None · Albany, NY 12208

$349,900

6 bd · 2.0 ba · 1,902 sqft · MultiFamily public records · 40 Days on market

Built 1920 0.29 ac lot $184/sqft · 27% below area Est $554k · 37% under

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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 +21.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.9/10.0
• 1% rule +6.1/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Updated and well-maintained 2 family in Woodlawn area of Albany with off street parking and separate utilities. Large backyard with Deck. Great investment or owner occupy. Both units are very spacious with three large bedrooms dining areas and plenty of living space. Call today to schedule your private showing!

Key facts

• Separate utilities
• Off street parking
• Large backyard

Tags

• OFF STREET PARKING
• LARGE BACKYARD
• DECK
• SEPARATE UTILITIES

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $533 ($6k/yr) — positive. Per door: $266/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $339k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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: Rents rising fast (+5.0%/yr); 99 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,887/mo this rent would consume 66% of the median local household income ($70k/yr) (locally 1952% 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 $2k of loan paydown is wiped out by about $10k 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 40 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 18y 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 $215k; list at $350k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $339,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 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 1920 — 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: 1.11% ✓
• Cap rate: 8.12%
• Cash-on-cash: 6.53%
• DSCR: 1.29
• GRM: 7.5

CMA / ARV

• ARV (median comp): $554,208
• List price: $349,900
• Delta: -36.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
454 Ontario St	0.03mi	5/2.0 (-1)	1,776 (-7%)	5mo	$290,000	$163	78
645 Myrtle Ave	0.36mi	6/2.0	2,000 (+5%)	5mo	$270,000	$135	70
676 Providence St	0.14mi	5/2.0 (-1)	2,118 (+11%)	2mo	$250,000	$118	68
598 Morris St	0.47mi	6/2.0	2,000 (+5%)	8mo	$220,000	$110	63
649 Myrtle Ave	0.36mi	6/2.0	2,104 (+11%)	11mo	$310,000	$147	57
107 Hollywood Ave	0.52mi	5/2.0 (-1)	1,986 (+4%)	14mo	$296,000	$149	52
487 Hamilton St	0.57mi	6/2.0	2,152 (+13%)	10mo	$230,000	$107	43
531 Hamilton St	0.57mi	5/3.0 (-1)	2,112 (+11%)	5mo	$284,750	$135	42
443 Myrtle Ave	0.61mi	6/2.0	2,040 (+7%)	21mo	$295,000	$145	42
261 S Allen St	0.65mi	6/2.0	2,112 (+11%)	13mo	$365,000	$173	41
455 Myrtle Ave	0.58mi	5/2.0 (-1)	2,040 (+7%)	19mo	$291,000	$143	39
43 Sycamore St	0.47mi	5/3.0 (-1)	2,146 (+13%)	11mo	$405,000	$189	39

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 · 5.05% rent growth · sell at horizon

5-year hold

• IRR: -3.9%
• Equity multiple: 0.85×
• Total profit: $-14,456
• Equity at exit: $52,171

10-year hold

• IRR: 8.1%
• Equity multiple: 1.68×
• Total profit: $66,649
• Equity at exit: $30,253

Cash invested: $97,972 (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 12208

• Home prices YoY: -30.1%
• Rents YoY: 5.0%
• Active inventory: 99
• Price-to-rent: 15.0×

Monthly cashflow live

• Estimated rent: $3,887 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$557 /mo · $6,688/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$816
• Net cashflow: $533

Break-even live

Break-even rent $3,213

Max offer price $349,900

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,886
Total (2 units)			$3,887

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $349,900 Active 40 DOM
2. 2026-06-17
   days on market $349,900 Active 39 DOM
3. 2026-06-16
   days on market $349,900 Active 38 DOM
4. 2026-06-15
   days on market $349,900 Active 37 DOM
5. 2026-06-14
   pricestatusdays on market $349,900 Active 35 DOM
6. 2026-05-04
   status Pending 313-char remark

   Show marketing remark (313 chars)

   Updated and well-maintained 2 family in Woodlawn area of Albany with off street parking and separate utilities. Large backyard with Deck. Great investment or owner occupy. Both units are very spacious with three large bedrooms dining areas and plenty of living space. Call today to schedule your private showing!

7. 2026-04-02
   listed $359,900 Active 313-char remark

   Show marketing remark (313 chars)

   Updated and well-maintained 2 family in Woodlawn area of Albany with off street parking and separate utilities. Large backyard with Deck. Great investment or owner occupy. Both units are very spacious with three large bedrooms dining areas and plenty of living space. Call today to schedule your private showing!

8. 2015-06-05
   soldstatus $215,000
9. 2015-05-08
   soldstatus $215,000 290-char remark

   Show marketing remark (290 chars)

   Completely renovated top to bottom, perfect for owner occupant to live in style and collect rent to cover half the mortgage. All new kitchens fully applianced, laundry on each floor including new washer and/or dryers. Tenants in occupancy so prior day notice please -- Excellent Condition

10. 2015-02-23
    historical 290-char remark

    Show marketing remark (290 chars)

    Completely renovated top to bottom, perfect for owner occupant to live in style and collect rent to cover half the mortgage. All new kitchens fully applianced, laundry on each floor including new washer and/or dryers. Tenants in occupancy so prior day notice please -- Excellent Condition

11. 2015-01-15
    listed $229,900 290-char remark

    Show marketing remark (290 chars)

    Completely renovated top to bottom, perfect for owner occupant to live in style and collect rent to cover half the mortgage. All new kitchens fully applianced, laundry on each floor including new washer and/or dryers. Tenants in occupancy so prior day notice please -- Excellent Condition

12. 2015-01-15
    historical

    Show marketing remark (290 chars)

    Completely renovated top to bottom, perfect for owner occupant to live in style and collect rent to cover half the mortgage. All new kitchens fully applianced, laundry on each floor including new washer and/or dryers. Tenants in occupancy so prior day notice please -- Excellent Condition

13. 2014-07-14
    listed $229,900
14. 2014-01-29
    historical
15. 2013-08-03
    listed $239,900
16. 2010-04-01
    soldstatus $223,500
17. 2010-03-26
    soldstatus $223,500
18. 2010-02-22
    historical
19. 2010-01-20
    listed $234,900
20. 2008-11-11
    soldstatus $93,622
21. 2008-09-10
    historical
22. 2008-06-13
    listed $105,000

ⓘ 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: $6,688 · $557/mo
• Projected year-2 tax: $6,688 · $557/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 2/10 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: $46,644
• − Mortgage interest: −$19,600
• − Property taxes: −$6,688
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,732
• − Management: −$3,732
• − Depreciation: −$10,179
• Taxable income: $965
• Est. tax owed @ 24.0%: −$232
• After-tax cash flow: $6,161/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): 23,289
• Household income: $70,413
• Rent vs Own: 54.9% rent · 45.1% own
• Severe rent burden: 1952.0

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 (66%)
• Race & ethnicity: White 66% Black 12% Asian 10% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 5% Italian 3% Scotch-Irish 3%
• Foreign-born: 16% · Canada, China, Philippines
• Languages at home: 83% English-only · Other Indo-European 4% Other Asian/Pacific 3% French/Haitian/Cajun 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: ▼ -120.46%
• Current HPI: 279.716
• Rent YoY: ▲ 5.05%
• 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

+242.8% since first listed

17 events — show timeline

• 2026-05-04 Pending — Global MLS
• 2026-04-02 Listed $359,900 Global MLS
• 2015-06-05 Sold (Public Records) $215,000 Public Records
• 2015-05-08 Sold (MLS) $215,000 Global MLS
• 2015-02-23 Listing Removed — Global MLS
• 2015-01-15 Listing Removed — Global MLS
• 2015-01-15 Listed $229,900 Global MLS
• 2014-07-14 Listed $229,900 Global MLS
• 2014-01-29 Listing Removed — Global MLS
• 2013-08-03 Listed $239,900 Global MLS
• 2010-04-01 Sold (Public Records) $223,500 Public Records
• 2010-03-26 Sold (MLS) $223,500 Global MLS
• 2010-02-22 Listing Removed — Global MLS
• 2010-01-20 Listed $234,900 Global MLS
• 2008-11-11 Sold (MLS) $93,622 Global MLS
• 2008-09-10 Listing Removed — Global MLS
• 2008-06-13 Listed $105,000 Global MLS

Property tax history

+1.1%/yr

Latest (2025): $6,688 · -0.8% YoY. Source: county tax records.