166 2nd St · Albany, NY 12210

$299,900

9 bd · 3.0 ba · 2,970 sqft · MultiFamily public records · 37 Days on market

Built 1880 3,049 sqft lot $101/sqft · 13% above area Est $265k · 13% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +2.0/10.0
• ARV discount +1.6/15.0

Multi-family units

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

Listing remarks MLS

Three units total: TWO of them have been totally renovated and keeping vacant for the new owner and easy showings. 3rd unit rented with fantastic tenant who keeps the apartment meticulous! ROPs in place. Half of the roof is NEW with a new roof drain.

Key facts

• 3,049 sq ft lot
• Built 1880
• Listed 37 days

Property features AI

Finance

• Financial info: 3 total units; Tenants pay hot water, heat, electricity, and gas; Owner pays water, sewer, and trash collection

Exterior

• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; 100-amp electric service with circuit breakers
• Home design: Triplex; 25 x 120 lot dimensions
• Construction: Brick construction; Concrete perimeter foundation; Flat rubber roof; Built as a multi-family triplex
• Exterior features: Front porch; Level, cleared lot with road frontage

Interior

• Kitchen: Each unit includes a kitchen
• Bedrooms: Each unit has 3 bedrooms (Unit 1: 3 on 1st floor; Unit 2: 3 on 1st floor; Unit 3: 3 on 1st floor)
• Flooring: Ceramic tile; Hardwood
• Bathrooms: Three full bathrooms total (full baths located on 1st, 2nd, and 3rd levels); Each unit has 1 full bath
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Double-pane windows; Finished apartment in basement

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $622/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $300k).
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.8% 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 (+6.9%/yr); 70 active listings in the ZIP; 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.
• At projected returns (-3.0% appreciation + 6.9% rent growth), your $84k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 17 sale attempts since 12y 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 $225k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $290,903 (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 1880 — 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: 1.66% ✓
• Cap rate: 13.76%
• Cash-on-cash: 26.65%
• DSCR: 2.19
• GRM: 5.0

CMA / ARV

• ARV (median comp): $265,210
• List price: $299,900
• Delta: 13.08%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
193 Sherman St	0.52mi	9/4.0	3,340 (+12%)	9mo	$300,000	$90	43
18 Ten Broeck St	0.51mi	8/4.0 (-1)	3,150 (+6%)	18mo	$585,000	$186	42
277 Sheridan Ave	0.22mi	8/2.0 (-1)	2,580 (-13%)	20mo	$156,000	$60	42
23 Ten Broeck St	0.53mi	8/4.0 (-1)	3,276 (+10%)	13mo	$445,000	$136	39

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 · 6.86% rent growth · sell at horizon

5-year hold

• IRR: 24.8%
• Equity multiple: 2.08×
• Total profit: $90,276
• Equity at exit: $44,716

10-year hold

• IRR: 34.9%
• Equity multiple: 4.82×
• Total profit: $320,827
• Equity at exit: $25,930

Cash invested: $83,972 (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 12210

• Home prices YoY: -2.3%
• Rents YoY: 6.9%
• Active inventory: 70
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $4,965 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$360 /mo · $4,317/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,043
• Net cashflow: $1,865

Break-even live

Break-even rent $2,604

Max offer price $299,900

Occupancy floor 57%

Sensitivity live

Price	-10% $2,035	-5% $1,950	+0% $1,865	+5% $1,780	+10% $1,695
Rent	-10% $1,473	-5% $1,669	+0% $1,865	+5% $2,061	+10% $2,257
Rate	-1.0pp $2,016	-0.5pp $1,941	base $1,865	+0.5pp $1,787	+1.0pp $1,708

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$4,965
Total (3 units)			$4,965

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $299,900 Active 37 DOM
2. 2026-06-17
   days on market $299,900 Active 36 DOM
3. 2026-06-16
   days on market $299,900 Active 35 DOM
4. 2026-06-15
   days on market $299,900 Active 34 DOM
5. 2026-06-14
   days on market $299,900 Active 32 DOM
6. 2026-06-10
   days on market $299,900 Active 29 DOM
7. 2026-06-08
   days on market $299,900 Active 27 DOM
8. 2026-06-07
   days on market $299,900 Active 26 DOM
9. 2026-06-03
   days on market $299,900 Active 22 DOM
10. 2026-06-02
    days on market $299,900 Active 21 DOM
11. 2026-06-01
    days on market $299,900 Active 20 DOM
12. 2026-05-31
    days on market $299,900 Active 19 DOM
13. 2026-05-31
    days on market $299,900 Active 18 DOM
14. 2026-05-12
    listed $299,900 Active 255-char remark
15. 2024-11-21
    historical
16. 2024-10-31
    price $279,000
17. 2024-09-25
    price $295,000
18. 2024-08-07
    listed $330,000 Active
19. 2024-04-13
    historical $1,200
20. 2024-04-11
    historical $1,200
21. 2024-03-28
    listed $1,200
22. 2024-03-28
    listed $1,350
23. 2024-03-28
    soldstatus $225,000
24. 2024-03-25
    soldstatus $224,900 Closed

    Show marketing remark (251 chars)

    Three units total: TWO of them have been totally renovated and keeping vacant for the new owner and easy showings. 3rd unit rented with fantastic tenant who keeps the apartment meticulous! ROPs in place. Half of the roof is NEW with a new roof drain.

25. 2024-02-26
    historical $1,300
26. 2024-02-01
    price $1,300
27. 2024-01-23
    listed $1,450
28. 2023-12-14
    status Pending

    Show marketing remark (251 chars)

    Three units total: TWO of them have been totally renovated and keeping vacant for the new owner and easy showings. 3rd unit rented with fantastic tenant who keeps the apartment meticulous! ROPs in place. Half of the roof is NEW with a new roof drain.

29. 2023-12-11
    listed $224,900 Active

    Show marketing remark (251 chars)

    Three units total: TWO of them have been totally renovated and keeping vacant for the new owner and easy showings. 3rd unit rented with fantastic tenant who keeps the apartment meticulous! ROPs in place. Half of the roof is NEW with a new roof drain.

30. 2023-07-20
    price $217,400
31. 2023-07-04
    status Active
32. 2023-06-25
    status Pending
33. 2023-06-25
    historical
34. 2023-06-16
    price $224,900
35. 2023-06-16
    listed $189,900 Active
36. 2021-06-23
    historical
37. 2021-06-14
    listed $189,900 New
38. 2017-10-06
    soldstatus $99,000 Closed (Final Sale)
39. 2017-08-03
    status Pend (Under Cntr)
40. 2017-07-26
    historical
41. 2017-07-19
    status Pend (Under Cntr)
42. 2017-06-20
    status Back On Market
43. 2017-05-18
    status Pend (Under Cntr)
44. 2017-05-01
    historical
45. 2017-04-27
    price $97,500
46. 2017-04-27
    status Price Change
47. 2017-04-27
    status Extended
48. 2017-04-25
    historical
49. 2017-03-13
    price $97,500
50. 2017-02-13
    status Extended

ⓘ 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: $4,317 · $360/mo
• Projected year-2 tax: $4,693 · $391/mo
• Expected delta: +$376/yr (+$31/mo · 8.7%)

ⓘ 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 · 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: $59,580
• − Mortgage interest: −$16,799
• − Property taxes: −$4,317
• − Insurance: −$1,500
• − Repairs & maintenance: −$4,766
• − Management: −$4,766
• − Depreciation: −$8,724
• Taxable income: $18,707
• Est. tax owed @ 24.0%: −$4,490
• After-tax cash flow: $17,889/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): 10,297
• Household income: $55,843
• Rent vs Own: 75.3% rent · 24.7% own
• Severe rent burden: 1211.0

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 0.63)
• Race & ethnicity: White 44% Black 41% Two or more races 7% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 4% Lithuanian 2% Serbian 2%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 3% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -5.92%
• Current HPI: 252.3084
• Rent YoY: ▲ 6.86%
• 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

+499.8% since first listed

47 events — show timeline

• 2026-05-12 Listed $299,900 Global MLS
• 2024-11-21 Listing Removed — Global MLS
• 2024-10-31 Price Changed $279,000 Global MLS
• 2024-09-25 Price Changed $295,000 Global MLS
• 2024-08-07 Listed $330,000 Global MLS
• 2024-04-13 Rental Removed $1,200 GLOBALMLS
• 2024-04-11 Rental Removed $1,200 GLOBALMLS
• 2024-03-28 Listed for Rent $1,200 GLOBALMLS
• 2024-03-28 Listed for Rent $1,350 GLOBALMLS
• 2024-03-28 Sold (Public Records) $225,000 Public Records
• 2024-03-25 Sold (MLS) $224,900 Global MLS
• 2024-02-26 Rental Removed $1,300 GLOBALMLS
• 2024-02-01 Price Changed $1,300 GLOBALMLS
• 2024-01-23 Listed for Rent $1,450 GLOBALMLS
• 2023-12-14 Pending — Global MLS
• 2023-12-11 Listed $224,900 Global MLS
• 2023-07-20 Price Changed $217,400 Global MLS
• 2023-07-04 Relisted — Global MLS
• 2023-06-25 Pending — Global MLS
• 2023-06-25 Listing Removed — Global MLS
• 2023-06-16 Price Changed $224,900 Global MLS
• 2023-06-16 Listed $189,900 Global MLS
• 2021-06-23 Listing Removed — Global MLS
• 2021-06-14 Listed $189,900 Global MLS
• 2017-10-06 Sold (MLS) $99,000 Global MLS
• 2017-08-03 Pending — Global MLS
• 2017-07-26 Listing Removed — Global MLS
• 2017-07-19 Pending — Global MLS
• 2017-06-20 Relisted — Global MLS
• 2017-05-18 Pending — Global MLS
• 2017-05-01 Listing Removed — Global MLS
• 2017-04-27 Price Changed $97,500 Global MLS
• 2017-04-27 Relisted — Global MLS
• 2017-04-27 Relisted — Global MLS
• 2017-04-25 Listing Removed — Global MLS
• 2017-03-13 Price Changed $97,500 Global MLS
• 2017-02-13 Relisted — Global MLS
• 2017-02-11 Listing Removed — Global MLS
• 2017-01-20 Relisted — Global MLS
• 2016-12-05 Pending — Global MLS
• 2016-11-17 Listed $99,900 Global MLS
• 2016-09-12 Listing Removed — Global MLS
• 2016-08-04 Listed $89,900 Global MLS
• 2015-01-01 Listing Removed — Global MLS
• 2014-10-01 Listed $89,900 Global MLS
• 2006-07-10 Sold (Public Records) $125,599 Public Records
• 2005-06-15 Sold (Public Records) $50,000 Public Records

Property tax history

+0.7%/yr

Latest (2025): $4,317 · +6.7% YoY. Source: county tax records.