372 1st St · Albany, NY 12206

$145,000

5 bd · 2.0 ba · 1,600 sqft · MultiFamily public records · 7 Days on market

Built 1910 3,049 sqft lot Est $158k · 8% under

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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 +30.0/30.0
• ARV discount +11.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

THE NUMBERS WORK FOR INVESTORS OR FIRST TIME HOME BUYER IN THIS PREDOMINATELY OWNER OCCUPIED BLOCK. 2 FAMILY, EAT IN KITCHEN, W/D IN DRY BSMT. SEPARATE UTILITIES, LARGE SHED IN BACK YARD WITH HEAT & ELECTRIC. 4 CAR DRIVEWAY 373 FIRST ST INCLUDED. Very Good Condition

Key facts

• Heated shed
• Separate utilities
• Electric in backyard

Tags

• TWO-FAMILY PROPERTY
• SEPARATE UTILITIES
• SPACIOUS EAT-IN KITCHENS
• FULL DRY BASEMENT
• HEATED SHED
• ELECTRIC IN BACKYARD

Property features AI

Finance

• Other: Total living area reported; Below-grade finished area reported; Property configured as a 2-unit building

Exterior

• Utilities: Public water; Public sewer; Electric service (standard)
• Home design: Duplex; Entry-level living: 1st floor units present
• Construction: Vinyl siding; Shingle roof; Full unfinished basement with interior entry
• Exterior features: Garden; Packing shed / outbuilding; Level lot

Interior

• Kitchen: Unit 2 includes 1 kitchen
• Bedrooms: Unit 1: 3 bedrooms (all on the 1st floor); Unit 2: 2 bedrooms
• Flooring: Tile; Wood; Laminate
• Bathrooms: 2 full bathrooms total (one on the 1st floor and one on the 2nd floor); Unit breakdown: Unit 1 – 1 full bath; Unit 2 – 1 full bath
• Heating & cooling: Hot water heating
• Interior features: Ceiling paddle fan

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $748/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $145k).
• Cap rate 18.7% 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 (+5.4%/yr); 89 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,209/mo this rent would consume 93% of the median local household income ($42k/yr) (locally 2035% 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 $1k of loan paydown is wiped out by about $4k 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 + 5.4% rent growth), your $41k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $64k; list at $145k implies a 125% 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 $145,000

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 1910 — 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: 2.21% ✓
• Cap rate: 18.67%
• Cash-on-cash: 44.19%
• DSCR: 2.97
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $158,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
348 1st St	0.07mi	6/2.0 (+1)	1,606 (+0%)	5mo	$250,000	$156	87
376 1st St	0.01mi	4/2.0 (-1)	1,680 (+5%)	10mo	$100,000	$60	78
320 1st St	0.13mi	5/3.0	1,638 (+2%)	10mo	$213,000	$130	77
339 2nd St	0.08mi	6/2.0 (+1)	1,784 (+12%)	1mo	$175,000	$98	72
14 Pennsylvania Ave	0.35mi	4/2.0 (-1)	1,600 (0%)	13mo	$110,000	$69	68
596 Livingston Ave	0.54mi	4/2.0 (-1)	1,584 (-1%)	3mo	$148,000	$93	66
95 3rd St	0.66mi	4/2.0 (-1)	1,584 (-1%)	3mo	$180,000	$114	60
97 West St	0.38mi	4/2.0 (-1)	1,760 (+10%)	6mo	$187,000	$106	55
44-46 Quail St	0.27mi	6/2.0 (+1)	1,818 (+14%)	7mo	$153,000	$84	54
156 Lark St	0.52mi	6/3.0 (+1)	1,728 (+8%)	1mo	$235,000	$136	53
217 1st St	0.42mi	5/2.5	1,364 (-15%)	3mo	$135,000	$99	52
605 3rd St	0.74mi	4/2.0 (-1)	1,792 (+12%)	14mo	$152,000	$85	29

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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: 43.9%
• Equity multiple: 2.96×
• Total profit: $79,626
• Equity at exit: $21,620

10-year hold

• IRR: 51.0%
• Equity multiple: 6.57×
• Total profit: $225,979
• Equity at exit: $12,537

Cash invested: $40,600 (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 12206

• Home prices YoY: -9.9%
• Rents YoY: 5.4%
• Active inventory: 89
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $3,209 high
• Mortgage (P&I): −$760
• Tax from tax record: −$219 /mo · $2,631/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$674
• Net cashflow: $1,495

Break-even live

Break-even rent $1,317

Max offer price $145,000

Occupancy floor 48%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,208
Total (2 units)			$3,209

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
569 Washington Ave Unit 1st Floor Albany, NY	4.0	1.0	1275	$2,000	$1.57	43d	1	0.62mi
58 Elberon Pl Apt 2 Albany, NY	4.0	1.0	1250	$2,200	$1.76	43d	1	0.65mi
433 Hamilton St Unit 1 Albany, NY	4.0	1.0	1200	$2,300	$1.92	14d	1	0.71mi
437 Hamilton St Unit 2 Albany, NY	4.0	1.0	1200	$2,300	$1.92	14d	1	0.72mi
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	43d	1	0.77mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	43d	1	0.89mi
673 Myrtle Ave Albany, NY	4.0	1.0	1076	$2,400	$2.23	21d	1	1.01mi
52 Grove Ave Albany, NY	4.0	1.0	1200	$2,200	$1.83	21d	1	1.37mi
38 W Erie St Albany, NY	4.0	2.0	1440	$2,800	$1.94	23d	1	1.50mi

Listing history 6 events

1. 2026-06-18
   days on market $145,000 Active 7 DOM
2. 2026-06-17
   days on market $145,000 Active 6 DOM
3. 2026-06-16
   days on market $145,000 Active 5 DOM
4. 2026-06-15
   days on market $145,000 Active 4 DOM
5. 2026-06-14
   remarks 628-char remark
6. 2026-06-14
   listed $145,000 Active 2 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: $2,631 · $219/mo
• Projected year-2 tax: $2,631 · $219/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: $38,508
• − Mortgage interest: −$8,122
• − Property taxes: −$2,631
• − Insurance: −$725
• − Repairs & maintenance: −$3,081
• − Management: −$3,081
• − Depreciation: −$4,218
• Taxable income: $16,650
• Est. tax owed @ 24.0%: −$3,996
• After-tax cash flow: $13,944/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): 14,572
• Household income: $41,548
• Rent vs Own: 73.4% rent · 26.6% own
• Severe rent burden: 2035.0

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 0.75)
• Race & ethnicity: Black 38% White 27% Hispanic / Latino 15% Two or more races 12% Asian 10%
• Hispanic origin (detail): Puerto Rican 10% Dominican 1%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 1%
• Foreign-born: 22% · Canada, China
• Languages at home: 75% English-only · Spanish 10% Other Indo-European 5% Chinese 3%

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: ▼ -30.24%
• Current HPI: 275.8109
• Rent YoY: ▲ 5.37%
• 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

+113.2% since first listed

5 events — show timeline

• 2026-06-11 Listed $145,000 Global MLS
• 2007-12-13 Sold (Public Records) $64,499 Public Records
• 2007-11-30 Sold (MLS) $64,500 Global MLS
• 2007-10-28 Listing Removed — Global MLS
• 2007-09-26 Listed $68,000 Global MLS

Property tax history

+0.8%/yr

Latest (2025): $2,631 · -9.4% YoY. Source: county tax records.