499 Delaware Ave · Albany, NY 12209

$410,000

28 bd · 16.0 ba · 3,368 sqft · MultiFamily · 72 Days on market

Built 1910 Fair condition 32,167 ac lot $122/sqft · 25% below area Est $543k · 25% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Great investment property. Turn key 4 unit. New appliances in all units. Hardwood floors in all units. Off street parking for 3 plus cars. All tenants month to month and paying .

Key facts

• Off street parking
• Investment property
• New appliances

Tags

• INVESTMENT PROPERTY
• TURN KEY
• NEW APPLIANCES
• HARDWOOD FLOORS
• OFF STREET PARKING

🏷️ Possibly a rental listed for sale. The $410,000 price doesn't fit this home's estimated sale value (~$543,435) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $410k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive. Per door: $784/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $410k).
• Recommended offer: $385k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.5% 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: 47 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 (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 + 3.0% rent growth), your $115k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($385k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $310k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $385,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.84% ✓
• Cap rate: 15.47%
• Cash-on-cash: 32.78%
• DSCR: 2.46
• GRM: 4.5

CMA / ARV

• ARV (median comp): $543,435
• List price: $410,000
• Delta: -24.55%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 27.9%
• Equity multiple: 2.16×
• Total profit: $133,399
• Equity at exit: $61,132

10-year hold

• IRR: 35.4%
• Equity multiple: 4.26×
• Total profit: $373,799
• Equity at exit: $35,449

Cash invested: $114,800 (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 12209

• Home prices YoY: -7.3%
• Active inventory: 47
• Price-to-rent: 18.1×

Monthly cashflow live

• Estimated rent: $7,556 medium
• Mortgage (P&I): −$2,150
• Tax est. 1.5%: −$512 /mo · $6,150/yr
• Insurance: −$171
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,587
• Net cashflow: $3,136

Break-even live

Break-even rent $3,587

Max offer price $410,000

Occupancy floor 54%

Sensitivity live

Price	-10% $3,419	-5% $3,277	+0% $3,136	+5% $2,994	+10% $2,852
Rent	-10% $2,539	-5% $2,837	+0% $3,136	+5% $3,434	+10% $3,733
Rate	-1.0pp $3,342	-0.5pp $3,240	base $3,136	+0.5pp $3,030	+1.0pp $2,921

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

Units	Beds	Baths	Est. rent
▸ 4× units	7	4	$7,556
Total (4 units)			$7,556

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: $102,500
• Closing costs: $12,300
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $410,000 Active 72 DOM
2. 2026-06-18
   days on market $410,000 Active 69 DOM
3. 2026-06-17
   days on market $410,000 Active 68 DOM
4. 2026-06-16
   days on market $410,000 Active 67 DOM
5. 2026-06-15
   days on market $410,000 Active 66 DOM
6. 2026-06-14
   days on market $410,000 Active 64 DOM
7. 2026-06-10
   days on market $410,000 Active 61 DOM
8. 2026-06-08
   days on market $410,000 Active 59 DOM
9. 2026-06-07
   days on market $410,000 Active 58 DOM
10. 2026-06-03
    days on market $410,000 Active 54 DOM
11. 2026-06-02
    days on market $410,000 Active 53 DOM
12. 2026-06-01
    days on market $410,000 Active 52 DOM
13. 2026-05-31
    days on market $410,000 Active 51 DOM
14. 2026-05-31
    days on market $410,000 Active 50 DOM
15. 2026-05-11
    price $410,000 178-char remark

    Show marketing remark (178 chars)

    Great investment property. Turn key 4 unit. New appliances in all units. Hardwood floors in all units. Off street parking for 3 plus cars. All tenants month to month and paying .

16. 2026-04-09
    listed $425,000 Active 178-char remark

    Show marketing remark (178 chars)

    Great investment property. Turn key 4 unit. New appliances in all units. Hardwood floors in all units. Off street parking for 3 plus cars. All tenants month to month and paying .

17. 2023-09-13
    soldstatus $310,000 Closed 122-char remark

    Show marketing remark (122 chars)

    Turn key 4 unit. One owner for the last 40 years. Long established tenants. All tenants have been paying throughout COVID.

18. 2023-03-29
    status Pending 122-char remark

    Show marketing remark (122 chars)

    Turn key 4 unit. One owner for the last 40 years. Long established tenants. All tenants have been paying throughout COVID.

19. 2022-04-15
    status Pending 122-char remark

    Show marketing remark (122 chars)

    Turn key 4 unit. One owner for the last 40 years. Long established tenants. All tenants have been paying throughout COVID.

20. 2022-04-08
    listed $299,900 Active 122-char remark

    Show marketing remark (122 chars)

    Turn key 4 unit. One owner for the last 40 years. Long established tenants. All tenants have been paying throughout COVID.

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°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: $90,672
• − Mortgage interest: −$22,966
• − Property taxes: −$6,150
• − Insurance: −$2,050
• − Repairs & maintenance: −$7,254
• − Management: −$7,254
• − Depreciation: −$11,927
• Taxable income: $33,071
• Est. tax owed @ 24.0%: −$7,937
• After-tax cash flow: $29,693/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires significant repairs and updates to its exterior, interior, and landscaping to improve its condition and value.

Repairs flagged

• Major exterior paint — Peeling paint and general disrepair
• Major interior paint — Peeling paint and general wear
• Major flooring — Worn-out and uneven flooring
• Major kitchen appliances — Outdated appliances
• Major bathroom fixtures — Outdated fixtures
• Major landscaping — Overgrown lawn and debris

Value-add opportunities

• Both Painting and updating exterior — Enhances curb appeal and value
• Both Painting and updating interior — Enhances interior appeal and value
• Both Flooring replacement — Improves living conditions and value
• Both Kitchen appliance replacement — Modernizes the space and increases value
• Both Bathroom fixture replacement — Modernizes the space and increases value
• Both Landscaping and yard maintenance — Enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Peeling paint and general disrepair	Major	$15,000–50,000
interior paint · Peeling paint and general wear	Major	$15,000–50,000
flooring · Worn-out and uneven flooring	Major	$15,000–50,000
kitchen appliances · Outdated appliances	Major	$15,000–50,000
bathroom fixtures · Outdated fixtures	Major	$15,000–50,000
landscaping · Overgrown lawn and debris	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both Painting and updating exterior — Enhances curb appeal and value ↑
• Both Painting and updating interior — Enhances interior appeal and value ↑
• Both Flooring replacement — Improves living conditions and value ↑
• Both Kitchen appliance replacement — Modernizes the space and increases value ↑
• Both Bathroom fixture replacement — Modernizes the space and increases value ↑
• Both Landscaping and yard maintenance — Enhances curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 10,754

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 0.69)
• Race & ethnicity: White 46% Black 23% Hispanic / Latino 19% Asian 8% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 4% Lithuanian 3% Serbian 1%
• Foreign-born: 18% · Canada, Philippines, South Korea
• Languages at home: 77% English-only · Spanish 13% Other Asian/Pacific 3% Tagalog/Filipino 1%

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: ▼ -24.91%
• Current HPI: 318.0191
• 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

+36.7% since first listed

6 events — show timeline

• 2026-05-11 Price Changed $410,000 Global MLS
• 2026-04-09 Listed $425,000 Global MLS
• 2023-09-13 Sold (MLS) $310,000 Global MLS
• 2023-03-29 Pending — Global MLS
• 2022-04-15 Pending — Global MLS
• 2022-04-08 Listed $299,900 Global MLS