88 Elizabeth St · Albany, NY 12202

$225,000

4 bd · 2.0 ba · 1,672 sqft · MultiFamily public records · 15 Days on market

Built 1880 2,613 sqft lot Est $177k · 27% over

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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
• Appreciation +10.0/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks

Exceptional up and down 2 family in Albany just minutes from downtown! Unit 1 offers 2 bedrooms and 1 full bath while Unit 2 features 4 bedrooms and 1 full bath. Strong rental income with the 1st floor at $1,300 per month and the 2nd floor at $1,800 per month for a total of $3,100 monthly income. Recently renovated throughout with a brand new ultra efficient heat pump and mini split HVAC system along with newer vinyl windows. Seller financing available with just 20% down. Low taxes of only $2,935 annually. Ideal for owner occupants or investors seeking strong monthly cash flow. Take ownership and start collecting rent immediately. Schedule your private showing today!

Key facts

• Newer vinyl windows
• Recently renovated
• 2,613 sq ft lot

Tags

• RECENTLY RENOVATED
• ULTRA EFFICIENT HEAT PUMP
• MINI SPLIT HVAC SYSTEM
• NEWER VINYL WINDOWS

Property features AI

Finance

• Other: Two total units

Exterior

• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: Duplex; 2,100 living area; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Flat rubber roof; Sloped lot

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 4 bedrooms
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms total; One full bath on the 1st level; One full bath on the 2nd level; Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Has heating; Ductless heating; Electric heating; Forced air; Heat pump; Zoned heating; Has cooling; AC pump; Central air; Ductless cooling
• Interior features: High-speed internet available; Built-in features; ENERGY STAR qualified windows

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $564/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.3% 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 (+8.7%/yr); 58 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $63k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $221,625 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.51% ✓
• Cap rate: 12.31%
• Cash-on-cash: 21.47%
• DSCR: 1.96
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $177,232
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31 3rd Ave	0.11mi	4/2.0	1,800 (+8%)	1mo	$155,000	$86	81
101 3rd Ave	0.11mi	4/3.0	1,750 (+5%)	3mo	$180,000	$103	81
126 4th Ave	0.11mi	3/3.0 (-1)	1,782 (+7%)	3mo	$210,000	$118	72
77 3rd Ave	0.07mi	4/1.5	1,529 (-9%)	12mo	$120,000	$78	71
21-23 Liebel St	0.20mi	4/2.0	1,800 (+8%)	10mo	$220,000	$122	70
33 Myrtle Ave	0.46mi	4/2.0	1,612 (-4%)	11mo	$180,000	$112	64
248 Catherine St	0.58mi	4/2.0	1,816 (+9%)	3mo	$185,000	$102	56
11 Osborne St	0.20mi	5/2.0 (+1)	1,848 (+10%)	22mo	$170,000	$92	50
203 Myrtle Ave	0.74mi	4/2.0	1,624 (-3%)	22mo	$230,000	$142	43
8 Myrtle Ave	0.42mi	3/2.0 (-1)	1,446 (-14%)	15mo	$195,000	$135	41
241 Delaware Ave	0.72mi	3/3.0 (-1)	1,780 (+6%)	9mo	$140,000	$79	39
107 Delaware Ave	0.69mi	3/2.0 (-1)	1,760 (+5%)	23mo	$187,000	$106	35

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

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 43.1%
• Equity multiple: 4.37×
• Total profit: $212,381
• Equity at exit: $202,698

10-year hold

• IRR: 39.3%
• Equity multiple: 10.74×
• Total profit: $613,627
• Equity at exit: $437,126

Cash invested: $63,000 (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 12202

• Home prices YoY: 14.3%
• Rents YoY: 8.7%
• Active inventory: 58
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $3,403 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$287 /mo · $3,448/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$715
• Net cashflow: $1,127

Break-even live

Break-even rent $1,976

Max offer price $225,000

Occupancy floor 62%

Sensitivity live

Price	-10% $1,255	-5% $1,191	+0% $1,127	+5% $1,064	+10% $1,000
Rent	-10% $859	-5% $993	+0% $1,127	+5% $1,262	+10% $1,396
Rate	-1.0pp $1,241	-0.5pp $1,185	base $1,127	+0.5pp $1,069	+1.0pp $1,010

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,402
Total (2 units)			$3,403

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
475 S Pearl St #3 Albany, NY	4.0	2.0	1200	$1,850	$1.54	15d	1	0.18mi
475 S Pearl St #3 Albany, NY	4.0	2.0	1200	$1,850	$1.54	22d	1	0.18mi
119 Grand St Albany, NY	3.0	1.0	1600	$1,300	$0.81	45d	1	0.44mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	45d	1	0.67mi
346 Madison Ave Unit 3 Albany, NY	3.0	2.0	1110	$2,725	$2.45	45d	1	0.80mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	24d	1	0.80mi
22 Hurlbut St Albany, NY	3.0	1.0	1209	$2,050	$1.70	45d	1	0.82mi
31 Bertha St Albany, NY	4.0	1.0	1116	$2,000	$1.79	24d	1	0.85mi
15 Stanwix St Albany, NY	4.0	1.5	1660	$2,500	$1.51	15d	1	1.00mi
88 Willett St Albany, NY	3.0	1.0	825	$2,080	$2.52	15d	10	1.05mi
520 Madison Ave Unit 1 Albany, NY	3.0	1.0	1080	$1,700	$1.57	45d	1	1.13mi
502 Second Ave #3 Albany, NY	3.0	1.0	1100	$1,800	$1.64	45d	1	1.15mi
50 Southern Blvd Albany, NY	3.0	1.0	1200	$1,650	$1.38	15d	1	1.17mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	45d	1	1.31mi
945 Broadway Rensselaer, NY	3.0	1.0	1200	$1,650	$1.38	24d	1	1.34mi

Listing history 14 events

1. 2026-06-21
   days on market $225,000 Active 15 DOM
2. 2026-06-18
   days on market $225,000 Active 12 DOM
3. 2026-06-17
   days on market $225,000 Active 11 DOM
4. 2026-06-16
   days on market $225,000 Active 10 DOM
5. 2026-06-15
   status $225,000 Active 9 DOM
6. 2026-06-02
   status $225,000 Pending 9 DOM
7. 2026-06-01
   days on market $225,000 Active 9 DOM
8. 2026-05-31
   days on market $225,000 Active 8 DOM
9. 2026-05-31
   days on market $225,000 Active 7 DOM
10. 2026-05-23
    listed $225,000 Active
11. 2025-05-02
    historical
12. 2025-03-27
    listed $250,000 Active
13. 2025-01-23
    historical
14. 2025-01-18
    listed $189,900 Active

ⓘ 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: $3,448 · $287/mo
• Projected year-2 tax: $3,625 · $302/mo
• Expected delta: +$177/yr (+$15/mo · 5.1%)

ⓘ 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 ≥98°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: $40,836
• − Mortgage interest: −$12,603
• − Property taxes: −$3,448
• − Insurance: −$1,125
• − Repairs & maintenance: −$3,267
• − Management: −$3,267
• − Depreciation: −$6,545
• Taxable income: $10,580
• Est. tax owed @ 24.0%: −$2,539
• After-tax cash flow: $10,989/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): 10,166
• Household income: $52,868
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 935.0

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 0.73)
• Race & ethnicity: Black 40% White 28% Hispanic / Latino 15% Two or more races 14% Asian 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 5%
• Common ancestry: Iranian 2% Romanian 1% Serbian 1%
• Foreign-born: 14% · Canada, Philippines, China
• Languages at home: 80% English-only · Spanish 10% Other Asian/Pacific 4% Arabic 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: ▲ 38.05%
• Current HPI: 303.8939
• Rent YoY: ▲ 8.70%
• 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

+18.5% since first listed

5 events — show timeline

• 2026-05-23 Listed $225,000 Global MLS
• 2025-05-02 Listing Removed — Global MLS
• 2025-03-27 Listed $250,000 Global MLS
• 2025-01-23 Listing Removed — Global MLS
• 2025-01-18 Listed $189,900 Global MLS

Property tax history

+10.8%/yr

Latest (2025): $3,448 · -34.7% YoY. Source: county tax records.