219 Delaware Ave · Albany, NY 12209

$340,000

6 bd · 3.0 ba · 2,464 sqft · MultiFamily · 8 Days on market

Built 1930 Good condition 5,662 sqft lot Est $306k · 11% over ↓ 3% since listing

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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 +9.5/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• ARV discount +2.4/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Turnkey Triplex in Albany's sought-after Delaware Avenue section, perfect for investors or owner-occupants seeking strong income potential. Generating $3,850/month, with room to increase rents. Offering a versatile unit mix of 3, 2, and 1 bedrooms, this property also features recent upgrades, front and rear porches, a large backyard, and a usable basement space. Prime location with easy access to dining, shopping, major employers, medical facilities, colleges, parks, the Madison Theatre, and public transportation. First Unit (front lower level ) is intentionally VACANT for owner-occupant homebuyer. LEGAL Non-Conforming Right to Use as a Dwelling- 3-Unit Detached. ALL OFFERS WILL BE REVIEWE

Key facts

• Recent upgrades
• Turnkey triplex
• Large backyard

Tags

• TURNKEY TRIPLEX
• RECENT UPGRADES
• FRONT AND REAR PORCHES
• LARGE BACKYARD
• USABLE BASEMENT SPACE
• PRIME LOCATION

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $340k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $516/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $340k).
• Cap rate 11.8% 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 $10k 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 $95k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $340,000

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 1930 — 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: 1.45% ✓
• Cap rate: 11.75%
• Cash-on-cash: 19.50%
• DSCR: 1.87
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $305,536
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
278 Morton Ave	0.15mi	6/2.5	2,460 (-0%)	5mo	$195,000	$79	87
41 Barrows St	0.66mi	6/2.0	2,472 (+0%)	2mo	$290,000	$117	63
252 Morton Ave	0.21mi	6/4.0	2,152 (-13%)	3mo	$285,000	$132	62
23 Sloan St	0.60mi	6/3.0	2,310 (-6%)	1mo	$170,000	$74	60
62 Summit Ave	0.45mi	6/2.5	2,658 (+8%)	6mo	$330,000	$124	59
14 Bogart Ter	0.46mi	6/2.0	2,232 (-9%)	2mo	$250,000	$112	58
79 Alexander St	0.65mi	6/4.0	2,600 (+6%)	0mo	$215,000	$83	56
105 Southern Blvd	0.71mi	5/4.0 (-1)	2,446 (-1%)	1mo	$405,000	$166	56
50 Southern Blvd	0.74mi	6/2.0	2,380 (-3%)	2mo	$347,000	$146	54
10 Putnam St	0.50mi	6/2.0	2,764 (+12%)	4mo	$375,000	$136	49
58 Southern Blvd	0.75mi	6/2.0	2,264 (-8%)	4mo	$350,000	$155	44
24 Delaware St	0.73mi	5/2.5 (-1)	2,112 (-14%)	2mo	$240,000	$114	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.5%
• Equity multiple: 1.46×
• Total profit: $43,485
• Equity at exit: $50,695

10-year hold

• IRR: 20.5%
• Equity multiple: 2.73×
• Total profit: $165,009
• Equity at exit: $29,397

Cash invested: $95,200 (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: 17.2×

Monthly cashflow live

• Estimated rent: $4,932 high
• Mortgage (P&I): −$1,783
• Tax est. 1.5%: −$425 /mo · $5,100/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,036
• Net cashflow: $1,547

Break-even live

Break-even rent $2,974

Max offer price $340,000

Occupancy floor 64%

Sensitivity live

Price	-10% $1,782	-5% $1,664	+0% $1,547	+5% $1,429	+10% $1,312
Rent	-10% $1,157	-5% $1,352	+0% $1,547	+5% $1,741	+10% $1,936
Rate	-1.0pp $1,718	-0.5pp $1,633	base $1,547	+0.5pp $1,459	+1.0pp $1,369

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,932
Total (3 units)			$4,932

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: $85,000
• Closing costs: $10,200
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-16
   remarks 699-char remark
2. 2026-06-16
   listed $340,000 Pending 8 DOM

ⓘ 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: $59,184
• − Mortgage interest: −$19,045
• − Property taxes: −$5,100
• − Insurance: −$1,700
• − Repairs & maintenance: −$4,735
• − Management: −$4,735
• − Depreciation: −$9,891
• Taxable income: $13,978
• Est. tax owed @ 24.0%: −$3,355
• After-tax cash flow: $15,205/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 · 13 photos

Good 75/100 Cosmetic rehab

This turnkey triplex in Albany's sought-after Delaware Avenue section is in good condition with recent upgrades and a prime location. It's ready for immediate occupancy and can be further enhanced with exterior painting and gutter cleaning.

Value-add opportunities

• Both Paint the exterior — Painting the exterior can enhance the curb appeal and increase the property's value.
• Both Clean the gutters — Clean gutters improve the property's appearance and prevent water damage to the siding and foundation.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior — Painting the exterior can enhance the curb appeal and increase the property's value. ↑
• Both Clean the gutters — Clean gutters improve the property's appearance and prevent water damage to the siding and foundation. ↑

ⓘ 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

-2.9% since first listed

4 events — show timeline

• 2026-04-22 Pending — Global MLS
• 2026-04-11 Listed $340,000 Global MLS
• 2025-06-29 Listing Removed — Global MLS
• 2025-04-26 Listed $350,000 Global MLS