5 S Dove St · Albany, NY 12202

$229,900

6 bd · 2.0 ba · 2,380 sqft · MultiFamily public records · 28 Days on market

Built 1899 3,484 sqft lot Est $278k · 17% under

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Why this score? — see what drove the A 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
• Appreciation +10.0/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Solid Money Making 2 Family, Month-to-Month long term tenants. Separate Utilities Unit One $1194/month Unit 2 $1370/Month ($30,768 annual). Close to Major Highways, Parks & Hospitals. Very Good Condition

Key facts

• Close to parks
• Close to hospitals
• Good condition

Tags

• CLOSE TO MAJOR HIGHWAYS
• CLOSE TO PARKS
• CLOSE TO HOSPITALS
• GOOD CONDITION

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $545/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $230k).
• Recommended offer: $226k (1.5% below list) — sets the bar for market timing.

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: Rents rising fast (+8.7%/yr); 58 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $64k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 25y 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 $175k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $226,451 (1.5% below list)

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 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.58% ✓
• Cap rate: 11.98%
• Cash-on-cash: 20.31%
• DSCR: 1.90
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $278,460
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14 Bogart Ter	0.11mi	6/2.0	2,232 (-6%)	2mo	$250,000	$112	83
23 Sloan St	0.35mi	6/3.0	2,310 (-3%)	1mo	$170,000	$74	74
278 Morton Ave	0.36mi	6/2.5	2,460 (+3%)	5mo	$195,000	$79	72
50 Southern Blvd	0.73mi	6/2.0	2,380 (0%)	2mo	$347,000	$146	64
41 Barrows St	0.59mi	6/2.0	2,472 (+4%)	2mo	$290,000	$117	64
252 Morton Ave	0.34mi	6/4.0	2,152 (-10%)	3mo	$285,000	$132	57
79 Alexander St	0.46mi	6/4.0	2,600 (+9%)	0mo	$215,000	$83	55
58 Southern Blvd	0.72mi	6/2.0	2,264 (-5%)	4mo	$350,000	$155	54
105 Southern Blvd	0.63mi	5/4.0 (-1)	2,446 (+3%)	1mo	$405,000	$166	52
24 Delaware St	0.54mi	5/2.5 (-1)	2,112 (-11%)	2mo	$240,000	$114	47
62 Summit Ave	0.57mi	6/2.5	2,658 (+12%)	6mo	$330,000	$124	47
64 Clinton St	0.61mi	5/3.0 (-1)	2,640 (+11%)	6mo	$140,000	$53	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 42.4%
• Equity multiple: 4.32×
• Total profit: $213,975
• Equity at exit: $207,112

10-year hold

• IRR: 38.7%
• Equity multiple: 10.69×
• Total profit: $623,495
• Equity at exit: $446,645

Cash invested: $64,372 (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 12202

• Home prices YoY: 14.3%
• Rents YoY: 8.7%
• Active inventory: 58
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $3,635 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$481 /mo · $5,771/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$763
• Net cashflow: $1,089

Break-even live

Break-even rent $2,256

Max offer price $229,900

Occupancy floor 65%

Sensitivity live

Price	-10% $1,219	-5% $1,154	+0% $1,089	+5% $1,024	+10% $959
Rent	-10% $802	-5% $946	+0% $1,089	+5% $1,233	+10% $1,377
Rate	-1.0pp $1,205	-0.5pp $1,148	base $1,089	+0.5pp $1,030	+1.0pp $969

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,636
Total (2 units)			$3,635

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-01-27
   status Pending
2. 2026-01-22
   historical Contingent
3. 2025-12-30
   listed $229,900 Active
4. 2021-08-13
   soldstatus $175,000 Closed (Final Sale) 208-char remark

   Show marketing remark (208 chars)

   Solid Money Making 2 Family, Month-to-Month long term tenants. Separate Utilities Unit One $1194/month Unit 2 $1370/Month ($30,768 annual). Close to Major Highways, Parks & Hospitals. Very Good Condition

5. 2021-05-14
   status Pend (Under Cntr) 208-char remark

   Show marketing remark (208 chars)

   Solid Money Making 2 Family, Month-to-Month long term tenants. Separate Utilities Unit One $1194/month Unit 2 $1370/Month ($30,768 annual). Close to Major Highways, Parks & Hospitals. Very Good Condition

6. 2021-05-03
   listed $189,000 New 208-char remark

   Show marketing remark (208 chars)

   Solid Money Making 2 Family, Month-to-Month long term tenants. Separate Utilities Unit One $1194/month Unit 2 $1370/Month ($30,768 annual). Close to Major Highways, Parks & Hospitals. Very Good Condition

7. 2001-12-11
   soldstatus $41,000 227-char remark

   Show marketing remark (227 chars)

   GREAT PRICE FOR THIS HOUSE, LARGE TWO FAMILY WITH SEPARATE UTILITIES,2 NEWER GAS BOILERS,DECENT INTERIORS, LARGE WALKUP ATTIC, PERFECT VERY AFFORDABLE HOME FOR A 1ST TIME HOMEBUYER OR INVESTOR, BANK OWNED -- Very Good Condition

8. 2001-10-10
   historical 227-char remark

   Show marketing remark (227 chars)

   GREAT PRICE FOR THIS HOUSE, LARGE TWO FAMILY WITH SEPARATE UTILITIES,2 NEWER GAS BOILERS,DECENT INTERIORS, LARGE WALKUP ATTIC, PERFECT VERY AFFORDABLE HOME FOR A 1ST TIME HOMEBUYER OR INVESTOR, BANK OWNED -- Very Good Condition

9. 2001-01-22
   listed $44,800 227-char remark

   Show marketing remark (227 chars)

   GREAT PRICE FOR THIS HOUSE, LARGE TWO FAMILY WITH SEPARATE UTILITIES,2 NEWER GAS BOILERS,DECENT INTERIORS, LARGE WALKUP ATTIC, PERFECT VERY AFFORDABLE HOME FOR A 1ST TIME HOMEBUYER OR INVESTOR, BANK OWNED -- 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: $5,771 · $481/mo
• Projected year-2 tax: $5,771 · $481/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 2/10 Low
• 🌡 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: $43,620
• − Mortgage interest: −$12,878
• − Property taxes: −$5,771
• − Insurance: −$1,150
• − Repairs & maintenance: −$3,490
• − Management: −$3,490
• − Depreciation: −$6,688
• Taxable income: $10,155
• Est. tax owed @ 24.0%: −$2,437
• After-tax cash flow: $10,635/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): 10,166
• Household income: $52,868
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 935.0

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 0.73)
• Race & ethnicity: Black 40% White 28% Hispanic / Latino 15% Two or more races 14% Asian 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 5%
• Common ancestry: Iranian 2% Romanian 1% Serbian 1%
• Foreign-born: 14% · Canada, Philippines, China
• Languages at home: 80% English-only · Spanish 10% Other Asian/Pacific 4% Arabic 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: ▲ 38.05%
• Current HPI: 303.8939
• Rent YoY: ▲ 8.70%
• 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

+413.2% since first listed

9 events — show timeline

• 2026-01-27 Pending — Global MLS
• 2026-01-22 Contingent — Global MLS
• 2025-12-30 Listed $229,900 Global MLS
• 2021-08-13 Sold (MLS) $175,000 Global MLS
• 2021-05-14 Pending — Global MLS
• 2021-05-03 Listed $189,000 Global MLS
• 2001-12-11 Sold (MLS) $41,000 Global MLS
• 2001-10-10 Listing Removed — Global MLS
• 2001-01-22 Listed $44,800 Global MLS

Property tax history

+3.4%/yr

Latest (2025): $5,771 · -16.7% YoY. Source: county tax records.