178A Delaware Ave · Albany, NY 12209

$399,900

8 bd · 3.0 ba · 4,870 sqft · MultiFamily · 50 Days on market

Built 1965 Fair condition 2,613 sqft lot $82/sqft · 43% below area Est $699k · 43% under ↓ 4% since listing

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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 +21.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.6/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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

Welcome to this massive duplex in the heart of Albany featuring over 4,800 SF of living space and including an easement with 6 off street parking spaces!! Each spacious unit offers 4 bedrooms--one with 1.5 baths and the other with 1 full bath. Both units are currently rented with long-term tenants in place, providing strong and stable income. Updates include a roof less than 10 years old, newer flooring, newer water heaters, and some newer windows. The 2nd-floor unit offers central air, and both units feature forced-air natural gas heat. Full basement perfect for storage. Three-phase electric. Conveniently located near major bus lines, schools, and shopping along Delaware Ave. Minutes to Al

Key facts

• Easement
• Off street parking
• Full basement

Tags

• DUPLEX
• EASEMENT
• OFF STREET PARKING
• FULL BASEMENT
• THREE-PHASE ELECTRIC
• CENTRAL AIR

Property features AI

Finance

• Financial info: Two-unit property (duplex); Tenants pay: hot water, heat, internet, cable TV, central air, electricity, gas; Owner pays: trash collection, sewer, snow removal, water, grounds care

Exterior

• Parking: Carport; Seven parking spaces total
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Three-phase electric; Public water; Public sewer; Cable available
• Home design: Duplex; Living area approximately 4,870 total
• Construction: Brick and vinyl siding exterior; Rubber roof
• Exterior features: Covered porch; Level, landscaped lot

Interior

• Kitchen: Each unit has a kitchen
• Bedrooms: Unit 1: Four bedrooms on the 1st floor; Unit 2: Four bedrooms on the 2nd floor
• Flooring: Vinyl; Carpet; Laminate; Linoleum
• Bathrooms: Three total bathrooms: two full baths and one half bath; Unit 1: One full bath and one half bath on the 1st floor; Unit 2: One full bath on the 2nd floor
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Wall paneling; High-speed internet available; Built-in features; Exterior-entry full basement
• Laundry & utility: Dedicated laundry room; Other laundry area

What this means for you Summary

Snapshot

• This is a 2 × 4.0-bed/1.5-bath units multifamily listed at $400k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $583 ($7k/yr) — positive. Per door: $291/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $400k).
• Recommended offer: $388k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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: 47 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 $3k of loan paydown is wiped out by about $12k 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

• It's been on market 50 days — a 3% lower offer ($388k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $387,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.06% ✓
• Cap rate: 8.04%
• Cash-on-cash: 6.25%
• DSCR: 1.28
• GRM: 7.9

CMA / ARV

• ARV (median comp): $698,542
• List price: $399,900
• Delta: -42.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
140 Jefferson St	0.50mi	7/4.0 (-1)	5,420 (+11%)	3mo	$625,000	$115	46
11 Elm St	0.74mi	7/4.0 (-1)	4,680 (-4%)	13mo	$425,000	$91	39
372 Madison Ave	0.53mi	8/5.0	4,347 (-11%)	15mo	$160,000	$37	37

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.7%
• Equity multiple: 0.75×
• Total profit: $-27,617
• Equity at exit: $59,626

10-year hold

• IRR: 3.0%
• Equity multiple: 1.21×
• Total profit: $24,010
• Equity at exit: $34,576

Cash invested: $111,972 (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 12209

• Home prices YoY: -7.3%
• Active inventory: 47
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $4,236 high
• Mortgage (P&I): −$2,097
• Tax est. 1.5%: −$500 /mo · $5,998/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$890
• Net cashflow: $583

Break-even live

Break-even rent $3,498

Max offer price $399,900

Occupancy floor 81%

Sensitivity live

Price	-10% $859	-5% $721	+0% $583	+5% $445	+10% $306
Rent	-10% $248	-5% $415	+0% $583	+5% $750	+10% $917
Rate	-1.0pp $784	-0.5pp $685	base $583	+0.5pp $479	+1.0pp $374

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

Units	Beds	Baths	Est. rent
▸ 2× units	4.0	1.5	$4,236
Total (2 units)			$4,236

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $399,900 Active 50 DOM
2. 2026-06-17
   days on market $399,900 Active 49 DOM
3. 2026-06-16
   days on market $399,900 Active 48 DOM
4. 2026-06-15
   days on market $399,900 Active 47 DOM
5. 2026-06-14
   days on market $399,900 Active 45 DOM
6. 2026-06-10
   days on market $399,900 Active 42 DOM
7. 2026-06-08
   days on market $399,900 Active 40 DOM
8. 2026-06-07
   days on market $399,900 Active 39 DOM
9. 2026-06-03
   days on market $399,900 Active 35 DOM
10. 2026-06-02
    days on market $399,900 Active 34 DOM
11. 2026-06-01
    days on market $399,900 Active 33 DOM
12. 2026-05-31
    days on market $399,900 Active 32 DOM
13. 2026-05-31
    days on market $399,900 Active 31 DOM
14. 2026-04-29
    listed $399,900 Active 881-char remark
15. 2026-04-17
    historical
16. 2025-10-16
    listed $415,000 Active

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 16 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: $50,832
• − Mortgage interest: −$22,401
• − Property taxes: −$5,998
• − Insurance: −$2,000
• − Repairs & maintenance: −$4,067
• − Management: −$4,067
• − Depreciation: −$11,633
• Taxable income: $667
• Est. tax owed @ 24.0%: −$160
• After-tax cash flow: $6,834/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to improve its curb appeal and interior condition, with a focus on exterior siding, windows, and kitchen/bathroom updates.

Repairs flagged

• Major exterior siding — Peeling and weathered
• Major windows — Old and may need replacement
• Moderate kitchen and bathroom — Cluttered and dated

Value-add opportunities

• Both Painting and updating the exterior siding — Improves curb appeal and value
• Both Replacing windows — Enhances energy efficiency and aesthetics
• Both Updating the kitchen and bathroom — Modernizes spaces and increases value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Peeling and weathered	Major	$15,000–50,000
windows · Old and may need replacement	Major	$15,000–50,000
kitchen and bathroom · Cluttered and dated	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$33,000–115,000

Value-add ROI direction

• Both Painting and updating the exterior siding — Improves curb appeal and value ↑
• Both Replacing windows — Enhances energy efficiency and aesthetics ↑
• Both Updating the kitchen and bathroom — Modernizes spaces and increases value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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
• City population: 116,921
• Population (ZIP): 10,754

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 0.69)
• Race & ethnicity: White 46% Black 23% Hispanic / Latino 19% Asian 8% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 4% Lithuanian 3% Serbian 1%
• Foreign-born: 18% · Canada, Philippines, South Korea
• Languages at home: 77% English-only · Spanish 13% Other Asian/Pacific 3% Tagalog/Filipino 1%

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: ▼ -24.91%
• Current HPI: 318.0191
• Rent YoY: —
• Metro: —
• 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

-3.6% since first listed

4 events — show timeline

• 2026-06-18 Listing Removed — Global MLS
• 2026-04-29 Listed $399,900 Global MLS
• 2026-04-17 Listing Removed — Global MLS
• 2025-10-16 Listed $415,000 Global MLS