67 Walter St · Albany, NY 12204

$99,000

5 bd · 2.0 ba · 2,156 sqft · MultiFamily public records · 17 Days on market

Built 1890 2,613 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +4.0/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• 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

* SHORT SALE * Multi-family property with strong upside potential. Currently configured as two units, featuring a 1-bedroom, 1-bath first-floor apartment and a 2-bedroom, 1-bath second-floor apartment * * . The first-floor unit offers the potential to be reconfigured into a 2-bedroom layout, while the basement may provide an opportunity for additional living space or a future apartment, subject to municipal approvals. The property requires substantial renovations, including a new roof, making it an excellent opportunity for investors. Transaction is being professionally negotiated by ARII Solutions, LLC. Buyer shall be responsible for a $7,500 short sale processing fee at closing. Please

Key facts

• Two units
• New roof
• 2,613 sq ft lot

Tags

• TWO UNITS
• FIRST FLOOR APARTMENT
• SECOND FLOOR APARTMENT
• ADDITIONAL LIVING SPACE
• NEW ROOF

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex; 2,156 living area; Lot approximately 0.06 acres
• Construction: Vinyl siding
• Exterior features: Rubber roof

Interior

• Bedrooms: Unit 1: 1 bedroom (1st level); Unit 2: 2 bedrooms
• Bathrooms: 2 full bathrooms total; Full bath on 1st level; Full bath on 2nd level
• Heating & cooling: Baseboard heating; Radiant heating; Natural gas heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $99k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $952/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $99k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 29.4% 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.
• 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: 24 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.9%/yr); year-one equity from $684 of loan paydown is wiped out by about $2k 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 (-1.9% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $80k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 4.6% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $97,515 (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 1890 — 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: 3.64% ✓
• Cap rate: 29.38%
• Cash-on-cash: 82.47%
• DSCR: 4.67
• GRM: 2.3

CMA / ARV

• ARV (on-the-fly): $245,784
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
38 North St	0.11mi	5/2.0	2,254 (+4%)	3mo	$215,500	$96	85
55 Walter St	0.03mi	6/2.0 (+1)	2,244 (+4%)	11mo	$239,000	$107	78
15 Walter St	0.13mi	4/2.0 (-1)	2,304 (+7%)	9mo	$263,000	$114	70
556 N Pearl St	0.09mi	6/2.0 (+1)	2,392 (+11%)	7mo	$205,000	$86	66
19-21 Bonheim St	0.26mi	6/2.0 (+1)	1,980 (-8%)	6mo	$320,000	$162	64
28 Albany St	0.31mi	5/3.0	1,936 (-10%)	6mo	$360,000	$186	60
12 South St	0.16mi	4/2.0 (-1)	1,848 (-14%)	8mo	$215,000	$116	57

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

Projected returns pro-forma

-1.91% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 83.5%
• Equity multiple: 4.97×
• Total profit: $110,106
• Equity at exit: $19,664

10-year hold

• IRR: 86.2%
• Equity multiple: 10.27×
• Total profit: $257,102
• Equity at exit: $17,223

Cash invested: $27,720 (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 12204

• Home prices YoY: -0.7%
• Active inventory: 24
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $3,604 high
• Mortgage (P&I): −$519
• Tax from tax record: −$382 /mo · $4,582/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$757
• Net cashflow: $1,905

Break-even live

Break-even rent $1,193

Max offer price $99,000

Occupancy floor 42%

Sensitivity live

Price	-10% $2,231	-5% $1,933	+0% $1,905	+5% $1,877	+10% $1,849
Rent	-10% $1,620	-5% $1,763	+0% $1,905	+5% $2,047	+10% $2,190
Rate	-1.0pp $1,955	-0.5pp $1,930	base $1,905	+0.5pp $1,879	+1.0pp $1,853

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,604
Total (2 units)			$3,604

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
624 N Pearl St Unit 1st floor Albany, NY	4.0	2.0	1800	$1,950	$1.08	15d	1	0.11mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	44d	1	1.32mi

Listing history 11 events

1. 2026-06-18
   days on market $99,000 Active 17 DOM
2. 2026-06-17
   days on market $99,000 Active 16 DOM
3. 2026-06-16
   days on market $99,000 Active 15 DOM
4. 2026-06-15
   days on market $99,000 Active 14 DOM
5. 2026-06-14
   days on market $99,000 Active 12 DOM
6. 2026-06-10
   days on market $99,000 Active 9 DOM
7. 2026-06-08
   days on market $99,000 Active 7 DOM
8. 2026-06-07
   days on market $99,000 Active 6 DOM
9. 2026-06-03
   days on market $99,000 Active 2 DOM
10. 2026-06-02
    remarks 699-char remark
11. 2026-06-02
    listed $99,000 Active 1 DOM

ⓘ 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: $4,582 · $382/mo
• Projected year-2 tax: $4,582 · $382/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 ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,248
• − Mortgage interest: −$5,546
• − Property taxes: −$4,582
• − Insurance: −$495
• − Repairs & maintenance: −$3,460
• − Management: −$3,460
• − Depreciation: −$2,880
• Taxable income: $22,826
• Est. tax owed @ 24.0%: −$5,478
• After-tax cash flow: $17,381/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): 8,423

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 0.66)
• Race & ethnicity: White 50% Black 29% Asian 8% Two or more races 8% Hispanic / Latino 5%
• Common ancestry: Romanian 6% Lithuanian 5% Slovak 2%
• Foreign-born: 8% · Canada, China, Jamaica
• Languages at home: 89% English-only · Spanish 3% Other Indo-European 3% Other Asian/Pacific 2%

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: ▼ -1.91%
• Current HPI: 264.5536
• 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

+24.5% since first listed

6 events — show timeline

• 2026-05-29 Listed $99,000 Global MLS
• 2026-04-02 Listing Removed — Global MLS
• 2026-03-26 Price Changed $129,000 Global MLS
• 2026-03-11 Price Changed $130,000 Global MLS
• 2026-03-05 Listed $135,000 Global MLS
• 2004-08-17 Sold (Public Records) $79,500 Public Records

Property tax history

+3.6%/yr

Latest (2025): $4,582 · -4.3% YoY. Source: county tax records.