1061 Madison Ave · Albany, NY 12208

$239,900

5 bd · 2.0 ba · 2,050 sqft · MultiFamily public records · 24 Days on market

Built 1900 3,484 sqft lot $117/sqft · 56% below area

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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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• 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 MLS

HUGE REDUCTION! Excellent cash flowing investment property within walking distance to The College of St. Rose. Separate utilities and updated mechanicals throughout: triple pane windows, mechanicals, roof, siding, updated kitchens and baths. Easy to rent with convenient access to shopping, St. Rose college and highways. Great opportunity to own a cash flowing rental property! Very Good Condition

Key facts

• Versatile duplex
• Hardwood floors
• 3,484 sq ft lot

Tags

• PRIME ALBANY LOCATION
• WALKING DISTANCE TO SHOPS
• WALKING DISTANCE TO PARKS
• WALKING DISTANCE TO HOSPITALS
• VERSATILE DUPLEX
• HARDWOOD FLOORS

Property features AI

Finance

• Other: Lot dimensions approximately 33 x 100
• Financial info: Multi-family with 2 total units; Tenants pay electricity and gas

Exterior

• Security: Carbon monoxide detector(s)
• Utilities: Public water; Public sewer; 150 Amp electric service; Cable available
• Home design: Duplex; 2,050 sq ft living area; Block foundation; Vinyl siding; Asphalt roof
• Construction: Block foundation; Vinyl siding construction; Asphalt roof
• Exterior features: Front porch; Level lot

Interior

• Bedrooms: Unit 1: 1 bedroom (1st level); Unit 2: 4 bedrooms
• Flooring: Tile; Hardwood; Laminate
• Bathrooms: 2 full bathrooms total; Full bath on 1st level; Full bath on 2nd level
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Built-in features; Sliding doors
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $960 ($12k/yr) — positive. Per door: $480/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $240k).
• Recommended offer: $236k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.1% 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.
• 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 (+5.0%/yr); 99 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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 + 5.0% rent growth), your $67k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y 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; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $236,301 (1.5% below list)

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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.49% ✓
• Cap rate: 11.10%
• Cash-on-cash: 17.15%
• DSCR: 1.76
• GRM: 5.6

CMA / ARV

• ARV (median comp): $549,762
• List price: $239,900
• Delta: -56.36%
• 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
531 Hamilton St	0.39mi	5/3.0	2,112 (+3%)	5mo	$284,750	$135	69
676 Providence St	0.56mi	5/2.0	2,118 (+3%)	2mo	$250,000	$118	67
685 Myrtle Ave	0.42mi	4/2.0 (-1)	2,128 (+4%)	5mo	$310,000	$146	64
563 Morris St	0.29mi	6/2.0 (+1)	2,224 (+8%)	6mo	$275,000	$124	62
645 Myrtle Ave	0.52mi	6/2.0 (+1)	2,000 (-2%)	5mo	$270,000	$135	62
687 Myrtle Ave	0.41mi	6/2.0 (+1)	2,238 (+9%)	6mo	$310,000	$139	56
75 S Pine Ave	0.34mi	6/2.0 (+1)	2,356 (+15%)	2mo	$390,000	$166	52
265 Western Ave	0.54mi	6/2.0 (+1)	2,240 (+9%)	6mo	$220,000	$98	49
454 Ontario St	0.70mi	5/2.0	1,776 (-13%)	5mo	$290,000	$163	41
184 Quail St	0.67mi	6/3.0 (+1)	1,853 (-10%)	4mo	$231,000	$125	40
147 Homestead Ave	0.58mi	6/2.0 (+1)	2,342 (+14%)	7mo	$330,000	$141	38
380-382 Morris St	0.69mi	6/2.0 (+1)	2,344 (+14%)	3mo	$300,000	$128	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 · 5.05% rent growth · sell at horizon

5-year hold

• IRR: 11.0%
• Equity multiple: 1.45×
• Total profit: $29,969
• Equity at exit: $35,770

10-year hold

• IRR: 21.8%
• Equity multiple: 3.05×
• Total profit: $137,715
• Equity at exit: $20,742

Cash invested: $67,172 (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 12208

• Home prices YoY: -30.1%
• Rents YoY: 5.0%
• Active inventory: 99
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $3,570 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$502 /mo · $6,026/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$750
• Net cashflow: $960

Break-even live

Break-even rent $2,355

Max offer price $239,900

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,570
Total (2 units)			$3,570

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
57 S Main Ave Albany, NY	4.0	1.0	2695	$1,600	$0.59	44d	1	0.23mi
69 Winthrop Ave Albany, NY	6.0	2.0	2800	$2,795	$1.00	23d	1	0.48mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	44d	1	0.59mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	23d	1	0.62mi
726 Western Ave Albany, NY	4.0	2.5	1900	$2,800	$1.47	44d	1	0.88mi
30 Cardinal Ave Albany, NY	4.0	1.0	1529	$2,800	$1.83	44d	1	0.90mi
830 Western Ave Albany, NY	4.0	2.5	1600	$2,700	$1.69	14d	1	1.00mi

Listing history 27 events

1. 2026-05-31
   status $239,900 Pending 24 DOM
2. 2026-05-31
   days on market $239,900 Active 24 DOM
3. 2026-05-31
   days on market $239,900 Active 23 DOM
4. 2026-05-07
   listed $250,000 Active 930-char remark
5. 2018-04-09
   soldstatus $170,000
6. 2018-04-05
   soldstatus $170,000 Closed (Final Sale) 400-char remark

   Show marketing remark (400 chars)

   HUGE REDUCTION! Excellent cash flowing investment property within walking distance to The College of St. Rose. Separate utilities and updated mechanicals throughout: triple pane windows, mechanicals, roof, siding, updated kitchens and baths. Easy to rent with convenient access to shopping, St. Rose college and highways. Great opportunity to own a cash flowing rental property! Very Good Condition

7. 2017-11-09
   status Pend (Under Cntr) 400-char remark

   Show marketing remark (400 chars)

   HUGE REDUCTION! Excellent cash flowing investment property within walking distance to The College of St. Rose. Separate utilities and updated mechanicals throughout: triple pane windows, mechanicals, roof, siding, updated kitchens and baths. Easy to rent with convenient access to shopping, St. Rose college and highways. Great opportunity to own a cash flowing rental property! Very Good Condition

8. 2017-10-10
   price $174,997 400-char remark

   Show marketing remark (400 chars)

   HUGE REDUCTION! Excellent cash flowing investment property within walking distance to The College of St. Rose. Separate utilities and updated mechanicals throughout: triple pane windows, mechanicals, roof, siding, updated kitchens and baths. Easy to rent with convenient access to shopping, St. Rose college and highways. Great opportunity to own a cash flowing rental property! Very Good Condition

9. 2017-08-02
   price $179,997 400-char remark

   Show marketing remark (400 chars)

   HUGE REDUCTION! Excellent cash flowing investment property within walking distance to The College of St. Rose. Separate utilities and updated mechanicals throughout: triple pane windows, mechanicals, roof, siding, updated kitchens and baths. Easy to rent with convenient access to shopping, St. Rose college and highways. Great opportunity to own a cash flowing rental property! Very Good Condition

10. 2017-06-16
    price $189,997 400-char remark

    Show marketing remark (400 chars)

    HUGE REDUCTION! Excellent cash flowing investment property within walking distance to The College of St. Rose. Separate utilities and updated mechanicals throughout: triple pane windows, mechanicals, roof, siding, updated kitchens and baths. Easy to rent with convenient access to shopping, St. Rose college and highways. Great opportunity to own a cash flowing rental property! Very Good Condition

11. 2017-05-01
    listed $194,997 New 400-char remark

    Show marketing remark (400 chars)

    HUGE REDUCTION! Excellent cash flowing investment property within walking distance to The College of St. Rose. Separate utilities and updated mechanicals throughout: triple pane windows, mechanicals, roof, siding, updated kitchens and baths. Easy to rent with convenient access to shopping, St. Rose college and highways. Great opportunity to own a cash flowing rental property! Very Good Condition

12. 2017-04-18
    historical
13. 2017-03-10
    price $195,000
14. 2016-12-06
    price $197,500
15. 2016-07-10
    price $199,500
16. 2016-04-20
    listed $212,000 New
17. 2015-07-27
    soldstatus $189,000
18. 2015-07-24
    soldstatus $189,000
19. 2015-05-29
    historical
20. 2015-04-30
    listed $210,000
21. 2011-11-22
    historical
22. 2011-06-14
    listed $223,500
23. 2006-10-30
    soldstatus $165,957
24. 2006-10-23
    soldstatus $165,957
25. 2006-07-24
    historical
26. 2006-07-13
    listed $159,900
27. 2004-01-23
    soldstatus $90,000

ⓘ 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: $6,026 · $502/mo
• Projected year-2 tax: $6,026 · $502/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: $42,840
• − Mortgage interest: −$13,438
• − Property taxes: −$6,026
• − Insurance: −$1,200
• − Repairs & maintenance: −$3,427
• − Management: −$3,427
• − Depreciation: −$6,979
• Taxable income: $8,343
• Est. tax owed @ 24.0%: −$2,002
• After-tax cash flow: $9,519/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): 23,289
• Household income: $70,413
• Rent vs Own: 54.9% rent · 45.1% own
• Severe rent burden: 1952.0

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 (66%)
• Race & ethnicity: White 66% Black 12% Asian 10% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 5% Italian 3% Scotch-Irish 3%
• Foreign-born: 16% · Canada, China, Philippines
• Languages at home: 83% English-only · Other Indo-European 4% Other Asian/Pacific 3% French/Haitian/Cajun 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: ▼ -120.46%
• Current HPI: 279.716
• Rent YoY: ▲ 5.05%
• 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

+166.6% since first listed

26 events — show timeline

• 2026-05-31 Pending — Global MLS
• 2026-05-27 Price Changed $239,900 Global MLS
• 2026-05-07 Listed $250,000 Global MLS
• 2018-04-09 Sold (Public Records) $170,000 Public Records
• 2018-04-05 Sold (MLS) $170,000 Global MLS
• 2017-11-09 Pending — Global MLS
• 2017-10-10 Price Changed $174,997 Global MLS
• 2017-08-02 Price Changed $179,997 Global MLS
• 2017-06-16 Price Changed $189,997 Global MLS
• 2017-05-01 Listed $194,997 Global MLS
• 2017-04-18 Listing Removed — Global MLS
• 2017-03-10 Price Changed $195,000 Global MLS
• 2016-12-06 Price Changed $197,500 Global MLS
• 2016-07-10 Price Changed $199,500 Global MLS
• 2016-04-20 Listed $212,000 Global MLS
• 2015-07-27 Sold (Public Records) $189,000 Public Records
• 2015-07-24 Sold (MLS) $189,000 Global MLS
• 2015-05-29 Listing Removed — Global MLS
• 2015-04-30 Listed $210,000 Global MLS
• 2011-11-22 Listing Removed — Global MLS
• 2011-06-14 Listed $223,500 Global MLS
• 2006-10-30 Sold (Public Records) $165,957 Public Records
• 2006-10-23 Sold (MLS) $165,957 Global MLS
• 2006-07-24 Listing Removed — Global MLS
• 2006-07-13 Listed $159,900 Global MLS
• 2004-01-23 Sold (Public Records) $90,000 Public Records

Property tax history

+0.3%/yr

Latest (2025): $6,026 · -1.3% YoY. Source: county tax records.