404 Delaware Ave · Albany, NY 12209

$359,000

3 bd · 2.5 ba · 2,425 sqft · MultiFamily · 16 Days on market

Built 1910 6,969 sqft lot Est $272k · 32% over

---

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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

-- Very Good Condition

Key facts

• Mixed use property
• 6,969 sq ft lot
• 4 parking spots

Tags

• MIXED USE PROPERTY
• CLOSE TO SPECTRUM THEATER
• CLOSE TO MANY RESTAURANTS

Property features AI

Exterior

• Parking: Off-street paved parking for 4 vehicles
• Utilities: Public water; Public sewer; Tenants pay electricity and gas
• Home design: Triplex; Living area approximately 2,425 total
• Construction: Vinyl siding construction
• Exterior features: Flat asphalt roof; Vinyl siding

Interior

• Bedrooms: Unit 2: 2 bedrooms; Unit 3: 3 bedrooms; Unit 1: studio/1-room unit
• Flooring: Hardwood
• Bathrooms: Two full bathrooms total; Full bath on 1st level; Full bath on 2nd level; Unit 2: 1 full bath; Unit 1: 1 half bath; Unit 3: 1 full bath
• Heating & cooling: Baseboard heating
• Interior features: Hardwood flooring; Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $359k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $359k).
• Recommended offer: $354k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% 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: 47 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $2k of loan paydown is wiped out by about $11k 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 + 3.0% rent growth), your $101k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($354k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 32y 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 $78k; list at $359k implies a 363% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $353,615 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.42% ✓
• Cap rate: 11.49%
• Cash-on-cash: 18.55%
• DSCR: 1.83
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $271,600
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
48 W Van Vechten St	0.25mi	4/2.0 (+1)	2,166 (-11%)	1mo	$170,000	$78	63
34 Hampton St	0.22mi	4/2.0 (+1)	2,104 (-13%)	1mo	$235,000	$112	60
8 Avondale Ter	0.58mi	4/2.0 (+1)	2,296 (-5%)	2mo	$189,000	$82	56
29 Garden St	0.37mi	4/2.0 (+1)	2,244 (-8%)	12mo	$300,000	$134	53
365 2nd Ave	0.14mi	4/2.0 (+1)	2,174 (-10%)	23mo	$180,000	$83	50
7 Bohl Ave	0.51mi	4/2.0 (+1)	2,132 (-12%)	9mo	$300,000	$141	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.3%
• Equity multiple: 1.41×
• Total profit: $40,851
• Equity at exit: $53,528

10-year hold

• IRR: 19.4%
• Equity multiple: 2.62×
• Total profit: $163,296
• Equity at exit: $31,040

Cash invested: $100,520 (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 12209

• Home prices YoY: -7.3%
• Active inventory: 47
• Price-to-rent: 19.5×

Monthly cashflow live

• Estimated rent: $5,107 high
• Mortgage (P&I): −$1,883
• Tax est. 1.5%: −$449 /mo · $5,385/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,072
• Net cashflow: $1,554

Break-even live

Break-even rent $3,140

Max offer price $359,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,535
▸ 2× units	3	1	$3,572
Total (3 units)			$5,107

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: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 Stanwix St Albany, NY	4.0	1.5	1660	$2,500	$1.51	14d	1	0.06mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	43d	1	0.94mi
363 Ontario St Albany, NY	1.0–2.0	1.0–2.5	1610	$3,485	$2.16	14d	1	1.21mi
227 Jay St Albany, NY	2.0	2.0	1710	$2,150	$1.26	43d	1	1.24mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	43d	1	1.26mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	43d	1	1.31mi
41 Dove St Albany, NY	2.0	2.5	2400	$2,350	$0.98	14d	1	1.34mi
32 Peyster St Unit 1st floor Albany, NY	3.0	2.0	2714	$2,500	$0.92	43d	1	1.39mi

Listing history 10 events

1. 2026-06-18
   days on market $359,000 Active 16 DOM
2. 2026-06-17
   days on market $359,000 Active 15 DOM
3. 2026-06-16
   days on market $359,000 Active 14 DOM
4. 2026-06-15
   days on market $359,000 Active 13 DOM
5. 2026-06-14
   days on market $359,000 Active 11 DOM
6. 2026-06-10
   days on market $359,000 Active 8 DOM
7. 2026-06-08
   days on market $359,000 Active 6 DOM
8. 2026-06-07
   days on market $359,000 Active 5 DOM
9. 2026-06-03
   remarks 228-char remark
10. 2026-06-03
    listed $359,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $61,284
• − Mortgage interest: −$20,110
• − Property taxes: −$5,385
• − Insurance: −$1,795
• − Repairs & maintenance: −$4,903
• − Management: −$4,903
• − Depreciation: −$10,444
• Taxable income: $13,745
• Est. tax owed @ 24.0%: −$3,299
• After-tax cash flow: $15,344/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): 10,754

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 0.69)
• Race & ethnicity: White 46% Black 23% Hispanic / Latino 19% Asian 8% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 4% Lithuanian 3% Serbian 1%
• Foreign-born: 18% · Canada, Philippines, South Korea
• Languages at home: 77% English-only · Spanish 13% Other Asian/Pacific 3% Tagalog/Filipino 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: ▼ -24.91%
• Current HPI: 318.0191
• 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

+355.0% since first listed

4 events — show timeline

• 2026-06-02 Listed $359,000 Global MLS
• 1998-09-01 Sold (MLS) $77,500 Global MLS
• 1998-08-04 Listing Removed — Global MLS
• 1994-08-17 Listed $78,900 Global MLS