78 1st St · Albany, NY 12210

$289,900

4 bd · 2.5 ba · 2,078 sqft · MultiFamily public records · 5 Days on market

Built 1991 2,613 sqft lot $140/sqft · 6% below area Est $307k · 6% under

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Why this score? — see what drove the D- 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).

• ARV discount +10.0/15.0
• Cash flow +7.6/30.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Appreciation +2.0/10.0
• DSCR +1.7/10.0

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

10 YEAR OLD TWO FAMILY WITH SECURITY SYSTEM, DECK AND FENCED BACK YARD. INTERIOR WORK IS NEEDED, BUT GREAT INVESTMENT FOR DO-IT-YOURSELFER. Poor Condition

Key facts

• Separate utilities
• Albany skyline views
• Garden apartment

Tags

• GARDEN APARTMENT
• ALBANY SKYLINE VIEWS
• SEPARATE UTILITIES

Property features AI

Finance

• Financial info: Property has 2 total rental units; Tenants pay hot water, heat, internet, cable TV, electricity, and gas; Owner pays grounds care

Exterior

• Parking: Two off-street driveway parking spaces
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: Duplex; 3 stories (units occupy multiple levels); Entry facing directions not specified
• Construction: Brick and wood siding exterior
• Exterior features: Composite deck; Deck

Interior

• Kitchen: Unit 1: 1 kitchen (1st floor); Unit 2: 1 kitchen (2nd floor)
• Bedrooms: Unit 1: 2 bedrooms (both on 1st floor); Unit 2: 3 bedrooms (all on 3rd floor)
• Bathrooms: Total of 3 bathrooms (2 full, 1 half); Unit 1: 1 full bath (1st floor); Unit 2: 1 full bath (3rd floor) and 1 half bath (2nd floor)
• Interior features: Slab foundation; Road frontage; Views; Cleared lot
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry located in bathroom and on main level

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $-342 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (20.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $202k (30.5% below list).
• Recommended offer: $202k (30.5% below list) — sets the bar for 1% rule.

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; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• This rent runs 43% of the median local income ($56k/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 $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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 25y 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 $75k; list at $290k implies a 287% gain — meaningful room to come down on a strong offer.

Recommended offer $201,576 (30.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.70% ✗
• Cap rate: 4.88%
• Cash-on-cash: -5.06%
• DSCR: 0.77
• GRM: 12.0

CMA / ARV

• ARV (median comp): $306,799
• List price: $289,900
• Delta: -5.51%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
39-47 Ten Broeck Pl	0.15mi	3/2.5 (-1)	1,936 (-7%)	5mo	$160,000	$83	72
193 Livingston Ave	0.24mi	4/2.0	2,244 (+8%)	2mo	$194,000	$86	72
179 Lancaster St	0.54mi	3/3.0 (-1)	2,016 (-3%)	5mo	$200,000	$99	58
149 Jefferson St	0.74mi	4/2.0	2,016 (-3%)	5mo	$325,000	$161	55
9 Pennsylvania Ave	0.56mi	5/2.0 (+1)	1,960 (-6%)	4mo	$225,000	$115	54
246 1st St	0.45mi	4/2.0	1,860 (-10%)	9mo	$185,000	$99	52
144 Jay St	0.57mi	4/2.0	2,220 (+7%)	14mo	$325,000	$146	49
339 Hudson Ave	0.64mi	3/2.0 (-1)	2,160 (+4%)	14mo	$370,000	$171	45
436 Clinton Ave	0.67mi	5/3.0 (+1)	2,180 (+5%)	12mo	$120,000	$55	43
369 Madison Ave	0.71mi	3/2.0 (-1)	2,280 (+10%)	4mo	$230,000	$101	41
279 Lark St	0.70mi	4/3.0	2,309 (+11%)	13mo	$325,000	$141	36
314 Hudson Ave	0.64mi	3/3.5 (-1)	2,350 (+13%)	13mo	$470,000	$200	29

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: -20.9%
• Equity multiple: 0.25×
• Total profit: $-60,665
• Equity at exit: $43,225

10-year hold

• IRR: -7.6%
• Equity multiple: 0.45×
• Total profit: $-44,821
• Equity at exit: $25,065

Cash invested: $81,172 (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 12210

• Home prices YoY: -2.3%
• Rents YoY: 6.9%
• Active inventory: 70
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $2,016 high
• Mortgage (P&I): −$1,520
• Tax from tax record: −$294 /mo · $3,526/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $-342

Break-even live

Break-even rent $2,449

Max offer price $229,410

Occupancy floor —

Sensitivity live

Price	-10% $-178	-5% $-260	+0% $-342	+5% $-424	+10% $-507
Rent	-10% $-502	-5% $-422	+0% $-342	+5% $-263	+10% $-183
Rate	-1.0pp $-196	-0.5pp $-269	base $-342	+0.5pp $-418	+1.0pp $-494

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	45d	1	0.12mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	24d	1	0.42mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	24d	1	0.75mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	45d	1	0.93mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	45d	1	0.95mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	15d	1	1.06mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	15d	1	1.14mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	45d	1	1.23mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	45d	1	1.31mi
624 N Pearl St Unit 1st floor Albany, NY	4.0	2.0	1800	$1,950	$1.08	15d	1	1.38mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	24d	1	1.49mi

Listing history 7 events

1. 2026-05-05
   status Pending 1283-char remark
2. 2026-05-01
   listed $289,900 Active 1283-char remark
3. 2001-12-12
   soldstatus $75,000
4. 2001-07-27
   soldstatus $27,905 154-char remark

   Show marketing remark (154 chars)

   10 YEAR OLD TWO FAMILY WITH SECURITY SYSTEM, DECK AND FENCED BACK YARD. INTERIOR WORK IS NEEDED, BUT GREAT INVESTMENT FOR DO-IT-YOURSELFER. Poor Condition

5. 2001-07-25
   soldstatus $27,905
6. 2001-04-26
   listed $27,500 154-char remark

   Show marketing remark (154 chars)

   10 YEAR OLD TWO FAMILY WITH SECURITY SYSTEM, DECK AND FENCED BACK YARD. INTERIOR WORK IS NEEDED, BUT GREAT INVESTMENT FOR DO-IT-YOURSELFER. Poor Condition

7. 2001-01-05
   soldstatus $58,000

ⓘ 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: $3,526 · $294/mo
• Projected year-2 tax: $4,213 · $351/mo
• Expected delta: +$687/yr (+$57/mo · 19.5%)

ⓘ 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: $24,189
• − Mortgage interest: −$16,239
• − Property taxes: −$3,526
• − Insurance: −$1,450
• − Repairs & maintenance: −$1,935
• − Management: −$1,935
• − Depreciation: −$8,433
• Taxable loss: −$9,329
• Est. tax savings @ 24.0%: +$2,239
• After-tax cash flow: $-1,870/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

+399.8% since first listed

7 events — show timeline

• 2026-05-05 Pending — Global MLS
• 2026-05-01 Listed $289,900 Global MLS
• 2001-12-12 Sold (Public Records) $75,000 Public Records
• 2001-07-27 Sold (MLS) $27,905 Global MLS
• 2001-07-25 Sold (Public Records) $27,905 Public Records
• 2001-04-26 Listed $27,500 Global MLS
• 2001-01-05 Sold (Public Records) $58,000 Public Records

Property tax history

-2.1%/yr

Latest (2025): $3,526 · +5.4% YoY. Source: county tax records.