70 Central Ave · Albany, NY 12206

$259,999

18 bd · 6.0 ba · 5,940 sqft · MultiFamily · 80 Days on market

Built 1900 3,049 sqft lot

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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 (5+ Unit). Listing-text estimate: 6 units. confirmed

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

Sold before print. Sold as a package with 15 Ash Grove Place. MLS #201832807

Key facts

• 3,049 sq ft lot
• Built 1900
• Listed 80 days

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/1.0-bath units multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $7k ($82k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $260k).
• Recommended offer: $244k (6.0% below list) — sets the bar for market timing.
• Cap rate 37.7% 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; lower-income renter base — watch delinquency; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $10,890/mo this rent would consume 315% 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 $2k of loan paydown is wiped out by about $8k 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 $73k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($244k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 24y ago; this cycle's ask has dropped $40k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $244,399 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% 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 1900 — 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. 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?
9. 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.
10. 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.
11. 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: 4.19% ✓
• Cap rate: 37.71%
• Cash-on-cash: 112.19%
• DSCR: 5.99
• GRM: 2.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.37% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.74×
• Total profit: $418,112
• Equity at exit: $38,767

10-year hold

• IRR: —
• Equity multiple: 15.25×
• Total profit: $1,037,456
• Equity at exit: $22,480

Cash invested: $72,800 (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: 11.9×

Monthly cashflow live

• Estimated rent: $10,890 high
• Mortgage (P&I): −$1,363
• Tax est. 1.5%: −$325 /mo · $3,900/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,287
• Net cashflow: $6,806

Break-even live

Break-even rent $2,274

Max offer price $259,999

Occupancy floor 32%

Sensitivity live

Price	-10% $6,986	-5% $6,896	+0% $6,806	+5% $6,716	+10% $6,627
Rent	-10% $5,946	-5% $6,376	+0% $6,806	+5% $7,236	+10% $7,667
Rate	-1.0pp $6,937	-0.5pp $6,872	base $6,806	+0.5pp $6,739	+1.0pp $6,670

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

Units	Beds	Baths	Est. rent
▸ 6× units	3	1	$10,890
Total (6 units)			$10,890

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2025-07-21
   status Pending
2. 2025-07-08
   price $259,999
3. 2025-05-01
   listed $300,000 Active
4. 2019-01-10
   status Pend (Under Cntr) 76-char remark

   Show marketing remark (76 chars)

   Sold before print. Sold as a package with 15 Ash Grove Place. MLS #201832807

5. 2019-01-10
   soldstatus $270,000 Closed (Final Sale) 76-char remark

   Show marketing remark (76 chars)

   Sold before print. Sold as a package with 15 Ash Grove Place. MLS #201832807

6. 2018-12-19
   listed $299,900 New 76-char remark

   Show marketing remark (76 chars)

   Sold before print. Sold as a package with 15 Ash Grove Place. MLS #201832807

7. 2018-10-16
   historical
8. 2018-09-03
   listed $299,997 New
9. 2018-08-29
   historical
10. 2018-08-17
    price $299,900
11. 2018-07-09
    listed $324,900 New
12. 2018-06-16
    historical
13. 2018-06-05
    price $355,000
14. 2018-05-16
    price $375,000
15. 2018-04-18
    listed $399,000 New
16. 2018-01-03
    historical
17. 2017-09-25
    listed $875,000 New
18. 2010-11-24
    soldstatus $199,900
19. 2010-11-17
    historical
20. 2010-09-10
    listed $199,000
21. 2009-10-17
    historical
22. 2009-04-16
    listed $439,000
23. 2005-10-10
    soldstatus $195,000
24. 2005-08-12
    historical
25. 2005-07-06
    listed $220,000
26. 2004-03-24
    soldstatus $135,000
27. 2003-12-08
    historical
28. 2002-07-17
    listed $139,777

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $130,680
• − Mortgage interest: −$14,564
• − Property taxes: −$3,900
• − Insurance: −$1,300
• − Repairs & maintenance: −$10,454
• − Management: −$10,454
• − Depreciation: −$7,564
• Taxable income: $82,444
• Est. tax owed @ 24.0%: −$19,786
• After-tax cash flow: $61,889/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

+86.0% since first listed

28 events — show timeline

• 2025-07-21 Pending — Global MLS
• 2025-07-08 Price Changed $259,999 Global MLS
• 2025-05-01 Listed $300,000 Global MLS
• 2019-01-10 Pending — Global MLS
• 2019-01-10 Sold (MLS) $270,000 Global MLS
• 2018-12-19 Listed $299,900 Global MLS
• 2018-10-16 Listing Removed — Global MLS
• 2018-09-03 Listed $299,997 Global MLS
• 2018-08-29 Listing Removed — Global MLS
• 2018-08-17 Price Changed $299,900 Global MLS
• 2018-07-09 Listed $324,900 Global MLS
• 2018-06-16 Listing Removed — Global MLS
• 2018-06-05 Price Changed $355,000 Global MLS
• 2018-05-16 Price Changed $375,000 Global MLS
• 2018-04-18 Listed $399,000 Global MLS
• 2018-01-03 Listing Removed — Global MLS
• 2017-09-25 Listed $875,000 Global MLS
• 2010-11-24 Sold (MLS) $199,900 Global MLS
• 2010-11-17 Listing Removed — Global MLS
• 2010-09-10 Listed $199,000 Global MLS
• 2009-10-17 Listing Removed — Global MLS
• 2009-04-16 Listed $439,000 Global MLS
• 2005-10-10 Sold (MLS) $195,000 Global MLS
• 2005-08-12 Listing Removed — Global MLS
• 2005-07-06 Listed $220,000 Global MLS
• 2004-03-24 Sold (MLS) $135,000 Global MLS
• 2003-12-08 Listing Removed — Global MLS
• 2002-07-17 Listed $139,777 Global MLS