31 South St · Albany, NY 12204

$209,900

6 bd · 2.0 ba · 2,252 sqft · MultiFamily public records · 53 Days on market

Built 1910 2,178 sqft lot $93/sqft · 42% below area Est $362k · 42% under

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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 +4.0/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Solid 2 family home in great city location. Been in same family for over 20 years. All large rooms, all hardwood floors. roof 12 years old, fenced in yard. home is in good shape but is sold in as is condition. Very Good Condition

Key facts

• Quiet side street
• Rubber roof
• Long term tenants

Tags

• QUIET SIDE STREET
• 100 AMP PANELS
• HOT WATER BOILER
• RUBBER ROOF
• LONG TERM TENANTS

Property features AI

Finance

• Financial info: Multifamily: 2 total units; Tenants pay heat, electricity and gas; Owner pays water, sewer and trash collection

Exterior

• Parking: No parking details provided
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: 100 Amp electric service; Public water; Public sewer; Cable available
• Home design: Duplex; Two units; Living area approximately 2,252 (as provided)
• Construction: Vinyl siding; Rubber roof
• Exterior features: Front porch

Interior

• Kitchen: Unit 1: 1 kitchen on 1st floor; Unit 2: 1 kitchen on 2nd floor
• Bedrooms: Unit 1: 3 bedrooms (all on 1st floor); Unit 2: 2 bedrooms (on 2nd floor)
• Flooring: Hardwood; Laminate; Linoleum
• Bathrooms: 2 full bathrooms (one on 1st floor, one on 2nd floor)
• Heating & cooling: Baseboard heating; Electric heating; Hot water heating; Natural gas available
• Interior features: Hardwood, laminate and linoleum flooring; Full basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $622/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $210k).
• Recommended offer: $204k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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: 24 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.9%/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 (-1.9% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y 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 $68k; list at $210k implies a 209% 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 $203,603 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.73% ✓
• Cap rate: 13.41%
• Cash-on-cash: 25.41%
• DSCR: 2.13
• GRM: 4.8

CMA / ARV

• ARV (median comp): $362,275
• List price: $209,900
• Delta: -42.06%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
38 North St	0.12mi	5/2.0 (-1)	2,254 (+0%)	3mo	$215,500	$96	87
55 Walter St	0.09mi	6/2.0	2,244 (-0%)	11mo	$239,000	$107	86
556 N Pearl St	0.14mi	6/2.0	2,392 (+6%)	7mo	$205,000	$86	77
19-21 Bonheim St	0.34mi	6/2.0	1,980 (-12%)	6mo	$320,000	$162	59
28 Albany St	0.26mi	5/3.0 (-1)	1,936 (-14%)	6mo	$360,000	$186	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-1.91% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.6%
• Equity multiple: 1.94×
• Total profit: $55,188
• Equity at exit: $41,691

10-year hold

• IRR: 28.2%
• Equity multiple: 3.71×
• Total profit: $159,538
• Equity at exit: $36,515

Cash invested: $58,772 (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 12204

• Home prices YoY: -0.7%
• Active inventory: 24
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $3,629 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$434 /mo · $5,209/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$762
• Net cashflow: $1,245

Break-even live

Break-even rent $2,054

Max offer price $209,900

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,630
Total (2 units)			$3,629

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-15
   days on market $209,900 Active 53 DOM
2. 2026-06-14
   days on market $209,900 Active 51 DOM
3. 2026-06-10
   days on market $209,900 Active 48 DOM
4. 2026-06-08
   days on market $209,900 Active 46 DOM
5. 2026-06-07
   days on market $209,900 Active 45 DOM
6. 2026-06-03
   days on market $209,900 Active 41 DOM
7. 2026-06-02
   days on market $209,900 Active 40 DOM
8. 2026-06-01
   days on market $209,900 Active 39 DOM
9. 2026-05-31
   days on market $209,900 Active 38 DOM
10. 2026-05-31
    days on market $209,900 Active 37 DOM
11. 2026-04-23
    listed $209,900 Active 349-char remark
12. 2014-07-29
    soldstatus $68,000
13. 2014-07-23
    soldstatus $68,000 229-char remark

    Show marketing remark (229 chars)

    Solid 2 family home in great city location. Been in same family for over 20 years. All large rooms, all hardwood floors. roof 12 years old, fenced in yard. home is in good shape but is sold in as is condition. Very Good Condition

14. 2014-05-20
    historical 229-char remark

    Show marketing remark (229 chars)

    Solid 2 family home in great city location. Been in same family for over 20 years. All large rooms, all hardwood floors. roof 12 years old, fenced in yard. home is in good shape but is sold in as is condition. Very Good Condition

15. 2013-11-25
    listed $79,900 229-char remark

    Show marketing remark (229 chars)

    Solid 2 family home in great city location. Been in same family for over 20 years. All large rooms, all hardwood floors. roof 12 years old, fenced in yard. home is in good shape but is sold in as is condition. Very Good Condition

ⓘ 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: $5,209 · $434/mo
• Projected year-2 tax: $5,209 · $434/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 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 18 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,548
• − Mortgage interest: −$11,758
• − Property taxes: −$5,209
• − Insurance: −$1,050
• − Repairs & maintenance: −$3,484
• − Management: −$3,484
• − Depreciation: −$6,106
• Taxable income: $12,458
• Est. tax owed @ 24.0%: −$2,990
• After-tax cash flow: $11,945/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): 8,423

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 0.66)
• Race & ethnicity: White 50% Black 29% Asian 8% Two or more races 8% Hispanic / Latino 5%
• Common ancestry: Romanian 6% Lithuanian 5% Slovak 2%
• Foreign-born: 8% · Canada, China, Jamaica
• Languages at home: 89% English-only · Spanish 3% Other Indo-European 3% Other Asian/Pacific 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: ▼ -1.91%
• Current HPI: 264.5536
• 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

+162.7% since first listed

6 events — show timeline

• 2026-05-22 Listing Removed — Global MLS
• 2026-04-23 Listed $209,900 Global MLS
• 2014-07-29 Sold (Public Records) $68,000 Public Records
• 2014-07-23 Sold (MLS) $68,000 Global MLS
• 2014-05-20 Listing Removed — Global MLS
• 2013-11-25 Listed $79,900 Global MLS

Property tax history

+6.1%/yr

Latest (2025): $5,209 · +3.6% YoY. Source: county tax records.