Buy duplex in albany
Ajaz MehdiPro Member
Member since 2026 · 4 posts · 2 votesBuy duplex in albany
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Real Estate Agent · Albany, NY · Member since 2017 · 309 posts · 149 votes
1wHi @Ajaz Mehdi
I'm a realtor in Albany who specializes in small multifamily properties. I did look at the property, it seems like it has some very nice finishes. Fair market rent for a 3 bedroom in Albany is $1,827. The other unit renting for $1,200 is fine but ideally with this property you would want to get that rent up to $1,800 as well. With the good cause eviction act it may be more difficult than normal to increase the rent. Getting that units rent up should be a priority, but if they are paying on time it shouldn't be the firs thing you do. At the current projected rents I still have it at fairly positive cash flow. To say whether this is a good deal or not just based on the numbers would be misleading.
To make this a good deal will require execution after the purchase. The area is higher in Albany's crime rate data and the median income levels are below average. You may find some more success looking into Albany's section 8 programs. But in order to make this a positive deal it wouldn't be wise to just hand this property to a manager and expect it to produce cash flow.
My take: This very well could be a positive deal, but you need to be involved in vetting the tenants. You also need to have several months of reserves to allow you to say no to tenants who don't qualify.
6 Replies
- Investor · Pacific Northwest · Member since 2026 · 511 posts · 290 votes1w
I looked up the property. At $240K I wouldn’t call this an obvious yes or no yet — the second unit rent is what decides the deal.
You’ve got one unit at $1,200, so before closing I’d verify that lease/payment history and get a very defensible market rent on the vacant unit. If both units only produce $2,400/mo, that’s $28,800 gross against a $240K purchase before taxes, insurance, vacancy, maintenance, water/sewer and capital expenses.
I’d also get very clear on the flat roof, mechanicals, foundation, separate utilities and why the vacant unit is vacant. Don’t let “fully updated” in the listing substitute for an inspection.
Your first rental doesn’t need to be a home run. It does need to survive bad assumptions.
If you want, post your expected rent on the vacant unit, financing/down payment, insurance and who pays utilities. We can get much closer to whether the numbers actually work.
Feel free to reach out if you want another set of eyes on it.
- Member since 2026 · 4 posts · 2 votes1w
Pls can you guide to find me property manager thanks
- 1wDivin KanyamaBusiness MemberAccountant · Seattle, WA · Member since 2025 · 155 posts · 44 votes
Congrats on your first deal, @Ajaz Mehdi . At $240,000 with one unit renting for $1,200, there isn’t enough information yet to know if it’s a good investment. Confirm the vacant unit’s market rent, calculate cash flow after every expense, and leave room for repairs and surprises.
Before closing, ask:
• What are the true market rents and tenant payment history?
• What will taxes, insurance, utilities, vacancy, repairs, reserves, and management cost?
• Does it cash-flow after the mortgage and all expenses?
• Are there major roof, foundation, plumbing, electrical, or heating issues?
• Is it legally approved as a duplex, with no liens, violations, or open permits?
• What happens if the vacant unit rents for less or stays empty longer?
I’d have a local inspector and attorney review everything before your contingency expires. Buy based on verified numbers—not just the asking price or projected rent. - Real Estate Agent · Albany, NY · Member since 2017 · 309 posts · 149 votes1w
Hi @Ajaz Mehdi
I'm a realtor in Albany who specializes in small multifamily properties. I did look at the property, it seems like it has some very nice finishes. Fair market rent for a 3 bedroom in Albany is $1,827. The other unit renting for $1,200 is fine but ideally with this property you would want to get that rent up to $1,800 as well. With the good cause eviction act it may be more difficult than normal to increase the rent. Getting that units rent up should be a priority, but if they are paying on time it shouldn't be the firs thing you do. At the current projected rents I still have it at fairly positive cash flow. To say whether this is a good deal or not just based on the numbers would be misleading.
To make this a good deal will require execution after the purchase. The area is higher in Albany's crime rate data and the median income levels are below average. You may find some more success looking into Albany's section 8 programs. But in order to make this a positive deal it wouldn't be wise to just hand this property to a manager and expect it to produce cash flow.
My take: This very well could be a positive deal, but you need to be involved in vetting the tenants. You also need to have several months of reserves to allow you to say no to tenants who don't qualify.
- Member since 2026 · 4 posts · 2 votes1w
highly appreciated for your opinion. This is my first investment therefore I am shaken but I will try to buy and manage myself i live
3 hours away . I don’t know how i will do it
- 1wGregory AcsPro MemberLender · MD · Member since 2025 · 137 posts · 52 votes
Congrats on getting your first deal under contract. Before deciding if it's the right purchase, I'd look beyond the purchase price and ask whether the numbers still work after factoring in taxes, insurance, maintenance, vacancy, repairs, and the financing. I'd also want to know what the vacant unit could realistically rent for once it's occupied, because that can make a big difference in the property's performance.
I'd also recommend running a few "what if" scenarios before closing, like higher repair costs or a few months of vacancy, just to make sure you're comfortable with the investment. If you'd like to go through the numbers or compare financing options before you close, I'd be happy to help.
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