38 Hamilton St

Albany, NY 12084

$350,000D

4 bd · 1.5 ba · 1,732 sqft · Built 1964 · SingleFamily · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,450/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$777
• HOA: −$0
• Vac / Maint / Mgmt: −$514
• Net cashflow: $-676/mo
• Annual: $-8,117/yr
• Cap rate: 3.97%
• Cash-on-cash: -8.28%
• DSCR: 0.63
• 1% rule: 0.70%
• Cash to close: $98,000

Investor read

• This is a 4-bed/1.5-bath single-family listed at $350k.
• At list price, monthly cash flow is $-676 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $231k (34.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $245k (30.0% below list).
• It's been on market 20 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $231k (34.1% below list) — sets the bar for cash-flow.
• In year one you build about $22k of equity ($2k loan paydown + $19k appreciation (5.5% local appreciation)).
• 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.
• Guilderland Central School District (suburban): math 61% / reading 68% proficiency, ranked #166 of 590 in NY (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Guilderland Elementary School (math 62% / reading 67%, grade B, #591 of 2,108 statewide, top 31%, 475 students, 22% FRL); Farnsworth Middle School (math 42% / reading 68%, grade B-, #212 of 729 statewide, top 29%, 1,151 students, 24% FRL); Guilderland High School (math 97% / reading 82%, grade A+, #265 of 1,100 statewide, top 26%, 1,462 students, 23% FRL).
• Market conditions: 7 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.0% vs local median 5.7% in Albany — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.