22 Morris St · Albany, NY 12208

$315,000

6 bd · 2.0 ba · 2,524 sqft · MultiFamily public records · 11 Days on market

Built 1912 2,613 sqft lot Est $333k · 5% under

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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 +25.6/30.0
• ARV discount +10.0/15.0
• DSCR +8.5/10.0
• 1% rule +7.5/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Large 2 family, excellent rental income in desirable area. Needs TLC on first floor. Fully occupied! Cannot be shown until June 20th. Fair Condition

Key facts

• Two-family home
• New heating system
• 2,613 sq ft lot

Tags

• TWO-FAMILY HOME
• RENTAL INCOME POTENTIAL
• OWNER-OCCUPIED OPPORTUNITY
• HIGHLY DESIRABLE LOCATION
• NEW HEATING SYSTEM
• FULLY RENOVATED FLOORING

Property features AI

Finance

• Financial info: Tenant pays heat, internet, electricity, and gas

Exterior

• Parking: Off-street parking
• Utilities: Public sewer; Electric with circuit breakers
• Home design: Duplex; Two-unit property
• Construction: Aluminum siding; Vinyl siding; Slate roof
• Exterior features: Slate roof; Aluminum and vinyl siding; Lot approximately 30 x 93.5

Interior

• Bedrooms: Two units each with 3 bedrooms (Unit 1: 3 bedrooms; Unit 2: 3 bedrooms)
• Flooring: Tile; Hardwood
• Bathrooms: Two full bathrooms total (one full bath on the 1st level and one full bath on the 2nd level)
• Heating & cooling: Forced air heating (natural gas); Window air conditioning units
• Interior features: Tile and hardwood flooring; Full basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $315k.

Deal economics

• At list price, monthly cash flow is $742 ($9k/yr) — positive. Per door: $371/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $315k).
• Cap rate 9.1% 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: Rents rising fast (+5.0%/yr); 100 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,940/mo this rent would consume 67% of the median local household income ($70k/yr) (locally 1952% 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 $9k 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 + 5.0% rent growth), your $88k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 20y 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 $75k; list at $315k implies a 320% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $315,000

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 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.25% ✓
• Cap rate: 9.12%
• Cash-on-cash: 10.10%
• DSCR: 1.45
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $333,168
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
278 Morton Ave	0.44mi	6/2.5	2,460 (-2%)	5mo	$195,000	$79	69
10 Magnolia Ter	0.58mi	6/2.0	2,444 (-3%)	7mo	$317,000	$130	62
1 Magnolia Ter	0.57mi	6/2.0	2,432 (-4%)	8mo	$337,000	$139	61
314-316 Orange St	0.71mi	6/2.0	2,475 (-2%)	6mo	$126,000	$51	58
380-382 Morris St	0.69mi	6/2.0	2,344 (-7%)	3mo	$300,000	$128	54
113 S Lake Ave	0.61mi	5/4.5 (-1)	2,608 (+3%)	4mo	$525,000	$201	47
252 Morton Ave	0.46mi	6/4.0	2,152 (-15%)	3mo	$285,000	$132	43
97 Lark St	0.74mi	6/3.0	2,214 (-12%)	4mo	$259,000	$117	37
561 Park Ave	0.69mi	7/4.5 (+1)	2,700 (+7%)	6mo	$487,000	$180	36
101 Lark St	0.74mi	6/3.0	2,214 (-12%)	7mo	$200,000	$90	35
391 Washington Ave	0.67mi	7/4.0 (+1)	2,217 (-12%)	5mo	$350,000	$158	32
538 Myrtle Ave	0.63mi	5/5.0 (-1)	2,216 (-12%)	2mo	$410,000	$185	31

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 · 5.05% rent growth · sell at horizon

5-year hold

• IRR: 1.4%
• Equity multiple: 1.05×
• Total profit: $4,700
• Equity at exit: $46,968

10-year hold

• IRR: 13.1%
• Equity multiple: 2.15×
• Total profit: $101,175
• Equity at exit: $27,235

Cash invested: $88,200 (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 12208

• Home prices YoY: -30.1%
• Rents YoY: 5.0%
• Active inventory: 100
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $3,940 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$587 /mo · $7,047/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$827
• Net cashflow: $742

Break-even live

Break-even rent $3,000

Max offer price $315,000

Occupancy floor 76%

Sensitivity live

Price	-10% $921	-5% $831	+0% $742	+5% $653	+10% $564
Rent	-10% $431	-5% $587	+0% $742	+5% $898	+10% $1,053
Rate	-1.0pp $901	-0.5pp $822	base $742	+0.5pp $661	+1.0pp $578

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,940
Total (2 units)			$3,940

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-15
   status $315,000 Pending 11 DOM
2. 2026-06-15
   days on market $315,000 Active 11 DOM
3. 2026-06-14
   days on market $315,000 Active 9 DOM
4. 2026-06-10
   days on market $315,000 Active 6 DOM
5. 2026-06-08
   days on market $315,000 Active 4 DOM
6. 2026-06-07
   remarks 695-char remark
7. 2026-06-07
   listed $315,000 Active 3 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: $7,047 · $587/mo
• Projected year-2 tax: $7,047 · $587/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 · 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: $47,280
• − Mortgage interest: −$17,645
• − Property taxes: −$7,047
• − Insurance: −$1,575
• − Repairs & maintenance: −$3,782
• − Management: −$3,782
• − Depreciation: −$9,164
• Taxable income: $4,285
• Est. tax owed @ 24.0%: −$1,028
• After-tax cash flow: $7,878/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): 23,289
• Household income: $70,413
• Rent vs Own: 54.9% rent · 45.1% own
• Severe rent burden: 1952.0

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: Predominantly White (66%)
• Race & ethnicity: White 66% Black 12% Asian 10% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 5% Italian 3% Scotch-Irish 3%
• Foreign-born: 16% · Canada, China, Philippines
• Languages at home: 83% English-only · Other Indo-European 4% Other Asian/Pacific 3% French/Haitian/Cajun 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: ▼ -120.46%
• Current HPI: 279.716
• Rent YoY: ▲ 5.05%
• 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

+270.6% since first listed

6 events — show timeline

• 2026-06-03 Listed $315,000 Global MLS
• 2012-01-26 Sold (Public Records) $75,000 Public Records
• 2007-10-03 Sold (Public Records) $78,000 Public Records
• 2007-09-10 Sold (MLS) $78,000 Global MLS
• 2007-07-18 Listing Removed — Global MLS
• 2006-10-26 Listed $85,000 Global MLS

Property tax history

+8.8%/yr

Latest (2025): $7,047 · +2.6% YoY. Source: county tax records.