106 Mcalpin St · Albany, NY 12209

$265,000

4 bd · 2.0 ba · 2,304 sqft · MultiFamily public records · 135 Days on market

Built 1925 6,098 sqft lot Est $304k · 13% 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 +28.5/30.0
• ARV discount +13.3/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• 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

Take advantage of this prime investment opportunity with this duplex located in Albany! Featuring two spacious units, this property is ideal for maximizing rental income. A key highlight is the 4-car garage, currently rented out, providing valuable additional cash flow. Conveniently situated near shopping, dining, and parks, this duplex is well-positioned to attract quality tenants. With its strong income potential and desirable location, this property is a must-see for any investor looking to enhance their portfolio!

Key facts

• Two spacious units
• 4-car garage
• Desirable location

Tags

• TWO SPACIOUS UNITS
• 4-CAR GARAGE
• STRONG INCOME POTENTIAL
• DESIRABLE LOCATION

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $864 ($10k/yr) — positive. Per door: $432/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $265k).
• Recommended offer: $233k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $74k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 14y 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 $195k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $233,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 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 1925 — 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: 1.34% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.97%
• DSCR: 1.62
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $304,128
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34 Hampton St	0.10mi	4/2.0	2,104 (-9%)	1mo	$235,000	$112	80
105 Southern Blvd	0.08mi	5/4.0 (+1)	2,446 (+6%)	1mo	$405,000	$166	72
48 W Van Vechten St	0.47mi	4/2.0	2,166 (-6%)	1mo	$170,000	$78	67
7 Bohl Ave	0.31mi	4/2.0	2,132 (-8%)	9mo	$300,000	$141	66
3 Hurlbut St	0.39mi	5/2.0 (+1)	2,342 (+2%)	18mo	$233,000	$99	59
29 Garden St	0.59mi	4/2.0	2,244 (-3%)	12mo	$300,000	$134	58
26 Marinello Ter	0.43mi	5/2.5 (+1)	2,210 (-4%)	14mo	$413,000	$187	55
15 Cuyler Ave	0.35mi	3/2.0 (-1)	2,044 (-11%)	7mo	$300,000	$147	54
3 S Marshall St	0.26mi	4/2.0	1,989 (-14%)	16mo	$233,000	$117	52
13 Barclay St	0.60mi	5/2.0 (+1)	2,148 (-7%)	11mo	$230,000	$107	47
12 Delaware Ter	0.75mi	5/2.0 (+1)	2,256 (-2%)	14mo	$180,000	$80	45
28 Magnolia Ter	0.70mi	5/2.0 (+1)	2,088 (-9%)	21mo	$276,000	$132	30

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: 4.3%
• Equity multiple: 1.16×
• Total profit: $12,203
• Equity at exit: $39,512

10-year hold

• IRR: 13.8%
• Equity multiple: 2.10×
• Total profit: $81,979
• Equity at exit: $22,912

Cash invested: $74,200 (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: 12.4×

Monthly cashflow live

• Estimated rent: $3,558 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$447 /mo · $5,362/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$747
• Net cashflow: $864

Break-even live

Break-even rent $2,465

Max offer price $265,000

Occupancy floor 71%

Sensitivity live

Price	-10% $1,014	-5% $939	+0% $864	+5% $789	+10% $714
Rent	-10% $583	-5% $723	+0% $864	+5% $1,004	+10% $1,145
Rate	-1.0pp $997	-0.5pp $931	base $864	+0.5pp $795	+1.0pp $725

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,558
Total (2 units)			$3,558

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 Stanwix St Albany, NY	4.0	1.5	1660	$2,500	$1.51	15d	1	0.26mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	44d	1	1.18mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	44d	1	1.43mi

Listing history 22 events

1. 2026-04-03
   status Pending
2. 2026-03-04
   price $265,000
3. 2025-11-19
   listed $275,000 Active
4. 2025-04-21
   status Active
5. 2025-03-22
   historical Contingent
6. 2025-03-22
   historical
7. 2025-03-12
   listed $275,000 Active
8. 2024-12-04
   historical
9. 2024-10-15
   price $275,000
10. 2024-07-08
    listed $285,000 Active
11. 2022-03-14
    soldstatus $195,000
12. 2022-02-06
    price $188,000
13. 2021-12-14
    status Pending
14. 2021-11-27
    listed $209,000 New
15. 2013-03-18
    soldstatus $110,000
16. 2013-02-07
    soldstatus $110,000
17. 2012-11-06
    historical
18. 2012-08-21
    listed $119,900
19. 2012-07-27
    historical
20. 2012-04-05
    listed $147,000
21. 2012-04-03
    historical
22. 2012-02-06
    listed $158,200

ⓘ 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: $5,362 · $447/mo
• Projected year-2 tax: $5,362 · $447/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 4/10 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: $42,696
• − Mortgage interest: −$14,844
• − Property taxes: −$5,362
• − Insurance: −$1,325
• − Repairs & maintenance: −$3,416
• − Management: −$3,416
• − Depreciation: −$7,709
• Taxable income: $6,624
• Est. tax owed @ 24.0%: −$1,590
• After-tax cash flow: $8,776/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

+67.5% since first listed

22 events — show timeline

• 2026-04-03 Pending — Global MLS
• 2026-03-04 Price Changed $265,000 Global MLS
• 2025-11-19 Listed $275,000 Global MLS
• 2025-04-21 Relisted — Global MLS
• 2025-03-22 Contingent — Global MLS
• 2025-03-22 Listing Removed — Global MLS
• 2025-03-12 Listed $275,000 Global MLS
• 2024-12-04 Listing Removed — Global MLS
• 2024-10-15 Price Changed $275,000 Global MLS
• 2024-07-08 Listed $285,000 Global MLS
• 2022-03-14 Sold (Public Records) $195,000 Public Records
• 2022-02-06 Price Changed $188,000 Global MLS
• 2021-12-14 Pending — Global MLS
• 2021-11-27 Listed $209,000 Global MLS
• 2013-03-18 Sold (Public Records) $110,000 Public Records
• 2013-02-07 Sold (MLS) $110,000 Global MLS
• 2012-11-06 Listing Removed — Global MLS
• 2012-08-21 Listed $119,900 Global MLS
• 2012-07-27 Listing Removed — Global MLS
• 2012-04-05 Listed $147,000 Global MLS
• 2012-04-03 Listing Removed — Global MLS
• 2012-02-06 Listed $158,200 Global MLS

Property tax history

+2.5%/yr

Latest (2025): $5,362 · +3.5% YoY. Source: county tax records.