211 N Allen St · Albany, NY 12206

$239,700

6 bd · 2.0 ba · 2,088 sqft · MultiFamily public records · 82 Days on market

Built 1925 2,178 sqft lot $115/sqft · 40% below area Est $398k · 40% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Schools +3.2/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Outstanding opportunity to own this two (2) family income $ property in a great Albany location just a block off of Central Avenue / RT 5. Very close to the bus line and just a short walk to shopping. Each unit has three (3) bedrooms with a combined living and dinning room, plus an eat i kitchens and one (1) full bath. Front porches, full basement, ''separated utilities'' ! Don't miss this one! All reasonable offers considered $.

Key facts

• Front porches
• Full basement
• Separated utilities

Tags

• GREAT ALBANY LOCATION
• CLOSE TO BUS LINE
• SHORT WALK TO SHOPPING
• FRONT PORCHES
• FULL BASEMENT
• SEPARATED UTILITIES

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $240k).
• Recommended offer: $225k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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: Rents rising fast (+5.4%/yr); 89 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,750/mo this rent would consume 108% of the median local household income ($42k/yr) (locally 2035% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 + 5.4% rent growth), your $67k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($225k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y 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 $104k; list at $240k implies a 130% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $225,318 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.56% ✓
• Cap rate: 11.43%
• Cash-on-cash: 18.34%
• DSCR: 1.82
• GRM: 5.3

CMA / ARV

• ARV (median comp): $398,307
• List price: $239,700
• Delta: -39.82%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
137 N Pine Ave	0.29mi	6/4.0	2,140 (+2%)	8mo	$153,000	$71	68
608 3rd St	0.42mi	6/2.0	2,174 (+4%)	9mo	$91,500	$42	66
9 N Manning Blvd	0.35mi	5/2.0 (-1)	1,936 (-7%)	5mo	$145,000	$75	62
309 Manning Blvd	0.21mi	5/2.0 (-1)	1,868 (-10%)	10mo	$305,000	$163	59
84 N Allen St	0.40mi	5/3.0 (-1)	2,179 (+4%)	9mo	$425,000	$195	58
59 N Allen St	0.47mi	7/2.0 (+1)	2,260 (+8%)	5mo	$315,000	$139	55
847 Jay St	0.45mi	5/2.0 (-1)	2,246 (+8%)	8mo	$285,000	$127	55
147 Homestead Ave	0.50mi	6/2.0	2,342 (+12%)	7mo	$330,000	$141	50
20 Richmond St	0.70mi	6/2.0	1,936 (-7%)	6mo	$285,000	$147	50
600 Livingston Ave	0.64mi	5/2.0 (-1)	2,172 (+4%)	11mo	$160,000	$74	50
24 Kent St	0.57mi	6/2.0	2,364 (+13%)	4mo	$210,000	$89	47
18 N Allen St	0.57mi	5/3.0 (-1)	2,232 (+7%)	8mo	$250,000	$112	46

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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: 13.0%
• Equity multiple: 1.53×
• Total profit: $35,887
• Equity at exit: $35,740

10-year hold

• IRR: 23.8%
• Equity multiple: 3.32×
• Total profit: $155,753
• Equity at exit: $20,725

Cash invested: $67,116 (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 12206

• Home prices YoY: -9.9%
• Rents YoY: 5.4%
• Active inventory: 89
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $3,750 high
• Mortgage (P&I): −$1,257
• Tax from tax record: −$580 /mo · $6,955/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$788
• Net cashflow: $1,026

Break-even live

Break-even rent $2,451

Max offer price $239,700

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,750
Total (2 units)			$3,750

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: $59,925
• Closing costs: $7,191
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
69 Winthrop Ave Albany, NY	6.0	2.0	2800	$2,795	$1.00	23d	1	0.60mi

Listing history 10 events

1. 2026-06-07
   status $239,700 Pending 82 DOM
2. 2026-06-03
   days on market $239,700 Active 82 DOM
3. 2026-06-02
   days on market $239,700 Active 81 DOM
4. 2026-06-01
   days on market $239,700 Active 80 DOM
5. 2026-05-31
   days on market $239,700 Active 79 DOM
6. 2026-05-31
   days on market $239,700 Active 78 DOM
7. 2026-03-13
   listed $239,700 Active 439-char remark

   Show marketing remark (439 chars)

   Outstanding opportunity to own this two (2) family income $ property in a great Albany location just a block off of Central Avenue / RT 5. Very close to the bus line and just a short walk to shopping. Each unit has three (3) bedrooms with a combined living and dinning room, plus an eat i kitchens and one (1) full bath. Front porches, full basement, ''separated utilities'' ! Don't miss this one! All reasonable offers considered $.

8. 2005-08-08
   soldstatus $104,000
9. 2005-07-15
   soldstatus $104,000 282-char remark

   Show marketing remark (282 chars)

   Wonderful, long term tenants! Utilities have been separated & are paid for by tenants (with exception of water & sewer - total bill was $332 for past 12 months). New rubber roof (2004). ROPs (COs) up-to-date. On CDTA busline. One block from Central. Very Good Condition

10. 2005-05-23
    listed $99,900 282-char remark

    Show marketing remark (282 chars)

    Wonderful, long term tenants! Utilities have been separated & are paid for by tenants (with exception of water & sewer - total bill was $332 for past 12 months). New rubber roof (2004). ROPs (COs) up-to-date. On CDTA busline. One block from Central. Very Good Condition

ⓘ 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: $6,955 · $580/mo
• Projected year-2 tax: $6,955 · $580/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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $45,000
• − Mortgage interest: −$13,427
• − Property taxes: −$6,955
• − Insurance: −$1,198
• − Repairs & maintenance: −$3,600
• − Management: −$3,600
• − Depreciation: −$6,973
• Taxable income: $9,246
• Est. tax owed @ 24.0%: −$2,219
• After-tax cash flow: $10,093/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
• County: Albany County · 196,626 people
• City population: 116,921
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 14,572
• Household income: $41,548
• Rent vs Own: 73.4% rent · 26.6% own
• Severe rent burden: 2035.0

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: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: Black 38% White 27% Hispanic / Latino 15% Two or more races 12% Asian 10%
• Hispanic origin (detail): Puerto Rican 10% Dominican 1%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 1%
• Foreign-born: 22% · Canada, China
• Languages at home: 75% English-only · Spanish 10% Other Indo-European 5% Chinese 3%

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: ▼ -30.24%
• Current HPI: 275.8109
• Rent YoY: ▲ 5.37%
• Metro: Albany-Schenectady-Troy, NY
• 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

+139.9% since first listed

4 events — show timeline

• 2026-03-13 Listed $239,700 Global MLS
• 2005-08-08 Sold (Public Records) $104,000 Public Records
• 2005-07-15 Sold (MLS) $104,000 Global MLS
• 2005-05-23 Listed $99,900 Global MLS

Property tax history

+4.4%/yr

Latest (2025): $6,955 · -0.6% YoY. Source: county tax records.