4 New Scotland Ave · Albany, NY 12208

$399,000

6 bd · 3.0 ba · 2,520 sqft · MultiFamily public records · 715 Days on market

Built 1930 1,306 sqft lot $158/sqft · 39% below area Est $499k · 20% under ↓ 33% since listing

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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 +27.9/30.0
• ARV discount +15.0/15.0
• DSCR +9.9/10.0
• 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 (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Three family and Two lots available on New Scotland Ave near Albany Medical Center and Washington Park. Next to the hospital's billion dollar expansion, the new YMCA, CVS, Baldini's, Chipotle, Starbuck's and Panera. Residential or commercial opportunity or both. 365 new apartment across the street at premium rents. Off street parking. Unique opportunity.

Key facts

• Off street parking
• 1,306 sq ft lot
• 3 parking spots

Tags

• NEAR ALBANY MEDICAL CENTER
• NEXT TO HOSPITAL'S EXPANSION
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $409/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $399k).
• Recommended offer: $351k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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.
• Market conditions: Rents rising fast (+5.0%/yr); 99 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $4,990/mo this rent would consume 85% 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 $3k of loan paydown is wiped out by about $12k 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 $112k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 715 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $76k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $351,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 715 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 9.99%
• Cash-on-cash: 13.19%
• DSCR: 1.59
• GRM: 6.7

CMA / ARV

• ARV (median comp): $498,766
• List price: $399,000
• Delta: -20.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
189-B Quail St	0.59mi	6/2.0	2,512 (-0%)	3mo	$185,000	$74	66
459 Hudson Ave	0.58mi	6/2.0	2,584 (+2%)	3mo	$235,000	$91	62
113 S Lake Ave	0.38mi	5/4.5 (-1)	2,608 (+4%)	4mo	$525,000	$201	62
380-382 Morris St	0.45mi	6/2.0	2,344 (-7%)	3mo	$300,000	$128	61
278 Morton Ave	0.65mi	6/2.5	2,460 (-2%)	5mo	$195,000	$79	60
362 Clinton Ave	0.68mi	7/4.0 (+1)	2,490 (-1%)	2mo	$270,000	$108	56
558 Washington Ave	0.73mi	7/3.0 (+1)	2,562 (+2%)	3mo	$325,000	$127	56
466 Hudson Ave	0.58mi	6/2.0	2,712 (+8%)	3mo	$235,000	$87	53
538 Myrtle Ave	0.41mi	5/5.0 (-1)	2,216 (-12%)	2mo	$410,000	$185	46
391 Washington Ave	0.47mi	7/4.0 (+1)	2,217 (-12%)	5mo	$350,000	$158	45
97 Lark St	0.71mi	6/3.0	2,214 (-12%)	4mo	$259,000	$117	43
252 Morton Ave	0.69mi	6/4.0	2,152 (-15%)	3mo	$285,000	$132	37

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: 5.4%
• Equity multiple: 1.22×
• Total profit: $24,115
• Equity at exit: $59,492

10-year hold

• IRR: 16.6%
• Equity multiple: 2.49×
• Total profit: $166,859
• Equity at exit: $34,498

Cash invested: $111,720 (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: 99
• Price-to-rent: 20.0×

Monthly cashflow live

• Estimated rent: $4,990 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$455 /mo · $5,464/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,048
• Net cashflow: $1,228

Break-even live

Break-even rent $3,435

Max offer price $399,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,989
Total (3 units)			$4,990

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $399,000 Active 715 DOM
2. 2026-06-17
   days on market $399,000 Active 714 DOM
3. 2026-06-16
   days on market $399,000 Active 713 DOM
4. 2026-06-15
   days on market $399,000 Active 712 DOM
5. 2026-06-14
   days on market $399,000 Active 710 DOM
6. 2026-06-10
   days on market $399,000 Active 707 DOM
7. 2026-06-08
   days on market $399,000 Active 705 DOM
8. 2026-06-07
   days on market $399,000 Active 704 DOM
9. 2026-06-03
   days on market $399,000 Active 700 DOM
10. 2026-06-02
    days on market $399,000 Active 699 DOM
11. 2026-06-01
    days on market $399,000 Active 698 DOM
12. 2026-05-31
    days on market $399,000 Active 697 DOM
13. 2026-05-31
    days on market $399,000 Active 696 DOM
14. 2026-01-16
    status Active 356-char remark

    Show marketing remark (356 chars)

    Three family and Two lots available on New Scotland Ave near Albany Medical Center and Washington Park. Next to the hospital's billion dollar expansion, the new YMCA, CVS, Baldini's, Chipotle, Starbuck's and Panera. Residential or commercial opportunity or both. 365 new apartment across the street at premium rents. Off street parking. Unique opportunity.

15. 2026-01-15
    price $399,000 356-char remark

    Show marketing remark (356 chars)

    Three family and Two lots available on New Scotland Ave near Albany Medical Center and Washington Park. Next to the hospital's billion dollar expansion, the new YMCA, CVS, Baldini's, Chipotle, Starbuck's and Panera. Residential or commercial opportunity or both. 365 new apartment across the street at premium rents. Off street parking. Unique opportunity.

16. 2026-01-01
    historical 356-char remark

    Show marketing remark (356 chars)

    Three family and Two lots available on New Scotland Ave near Albany Medical Center and Washington Park. Next to the hospital's billion dollar expansion, the new YMCA, CVS, Baldini's, Chipotle, Starbuck's and Panera. Residential or commercial opportunity or both. 365 new apartment across the street at premium rents. Off street parking. Unique opportunity.

17. 2025-03-28
    status Active 356-char remark

    Show marketing remark (356 chars)

    Three family and Two lots available on New Scotland Ave near Albany Medical Center and Washington Park. Next to the hospital's billion dollar expansion, the new YMCA, CVS, Baldini's, Chipotle, Starbuck's and Panera. Residential or commercial opportunity or both. 365 new apartment across the street at premium rents. Off street parking. Unique opportunity.

18. 2025-03-05
    historical 356-char remark

    Show marketing remark (356 chars)

    Three family and Two lots available on New Scotland Ave near Albany Medical Center and Washington Park. Next to the hospital's billion dollar expansion, the new YMCA, CVS, Baldini's, Chipotle, Starbuck's and Panera. Residential or commercial opportunity or both. 365 new apartment across the street at premium rents. Off street parking. Unique opportunity.

19. 2024-09-04
    status Active 356-char remark

    Show marketing remark (356 chars)

    Three family and Two lots available on New Scotland Ave near Albany Medical Center and Washington Park. Next to the hospital's billion dollar expansion, the new YMCA, CVS, Baldini's, Chipotle, Starbuck's and Panera. Residential or commercial opportunity or both. 365 new apartment across the street at premium rents. Off street parking. Unique opportunity.

20. 2024-09-04
    price $299,000 356-char remark

    Show marketing remark (356 chars)

    Three family and Two lots available on New Scotland Ave near Albany Medical Center and Washington Park. Next to the hospital's billion dollar expansion, the new YMCA, CVS, Baldini's, Chipotle, Starbuck's and Panera. Residential or commercial opportunity or both. 365 new apartment across the street at premium rents. Off street parking. Unique opportunity.

21. 2024-08-01
    historical 356-char remark

    Show marketing remark (356 chars)

    Three family and Two lots available on New Scotland Ave near Albany Medical Center and Washington Park. Next to the hospital's billion dollar expansion, the new YMCA, CVS, Baldini's, Chipotle, Starbuck's and Panera. Residential or commercial opportunity or both. 365 new apartment across the street at premium rents. Off street parking. Unique opportunity.

22. 2024-07-10
    price $395,000 356-char remark

    Show marketing remark (356 chars)

    Three family and Two lots available on New Scotland Ave near Albany Medical Center and Washington Park. Next to the hospital's billion dollar expansion, the new YMCA, CVS, Baldini's, Chipotle, Starbuck's and Panera. Residential or commercial opportunity or both. 365 new apartment across the street at premium rents. Off street parking. Unique opportunity.

23. 2024-04-19
    listed $475,000 Active 356-char remark

    Show marketing remark (356 chars)

    Three family and Two lots available on New Scotland Ave near Albany Medical Center and Washington Park. Next to the hospital's billion dollar expansion, the new YMCA, CVS, Baldini's, Chipotle, Starbuck's and Panera. Residential or commercial opportunity or both. 365 new apartment across the street at premium rents. Off street parking. Unique opportunity.

24. 2024-02-01
    historical
25. 2023-10-27
    price $475,000
26. 2023-06-12
    listed $595,000 Active

ⓘ 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: $5,464 · $455/mo
• Projected year-2 tax: $6,104 · $509/mo
• Expected delta: +$639/yr (+$53/mo · 11.7%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% 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: $59,880
• − Mortgage interest: −$22,350
• − Property taxes: −$5,464
• − Insurance: −$1,995
• − Repairs & maintenance: −$4,790
• − Management: −$4,790
• − Depreciation: −$11,607
• Taxable income: $8,883
• Est. tax owed @ 24.0%: −$2,132
• After-tax cash flow: $12,605/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

-32.9% since first listed

13 events — show timeline

• 2026-01-16 Relisted — Global MLS
• 2026-01-15 Price Changed $399,000 Global MLS
• 2026-01-01 Listing Removed — Global MLS
• 2025-03-28 Relisted — Global MLS
• 2025-03-05 Listing Removed — Global MLS
• 2024-09-04 Relisted — Global MLS
• 2024-09-04 Price Changed $299,000 Global MLS
• 2024-08-01 Listing Removed — Global MLS
• 2024-07-10 Price Changed $395,000 Global MLS
• 2024-04-19 Listed $475,000 Global MLS
• 2024-02-01 Listing Removed — Global MLS
• 2023-10-27 Price Changed $475,000 Global MLS
• 2023-06-12 Listed $595,000 Global MLS

Property tax history

+11.5%/yr

Latest (2025): $5,464 · +0.1% YoY. Source: county tax records.