM
3. 2026-06-16
   days on market $209,900 Active 62 DOM
4. 2026-06-15
   days on market $209,900 Active 61 DOM
5. 2026-06-14
   days on market $209,900 Active 59 DOM
6. 2026-06-10
   days on market $209,900 Active 56 DOM
7. 2026-06-08
   days on market $209,900 Active 54 DOM
8. 2026-06-07
   days on market $209,900 Active 53 DOM
9. 2026-06-03
   days on market $209,900 Active 49 DOM
10. 2026-06-02
    days on market $209,900 Active 48 DOM
11. 2026-06-01
    days on market $209,900 Active 47 DOM
12. 2026-05-31
    days on market $209,900 Active 46 DOM
13. 2026-05-31
    days on market $209,900 Active 45 DOM
14. 2026-04-15
    listed $219,900 Active 540-char remark

    Show marketing remark (540 chars)

    Great investment opportunity in a highly desirable rental location. Both units are in good condition, offering a true turnkey, low-maintenance investment. Each apartment features separate utilities for added convenience and efficiency. Both units are equipped with Navien high-efficiency heat and hot water systems and feature new kitchens. Strong rental history potential in a prime location close to SUNY Albany, Russell Sage College, and The College of Saint Rose. A solid, stress-free investment opportunity with great long-term appeal.

15. 2015-09-02
    soldstatus $86,000
16. 2015-08-26
    soldstatus $82,500 304-char remark

    Show marketing remark (304 chars)

    Great Student Rental. Both apartments are in great condition. This is a stress free investment. There are separate utilities for each unit. New tankless water heaters were installed for each unit within the past two years. Great location near SUNY Albany, Russell Sage and Saint Rose. Very Good Condition

17. 2015-06-15
    historical 304-char remark

    Show marketing remark (304 chars)

    Great Student Rental. Both apartments are in great condition. This is a stress free investment. There are separate utilities for each unit. New tankless water heaters were installed for each unit within the past two years. Great location near SUNY Albany, Russell Sage and Saint Rose. Very Good Condition

18. 2014-12-02
    listed $97,000 304-char remark

    Show marketing remark (304 chars)

    Great Student Rental. Both apartments are in great condition. This is a stress free investment. There are separate utilities for each unit. New tankless water heaters were installed for each unit within the past two years. Great location near SUNY Albany, Russell Sage and Saint Rose. Very Good Condition

19. 2009-09-21
    soldstatus $84,800
20. 2009-08-28
    soldstatus $70,000
21. 2009-06-03
    historical
22. 2008-07-11
    listed $89,900

ⓘ 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: $4,155 · $346/mo
• Projected year-2 tax: $4,155 · $346/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 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: $36,588
• − Mortgage interest: −$11,758
• − Property taxes: −$4,155
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,927
• − Management: −$2,927
• − Depreciation: −$6,106
• Taxable income: $7,665
• Est. tax owed @ 24.0%: −$1,840
• After-tax cash flow: $8,651/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): 30,771
• Household income: $83,147
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 1704.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Black 10% Asian 8% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 82% English-only · Other Indo-European 6% Spanish 3% Russian/Polish/Slavic 2%

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: ▼ -133.05%
• Current HPI: 296.0467
• Rent YoY: ▲ 1.85%
• 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

+144.6% since first listed

9 events — show timeline

• 2026-04-15 Listed $219,900 Global MLS
• 2015-09-02 Sold (Public Records) $86,000 Public Records
• 2015-08-26 Sold (MLS) $82,500 Global MLS
• 2015-06-15 Listing Removed — Global MLS
• 2014-12-02 Listed $97,000 Global MLS
• 2009-09-21 Sold (Public Records) $84,800 Public Records
• 2009-08-28 Sold (MLS) $70,000 Global MLS
• 2009-06-03 Listing Removed — Global MLS
• 2008-07-11 Listed $89,900 Global MLS

Property tax history

+2.6%/yr

Latest (2025): $4,155 · -0.7% YoY. Source: county tax records.