10 Hurlbut St · Albany, NY 12209

$259,000

6 bd · 2.0 ba · 2,040 sqft · MultiFamily public records · 10 Days on market

Built 1910 2,613 sqft lot Est $269k · at est.

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +9.2/15.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• 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

Renovated duplex in Albany's high-demand Delaware Avenue corridor -- primed for immediate income. Both units are vacant and ready for tenants the moment cosmetic finishing is complete. Each unit offers 3 bed / 1 bath with a full living room and dining room across ~1,020 sq ft. Recent renovations include new roof vent, new kitchen cabinets in unit 1 as well as new flooring in kitchen and bathroom. ROP valid through January 2028. Electric and gas are separately metered and fully tenant-paid, keeping owner expenses lean. Taxes ~$4,236/yr. The numbers: List $259,000; Market rent: ~$1,700/unit/month; Gross annual income: ~$40,800; Projected cap rate: 11%+; Gross yield: 15%+ Minutes from Albany

Key facts

• Renovated duplex
• New flooring
• New kitchen cabinets

Tags

• RENOVATED DUPLEX
• NEW KITCHEN CABINETS
• NEW FLOORING

Property features AI

Finance

• Other: Lot of roughly 0.06 acre
• Financial info: Owner pays water, sewer, and trash collection; Tenants pay electricity and gas

Exterior

• Parking: No parking details provided
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; Cable available
• Home design: Duplex; Two-unit property; Approximately 2,040 living area (listed value)
• Construction: Aluminum siding; Rubber roof
• Exterior features: Screened, covered front porch; Back yard fencing

Interior

• Kitchen: No appliances listed
• Bedrooms: Two 3-bedroom units (one unit has bedrooms on multiple levels)
• Flooring: Vinyl; Hardwood
• Bathrooms: Two full bathrooms total (one full bath on 1st level, one full bath on 2nd level)
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Vinyl and hardwood flooring; Unfinished basement
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $259k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $578/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $259k).
• Cap rate 11.7% 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: 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 $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 + 3.0% rent growth), your $73k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 5y 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.
• Current owner paid $171k; list at $259k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $259,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.47% ✓
• Cap rate: 11.65%
• Cash-on-cash: 19.14%
• DSCR: 1.85
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $269,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23 Hampton St	0.29mi	6/2.0	2,080 (+2%)	9mo	$285,000	$137	76
13 Sligo St	0.21mi	5/2.0 (-1)	1,938 (-5%)	2mo	$335,000	$173	75
313 2nd Ave	0.07mi	6/2.0	1,840 (-10%)	7mo	$227,000	$123	74
14 Bogart Ter	0.35mi	6/2.0	2,232 (+9%)	2mo	$250,000	$112	67
36 Slingerland St	0.31mi	6/2.0	1,848 (-9%)	6mo	$210,000	$114	64
12 Bogart Ter	0.35mi	6/2.0	2,232 (+9%)	6mo	$180,000	$81	63
13 Southern Blvd	0.37mi	6/2.0	1,800 (-12%)	2mo	$243,000	$135	61
58 Southern Blvd	0.37mi	6/2.0	2,264 (+11%)	4mo	$350,000	$155	61
9 Mereline Ave	0.64mi	6/2.0	2,204 (+8%)	1mo	$320,000	$145	56
252 Morton Ave	0.56mi	6/4.0	2,152 (+6%)	3mo	$285,000	$132	54
79 2nd Ave	0.71mi	7/2.0 (+1)	1,920 (-6%)	7mo	$210,000	$109	46
23 Sloan St	0.71mi	6/3.0	2,310 (+13%)	1mo	$170,000	$74	40

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: 11.1%
• Equity multiple: 1.44×
• Total profit: $31,799
• Equity at exit: $38,618

10-year hold

• IRR: 20.1%
• Equity multiple: 2.70×
• Total profit: $122,939
• Equity at exit: $22,394

Cash invested: $72,520 (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: 11.3×

Monthly cashflow live

• Estimated rent: $3,805 high
• Mortgage (P&I): −$1,358
• Tax from tax record: −$383 /mo · $4,597/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$799
• Net cashflow: $1,157

Break-even live

Break-even rent $2,341

Max offer price $259,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,806
Total (2 units)			$3,805

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-05-18
   listed $259,000 Active
2. 2025-04-01
   historical
3. 2025-02-13
   listed $235,000 Active
4. 2025-01-18
   historical
5. 2024-08-06
   listed $235,000 Active
6. 2022-09-22
   soldstatus $171,000
7. 2022-06-25
   status Pending
8. 2022-05-27
   status Active
9. 2022-05-20
   status Pending
10. 2022-05-16
    status Active
11. 2022-04-26
    status Pending
12. 2022-04-13
    status Active
13. 2022-04-07
    status Pending
14. 2022-03-21
    price $174,999
15. 2022-02-16
    status Active
16. 2022-02-16
    historical
17. 2022-01-18
    price $183,999
18. 2021-11-12
    status Back On Market
19. 2021-11-12
    historical
20. 2021-11-08
    listed $194,000 New
21. 2000-08-14
    soldstatus $62,000

ⓘ 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: $4,597 · $383/mo
• Projected year-2 tax: $4,597 · $383/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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°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: $45,660
• − Mortgage interest: −$14,508
• − Property taxes: −$4,597
• − Insurance: −$1,295
• − Repairs & maintenance: −$3,653
• − Management: −$3,653
• − Depreciation: −$7,535
• Taxable income: $10,420
• Est. tax owed @ 24.0%: −$2,501
• After-tax cash flow: $11,380/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
• 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

+317.7% since first listed

21 events — show timeline

• 2026-05-18 Listed $259,000 Global MLS
• 2025-04-01 Listing Removed — Global MLS
• 2025-02-13 Listed $235,000 Global MLS
• 2025-01-18 Listing Removed — Global MLS
• 2024-08-06 Listed $235,000 Global MLS
• 2022-09-22 Sold (Public Records) $171,000 Public Records
• 2022-06-25 Pending — Global MLS
• 2022-05-27 Relisted — Global MLS
• 2022-05-20 Pending — Global MLS
• 2022-05-16 Relisted — Global MLS
• 2022-04-26 Pending — Global MLS
• 2022-04-13 Relisted — Global MLS
• 2022-04-07 Pending — Global MLS
• 2022-03-21 Price Changed $174,999 Global MLS
• 2022-02-16 Relisted — Global MLS
• 2022-02-16 Listing Removed — Global MLS
• 2022-01-18 Price Changed $183,999 Global MLS
• 2021-11-12 Relisted — Global MLS
• 2021-11-12 Listing Removed — Global MLS
• 2021-11-08 Listed $194,000 Global MLS
• 2000-08-14 Sold (Public Records) $62,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $4,597 · +0.5% YoY. Source: county tax records.