albany ny area cap rate

[Brandon B.]

I recently purchased a duplex in the good part of Albany for what was certainly under market as the seller was distressed. He had no money and had occupancy permits due with $10k+ needed in renovations. However, I am curious what the cap rates are in the area. Do properties in this area normally just sell at the 1% rule, or is there a slight premium or discount from that. For example, $2400 a month in rental income selling at PERFECT condition should yield what price? I have yet to see a property on market that needs less than $10k of work.