322 Orange St · Albany, NY 12201

$119,900

6 bd · 2.0 ba · 2,404 sqft · MultiFamily public records · 19 Days on market

Built 1890 2,613 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
• Appreciation +5.0/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Sold individually or for sale as a package with 4 other income producing 2 Family homes (25 North Swan, 458 Livingston Ave, 399 2nd St., and 53 North Manning. Large fully rented 6 bedroom 2 family with separate utilities. This home immediate cash flows as does the 5 property portfolio. Always rented with great cash on cash return and performing at a 12% cap rate. Please see attached financials and virtual tour. Properties sold "as is where is" -- Good Condition

Key facts

• 2,613 sq ft lot
• Built 1890
• Listed 19 days

Property features AI

Finance

• Financial info: Two-unit property

Exterior

• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; Circuit breaker electric; Cable available
• Home design: Duplex; Living area approximately 2,404; Lot dimensions about 25 x 99
• Construction: Wood siding; Built with standard foundation
• Exterior features: Wood fencing

Interior

• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms
• Bathrooms: 2 full bathrooms total (one full bath on the 1st level and one full bath on the 2nd level); Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Hot water heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $921/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 24.7% 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: Sheridan Preparatory Academy (math 17% / reading 27%, grade F, #1,923 of 2,108 statewide, top 92%, 287 students, 90% FRL); Albany High School (math 74% / reading 67%, grade B+, #710 of 1,100 statewide, top 65%, 2,676 students, 69% FRL).
• Market conditions: 2 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($829 loan paydown + $4k appreciation (3.0% local appreciation)).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 $82k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,101 (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 1890 — 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: 2.88% ✓
• Cap rate: 24.74%
• Cash-on-cash: 65.87%
• DSCR: 3.93
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $240,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
314-316 Orange St	0.01mi	6/2.0	2,475 (+3%)	6mo	$126,000	$51	89
97 Lark St	0.06mi	6/3.0	2,214 (-8%)	4mo	$259,000	$117	76
362 Clinton Ave	0.15mi	7/4.0 (+1)	2,490 (+4%)	2mo	$270,000	$108	73
10 Wilkins Ave	0.46mi	6/2.0	2,294 (-5%)	1mo	$280,000	$122	70
469 Clinton Ave	0.35mi	5/3.0 (-1)	2,520 (+5%)	6mo	$239,000	$95	61
18.5 Dudley Hts	0.55mi	6/2.0	2,200 (-8%)	0mo	$289,900	$132	60
211 Clinton Ave	0.25mi	5/3.0 (-1)	2,640 (+10%)	4mo	$250,000	$95	60
221 Livingston Ave	0.36mi	5/2.0 (-1)	2,665 (+11%)	6mo	$124,900	$47	55
337 3rd St	0.47mi	6/2.0	2,058 (-14%)	1mo	$160,000	$78	53
351 2nd St	0.45mi	6/2.0	2,056 (-14%)	3mo	$184,002	$89	52
391 Washington Ave	0.44mi	7/4.0 (+1)	2,217 (-8%)	5mo	$350,000	$158	50
157 Western Ave	0.68mi	7/2.0 (+1)	2,144 (-11%)	5mo	$215,000	$100	41

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 70.6%
• Equity multiple: 4.93×
• Total profit: $131,904
• Equity at exit: $53,912

10-year hold

• IRR: 70.1%
• Equity multiple: 10.09×
• Total profit: $305,203
• Equity at exit: $83,085

Cash invested: $33,572 (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 12201

• Active inventory: 2
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $3,448 high
• Mortgage (P&I): −$629
• Tax from tax record: −$202 /mo · $2,427/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$724
• Net cashflow: $1,843

Break-even live

Break-even rent $1,115

Max offer price $119,900

Occupancy floor 42%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,448
Total (2 units)			$3,448

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-15
   status $119,900 Pending 19 DOM
2. 2026-06-15
   days on market $119,900 Active 19 DOM
3. 2026-06-14
   days on market $119,900 Active 17 DOM
4. 2026-06-10
   days on market $119,900 Active 14 DOM
5. 2026-06-08
   days on market $119,900 Active 12 DOM
6. 2026-06-07
   days on market $119,900 Active 11 DOM
7. 2026-06-03
   days on market $119,900 Active 7 DOM
8. 2026-06-02
   days on market $119,900 Active 6 DOM
9. 2026-06-01
   days on market $119,900 Active 5 DOM
10. 2026-05-31
    days on market $119,900 Active 4 DOM
11. 2026-05-31
    days on market $119,900 Active 3 DOM
12. 2026-05-27
    listed $119,900 Active
13. 2026-03-16
    historical Contingent
14. 2026-03-16
    historical
15. 2026-01-23
    status Active
16. 2026-01-20
    historical Contingent
17. 2025-11-25
    status Pending
18. 2025-11-03
    listed $119,900 Active
19. 2021-03-02
    soldstatus $82,500
20. 2021-02-23
    soldstatus $82,500 Closed (Final Sale) 476-char remark

    Show marketing remark (476 chars)

    Sold individually or for sale as a package with 4 other income producing 2 Family homes (25 North Swan, 458 Livingston Ave, 399 2nd St., and 53 North Manning. Large fully rented 6 bedroom 2 family with separate utilities. This home immediate cash flows as does the 5 property portfolio. Always rented with great cash on cash return and performing at a 12% cap rate. Please see attached financials and virtual tour. Properties sold "as is where is" -- Good Condition

21. 2020-11-17
    listed $89,900 New 476-char remark

    Show marketing remark (476 chars)

    Sold individually or for sale as a package with 4 other income producing 2 Family homes (25 North Swan, 458 Livingston Ave, 399 2nd St., and 53 North Manning. Large fully rented 6 bedroom 2 family with separate utilities. This home immediate cash flows as does the 5 property portfolio. Always rented with great cash on cash return and performing at a 12% cap rate. Please see attached financials and virtual tour. Properties sold "as is where is" -- Good Condition

ⓘ 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: $2,427 · $202/mo
• Projected year-2 tax: $2,427 · $202/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 · 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: $41,376
• − Mortgage interest: −$6,716
• − Property taxes: −$2,427
• − Insurance: −$600
• − Repairs & maintenance: −$3,310
• − Management: −$3,310
• − Depreciation: −$3,488
• Taxable income: $21,525
• Est. tax owed @ 24.0%: −$5,166
• After-tax cash flow: $16,949/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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+33.4% since first listed

10 events — show timeline

• 2026-05-27 Listed $119,900 Global MLS
• 2026-03-16 Contingent — Global MLS
• 2026-03-16 Listing Removed — Global MLS
• 2026-01-23 Relisted — Global MLS
• 2026-01-20 Contingent — Global MLS
• 2025-11-25 Pending — Global MLS
• 2025-11-03 Listed $119,900 Global MLS
• 2021-03-02 Sold (Public Records) $82,500 Public Records
• 2021-02-23 Sold (MLS) $82,500 Global MLS
• 2020-11-17 Listed $89,900 Global MLS

Property tax history

+1.0%/yr

Latest (2025): $2,427 · +8.0% YoY. Source: county tax records.