61 Grand St · Albany, NY 12207

$325,000

6 bd · 3.0 ba · 3,808 sqft · MultiFamily public records · 38 Days on market

Built 1828 1,306 sqft lot Est $385k · 15% under

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Why this score? — see what drove the A- 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 +14.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.0/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Ideal investment property! This 3 unit multifamily is completely renovated. Each unit has a newer high efficiency combination gas boiler/hot water heater. Easy rental units with quick access to highways, state buildings, restaurants and pubs.

Key facts

• Solid rental history
• Garden unit
• 1,306 sq ft lot

Tags

• THREE FAMILY BUILDING
• GARDEN UNIT
• SOLID RENTAL HISTORY
• ADDITIONAL RENTAL INCOME

Property features AI

Finance

• Other: No additional financial details provided
• Financial info: Property is a 3-unit multifamily building; Tenants pay electricity and gas; owner pays water
• HOA & community: No HOA information provided

Exterior

• Parking: No parking details provided
• Security: No security details provided
• Utilities: Public water; Public sewer; Electric service with circuit breakers
• Home design: Triplex; 3,808 living area (total for property)
• Construction: Brick construction; Brick/mortar and concrete perimeter foundation; Rubber roof
• Exterior features: Front porch

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms; Unit 3: 3 bedrooms
• Flooring: Hardwood; Laminate
• Bathrooms: 3 full bathrooms total (located on 1st, 2nd, and 3rd levels)
• Heating & cooling: Baseboard hot water heating (natural gas); Window air conditioning units
• Interior features: Hardwood and laminate flooring; Full, unfinished walk-out basement with exterior entry
• Laundry & utility: No laundry appliance details provided

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $639/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $325k).
• Recommended offer: $315k (3.0% below list) — sets the bar for market timing.

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 (+5.8%/yr); 5 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($2k loan paydown + $10k appreciation (3.0% local appreciation)).
• 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 + 5.8% rent growth), your $91k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 9y 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 $268k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1828 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $315,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1828 — 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: 1.64% ✓
• Cap rate: 13.37%
• Cash-on-cash: 25.29%
• DSCR: 2.13
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $384,608
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
58 Elm St	0.14mi	5/3.0 (-1)	4,368 (+15%)	2mo	$352,650	$81	62
44 Alexander St	0.48mi	6/3.0	4,000 (+5%)	13mo	$120,000	$30	58
359 Hamilton St	0.59mi	6/4.0	3,960 (+4%)	17mo	$470,000	$119	48
252-254 Broadway	0.73mi	6/5.0	3,842 (+1%)	10mo	$377,500	$98	48
13 Delaware St	0.43mi	6/3.0	4,240 (+11%)	17mo	$360,000	$85	47
36 Spring St	0.72mi	6/6.0	3,852 (+1%)	10mo	$535,000	$139	44
121 Dove St	0.58mi	5/4.0 (-1)	4,296 (+13%)	24mo	$435,000	$101	23
137 Clinton St	0.64mi	6/6.0	3,264 (-14%)	19mo	$395,424	$121	18

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 · 5.83% rent growth · sell at horizon

5-year hold

• IRR: 33.6%
• Equity multiple: 2.95×
• Total profit: $177,025
• Equity at exit: $146,134

10-year hold

• IRR: 35.3%
• Equity multiple: 6.33×
• Total profit: $485,126
• Equity at exit: $225,210

Cash invested: $91,000 (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 12207

• Rents YoY: 5.8%
• Active inventory: 5
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $5,333 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$455 /mo · $5,466/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,120
• Net cashflow: $1,918

Break-even live

Break-even rent $2,905

Max offer price $325,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,334
Total (3 units)			$5,333

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-04-30
   status Pending
2. 2026-03-20
   listed $325,000 Active
3. 2023-07-02
   historical
4. 2023-05-26
   soldstatus $268,000 Closed 244-char remark

   Show marketing remark (244 chars)

   Ideal investment property! This 3 unit multifamily is completely renovated. Each unit has a newer high efficiency combination gas boiler/hot water heater. Easy rental units with quick access to highways, state buildings, restaurants and pubs.

5. 2023-03-29
   status Pending 244-char remark

   Show marketing remark (244 chars)

   Ideal investment property! This 3 unit multifamily is completely renovated. Each unit has a newer high efficiency combination gas boiler/hot water heater. Easy rental units with quick access to highways, state buildings, restaurants and pubs.

6. 2023-02-23
   status Pending 244-char remark

   Show marketing remark (244 chars)

   Ideal investment property! This 3 unit multifamily is completely renovated. Each unit has a newer high efficiency combination gas boiler/hot water heater. Easy rental units with quick access to highways, state buildings, restaurants and pubs.

7. 2023-02-09
   listed $279,900 Active 244-char remark

   Show marketing remark (244 chars)

   Ideal investment property! This 3 unit multifamily is completely renovated. Each unit has a newer high efficiency combination gas boiler/hot water heater. Easy rental units with quick access to highways, state buildings, restaurants and pubs.

8. 2022-08-26
   status Pending 295-char remark

   Show marketing remark (295 chars)

   Add this moneymaker to your investment portfolio. This completely renovated 3 unit multifamily money maker brings $33,600 annual rent. Each unit has a newer high efficiency combi gas boiler/hot water heater. Easy rental units with quick access to highways, state buildings, restaurants and pubs.

9. 2022-08-22
   historical Contingent 295-char remark

   Show marketing remark (295 chars)

   Add this moneymaker to your investment portfolio. This completely renovated 3 unit multifamily money maker brings $33,600 annual rent. Each unit has a newer high efficiency combi gas boiler/hot water heater. Easy rental units with quick access to highways, state buildings, restaurants and pubs.

10. 2022-08-11
    listed $229,000 Active 295-char remark

    Show marketing remark (295 chars)

    Add this moneymaker to your investment portfolio. This completely renovated 3 unit multifamily money maker brings $33,600 annual rent. Each unit has a newer high efficiency combi gas boiler/hot water heater. Easy rental units with quick access to highways, state buildings, restaurants and pubs.

11. 2020-10-13
    soldstatus $185,000
12. 2020-09-30
    soldstatus $185,000 Closed (Final Sale)
13. 2020-09-24
    status Pend (Under Cntr)
14. 2020-07-01
    listed $199,900 New
15. 2018-10-09
    historical
16. 2018-05-18
    listed $99,900 New
17. 2017-10-26
    soldstatus $78,750
18. 2017-05-25
    historical
19. 2017-05-04
    listed $104,500 New
20. 2006-11-21
    soldstatus $175,100
21. 2006-04-26
    soldstatus $67,000

ⓘ 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: $5,466 · $455/mo
• Projected year-2 tax: $5,479 · $457/mo
• Expected delta: +$13/yr (+$1/mo · 0.2%)

ⓘ 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 ≥98°F today · 17 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: $63,996
• − Mortgage interest: −$18,205
• − Property taxes: −$5,466
• − Insurance: −$1,625
• − Repairs & maintenance: −$5,120
• − Management: −$5,120
• − Depreciation: −$9,455
• Taxable income: $19,006
• Est. tax owed @ 24.0%: −$4,562
• After-tax cash flow: $18,453/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): 1,988
• Household income: $58,998
• Rent vs Own: 96.0% rent · 4.0% own
• Severe rent burden: 182.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 44% Black 43% Hispanic / Latino 7% Asian 3% Two or more races 3%
• Hispanic origin (detail): Mexican 2% Cuban 2% Dominican 2%
• Common ancestry: Romanian 4% Serbian 1% Lithuanian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 85% English-only · Spanish 10% Korean 2% 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: —
• Current HPI: —
• Rent YoY: ▲ 5.83%
• 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

+385.1% since first listed

21 events — show timeline

• 2026-04-30 Pending — Global MLS
• 2026-03-20 Listed $325,000 Global MLS
• 2023-07-02 Rental Removed — RENT.
• 2023-05-26 Sold (MLS) $268,000 Global MLS
• 2023-03-29 Pending — Global MLS
• 2023-02-23 Pending — Global MLS
• 2023-02-09 Listed $279,900 Global MLS
• 2022-08-26 Pending — Global MLS
• 2022-08-22 Contingent — Global MLS
• 2022-08-11 Listed $229,000 Global MLS
• 2020-10-13 Sold (Public Records) $185,000 Public Records
• 2020-09-30 Sold (MLS) $185,000 Global MLS
• 2020-09-24 Pending — Global MLS
• 2020-07-01 Listed $199,900 Global MLS
• 2018-10-09 Listing Removed — Global MLS
• 2018-05-18 Listed $99,900 Global MLS
• 2017-10-26 Sold (Public Records) $78,750 Public Records
• 2017-05-25 Listing Removed — Global MLS
• 2017-05-04 Listed $104,500 Global MLS
• 2006-11-21 Sold (Public Records) $175,100 Public Records
• 2006-04-26 Sold (Public Records) $67,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $5,466 · -4.9% YoY. Source: county tax records.