446 2nd Ave · Albany, NY 12209

$290,000

5 bd · 2.5 ba · 1,697 sqft · MultiFamily public records · 37 Days on market

Built 1940 6,534 sqft lot $171/sqft · 22% below area Est $374k · 22% 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 +24.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.9/10.0
• 1% rule +6.3/10.0
• 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

Not A Drive By!! Must see inside!! Great owner occupied or investment. Both units feature new kitchen & baths, Hardwood Floors, replacement windows, newer gas boilers, private yard, off street parking separate. utilities and much more. Excellent Condition

Key facts

• Updated flooring
• Rear porch
• Sprinkler system

Tags

• REAR PORCH
• SPRINKLER SYSTEM
• UPDATED FLOORING

Property features AI

Exterior

• Parking: Total parking for 4 vehicles
• Utilities: Public water; Public sewer
• Home design: Duplex; Living area approximately 1,697; Lot about 0.15 acres
• Construction: Vinyl siding construction
• Exterior features: Back yard with fencing; Fenced lot

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 3 bedrooms
• Bathrooms: Total of 3 bathrooms (2 full, 1 half); Full baths located on 1st and 3rd levels; Half bath located on 2nd level; Unit 1: 1 full bath; Unit 2: 1 full bath, 1 half bath
• Heating & cooling: Heating: baseboard, hot water, natural gas; Cooling: window unit(s)
• Interior features: ENERGY STAR qualified doors; Sliding doors

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.2-bath units multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $593 ($7k/yr) — positive. Per door: $296/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $290k).
• Recommended offer: $281k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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 at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $9k 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.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 4 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 $170k; list at $290k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $281,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.13% ✓
• Cap rate: 8.75%
• Cash-on-cash: 8.76%
• DSCR: 1.39
• GRM: 7.3

CMA / ARV

• ARV (median comp): $373,812
• List price: $290,000
• Delta: -22.42%
• 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
8 Stanwix St	0.06mi	4/2.0 (-1)	1,800 (+6%)	1mo	$290,000	$161	79
13 Southern Blvd	0.13mi	6/2.0 (+1)	1,800 (+6%)	2mo	$243,000	$135	75
10 Stanwix St	0.07mi	5/2.0	1,880 (+11%)	21mo	$200,000	$106	59
313 2nd Ave	0.30mi	6/2.0 (+1)	1,840 (+8%)	7mo	$227,000	$123	59
99 Southern Blvd	0.16mi	4/2.0 (-1)	1,447 (-15%)	7mo	$182,000	$126	55
10 Albion Ave	0.38mi	4/2.0 (-1)	1,786 (+5%)	15mo	$250,000	$140	54
8 Mapleridge Ave	0.29mi	6/2.0 (+1)	1,877 (+11%)	9mo	$351,000	$187	54
13 Sligo St	0.46mi	5/2.0	1,938 (+14%)	2mo	$335,000	$173	51
18 Delaware Ter	0.57mi	6/2.0 (+1)	1,792 (+6%)	9mo	$246,990	$138	49
36 Slingerland St	0.56mi	6/2.0 (+1)	1,848 (+9%)	6mo	$210,000	$114	47
248 Catherine St	0.70mi	4/2.0 (-1)	1,816 (+7%)	3mo	$185,000	$102	46
23 Magnolia Ter	0.53mi	6/2.0 (+1)	1,888 (+11%)	23mo	$280,000	$148	31

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: -3.0%
• Equity multiple: 0.89×
• Total profit: $-9,188
• Equity at exit: $43,240

10-year hold

• IRR: 6.7%
• Equity multiple: 1.50×
• Total profit: $40,819
• Equity at exit: $25,074

Cash invested: $81,200 (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 12209

• Home prices YoY: -7.3%
• Active inventory: 47
• Price-to-rent: 14.7×

Monthly cashflow live

• Estimated rent: $3,289 high
• Mortgage (P&I): −$1,521
• Tax from tax record: −$364 /mo · $4,367/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$691
• Net cashflow: $593

Break-even live

Break-even rent $2,539

Max offer price $290,000

Occupancy floor 77%

Sensitivity live

Price	-10% $757	-5% $675	+0% $593	+5% $511	+10% $429
Rent	-10% $333	-5% $463	+0% $593	+5% $723	+10% $853
Rate	-1.0pp $739	-0.5pp $667	base $593	+0.5pp $518	+1.0pp $441

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.2	$3,290
Total (2 units)			$3,289

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: $72,500
• Closing costs: $8,700
• 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	14d	1	0.11mi
31 Bertha St Albany, NY	4.0	1.0	1116	$2,000	$1.79	24d	1	0.25mi
52 Grove Ave Albany, NY	4.0	1.0	1200	$2,200	$1.83	21d	1	0.95mi
475 S Pearl St #3 Albany, NY	4.0	2.0	1200	$1,850	$1.54	14d	1	1.13mi
475 S Pearl St #3 Albany, NY	4.0	2.0	1200	$1,850	$1.54	21d	1	1.13mi
30 Cardinal Ave Albany, NY	4.0	1.0	1529	$2,800	$1.83	45d	1	1.23mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	24d	1	1.32mi
673 Myrtle Ave Albany, NY	4.0	1.0	1076	$2,400	$2.23	21d	1	1.42mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	44d	1	1.46mi
433 Hamilton St Unit 1 Albany, NY	4.0	1.0	1200	$2,300	$1.92	14d	1	1.46mi
437 Hamilton St Unit 2 Albany, NY	4.0	1.0	1200	$2,300	$1.92	14d	1	1.47mi

Listing history 24 events

1. 2026-06-18
   days on market $290,000 Active 37 DOM
2. 2026-06-17
   days on market $290,000 Active 36 DOM
3. 2026-06-16
   days on market $290,000 Active 35 DOM
4. 2026-06-15
   days on market $290,000 Active 34 DOM
5. 2026-06-14
   pricedays on market $290,000 Active 32 DOM
6. 2026-06-10
   days on market $295,000 Active 29 DOM
7. 2026-06-08
   days on market $295,000 Active 27 DOM
8. 2026-06-07
   days on market $295,000 Active 26 DOM
9. 2026-06-03
   days on market $295,000 Active 22 DOM
10. 2026-06-02
    days on market $295,000 Active 21 DOM
11. 2026-06-01
    days on market $295,000 Active 20 DOM
12. 2026-05-31
    days on market $295,000 Active 19 DOM
13. 2026-05-31
    days on market $295,000 Active 18 DOM
14. 2026-05-11
    listed $295,000 Active 463-char remark
15. 2026-05-06
    historical
16. 2026-03-09
    price $295,000
17. 2026-02-05
    listed $300,000 Active
18. 2006-01-06
    soldstatus $170,000

    Show marketing remark (259 chars)

    Not A Drive By!! Must see inside!! Great owner occupied or investment. Both units feature new kitchen & baths, Hardwood Floors, replacement windows, newer gas boilers, private yard, off street parking separate. utilities and much more. Excellent Condition

19. 2005-11-09
    historical

    Show marketing remark (259 chars)

    Not A Drive By!! Must see inside!! Great owner occupied or investment. Both units feature new kitchen & baths, Hardwood Floors, replacement windows, newer gas boilers, private yard, off street parking separate. utilities and much more. Excellent Condition

20. 2005-10-30
    listed $164,000

    Show marketing remark (259 chars)

    Not A Drive By!! Must see inside!! Great owner occupied or investment. Both units feature new kitchen & baths, Hardwood Floors, replacement windows, newer gas boilers, private yard, off street parking separate. utilities and much more. Excellent Condition

21. 2004-07-07
    soldstatus $130,000
22. 2004-06-29
    soldstatus $130,000
23. 2004-04-16
    historical
24. 2004-03-30
    listed $129,900

ⓘ 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: $4,367 · $364/mo
• Projected year-2 tax: $4,634 · $386/mo
• Expected delta: +$267/yr (+$22/mo · 6.1%)

ⓘ 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 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: $39,468
• − Mortgage interest: −$16,245
• − Property taxes: −$4,367
• − Insurance: −$1,450
• − Repairs & maintenance: −$3,157
• − Management: −$3,157
• − Depreciation: −$8,436
• Taxable income: $2,655
• Est. tax owed @ 24.0%: −$637
• After-tax cash flow: $6,476/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

+123.2% since first listed

12 events — show timeline

• 2026-06-12 Price Changed $290,000 Global MLS
• 2026-05-11 Listed $295,000 Global MLS
• 2026-05-06 Listing Removed — Global MLS
• 2026-03-09 Price Changed $295,000 Global MLS
• 2026-02-05 Listed $300,000 Global MLS
• 2006-01-06 Sold (MLS) $170,000 Global MLS
• 2005-11-09 Listing Removed — Global MLS
• 2005-10-30 Listed $164,000 Global MLS
• 2004-07-07 Sold (Public Records) $130,000 Public Records
• 2004-06-29 Sold (MLS) $130,000 Global MLS
• 2004-04-16 Listing Removed — Global MLS
• 2004-03-30 Listed $129,900 Global MLS

Property tax history

-3.8%/yr

Latest (2025): $4,367 · +4.3% YoY. Source: county tax records.