265 Elk St · Albany, NY 12206

$119,000

6 bd · 2.0 ba · 1,672 sqft · MultiFamily public records · 46 Days on market

Built 1882 3,049 sqft lot Est $207k · 43% 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

Attention investors, here is your next investment opportunity! This duplex in downtown Albany would make a great addition to your rental portfolio. This property needs work, and is fully gutted, steel beams inserted foundation rebuilt. Property has the potential to be a triplex. Must purchase 266 Elk St as well for a package deal. This is an AS-IS property. CASH BUYERS ONLY! Property is sold via an assignment of contract.

Key facts

• New windows
• 3,049 sq ft lot
• Built 1882

Tags

• NEW WINDOWS
• BRAND NEW MAIN SEWERAGE LINE

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $119k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $119k).
• Recommended offer: $115k (3.0% 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 (+5.4%/yr); 89 active listings in the ZIP; lower-income renter base — watch delinquency; 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 $823 of loan paydown is wiped out by about $4k 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 $33k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($115k) 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 $39k; list at $119k implies a 205% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1882 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $115,430 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1882 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 3.83% ✓
• Cap rate: 33.95%
• Cash-on-cash: 98.79%
• DSCR: 5.40
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $207,328
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
156 Lark St	0.20mi	6/3.0	1,728 (+3%)	1mo	$235,000	$136	80
348 1st St	0.28mi	6/2.0	1,606 (-4%)	5mo	$250,000	$156	76
339 2nd St	0.38mi	6/2.0	1,784 (+7%)	1mo	$175,000	$98	70
189 Elk St	0.17mi	6/2.0	1,880 (+12%)	2mo	$89,900	$48	70
320 1st St	0.25mi	5/3.0 (-1)	1,638 (-2%)	10mo	$213,000	$130	67
384 Livingston Ave	0.41mi	6/2.0	1,760 (+5%)	15mo	$120,000	$68	60
446 1st St	0.48mi	6/2.0	1,848 (+10%)	1mo	$160,000	$87	59
312 Third St	0.38mi	6/2.0	1,772 (+6%)	16mo	$130,000	$73	59
44-46 Quail St	0.59mi	6/2.0	1,818 (+9%)	7mo	$153,000	$84	52
184 Quail St	0.63mi	6/3.0	1,853 (+11%)	4mo	$231,000	$125	45
14-16 Mc Crossin Ave	0.58mi	6/2.0	1,872 (+12%)	15mo	$325,000	$174	41
106 Spring St	0.52mi	5/2.0 (-1)	1,896 (+13%)	13mo	$236,000	$124	38

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: —
• Equity multiple: 5.90×
• Total profit: $163,142
• Equity at exit: $17,743

10-year hold

• IRR: —
• Equity multiple: 13.33×
• Total profit: $410,945
• Equity at exit: $10,289

Cash invested: $33,320 (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: 6.5×

Monthly cashflow live

• Estimated rent: $4,562 high
• Mortgage (P&I): −$624
• Tax from tax record: −$187 /mo · $2,249/yr
• Insurance: −$50
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$958
• Net cashflow: $2,687

Break-even live

Break-even rent $1,160

Max offer price $119,000

Occupancy floor 36%

Sensitivity live

Price	-10% $2,755	-5% $2,721	+0% $2,687	+5% $2,654	+10% $2,620
Rent	-10% $2,327	-5% $2,507	+0% $2,687	+5% $2,868	+10% $3,048
Rate	-1.0pp $2,747	-0.5pp $2,718	base $2,687	+0.5pp $2,657	+1.0pp $2,625

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.5	$4,563
Total (3 units)			$4,562

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $119,000 Active 46 DOM
2. 2026-06-17
   days on market $119,000 Active 45 DOM
3. 2026-06-16
   days on market $119,000 Active 44 DOM
4. 2026-06-15
   days on market $119,000 Active 43 DOM
5. 2026-06-14
   days on market $119,000 Active 41 DOM
6. 2026-06-10
   days on market $119,000 Active 38 DOM
7. 2026-06-08
   days on market $119,000 Active 36 DOM
8. 2026-06-07
   remarks 371-char remark
9. 2026-06-07
   statusdays on market $119,000 Active 35 DOM
10. 2026-01-25
    status Pending
11. 2025-12-22
    listed $119,000 Active
12. 2025-11-06
    soldstatus $39,000 Closed 429-char remark

    Show marketing remark (429 chars)

    Attention investors, here is your next investment opportunity! This duplex in downtown Albany would make a great addition to your rental portfolio. This property needs work, and is fully gutted, steel beams inserted foundation rebuilt. Property has the potential to be a triplex. Must purchase 266 Elk St as well for a package deal. This is an AS-IS property. CASH BUYERS ONLY! Property is sold via an assignment of contract.

13. 2025-04-02
    status Pending 429-char remark

    Show marketing remark (429 chars)

    Attention investors, here is your next investment opportunity! This duplex in downtown Albany would make a great addition to your rental portfolio. This property needs work, and is fully gutted, steel beams inserted foundation rebuilt. Property has the potential to be a triplex. Must purchase 266 Elk St as well for a package deal. This is an AS-IS property. CASH BUYERS ONLY! Property is sold via an assignment of contract.

14. 2025-03-27
    listed $39,900 Active 429-char remark

    Show marketing remark (429 chars)

    Attention investors, here is your next investment opportunity! This duplex in downtown Albany would make a great addition to your rental portfolio. This property needs work, and is fully gutted, steel beams inserted foundation rebuilt. Property has the potential to be a triplex. Must purchase 266 Elk St as well for a package deal. This is an AS-IS property. CASH BUYERS ONLY! Property is sold via an assignment of contract.

ⓘ 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: $2,249 · $187/mo
• Projected year-2 tax: $2,249 · $187/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 7/10 Severe FEMA zone X (unshaded) · 77% 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 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: $54,744
• − Mortgage interest: −$6,666
• − Property taxes: −$2,249
• − Insurance: −$1,262
• − Repairs & maintenance: −$4,380
• − Management: −$4,380
• − Depreciation: −$3,462
• Taxable income: $32,347
• Est. tax owed @ 24.0%: −$7,763
• After-tax cash flow: $24,486/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

+198.2% since first listed

5 events — show timeline

• 2026-01-25 Pending — Global MLS
• 2025-12-22 Listed $119,000 Global MLS
• 2025-11-06 Sold (MLS) $39,000 Global MLS
• 2025-04-02 Pending — Global MLS
• 2025-03-27 Listed $39,900 Global MLS

Property tax history

+8.3%/yr

Latest (2025): $2,249 · +8.7% YoY. Source: county tax records.