205 Ontario St · Albany, NY 12203

$685,000

10 bd · 7.0 ba · 5,800 sqft · MultiFamily public records · 49 Days on market

Built 1930 6,969 sqft lot

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Why this score? — see what drove the C+ 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 +27.0/30.0
• DSCR +9.3/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +3.0/5.0
• 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: 5 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

Opportunity awaits as this large, remodeled Albany 5-unit building on a corner lot with private 3 car garage and parking lot hits the market! This would make for a perfect student rental being so close to U Albany! There are separate utilities and the building features multiple 5-bedroom 2 bath apartments a 4-bedroom apartment and multiple 1-bedroom apartments! Each unit boast fully renovated kitchens with granite countertops, custom cabinets and stainless-steel appliances! There are also sharp elegant, renovated bathrooms in each unit! Fantastic rental income and a must see!

Key facts

• Separate utilities
• Custom cabinets
• Granite countertops

Tags

• CORNER LOT
• PRIVATE 3 CAR GARAGE
• SEPARATE UTILITIES
• FULLY RENOVATED KITCHENS
• GRANITE COUNTERTOPS
• CUSTOM CABINETS

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/?-bath units multifamily listed at $685k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $384/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $685k).
• Recommended offer: $664k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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 (+1.9%/yr); 127 active listings in the ZIP; solid renter incomes; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $8,672/mo this rent would consume 125% of the median local household income ($83k/yr) (locally 1704% 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 $5k of loan paydown is wiped out by about $21k 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.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($664k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 26y 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 $500k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $664,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 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 1930 — 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: 1.27% ✓
• Cap rate: 9.66%
• Cash-on-cash: 12.02%
• DSCR: 1.53
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.85% rent growth · sell at horizon

5-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $1,689
• Equity at exit: $102,136

10-year hold

• IRR: 8.7%
• Equity multiple: 1.63×
• Total profit: $120,269
• Equity at exit: $59,226

Cash invested: $191,800 (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 12203

• Home prices YoY: -31.0%
• Rents YoY: 1.9%
• Active inventory: 127
• Price-to-rent: 32.9×

Monthly cashflow live

• Estimated rent: $8,672 high
• Mortgage (P&I): −$3,592
• Tax from tax record: −$1,052 /mo · $12,625/yr
• Insurance: −$285
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,821
• Net cashflow: $1,921

Break-even live

Break-even rent $6,240

Max offer price $685,000

Occupancy floor 73%

Sensitivity live

Price	-10% $2,309	-5% $2,115	+0% $1,921	+5% $1,727	+10% $1,533
Rent	-10% $1,236	-5% $1,579	+0% $1,921	+5% $2,264	+10% $2,606
Rate	-1.0pp $2,266	-0.5pp $2,095	base $1,921	+0.5pp $1,744	+1.0pp $1,563

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	—	$8,670
Total (5 units)			$8,672

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: $171,250
• Closing costs: $20,550
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2025-12-16
   status Pending
2. 2025-10-28
   listed $685,000 Active
3. 2025-04-21
   historical
4. 2025-02-18
   price $699,000
5. 2025-01-23
   price $719,000
6. 2025-01-01
   price $739,000
7. 2024-12-30
   listed $729,000 Active
8. 2024-09-27
   historical $2,375
9. 2024-09-09
   historical
10. 2024-09-05
    listed $699,000
11. 2024-08-22
    listed $2,375
12. 2024-05-09
    historical
13. 2024-05-01
    historical $1,600
14. 2024-04-10
    listed $1,600
15. 2024-04-10
    historical $1,600
16. 2024-03-13
    listed $1,600
17. 2024-03-06
    price $710,000
18. 2023-12-15
    status Active
19. 2023-12-15
    price $738,000
20. 2023-12-03
    historical
21. 2023-11-04
    historical
22. 2023-10-08
    price $740,000
23. 2023-08-05
    listed
24. 2023-07-02
    price $790,000
25. 2023-06-19
    price $899,000
26. 2023-06-02
    listed $923,751 Active
27. 2022-11-21
    historical
28. 2021-11-09
    historical
29. 2021-06-24
    listed $650,000 New
30. 2019-04-03
    soldstatus $500,000
31. 2016-02-29
    soldstatus $214,000 Closed (Final Sale)
32. 2016-02-09
    status Pend (Under Cntr)
33. 2015-10-24
    listed $265,000 Active
34. 2006-04-14
    soldstatus $300,000
35. 2006-03-31
    soldstatus $300,000
36. 2005-11-08
    historical
37. 2005-11-07
    listed $310,000
38. 2001-02-07
    soldstatus $120,000
39. 2001-01-22
    soldstatus $120,000
40. 2000-12-07
    listed $122,500

ⓘ 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: $12,625 · $1,052/mo
• Projected year-2 tax: $12,625 · $1,052/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: $104,064
• − Mortgage interest: −$38,371
• − Property taxes: −$12,625
• − Insurance: −$3,425
• − Repairs & maintenance: −$8,325
• − Management: −$8,325
• − Depreciation: −$19,927
• Taxable income: $13,066
• Est. tax owed @ 24.0%: −$3,136
• After-tax cash flow: $19,918/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): 30,771
• Household income: $83,147
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 1704.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Black 10% Asian 8% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 82% English-only · Other Indo-European 6% Spanish 3% Russian/Polish/Slavic 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: ▼ -133.05%
• Current HPI: 296.0467
• Rent YoY: ▲ 1.85%
• 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

+459.2% since first listed

40 events — show timeline

• 2025-12-16 Pending — Global MLS
• 2025-10-28 Listed $685,000 Global MLS
• 2025-04-21 Listing Removed — Global MLS
• 2025-02-18 Price Changed $699,000 Global MLS
• 2025-01-23 Price Changed $719,000 Global MLS
• 2025-01-01 Price Changed $739,000 Global MLS
• 2024-12-30 Listed $729,000 Global MLS
• 2024-09-27 Rental Removed $2,375 APPFOLIO
• 2024-09-09 Listing Removed — Global MLS
• 2024-09-05 Listed $699,000 Global MLS
• 2024-08-22 Listed for Rent $2,375 APPFOLIO
• 2024-05-09 Listing Removed — Global MLS
• 2024-05-01 Rental Removed $1,600 APPFOLIO
• 2024-04-10 Listed for Rent $1,600 APPFOLIO
• 2024-04-10 Rental Removed $1,600 APPFOLIO
• 2024-03-13 Listed for Rent $1,600 APPFOLIO
• 2024-03-06 Price Changed $710,000 Global MLS
• 2023-12-15 Relisted — Global MLS
• 2023-12-15 Price Changed $738,000 Global MLS
• 2023-12-03 Listing Removed — Global MLS
• 2023-11-04 Rental Removed — APPFOLIO
• 2023-10-08 Price Changed $740,000 Global MLS
• 2023-08-05 Listed for Rent — APPFOLIO
• 2023-07-02 Price Changed $790,000 Global MLS
• 2023-06-19 Price Changed $899,000 Global MLS
• 2023-06-02 Listed $923,751 Global MLS
• 2022-11-21 Rental Removed — APPFOLIO
• 2021-11-09 Listing Removed — Global MLS
• 2021-06-24 Listed $650,000 Global MLS
• 2019-04-03 Sold (Public Records) $500,000 Public Records
• 2016-02-29 Sold (MLS) $214,000 Global MLS
• 2016-02-09 Pending — Global MLS
• 2015-10-24 Listed $265,000 Global MLS
• 2006-04-14 Sold (Public Records) $300,000 Public Records
• 2006-03-31 Sold (MLS) $300,000 Global MLS
• 2005-11-08 Listing Removed — Global MLS
• 2005-11-07 Listed $310,000 Global MLS
• 2001-02-07 Sold (Public Records) $120,000 Public Records
• 2001-01-22 Sold (MLS) $120,000 Global MLS
• 2000-12-07 Listed $122,500 Global MLS

Property tax history

-0.1%/yr

Latest (2025): $12,625 · +1.6% YoY. Source: county tax records.