269 Spruce St · Albany, NY 12210

$150,000

None bd · 3.0 ba · 4,408 sqft · MultiFamily · 41 Days on market

Built 1870 3,920 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +2.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Blank slate here formally used as a church. With 2000+ sf on each floor turn into apartments or use commercially or have a really large single family home. It is commercially zoned so it can be mixed use. Good bones but it needs renovation.

Key facts

• Mixed use
• Commercially zoned
• 3,920 sq ft lot

Tags

• COMMERCIALLY ZONED
• MIXED USE

What this means for you Summary

Snapshot

• This is a ?-bed/3.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $150k).
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• Cap rate 22.3% 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 (+6.9%/yr); 70 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,838/mo this rent would consume 82% of the median local household income ($56k/yr) (locally 1211% 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 + 6.9% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.56% ✓
• Cap rate: 22.26%
• Cash-on-cash: 57.01%
• DSCR: 3.54
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $524,552
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
116 Lark St	0.12mi	6/3.0	3,960 (-10%)	8mo	$250,000	$63	70
368 Madison Ave	0.59mi	4/3.0	4,422 (+0%)	13mo	$515,000	$116	61
136 Lancaster St	0.45mi	4/4.0	4,234 (-4%)	19mo	$415,000	$98	53
372 Madison Ave	0.59mi	8/5.0	4,347 (-1%)	15mo	$160,000	$37	50
36 Spring St	0.24mi	6/6.0	3,852 (-13%)	10mo	$535,000	$139	47
22 S Lake Ave	0.61mi	9/7.0	4,344 (-2%)	11mo	$745,000	$172	44
324 Hudson Ave	0.45mi	6/7.0	4,940 (+12%)	0mo	$739,000	$150	43
359 Hamilton St	0.50mi	6/4.0	3,960 (-10%)	17mo	$470,000	$119	42
361 Washington Avenue Ave	0.32mi	9/9.0	4,200 (-5%)	20mo	$725,000	$173	41
303 State St	0.32mi	11/10.5	4,056 (-8%)	15mo	$1,150,000	$284	39
155 Western Ave	0.61mi	11/4.0	3,777 (-14%)	5mo	$325,000	$86	39
47 Ten Broeck St	0.66mi	10/5.0	5,000 (+13%)	7mo	$500,000	$100	33

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 · 6.86% rent growth · sell at horizon

5-year hold

• IRR: 59.8%
• Equity multiple: 3.82×
• Total profit: $118,323
• Equity at exit: $22,365

10-year hold

• IRR: 65.9%
• Equity multiple: 8.99×
• Total profit: $335,717
• Equity at exit: $12,969

Cash invested: $42,000 (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 12210

• Home prices YoY: -2.3%
• Rents YoY: 6.9%
• Active inventory: 70
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $3,838 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$806
• Net cashflow: $1,995

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 43%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,838
Total (2 units)			$3,838

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2025-12-10
   status Pending
2. 2025-10-28
   listed $150,000 Active

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

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 · 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: $46,056
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$3,684
• − Management: −$3,684
• − Depreciation: −$4,364
• Taxable income: $22,921
• Est. tax owed @ 24.0%: −$5,501
• After-tax cash flow: $18,444/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): 10,297
• Household income: $55,843
• Rent vs Own: 75.3% rent · 24.7% own
• Severe rent burden: 1211.0

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 0.63)
• Race & ethnicity: White 44% Black 41% Two or more races 7% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 4% Lithuanian 2% Serbian 2%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 3% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -5.92%
• Current HPI: 252.3084
• Rent YoY: ▲ 6.86%
• 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

2 events — show timeline

• 2025-12-10 Pending — Global MLS
• 2025-10-28 Listed $150,000 Global MLS