159-169 Franklin St · Albany, NY 12202

$1,050,000

3 bd · 2.0 ba · 1,733 sqft · MultiFamily public records · 3 Days on market

Built 1952 5,227 sqft lot

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Why this score? — see what drove the C+ 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 +20.6/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Rent growth +4.7/5.0
• 1% rule +4.1/10.0
• 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: 6 units. estimate disagrees with records

Listing remarks MLS

Good Investor Property needs some rehab although priced to sell.

Key facts

• Separate parcels
• Brand new roof
• All electric

Tags

• BRAND NEW ROOF
• SEPARATE PARCELS
• ALL ELECTRIC

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/2.0-bath units multifamily listed at $1.05M.

Deal economics

• At list price, monthly cash flow is $952 ($11k/yr) — positive. Per door: $159/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $956k (9.0% below list).
• Recommended offer: $956k (9.0% below list) — sets the bar for 1% rule.

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; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• In year one you build about $112k of equity ($7k loan paydown + $105k 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 $294k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$180k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 19y 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 $22k; list at $1.05M implies a 4673% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $955,700 (9.0% 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 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 0.91% ✗
• Cap rate: 7.91%
• Cash-on-cash: 5.77%
• DSCR: 1.26
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $178,499
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
126 4th Ave	0.16mi	3/3.0	1,782 (+3%)	3mo	$210,000	$118	82
31 3rd Ave	0.15mi	4/2.0 (+1)	1,800 (+4%)	1mo	$155,000	$86	80
101 3rd Ave	0.32mi	4/3.0 (+1)	1,750 (+1%)	3mo	$180,000	$103	72
21-23 Liebel St	0.45mi	4/2.0 (+1)	1,800 (+4%)	10mo	$220,000	$122	59
33 Myrtle Ave	0.49mi	4/2.0 (+1)	1,612 (-7%)	11mo	$180,000	$112	52
77 3rd Ave	0.27mi	4/1.5 (+1)	1,529 (-12%)	12mo	$120,000	$78	51
87 Elizabeth St	0.27mi	2/2.0 (-1)	1,492 (-14%)	19mo	$145,000	$97	43

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: 28.9%
• Equity multiple: 3.32×
• Total profit: $682,739
• Equity at exit: $945,923

10-year hold

• IRR: 26.5%
• Equity multiple: 8.10×
• Total profit: $2,087,477
• Equity at exit: $2,039,919

Cash invested: $294,000 (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: 54.9×

Monthly cashflow live

• Estimated rent: $9,557 medium
• Mortgage (P&I): −$5,506
• Tax from tax record: −$194 /mo · $2,325/yr
• Insurance: −$438
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,007
• Net cashflow: $952

Break-even live

Break-even rent $8,352

Max offer price $1,050,000

Occupancy floor 85%

Sensitivity live

Price	-10% $1,546	-5% $1,249	+0% $952	+5% $655	+10% $358
Rent	-10% $197	-5% $575	+0% $952	+5% $1,330	+10% $1,707
Rate	-1.0pp $1,481	-0.5pp $1,219	base $952	+0.5pp $680	+1.0pp $403

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

Units	Beds	Baths	Est. rent
▸ 6× units	3	2	$9,558
Total (6 units)			$9,557

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: $262,500
• Closing costs: $31,500
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
475 S Pearl St #3 Albany, NY	4.0	2.0	1200	$1,850	$1.54	15d	1	0.24mi
475 S Pearl St #3 Albany, NY	4.0	2.0	1200	$1,850	$1.54	22d	1	0.24mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	45d	1	0.46mi
25 Bleecker Pl #1 Albany, NY	2.0	1.0	1150	$1,350	$1.17	45d	1	0.53mi
164 Madison Ave Albany, NY	2.0	1.0	1200	$1,500	$1.25	45d	1	0.58mi
98 Mount Hope Dr Albany, NY	2.0	1.5	1200	$2,000	$1.67	15d	1	0.67mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	45d	1	0.85mi
99 New Broadway Rensselaer, NY	2.0	1.0–2.0	946	$2,495	$2.64	15d	5	0.85mi
100 New Broadway Rensselaer, NY	2.0	2.0	1248	$2,212	$1.77	15d	2	0.91mi
346 Madison Ave Unit 3 Albany, NY	3.0	2.0	1110	$2,725	$2.45	45d	1	0.94mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	24d	1	0.94mi
48 N Pearl St Albany, NY	2.0	1.0–2.5	1251	$3,500	$2.80	15d	17	0.97mi
364 Madison Ave Albany, NY	2.0	2.0	1150	$1,850	$1.61	22d	1	0.98mi
22 Hurlbut St Albany, NY	3.0	1.0	1209	$2,050	$1.70	45d	1	1.08mi
154 Lancaster St Unit 1 Albany, NY	2.0	1.5	1500	$2,200	$1.47	24d	1	1.09mi
409 Madison Ave Albany, NY	2.0	2.0	1050	$2,094	$1.99	24d	1	1.11mi
31 Bertha St Albany, NY	4.0	1.0	1116	$2,000	$1.79	24d	1	1.12mi
292 Lark St Albany, NY	2.0	1.0	1100	$1,500	$1.36	45d	1	1.15mi
945 Broadway Rensselaer, NY	3.0	1.0	1200	$1,650	$1.38	24d	1	1.16mi
25 Harrison Ave Rensselaer, NY	2.0	1.0	1400	$1,745	$1.25	20d	1	1.17mi
227 Jay St Albany, NY	2.0	2.0	1710	$2,150	$1.26	45d	1	1.20mi
88 Willett St Albany, NY	3.0	1.0	825	$2,080	$2.52	15d	10	1.21mi
15 Stanwix St Albany, NY	4.0	1.5	1660	$2,500	$1.51	15d	1	1.26mi
15 Ten Broeck St Albany, NY	2.0	1.5	1900	$1,750	$0.92	22d	1	1.26mi
352 State St Albany, NY	2.0	2.0	1143	$2,500	$2.19	24d	1	1.29mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	45d	1	1.31mi
520 Madison Ave Unit 1 Albany, NY	3.0	1.0	1080	$1,700	$1.57	45d	1	1.32mi
86 Hackett Blvd Albany, NY	2.0	1.0	1100	$1,900	$1.73	24d	1	1.36mi
240 Washington Ave Albany, NY	2.0	2.0	1560	$2,450	$1.57	45d	1	1.39mi
502 Second Ave #3 Albany, NY	3.0	1.0	1100	$1,800	$1.64	45d	1	1.41mi
50 Southern Blvd Albany, NY	3.0	1.0	1200	$1,650	$1.38	15d	1	1.42mi

Listing history 8 events

1. 2026-03-27
   status Pending
2. 2026-03-23
   listed $1,050,000 Active
3. 2020-07-01
   historical
4. 2020-01-23
   listed $82,500 New
5. 2007-04-19
   soldstatus $22,000 64-char remark

   Show marketing remark (64 chars)

   Good Investor Property needs some rehab although priced to sell.

6. 2007-03-27
   historical 64-char remark

   Show marketing remark (64 chars)

   Good Investor Property needs some rehab although priced to sell.

7. 2007-03-19
   listed $23,900 64-char remark

   Show marketing remark (64 chars)

   Good Investor Property needs some rehab although priced to sell.

8. 2004-03-10
   soldstatus $78,000

ⓘ 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: $2,325 · $194/mo
• Projected year-2 tax: $10,035 · $836/mo
• Expected delta: +$7,710/yr (+$642/mo · 331.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 49% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°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: $114,684
• − Mortgage interest: −$58,816
• − Property taxes: −$2,325
• − Insurance: −$10,775
• − Repairs & maintenance: −$9,175
• − Management: −$9,175
• − Depreciation: −$30,545
• Taxable loss: −$6,127
• Est. tax savings @ 24.0%: +$1,471
• After-tax cash flow: $12,895/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

+1246.2% since first listed

8 events — show timeline

• 2026-03-27 Pending — Global MLS
• 2026-03-23 Listed $1,050,000 Global MLS
• 2020-07-01 Listing Removed — Global MLS
• 2020-01-23 Listed $82,500 Global MLS
• 2007-04-19 Sold (MLS) $22,000 Global MLS
• 2007-03-27 Listing Removed — Global MLS
• 2007-03-19 Listed $23,900 Global MLS
• 2004-03-10 Sold (Public Records) $78,000 Public Records

Property tax history

+1.2%/yr

Latest (2025): $2,325 · -16.6% YoY. Source: county tax records.