As a former realtor, I'm not from the Albany area but I do know a good option would be to contact SUNY Albany's student housing office and ask if they have any houses that need work that students don't want to live in. Many upper class university students don't want to live in dorms anymore and there are areas in Albany that need fixing up. I drove thru one area this past summer but it's near downtown - not near the university. I would also try the housing offices at the other nearby colleges. If you buy an investment property near a university or college, you get students to rent it from Sept. - May & during the summer.
I would also find a realtor to work with who is knowledgeable about investment properties.