512 1st St · Albany, NY 12206

$199,800

4 bd · 2.0 ba · 1,092 sqft · MultiFamily public records · 36 Days on market

Built 1900 2,613 sqft lot Est $139k · 44% over

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Why this score? — see what drove the C+ 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
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Tremendous opportunity to own a tastefully renovated 2 Unit home with huge income potential for under $200k. Super low taxes! Convenient Albany location near shopping, dining, bus line and minutes to I-90. Vacant and ready for tenants of your own or live in one unit and rent the other for additional income. Each flat offers thoughtful, generous layouts. New deck in rear and shared backyard. Schedule your showing today

Key facts

• New deck
• Shared backyard
• 2,613 sq ft lot

Tags

• RENOVATED 2 UNIT HOME
• NEW DECK
• SHARED BACKYARD

Property features AI

Finance

• Financial info: Property has 2 total residential units

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex; Living area approximately 1,447
• Construction: Vinyl siding
• Exterior features: Other exterior features

Interior

• Bedrooms: Unit 1: 3 bedrooms (some on 1st level); Unit 2: 2 bedrooms
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms total; Full bath on 1st level; Full bath on 2nd level
• Heating & cooling: Baseboard heating; Hot water heating; Natural gas heat
• Interior features: Vinyl flooring; Unfinished basement
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $534/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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.
• 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 (+5.4%/yr); 89 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $2,985/mo this rent would consume 86% of the median local household income ($42k/yr) (locally 2035% 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 $1k of loan paydown is wiped out by about $6k 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 + 5.4% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $24k; list at $200k implies a 732% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,806 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 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 1900 — 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: 1.49% ✓
• Cap rate: 12.70%
• Cash-on-cash: 22.90%
• DSCR: 2.02
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $138,684
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11 N Manning Blvd	0.48mi	3/2.0 (-1)	1,064 (-3%)	17mo	$135,000	$127	54
286 Elk St	0.58mi	5/2.0 (+1)	1,190 (+9%)	24mo	$121,975	$103	33

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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: 18.4%
• Equity multiple: 1.77×
• Total profit: $42,882
• Equity at exit: $29,791

10-year hold

• IRR: 28.3%
• Equity multiple: 3.79×
• Total profit: $156,225
• Equity at exit: $17,275

Cash invested: $55,944 (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 12206

• Home prices YoY: -9.9%
• Rents YoY: 5.4%
• Active inventory: 89
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,985 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$160 /mo · $1,917/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$627
• Net cashflow: $1,067

Break-even live

Break-even rent $1,634

Max offer price $199,800

Occupancy floor 59%

Sensitivity live

Price	-10% $1,180	-5% $1,124	+0% $1,067	+5% $1,011	+10% $954
Rent	-10% $832	-5% $949	+0% $1,067	+5% $1,185	+10% $1,303
Rate	-1.0pp $1,168	-0.5pp $1,118	base $1,067	+0.5pp $1,016	+1.0pp $963

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,986
Total (2 units)			$2,985

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: $49,950
• Closing costs: $5,994
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
469 Livingston Ave Albany, NY	1.0–3.0	1.0	685	$1,610	$2.35	16d	1	0.24mi
260 Bradford St Unit 205 Albany, NY	3.0	2.0	912	$1,700	$1.86	25d	1	0.29mi
569 Washington Ave Unit 1st Floor Albany, NY	4.0	1.0	1275	$2,000	$1.57	45d	1	0.40mi
316 2nd St Albany, NY	3.0	1.0	850	$1,700	$2.00	45d	1	0.41mi
147 Western Ave Albany, NY	3.0	1.0	1428	$1,800	$1.26	16d	1	0.50mi
223 Western Ave #1 Albany, NY	3.0	1.0	1100	$1,750	$1.59	25d	1	0.52mi
178 Western Ave Unit 3 Albany, NY	3.0	1.0	1500	$1,725	$1.15	16d	1	0.53mi
273 Western Ave Unit 2 Albany, NY	3.0	1.0	1000	$1,800	$1.80	25d	1	0.56mi
273 Western Ave Unit 3 Albany, NY	3.0	1.0	1100	$1,850	$1.68	25d	1	0.56mi
58 Elberon Pl Apt 2 Albany, NY	4.0	1.0	1250	$2,200	$1.76	45d	1	0.58mi
437 Hamilton St Unit 2 Albany, NY	4.0	1.0	1200	$2,300	$1.92	16d	1	0.67mi
433 Hamilton St Unit 1 Albany, NY	4.0	1.0	1200	$2,300	$1.92	16d	1	0.67mi
489 Hamilton St Unit 1 Albany, NY	3.0	1.0	1100	$1,800	$1.64	16d	1	0.67mi
517 Hamilton St Albany, NY	4.0	1.0	1020	$2,000	$1.96	25d	1	0.69mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	25d	1	0.73mi
830 Madison Ave Albany, NY	3.0	1.0	1180	$1,700	$1.44	25d	1	0.77mi
254 Sheridan Ave Unit 2 Albany, NY	3.0	1.0	900	$1,300	$1.44	25d	1	0.84mi
199 Lark St Albany, NY	3.0	1.0	1000	$1,800	$1.80	45d	1	0.89mi
11 King Ave Unit 2 Albany, NY	3.0	1.0	1100	$1,600	$1.45	16d	1	0.89mi
673 Myrtle Ave Albany, NY	4.0	1.0	1076	$2,400	$2.23	23d	1	0.90mi
602 Morris St Albany, NY	3.0	1.0	1270	$1,850	$1.46	16d	1	0.96mi
614 Park Ave Albany, NY	3.0	1.0	1118	$2,500	$2.24	45d	1	0.96mi
520 Madison Ave Unit 1 Albany, NY	3.0	1.0	1080	$1,700	$1.57	45d	1	0.96mi
88 Willett St Albany, NY	3.0	1.0	825	$2,080	$2.52	16d	10	1.01mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	25d	1	1.08mi
32 Peyster St Unit 2nd Albany, NY	3.0	2.0	1500	$2,300	$1.53	45d	1	1.18mi
21 Woodlawn Ave Unit 3rd floor Albany, NY	3.0	1.0	1300	$1,500	$1.15	25d	1	1.18mi
21 Woodlawn Ave Unit 3RDFL Albany, NY	3.0	1.0	1300	$1,500	$1.15	45d	1	1.18mi
32 Richmond St Unit 2 Albany, NY	3.0	3.0	1248	$2,500	$2.00	16d	1	1.21mi
9 St Josephs Ter Albany, NY	3.0	2.0	1000	$1,850	$1.85	45d	1	1.21mi
104 S Main Ave Unit 1 Albany, NY	3.0	1.0	1300	$2,600	$2.00	45d	1	1.24mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	25d	1	1.26mi
346 Madison Ave Unit 3 Albany, NY	3.0	2.0	1110	$2,725	$2.45	45d	1	1.26mi
52 Grove Ave Albany, NY	4.0	1.0	1200	$2,200	$1.83	23d	1	1.34mi
4 Irving St Unit 2nd Floor Albany, NY	3.0	1.0	1000	$1,695	$1.70	45d	1	1.36mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	25d	1	1.38mi

Listing history 16 events

1. 2026-06-21
   days on market $199,800 Active 36 DOM
2. 2026-06-18
   days on market $199,800 Active 33 DOM
3. 2026-06-17
   days on market $199,800 Active 32 DOM
4. 2026-06-16
   days on market $199,800 Active 31 DOM
5. 2026-06-15
   days on market $199,800 Active 30 DOM
6. 2026-06-14
   days on market $199,800 Active 28 DOM
7. 2026-06-10
   days on market $199,800 Active 25 DOM
8. 2026-06-08
   days on market $199,800 Active 23 DOM
9. 2026-06-07
   days on market $199,800 Active 22 DOM
10. 2026-06-03
    days on market $199,800 Active 18 DOM
11. 2026-06-02
    days on market $199,800 Active 17 DOM
12. 2026-06-01
    days on market $199,800 Active 16 DOM
13. 2026-05-31
    days on market $199,800 Active 15 DOM
14. 2026-05-31
    days on market $199,800 Active 14 DOM
15. 2026-05-16
    listed $199,800 Active
16. 2020-07-22
    soldstatus $24,000

ⓘ 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: $1,917 · $160/mo
• Projected year-2 tax: $2,647 · $221/mo
• Expected delta: +$730/yr (+$61/mo · 38.1%)

ⓘ 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: $35,820
• − Mortgage interest: −$11,192
• − Property taxes: −$1,917
• − Insurance: −$999
• − Repairs & maintenance: −$2,866
• − Management: −$2,866
• − Depreciation: −$5,812
• Taxable income: $10,169
• Est. tax owed @ 24.0%: −$2,440
• After-tax cash flow: $10,368/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): 14,572
• Household income: $41,548
• Rent vs Own: 73.4% rent · 26.6% own
• Severe rent burden: 2035.0

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: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: Black 38% White 27% Hispanic / Latino 15% Two or more races 12% Asian 10%
• Hispanic origin (detail): Puerto Rican 10% Dominican 1%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 1%
• Foreign-born: 22% · Canada, China
• Languages at home: 75% English-only · Spanish 10% Other Indo-European 5% Chinese 3%

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: ▼ -30.24%
• Current HPI: 275.8109
• Rent YoY: ▲ 5.37%
• 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

+732.5% since first listed

2 events — show timeline

• 2026-05-16 Listed $199,800 Global MLS
• 2020-07-22 Sold (Public Records) $24,000 Public Records

Property tax history

-1.5%/yr

Latest (2025): $1,917 · -11.1% YoY. Source: county tax records.