54 N Swan St · Albany, NY 12210

$30,000

4 bd · 2.0 ba · 1,600 sqft · MultiFamily public records · 121 Days on market

Built 1862 2,100 sqft lot $19/sqft · 90% below area

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Multi-family units

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

Listing remarks MLS

2 Family investment property. Rehab is well underway. Full walk-in basement may be a 3rd unit. Large back yard. Walking distance to downtown theaters, schools, parks, churches and restaurants. A meeting and viewing of the building is only possible with: - serious intentions to purchase the building - good credit rating - availability of funds for renovations ($80,000-$100,000)

Key facts

• Large back yard
• Walk-in basement
• 2,100 sq ft lot

Tags

• WALK-IN BASEMENT
• LARGE BACK YARD
• WALKING DISTANCE TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $30k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $30k).
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.
• Cap rate 96.7% 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.
• Market conditions: Rents rising fast (+6.9%/yr); 70 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,123/mo this rent would consume 67% of the median local household income ($56k/yr) (locally 1211% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $900 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1862 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $26,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% 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 1862 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 10.41% ✓
• Cap rate: 96.69%
• Cash-on-cash: 322.84%
• DSCR: 15.36
• GRM: 0.8

CMA / ARV

• ARV (median comp): $306,688
• List price: $30,000
• Delta: -90.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
95 3rd St	0.11mi	4/2.0	1,584 (-1%)	3mo	$180,000	$114	90
14 Pennsylvania Ave	0.53mi	4/2.0	1,600 (0%)	13mo	$110,000	$69	64
217 1st St	0.34mi	5/2.5 (+1)	1,364 (-15%)	3mo	$135,000	$99	50
320 1st St	0.63mi	5/3.0 (+1)	1,638 (+2%)	10mo	$213,000	$130	49
307 Orange St	0.37mi	3/2.5 (-1)	1,750 (+9%)	17mo	$90,000	$51	46
40 Spring St	0.54mi	3/3.0 (-1)	1,716 (+7%)	14mo	$221,100	$129	42
301 Hudson Ave	0.70mi	3/2.0 (-1)	1,700 (+6%)	16mo	$360,000	$212	39
299 Hudson Ave	0.69mi	3/3.0 (-1)	1,710 (+7%)	14mo	$324,450	$190	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 · 6.86% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 19.06×
• Total profit: $151,716
• Equity at exit: $4,473

10-year hold

• IRR: —
• Equity multiple: 45.48×
• Total profit: $373,621
• Equity at exit: $2,594

Cash invested: $8,400 (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: 1.6×

Monthly cashflow live

• Estimated rent: $3,123 high
• Mortgage (P&I): −$157
• Tax est. 1.5%: −$38 /mo · $450/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$656
• Net cashflow: $2,260

Break-even live

Break-even rent $262

Max offer price $30,000

Occupancy floor 23%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,122
Total (2 units)			$3,123

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	44d	1	0.18mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	23d	1	0.36mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	23d	1	0.80mi
346 Madison Ave Unit 3 Albany, NY	3.0	2.0	1110	$2,725	$2.45	44d	1	0.80mi
88 Willett St Albany, NY	3.0	1.0	825	$2,080	$2.52	14d	10	0.81mi
520 Madison Ave Unit 1 Albany, NY	3.0	1.0	1080	$1,700	$1.57	44d	1	0.93mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	44d	1	0.98mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	44d	1	1.01mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	14d	1	1.05mi
945 Broadway Rensselaer, NY	3.0	1.0	1200	$1,650	$1.38	23d	1	1.07mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	14d	1	1.13mi
58 Elberon Pl Apt 2 Albany, NY	4.0	1.0	1250	$2,200	$1.76	44d	1	1.21mi
223 Western Ave #1 Albany, NY	3.0	1.0	1100	$1,750	$1.59	23d	1	1.22mi
433 Hamilton St Unit 1 Albany, NY	4.0	1.0	1200	$2,300	$1.92	14d	1	1.23mi
437 Hamilton St Unit 2 Albany, NY	4.0	1.0	1200	$2,300	$1.92	14d	1	1.24mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	44d	1	1.30mi
569 Washington Ave Unit 1st Floor Albany, NY	4.0	1.0	1275	$2,000	$1.57	44d	1	1.31mi
273 Western Ave Unit 3 Albany, NY	3.0	1.0	1100	$1,850	$1.68	23d	1	1.32mi
624 N Pearl St Unit 1st floor Albany, NY	4.0	2.0	1800	$1,950	$1.08	14d	1	1.32mi
628 N Pearl St Menands, NY	3.0	1.0	1088	$1,500	$1.38	44d	1	1.33mi
489 Hamilton St Unit 1 Albany, NY	3.0	1.0	1100	$1,800	$1.64	14d	1	1.36mi
830 Madison Ave Albany, NY	3.0	1.0	1180	$1,700	$1.44	23d	1	1.41mi
614 Park Ave Albany, NY	3.0	1.0	1118	$2,500	$2.24	44d	1	1.49mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	23d	1	1.50mi

Listing history 19 events

1. 2026-06-18
   days on market $30,000 Active 121 DOM
2. 2026-06-17
   days on market $30,000 Active 120 DOM
3. 2026-06-16
   days on market $30,000 Active 119 DOM
4. 2026-06-15
   days on market $30,000 Active 118 DOM
5. 2026-06-14
   days on market $30,000 Active 116 DOM
6. 2026-06-10
   days on market $30,000 Active 113 DOM
7. 2026-06-08
   days on market $30,000 Active 111 DOM
8. 2026-06-07
   days on market $30,000 Active 110 DOM
9. 2026-06-03
   days on market $30,000 Active 106 DOM
10. 2026-06-02
    days on market $30,000 Active 105 DOM
11. 2026-06-01
    days on market $30,000 Active 104 DOM
12. 2026-05-31
    days on market $30,000 Active 103 DOM
13. 2026-05-31
    days on market $30,000 Active 102 DOM
14. 2026-02-17
    listed $30,000 Active 379-char remark

    Show marketing remark (379 chars)

    2 Family investment property. Rehab is well underway. Full walk-in basement may be a 3rd unit. Large back yard. Walking distance to downtown theaters, schools, parks, churches and restaurants. A meeting and viewing of the building is only possible with: - serious intentions to purchase the building - good credit rating - availability of funds for renovations ($80,000-$100,000)

15. 2025-05-31
    historical $1,600
16. 2025-05-02
    price $1,600
17. 2025-01-24
    price $1,700
18. 2025-01-07
    price $1,800
19. 2024-11-22
    listed $1,950

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $37,476
• − Mortgage interest: −$1,680
• − Property taxes: −$450
• − Insurance: −$150
• − Repairs & maintenance: −$2,998
• − Management: −$2,998
• − Depreciation: −$873
• Taxable income: $28,327
• Est. tax owed @ 24.0%: −$6,798
• After-tax cash flow: $20,320/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

+1438.5% since first listed

6 events — show timeline

• 2026-02-17 Listed $30,000 ForSaleByOwner.com
• 2025-05-31 Rental Removed $1,600 GLOBALMLS
• 2025-05-02 Price Changed $1,600 GLOBALMLS
• 2025-01-24 Price Changed $1,700 GLOBALMLS
• 2025-01-07 Price Changed $1,800 GLOBALMLS
• 2024-11-22 Listed for Rent $1,950 GLOBALMLS

Property tax history

+28.3%/yr

Latest (2025): $2,876 · +133.9% YoY. Source: county tax records.