29 2nd St · Albany, NY 12210

$1,075,000

2 bd · 1.0 ba · 1,224 sqft · MultiFamily public records · 21 Days on market

Built 1913 6,534 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 +15.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• 1% rule +4.3/10.0
• 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 (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

This is the perfect investment opportunity in the heart of Albany! This 3-story brownstone features 19 rental units with a mixture of apartments and room rentals. Combined with a small parking lot and 3 car garage (27 2nd St), this building is being offered at an attractive 11% cap rate. If you are looking for a true cash flow machine, this is the perfect fit!

Key facts

• 6,534 sq ft lot
• 3 garage spots
• Built 1913

Property features AI

Finance

• Financial info: Total of 19 units

Exterior

• Parking: Three parking spaces (garage/total)
• Utilities: Public water; Public sewer
• Home design: Multi-family property
• Construction: Brick exterior; Below-grade finished area present
• Exterior features: Brick construction; Lot approximately 0.15 acres (about 6,534 sq ft)

Interior

• Bedrooms: Multiple 1-bedroom units (several units with 1 bedroom)
• Bathrooms: Twelve full bathrooms across the property; Full baths located on the 1st, 2nd, 3rd floors and basement
• Heating & cooling: Hot water heating
• Interior features: Apartment-style basement

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/2.0-bath units multifamily listed at $1.07M.

Deal economics

• At list price, monthly cash flow is $445 ($5k/yr) — positive. Per door: $74/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $997k (7.3% below list).
• Recommended offer: $997k (7.3% below list) — sets the bar for 1% rule.

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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $9,967/mo this rent would consume 214% 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 $7k of loan paydown is wiped out by about $32k 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 21 days — a 2% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 $68k; list at $1.07M implies a 1493% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $996,700 (7.3% 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 1913 — 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. 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?
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: 0.93% ✗
• Cap rate: 6.79%
• Cash-on-cash: 1.77%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.86% rent growth · sell at horizon

5-year hold

• IRR: -9.2%
• Equity multiple: 0.65×
• Total profit: $-105,503
• Equity at exit: $160,286

10-year hold

• IRR: 4.8%
• Equity multiple: 1.41×
• Total profit: $123,896
• Equity at exit: $92,946

Cash invested: $301,000 (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: 53.9×

Monthly cashflow live

• Estimated rent: $9,967 high
• Mortgage (P&I): −$5,637
• Tax est. 1.5%: −$1,344 /mo · $16,125/yr
• Insurance: −$448
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,093
• Net cashflow: $445

Break-even live

Break-even rent $9,404

Max offer price $1,075,000

Occupancy floor 91%

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

Units	Beds	Baths	Est. rent
▸ 6× units	3	2	$9,966
Total (6 units)			$9,967

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: $268,750
• Closing costs: $32,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9 St Josephs Ter Albany, NY	3.0	2.0	1000	$1,850	$1.85	43d	1	0.07mi
103 Ten Broeck St Albany, NY	1.0	1.0	760	$1,375	$1.81	43d	1	0.15mi
191 N Pearl St Albany, NY	1.0	1.0	900	$1,750	$1.94	14d	1	0.21mi
65 Lark St Albany, NY	1.0	1.0	900	$1,200	$1.33	43d	1	0.34mi
110 Lark St Unit STREET-1 Albany, NY	2.0	1.0	975	$1,150	$1.18	14d	1	0.39mi
110 Lark St Unit STREET-1 Albany, NY	2.0	1.0	975	$1,150	$1.18	21d	1	0.39mi
254 Sheridan Ave Unit 2 Albany, NY	3.0	1.0	900	$1,300	$1.44	23d	1	0.40mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	23d	1	0.45mi
48 N Pearl St Albany, NY	2.0	1.0–2.5	1251	$3,500	$2.80	14d	17	0.45mi
883 Broadway Apt 201 Albany, NY	2.0	1.0	980	$1,450	$1.48	23d	1	0.45mi
883 Broadway Apt 103 Albany, NY	2.0	1.0	1155	$1,785	$1.55	23d	1	0.45mi
138 Washington Ave Albany, NY	1.0	1.0	900	$1,800	$2.00	43d	1	0.45mi
99 Pine St Albany, NY	1.0	1.0	881	$1,762	$2.00	14d	3	0.48mi
31 N Pearl St Albany, NY	1.0	1.0	1000	$1,150	$1.15	43d	1	0.51mi
336 Clinton Ave Albany, NY	2.0	1.0	900	$1,700	$1.89	43d	1	0.52mi
37 Maiden Ln Albany, NY	2.0	1.0	700	$1,515	$2.16	14d	1	0.52mi
111 Pine St Unit 4E Albany, NY	1.0	1.0	1200	$1,850	$1.54	43d	1	0.52mi
111 Pine St Unit 3E Albany, NY	1.0	1.0	900	$1,575	$1.75	43d	1	0.52mi
290 State St #1 Albany, NY	1.0	1.0	1000	$1,600	$1.60	43d	1	0.52mi
318 State St Unit 8 Albany, NY	1.0	1.0	750	$1,495	$1.99	23d	1	0.56mi
318 State St Unit 1 Albany, NY	1.0	1.0	750	$1,395	$1.86	43d	1	0.56mi
326 State St Albany, NY	1.0	1.0	1000	$1,600	$1.60	43d	1	0.57mi
199 Lark St Albany, NY	3.0	1.0	1000	$1,800	$1.80	43d	1	0.58mi
155 Chestnut St Albany, NY	2.0	1.0	850	$2,000	$2.35	14d	1	0.60mi
154 Lancaster St Unit 1 Albany, NY	2.0	1.5	1500	$2,200	$1.47	23d	1	0.61mi
352 State St Albany, NY	2.0	2.0	1143	$2,500	$2.19	23d	1	0.61mi
149 Jay St Albany, NY	2.0	1.0	1000	$1,750	$1.75	43d	1	0.61mi
40 S Pearl St Unit 206 Albany, NY	1.0	1.0	800	$1,295	$1.62	23d	1	0.66mi
316 2nd St Albany, NY	3.0	1.0	850	$1,700	$2.00	43d	1	0.74mi
366 Hamilton St #2 Albany, NY	1.0	1.0	1400	$1,800	$1.29	14d	1	0.75mi
341 Madison Ave Albany, NY	2.0	1.0	1000	$1,800	$1.80	14d	1	0.76mi
357 Madison Ave Unit Basement Albany, NY	1.0	1.0	900	$1,550	$1.72	14d	1	0.77mi
346 Madison Ave Albany, NY	3.0	2.0	1500	$2,495	$1.66	23d	1	0.78mi
346 Madison Ave Unit 3 Albany, NY	3.0	2.0	1110	$2,725	$2.45	43d	1	0.78mi
31 Van Zandt St Albany, NY	2.0	1.0	850	$1,700	$2.00	43d	1	0.79mi
125 Jefferson St Unit 2 Albany, NY	1.0	1.0	1000	$2,045	$2.04	14d	1	0.79mi
364 Madison Ave Albany, NY	2.0	2.0	1150	$1,850	$1.61	21d	1	0.79mi
292 Lark St Albany, NY	2.0	1.0	1100	$1,500	$1.36	43d	1	0.80mi
409 Madison Ave Albany, NY	2.0	2.0	1050	$2,094	$1.99	23d	1	0.81mi
151 Madison Ave Unit C Albany, NY	2.0	1.0	750	$1,125	$1.50	23d	1	0.82mi

Listing history 23 events

1. 2026-06-18
   days on market $1,075,000 Active 21 DOM
2. 2026-06-17
   days on market $1,075,000 Active 20 DOM
3. 2026-06-16
   days on market $1,075,000 Active 19 DOM
4. 2026-06-15
   days on market $1,075,000 Active 18 DOM
5. 2026-06-14
   pricedays on market $1,075,000 Active 16 DOM
6. 2026-06-10
   days on market $1,100,000 Active 13 DOM
7. 2026-06-08
   days on market $1,100,000 Active 11 DOM
8. 2026-06-07
   days on market $1,100,000 Active 10 DOM
9. 2026-06-03
   days on market $1,100,000 Active 6 DOM
10. 2026-06-02
    days on market $1,100,000 Active 5 DOM
11. 2026-06-01
    days on market $1,100,000 Active 4 DOM
12. 2026-05-31
    days on market $1,100,000 Active 3 DOM
13. 2026-05-31
    days on market $1,100,000 Active 2 DOM
14. 2026-05-28
    listed $1,100,000 Active
15. 2025-08-09
    historical $545
16. 2025-07-17
    listed $545
17. 2024-09-22
    historical $545
18. 2024-09-13
    listed $545
19. 2024-08-01
    historical $900
20. 2024-04-12
    price $900
21. 2024-03-05
    listed $1,100
22. 2004-02-05
    soldstatus $67,500
23. 2003-08-18
    soldstatus $37,500

ⓘ 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: $119,604
• − Mortgage interest: −$60,217
• − Property taxes: −$16,125
• − Insurance: −$5,375
• − Repairs & maintenance: −$9,568
• − Management: −$9,568
• − Depreciation: −$31,273
• Taxable loss: −$12,522
• Est. tax savings @ 24.0%: +$3,005
• After-tax cash flow: $8,343/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

+2833.3% since first listed

10 events — show timeline

• 2026-05-28 Listed $1,100,000 Global MLS
• 2025-08-09 Rental Removed $545 SHOWMOJO
• 2025-07-17 Listed for Rent $545 SHOWMOJO
• 2024-09-22 Rental Removed $545 SHOWMOJO
• 2024-09-13 Listed for Rent $545 SHOWMOJO
• 2024-08-01 Rental Removed $900 GLOBALMLS
• 2024-04-12 Price Changed $900 GLOBALMLS
• 2024-03-05 Listed for Rent $1,100 GLOBALMLS
• 2004-02-05 Sold (Public Records) $67,500 Public Records
• 2003-08-18 Sold (Public Records) $37,500 Public Records

Property tax history

-0.4%/yr

Latest (2025): $1,618 · +2.2% YoY. Source: county tax records.