128 Hamilton St · Albany, NY 12207

$325,000

6 bd · 3.0 ba · 5,430 sqft · MultiFamily public records · 28 Days on market

Built 1858 2,613 sqft lot Est $624k · 48% under ↓ 7% since listing

---

Why this score? — see what drove the A- 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.0/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

39-year owner with long term tenants makes for a great investment as projected rents could approach $5,500/month with garage rented separately. Priced well below other 4-unit properties and those with similar rent potential, especially with an oversized 2-car garage accessible from the yard or Van Zandt Street. Although some apartments are listed as 1 bedroom, the tenants have elected to use them as 2 bedrooms. Seller pays approximately $3,947.16 for utilities annually (2025). Close to MVP Arena, Empire State Plaza, Albany Capital Center, Cafe Capriccio and I-87. Property was under contract for a long period of time only to have the buyers financing fail at last minute.

Key facts

• Close to mvp arena
• 2,613 sq ft lot
• 2 garage spots

Tags

• OVERSIZED 2-CAR GARAGE
• ACCESSIBLE FROM THE YARD
• CLOSE TO MVP ARENA
• CLOSE TO EMPIRE STATE PLAZA
• CLOSE TO ALBANY CAPITAL CENTER
• CLOSE TO CAFE CAPRICCIO

🏷️ Possibly a rental listed for sale. The $325,000 price doesn't fit this home's estimated sale value (~$624,450) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $5k ($59k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $325k).
• Recommended offer: $320k (1.5% below list) — sets the bar for market timing.
• Cap rate 24.6% 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 (+5.8%/yr); 5 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($2k loan paydown + $10k appreciation (3.0% local appreciation)).
• 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 + 5.8% rent growth), your $91k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $300k (48%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1858 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $320,125 (1.5% below list)

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 1858 — 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: 2.87% ✓
• Cap rate: 24.57%
• Cash-on-cash: 65.27%
• DSCR: 3.90
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $624,450
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
140 Jefferson St	0.45mi	7/4.0 (+1)	5,420 (-0%)	3mo	$625,000	$115	67
11 Elm St	0.09mi	7/4.0 (+1)	4,680 (-14%)	13mo	$425,000	$91	53
285 Lark St	0.67mi	6/5.0	5,196 (-4%)	2mo	$445,000	$86	52
324 Hudson Ave	0.59mi	6/7.0	4,940 (-9%)	0mo	$739,000	$150	41

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 · 5.83% rent growth · sell at horizon

5-year hold

• IRR: 72.9%
• Equity multiple: 5.20×
• Total profit: $382,001
• Equity at exit: $146,134

10-year hold

• IRR: 73.4%
• Equity multiple: 11.59×
• Total profit: $963,869
• Equity at exit: $225,210

Cash invested: $91,000 (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 12207

• Rents YoY: 5.8%
• Active inventory: 5
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $9,340 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$589 /mo · $7,070/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,961
• Net cashflow: $4,950

Break-even live

Break-even rent $3,075

Max offer price $325,000

Occupancy floor 42%

Sensitivity live

Price	-10% $5,134	-5% $5,042	+0% $4,950	+5% $4,858	+10% $4,766
Rent	-10% $4,212	-5% $4,581	+0% $4,950	+5% $5,319	+10% $5,688
Rate	-1.0pp $5,113	-0.5pp $5,032	base $4,950	+0.5pp $4,865	+1.0pp $4,780

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$9,340
Total (4 units)			$9,340

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-04-28
   status Pending
2. 2026-03-31
   price $325,000
3. 2026-03-31
   listed $625,000 Active
4. 2025-12-04
   status Pending
5. 2025-11-28
   historical
6. 2025-11-03
   price $325,000
7. 2025-09-06
   status Active
8. 2025-08-26
   status Pending
9. 2025-08-23
   historical $950
10. 2025-08-22
    listed $350,000 Active
11. 2025-08-07
    listed $950

ⓘ 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: $7,070 · $589/mo
• Projected year-2 tax: $7,070 · $589/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 ≥98°F today · 17 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: $112,080
• − Mortgage interest: −$18,205
• − Property taxes: −$7,070
• − Insurance: −$1,625
• − Repairs & maintenance: −$8,966
• − Management: −$8,966
• − Depreciation: −$9,455
• Taxable income: $57,793
• Est. tax owed @ 24.0%: −$13,870
• After-tax cash flow: $45,526/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): 1,988
• Household income: $58,998
• Rent vs Own: 96.0% rent · 4.0% own
• Severe rent burden: 182.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 44% Black 43% Hispanic / Latino 7% Asian 3% Two or more races 3%
• Hispanic origin (detail): Mexican 2% Cuban 2% Dominican 2%
• Common ancestry: Romanian 4% Serbian 1% Lithuanian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 85% English-only · Spanish 10% Korean 2% 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: —
• Current HPI: —
• Rent YoY: ▲ 5.83%
• 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

-7.1% since first listed

11 events — show timeline

• 2026-04-28 Pending — Global MLS
• 2026-03-31 Price Changed $325,000 Global MLS
• 2026-03-31 Listed $625,000 Global MLS
• 2025-12-04 Pending — Global MLS
• 2025-11-28 Listing Removed — Global MLS
• 2025-11-03 Price Changed $325,000 Global MLS
• 2025-09-06 Relisted — Global MLS
• 2025-08-26 Pending — Global MLS
• 2025-08-23 Rental Removed $950 REDFIN
• 2025-08-22 Listed $350,000 Global MLS
• 2025-08-07 Listed for Rent $950 REDFIN

Property tax history

+0.5%/yr

Latest (2025): $7,070 · +0.0% YoY. Source: county tax records.