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 · 31% below area Est $582k · 31% 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 +20.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +5.5/10.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• 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.

Key facts

• Easement
• Off street parking
• Full basement

Tags

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

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.
• This rent per unit runs 31% of the median local income ($82k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $555 ($7k/yr) — positive. Per door: $278/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 6.0% 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: 68 active listings in the ZIP; solid renter incomes; 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: 1.05% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.95%
• DSCR: 1.26
• GRM: 7.9

CMA / ARV

• ARV (median comp): $581,891
• List price: $399,900
• Delta: -31.28%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
290 Morton Ave	0.05mi	7/4.5 (-1)	4,020 (-18%)	2mo	$392,000	$98	60
140 Jefferson St	0.50mi	7/4.0 (-1)	5,420 (+11%)	5mo	$625,000	$115	44
11 Elm St	0.74mi	7/4.0 (-1)	4,680 (-4%)	14mo	$425,000	$91	38
372 Madison Ave	0.53mi	8/5.0	4,347 (-11%)	17mo	$160,000	$37	35
22 S Lake Ave	1.04mi	9/7.0 (+1)	4,344 (-11%)	13mo	$745,000	$172	16
361 Washington Avenue Ave	1.07mi	9/9.0 (+1)	4,200 (-14%)	21mo	$725,000	$173	4

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: -7.1%
• Equity multiple: 0.74×
• Total profit: $-29,378
• Equity at exit: $59,626

10-year hold

• IRR: 2.5%
• Equity multiple: 1.18×
• Total profit: $20,206
• 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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active · 1 under contract
• Months of supply: 4.0 mo (25%/mo absorbed)
• Median asking: $1,000,000 ($223/sqft)
• Median days on market: 66 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -46.4% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 12209

• Home prices YoY: -7.3%
• Active inventory: 68
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $4,201 high
• Mortgage (P&I): −$2,097
• Tax est. 1.5%: −$500 /mo · $5,998/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$882
• Net cashflow: $555

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1.5	$4,202
Total (2 units)			$4,201

Break-even live

Break-even rent $3,498

Max offer price $399,900

Occupancy floor 82%

Sensitivity live

Price	-10% $832	-5% $693	+0% $555	+5% $417	+10% $279
Rent	-10% $223	-5% $389	+0% $555	+5% $721	+10% $887
Rate	-1.0pp $757	-0.5pp $657	base $555	+0.5pp $452	+1.0pp $346

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
205 Delaware Ave Unit 2nd floor Albany, NY	3.0	1.0	1330	$1,700	$1.28	16d	1	0.06mi
20 Besch Ave Unit 1 Albany, NY	3.0	1.0	—	$1,550	—	16d	1	0.09mi
221 S Swan St Unit 2 Albany, NY	4.0	1.0	—	$1,500	—	93d	1	0.23mi
11 Barclay St #1 Albany, NY	3.0	1.0	1000	$1,695	$1.70	16d	1	0.29mi
13 Sligo St Unit 2 Albany, NY	3.0	1.0	—	$1,800	—	63d	1	0.36mi
13 Sligo St Unit 2 Albany, NY	3.0	1.0	—	$1,800	—	70d	1	0.36mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	93d	1	0.36mi
136 Morton Ave Albany, NY	3.0	1.0	—	$2,000	—	93d	1	0.40mi
153 Myrtle Ave Apt 1 Albany, NY	3.0	1.0	—	$2,400	—	16d	1	0.42mi
35 Summit Ave Unit 2 Albany, NY	3.0	1.0	—	$1,695	—	72d	1	0.43mi
4 Irving St Unit 2nd Floor Albany, NY	3.0	1.0	1000	$1,695	$1.70	93d	1	0.44mi
22 Hurlbut St Albany, NY	3.0	1.0	1209	$2,050	$1.70	93d	1	0.45mi
31 Bertha St Albany, NY	4.0	1.0	1116	$2,000	$1.79	72d	1	0.45mi
44 Osborne St Unit 1 Albany, NY	3.0	1.0	—	$1,350	—	16d	1	0.49mi
360 Madison Ave Apt 3 Albany, NY	3.0	1.0	—	$1,500	—	93d	1	0.53mi
346 Madison Ave Unit 3 Albany, NY	3.0	2.0	1110	$2,725	$2.45	93d	1	0.54mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	72d	1	0.54mi
86 Hackett Blvd Albany, NY	3.0	1.0	1300	$2,300	$1.77	16d	1	0.56mi
18 Jeanette St Albany, NY	3.0	2.0	1073	$2,300	$2.14	16d	1	0.56mi
11 Osborne St Unit 2 Albany, NY	3.0	1.0	—	$1,325	—	16d	1	0.56mi
15 Stanwix St Albany, NY	4.0	1.5	1660	$2,400	$1.45	16d	1	0.59mi
79 Second Ave Unit 1 Albany, NY	4.0	1.0	—	$1,400	—	16d	1	0.59mi
79 Second Ave Unit 1 Albany, NY	4.0	1.0	—	$1,500	—	93d	1	0.59mi
520 Madison Ave Unit 1 Albany, NY	3.0	1.0	1080	$1,695	$1.57	16d	1	0.62mi
88 Willett St Albany, NY	3.0	1.0	850	$2,080	$2.45	16d	10	0.63mi
24 Delaware St #2 Albany, NY	3.0	1.5	—	$2,195	—	16d	1	0.67mi
132 4th Ave Albany, NY	3.0	1.0	770	$1,800	$2.34	70d	1	0.69mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	93d	1	0.72mi
502 Second Ave #3 Albany, NY	3.0	1.0	1100	$1,800	$1.64	93d	1	0.73mi
38 Willett St Unit 2 Albany, NY	3.0	3.0	1200	$2,200	$1.83	16d	1	0.76mi
475 S Pearl St #3 Albany, NY	4.0	2.0	1200	$1,650	$1.38	15d	1	0.81mi
475 S Pearl St #3 Albany, NY	4.0	2.0	1200	$1,850	$1.54	70d	1	0.81mi
50 Southern Blvd Albany, NY	3.0	1.0	1200	$1,650	$1.38	63d	1	0.81mi
44 Fullerton St Albany, NY	4.0	2.0	5663	$5,500	$0.97	93d	1	0.85mi
168 S Pearl St Albany, NY	3.0	1.5	1044	$1,800	$1.72	72d	1	0.85mi
199 Lark St Albany, NY	3.0	1.0	1000	$1,800	$1.80	93d	1	0.87mi
546 Mercer St Unit 1 Albany, NY	3.0	1.0	1400	$1,800	$1.29	72d	1	0.89mi
21 Woodlawn Ave Unit 3rd floor Albany, NY	3.0	1.0	1300	$1,500	$1.15	72d	1	0.89mi
21 Woodlawn Ave Unit 3RDFL Albany, NY	3.0	1.0	1300	$1,500	$1.15	93d	1	0.89mi
52 Grove Ave Albany, NY	4.0	1.0	1200	$2,200	$1.83	70d	1	0.92mi

Property features AI

Finance

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

Exterior

• Parking: CarportSeven parking spaces total
• Security: Smoke detectorsCarbon monoxide detectors
• Utilities: Three-phase electricPublic waterPublic sewerCable available
• Home design: DuplexLiving area approximately 4,870 total
• Construction: Brick and vinyl siding exteriorRubber roof
• Exterior features: Covered porchLevel, landscaped lot

Interior

• Kitchen: Each unit has a kitchen
• Bedrooms: Unit 1: Four bedrooms on the 1st floorUnit 2: Four bedrooms on the 2nd floor
• Flooring: VinylCarpetLaminateLinoleum
• Bathrooms: Three total bathrooms: two full baths and one half bathUnit 1: One full bath and one half bath on the 1st floorUnit 2: One full bath on the 2nd floor
• Heating & cooling: Forced air heating (natural gas)Central air conditioning
• Interior features: Wall panelingHigh-speed internet availableBuilt-in featuresExterior-entry full basement
• Laundry & utility: Dedicated laundry roomOther laundry area

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: $50,412
• − Mortgage interest: −$22,401
• − Property taxes: −$5,998
• − Insurance: −$2,000
• − Repairs & maintenance: −$4,033
• − Management: −$4,033
• − Depreciation: −$11,633
• Taxable income: $314
• Est. tax owed @ 24.0%: −$75
• After-tax cash flow: $6,587/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 Est. rehab $121,750–$219,150 screening

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 ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 45/100

Zoned Schools

Elementary Giffen Memorial Elementary School F NY #1,992/2,108 Nat'l #33,738/41,679 High Albany High School B+ NY #710/1,100 Nat'l #2,083/17,239

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

B Composite livability gradescore 79/100

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 · 320,794 people
• City population: 116,921
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 10,754
• Household income: $81,642
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 9% of renters

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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%

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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%

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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

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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

Property features AI

Finance

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

Exterior

• Parking: CarportSeven parking spaces total
• Security: Smoke detectorsCarbon monoxide detectors
• Utilities: Three-phase electricPublic waterPublic sewerCable available
• Home design: DuplexLiving area approximately 4,870 total
• Construction: Brick and vinyl siding exteriorRubber roof
• Exterior features: Covered porchLevel, landscaped lot

Interior

• Kitchen: Each unit has a kitchen
• Bedrooms: Unit 1: Four bedrooms on the 1st floorUnit 2: Four bedrooms on the 2nd floor
• Flooring: VinylCarpetLaminateLinoleum
• Bathrooms: Three total bathrooms: two full baths and one half bathUnit 1: One full bath and one half bath on the 1st floorUnit 2: One full bath on the 2nd floor
• Heating & cooling: Forced air heating (natural gas)Central air conditioning
• Interior features: Wall panelingHigh-speed internet availableBuilt-in featuresExterior-entry full basement
• Laundry & utility: Dedicated laundry roomOther laundry area

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