693 State St · Albany, NY 12203

$279,900

6 bd · 2.0 ba · 2,472 sqft · MultiFamily public records · 122 Days on market

Built 1900 2,178 sqft lot $113/sqft · 46% below area Est $514k · 46% under

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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 +28.3/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 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 MLS

Fully rented 2,472 SF two-family investment property producing $2,900/month in gross rental income with leases in place. Located in a solid, proven rental area, this property offers immediate cash flow—just start collecting the rent from day one. A straightforward, low-friction acquisition ideal for investors seeking stabilized income with minimal lift. Property to be sold as-is. Strong addition to any long-term or value-focused investment strategy.

Key facts

• 2,178 sq ft lot
• Built 1900
• Listed 122 days

🏷️ Possibly a rental listed for sale. The $279,900 price doesn't fit this home's estimated sale value (~$514,065) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $895 ($11k/yr) — positive. Per door: $448/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $280k).
• Recommended offer: $246k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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 (+1.9%/yr); 124 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,823/mo this rent would consume 55% of the median local household income ($83k/yr) (locally 1704% 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 $2k of loan paydown is wiped out by about $8k 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 + 1.9% rent growth), your $78k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $215k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $246,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 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 1900 — 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. 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.
9. 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.
10. 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: 1.37% ✓
• Cap rate: 10.13%
• Cash-on-cash: 13.71%
• DSCR: 1.61
• GRM: 6.1

CMA / ARV

• ARV (median comp): $514,065
• List price: $279,900
• Delta: -45.55%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
189-B Quail St	0.08mi	6/2.0	2,512 (+2%)	3mo	$185,000	$74	91
459 Hudson Ave	0.18mi	6/2.0	2,584 (+4%)	3mo	$235,000	$91	82
534 1st St	0.40mi	6/2.0	2,464 (-0%)	0mo	$175,000	$71	80
558 Washington Ave	0.07mi	7/3.0 (+1)	2,562 (+4%)	3mo	$325,000	$127	79
24 Kent St	0.23mi	6/2.0	2,364 (-4%)	5mo	$210,000	$89	78
466 Hudson Ave	0.21mi	6/2.0	2,712 (+10%)	3mo	$235,000	$87	72
380-382 Morris St	0.44mi	6/2.0	2,344 (-5%)	3mo	$300,000	$128	68
362 Clinton Ave	0.72mi	7/4.0 (+1)	2,490 (+1%)	2mo	$270,000	$108	51
113 S Lake Ave	0.47mi	5/4.5 (-1)	2,608 (+6%)	4mo	$525,000	$201	50
391 Washington Ave	0.39mi	7/4.0 (+1)	2,217 (-10%)	5mo	$350,000	$158	48
538 Myrtle Ave	0.50mi	5/5.0 (-1)	2,216 (-10%)	2mo	$410,000	$185	41
676 Providence St	0.68mi	5/2.0 (-1)	2,118 (-14%)	2mo	$250,000	$118	38

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 · 1.85% rent growth · sell at horizon

5-year hold

• IRR: 2.5%
• Equity multiple: 1.10×
• Total profit: $7,468
• Equity at exit: $41,734

10-year hold

• IRR: 10.9%
• Equity multiple: 1.81×
• Total profit: $63,102
• Equity at exit: $24,201

Cash invested: $78,372 (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 12203

• Home prices YoY: -31.0%
• Rents YoY: 1.9%
• Active inventory: 124
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $3,823 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$540 /mo · $6,485/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$803
• Net cashflow: $895

Break-even live

Break-even rent $2,690

Max offer price $279,900

Occupancy floor 72%

Sensitivity live

Price	-10% $1,054	-5% $975	+0% $895	+5% $816	+10% $737
Rent	-10% $593	-5% $744	+0% $895	+5% $1,046	+10% $1,197
Rate	-1.0pp $1,036	-0.5pp $966	base $895	+0.5pp $823	+1.0pp $749

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,822
Total (2 units)			$3,823

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
69 Winthrop Ave Albany, NY	6.0	2.0	2800	$2,795	$1.00	24d	1	1.05mi

Listing history 17 events

1. 2026-06-07
   statusdays on market $279,900 Pending 122 DOM
2. 2026-06-03
   days on market $279,900 Active 120 DOM
3. 2026-06-02
   days on market $279,900 Active 119 DOM
4. 2026-06-01
   days on market $279,900 Active 118 DOM
5. 2026-05-31
   days on market $279,900 Active 117 DOM
6. 2026-05-31
   days on market $279,900 Active 116 DOM
7. 2026-05-15
   status Active 460-char remark

   Show marketing remark (460 chars)

   Fully rented 2,472 SF two-family investment property producing $2,900/month in gross rental income with leases in place. Located in a solid, proven rental area, this property offers immediate cash flow—just start collecting the rent from day one. A straightforward, low-friction acquisition ideal for investors seeking stabilized income with minimal lift. Property to be sold as-is. Strong addition to any long-term or value-focused investment strategy.

8. 2026-05-15
   historical Contingent 460-char remark

   Show marketing remark (460 chars)

   Fully rented 2,472 SF two-family investment property producing $2,900/month in gross rental income with leases in place. Located in a solid, proven rental area, this property offers immediate cash flow—just start collecting the rent from day one. A straightforward, low-friction acquisition ideal for investors seeking stabilized income with minimal lift. Property to be sold as-is. Strong addition to any long-term or value-focused investment strategy.

9. 2026-05-07
   status Pending 460-char remark

   Show marketing remark (460 chars)

   Fully rented 2,472 SF two-family investment property producing $2,900/month in gross rental income with leases in place. Located in a solid, proven rental area, this property offers immediate cash flow—just start collecting the rent from day one. A straightforward, low-friction acquisition ideal for investors seeking stabilized income with minimal lift. Property to be sold as-is. Strong addition to any long-term or value-focused investment strategy.

10. 2026-05-06
    historical Contingent 460-char remark

    Show marketing remark (460 chars)

    Fully rented 2,472 SF two-family investment property producing $2,900/month in gross rental income with leases in place. Located in a solid, proven rental area, this property offers immediate cash flow—just start collecting the rent from day one. A straightforward, low-friction acquisition ideal for investors seeking stabilized income with minimal lift. Property to be sold as-is. Strong addition to any long-term or value-focused investment strategy.

11. 2026-03-27
    price $279,900 460-char remark

    Show marketing remark (460 chars)

    Fully rented 2,472 SF two-family investment property producing $2,900/month in gross rental income with leases in place. Located in a solid, proven rental area, this property offers immediate cash flow—just start collecting the rent from day one. A straightforward, low-friction acquisition ideal for investors seeking stabilized income with minimal lift. Property to be sold as-is. Strong addition to any long-term or value-focused investment strategy.

12. 2026-03-05
    price $289,900 460-char remark

    Show marketing remark (460 chars)

    Fully rented 2,472 SF two-family investment property producing $2,900/month in gross rental income with leases in place. Located in a solid, proven rental area, this property offers immediate cash flow—just start collecting the rent from day one. A straightforward, low-friction acquisition ideal for investors seeking stabilized income with minimal lift. Property to be sold as-is. Strong addition to any long-term or value-focused investment strategy.

13. 2026-01-28
    status Active 460-char remark

    Show marketing remark (460 chars)

    Fully rented 2,472 SF two-family investment property producing $2,900/month in gross rental income with leases in place. Located in a solid, proven rental area, this property offers immediate cash flow—just start collecting the rent from day one. A straightforward, low-friction acquisition ideal for investors seeking stabilized income with minimal lift. Property to be sold as-is. Strong addition to any long-term or value-focused investment strategy.

14. 2026-01-23
    historical 460-char remark

    Show marketing remark (460 chars)

    Fully rented 2,472 SF two-family investment property producing $2,900/month in gross rental income with leases in place. Located in a solid, proven rental area, this property offers immediate cash flow—just start collecting the rent from day one. A straightforward, low-friction acquisition ideal for investors seeking stabilized income with minimal lift. Property to be sold as-is. Strong addition to any long-term or value-focused investment strategy.

15. 2026-01-21
    listed $299,900 Active 460-char remark

    Show marketing remark (460 chars)

    Fully rented 2,472 SF two-family investment property producing $2,900/month in gross rental income with leases in place. Located in a solid, proven rental area, this property offers immediate cash flow—just start collecting the rent from day one. A straightforward, low-friction acquisition ideal for investors seeking stabilized income with minimal lift. Property to be sold as-is. Strong addition to any long-term or value-focused investment strategy.

16. 2016-11-28
    soldstatus $215,000
17. 2013-03-29
    soldstatus $103,500

ⓘ 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: $6,485 · $540/mo
• Projected year-2 tax: $6,485 · $540/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $45,876
• − Mortgage interest: −$15,679
• − Property taxes: −$6,485
• − Insurance: −$1,400
• − Repairs & maintenance: −$3,670
• − Management: −$3,670
• − Depreciation: −$8,143
• Taxable income: $6,830
• Est. tax owed @ 24.0%: −$1,639
• After-tax cash flow: $9,104/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): 30,771
• Household income: $83,147
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 1704.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Black 10% Asian 8% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 82% English-only · Other Indo-European 6% Spanish 3% Russian/Polish/Slavic 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: ▼ -133.05%
• Current HPI: 296.0467
• Rent YoY: ▲ 1.85%
• 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

+170.4% since first listed

11 events — show timeline

• 2026-05-15 Relisted — Global MLS
• 2026-05-15 Contingent — Global MLS
• 2026-05-07 Pending — Global MLS
• 2026-05-06 Contingent — Global MLS
• 2026-03-27 Price Changed $279,900 Global MLS
• 2026-03-05 Price Changed $289,900 Global MLS
• 2026-01-28 Relisted — Global MLS
• 2026-01-23 Listing Removed — Global MLS
• 2026-01-21 Listed $299,900 Global MLS
• 2016-11-28 Sold (Public Records) $215,000 Public Records
• 2013-03-29 Sold (Public Records) $103,500 Public Records

Property tax history

+4.9%/yr

Latest (2025): $6,485 · -0.8% YoY. Source: county tax records.