808A Madison Ave · Albany, NY 12208

$243,900

3 bd · 3.0 ba · 2,354 sqft · MultiFamily public records · 15 Days on market

Built 1890 4,356 sqft lot Est $268k · 9% 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 +11.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

808A is the left half of 808 Madison. Nice 3 unit with a lot of original charm and wood work. 3 large one bedroom apts. 3rd unit has very nice built in loft. Must see. seperate utilities. RENTS ARE LOW. Rents should be $700 each -- Very Good Condition

Key facts

• Separate utilities
• New heating system
• 4,356 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• NEW HEATING SYSTEM
• SEPARATE UTILITIES
• IMMEDIATE RENTAL POTENTIAL

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $244k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $244k).
• Recommended offer: $240k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.4% 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 (+5.0%/yr); 99 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 + 5.0% rent growth), your $68k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($240k) is reasonable based on typical stale-listing flexibility.
• 2 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 $170k; 43% 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 $240,241 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.91% ✓
• Cap rate: 17.41%
• Cash-on-cash: 39.72%
• DSCR: 2.77
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $268,356
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
158 Western Ave	0.30mi	3/3.0	2,422 (+3%)	15mo	$260,000	$107	68
685 Myrtle Ave	0.20mi	4/2.0 (+1)	2,128 (-10%)	5mo	$310,000	$146	61
521 Washington Ave	0.42mi	4/4.0 (+1)	2,404 (+2%)	9mo	$275,000	$114	61
585 Clinton Ave	0.72mi	3/3.0	2,304 (-2%)	13mo	$205,000	$89	52
37 Fairview Ave	0.71mi	4/2.0 (+1)	2,304 (-2%)	10mo	$390,000	$169	46
685 Clinton Ave	0.70mi	4/2.0 (+1)	2,032 (-14%)	6mo	$190,000	$94	30
28 W Erie St	0.68mi	4/2.0 (+1)	2,645 (+12%)	12mo	$370,000	$140	29

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: 38.2%
• Equity multiple: 2.67×
• Total profit: $114,180
• Equity at exit: $36,366

10-year hold

• IRR: 45.6%
• Equity multiple: 5.78×
• Total profit: $326,474
• Equity at exit: $21,088

Cash invested: $68,292 (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: 13.6×

Monthly cashflow live

• Estimated rent: $4,666 high
• Mortgage (P&I): −$1,279
• Tax from tax record: −$45 /mo · $540/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$980
• Net cashflow: $2,260

Break-even live

Break-even rent $1,805

Max offer price $243,900

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,982
1× unit	2	1	$1,684
Total (3 units)			$4,666

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: $60,975
• Closing costs: $7,317
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
257 Quail St Albany, NY	4.0	2.5	2208	$2,800	$1.27	43d	1	0.07mi
363 Ontario St Albany, NY	1.0–2.0	1.0–2.5	1610	$3,485	$2.16	14d	1	0.27mi
154 Spring St Albany, NY	3.0	1.0	2500	$1,695	$0.68	43d	1	0.33mi
32 Peyster St Unit 1st floor Albany, NY	3.0	2.0	2714	$2,500	$0.92	43d	1	0.53mi
57 S Main Ave Albany, NY	4.0	1.0	2695	$1,600	$0.59	43d	1	0.57mi
227 Jay St Albany, NY	2.0	2.0	1710	$2,150	$1.26	43d	1	0.89mi
41 Dove St Albany, NY	2.0	2.5	2400	$2,350	$0.98	14d	1	1.01mi
135 Winthrop Ave Albany, NY	3.0	2.0	1788	$3,500	$1.96	43d	1	1.04mi
201 Park Ave Unit 10 Albany, NY	3.0	2.0	1600	$2,100	$1.31	43d	1	1.10mi
15 Stanwix St Albany, NY	4.0	1.5	1660	$2,500	$1.51	14d	1	1.37mi
726 Western Ave Albany, NY	4.0	2.5	1900	$2,800	$1.47	43d	1	1.41mi
32 1st St Albany, NY	4.0	1.5	1773	$1,850	$1.04	43d	1	1.47mi

Listing history 6 events

1. 2026-03-10
   status Pending
2. 2026-02-23
   listed $243,900 Active
3. 2008-10-28
   soldstatus $170,000
4. 2008-10-08
   soldstatus $170,000 255-char remark

   Show marketing remark (255 chars)

   808A is the left half of 808 Madison. Nice 3 unit with a lot of original charm and wood work. 3 large one bedroom apts. 3rd unit has very nice built in loft. Must see. seperate utilities. RENTS ARE LOW. Rents should be $700 each -- Very Good Condition

5. 2008-06-09
   historical 255-char remark

   Show marketing remark (255 chars)

   808A is the left half of 808 Madison. Nice 3 unit with a lot of original charm and wood work. 3 large one bedroom apts. 3rd unit has very nice built in loft. Must see. seperate utilities. RENTS ARE LOW. Rents should be $700 each -- Very Good Condition

6. 2008-04-15
   listed $189,900 255-char remark

   Show marketing remark (255 chars)

   808A is the left half of 808 Madison. Nice 3 unit with a lot of original charm and wood work. 3 large one bedroom apts. 3rd unit has very nice built in loft. Must see. seperate utilities. RENTS ARE LOW. Rents should be $700 each -- Very 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: $540 · $45/mo
• Projected year-2 tax: $2,331 · $194/mo
• Expected delta: +$1,791/yr (+$149/mo · 331.7%)

ⓘ 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: $55,992
• − Mortgage interest: −$13,662
• − Property taxes: −$540
• − Insurance: −$1,220
• − Repairs & maintenance: −$4,479
• − Management: −$4,479
• − Depreciation: −$7,095
• Taxable income: $24,516
• Est. tax owed @ 24.0%: −$5,884
• After-tax cash flow: $21,242/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

+28.4% since first listed

6 events — show timeline

• 2026-03-10 Pending — Global MLS
• 2026-02-23 Listed $243,900 Global MLS
• 2008-10-28 Sold (Public Records) $170,000 Public Records
• 2008-10-08 Sold (MLS) $170,000 Global MLS
• 2008-06-09 Listing Removed — Global MLS
• 2008-04-15 Listed $189,900 Global MLS

Property tax history

+0.1%/yr

Latest (2025): $540 · +100.0% YoY. Source: county tax records.