276 3rd St · Troy, NY 12180

$524,000

9 bd · 3.0 ba · 2,904 sqft · MultiFamily public records · 80 Days on market

Built 1890 1,742 sqft lot $180/sqft · 33% above area Est $392k · 34% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks MLS

Welcome to 276 3rd Street, a Five unit multi-family opportunity in the heart of Little Italy in Troy. Each unit has separate utilities, allowing for simplified management and cleaner expense allocation. For sure a solid addition to an investment portfolio with strong fundamentals and long term potential. All units are configured as 2 bed, 1 bath, a unit mix that is typically easier to lease and appeals to a wide range of tenants. The property also presents value-add potential for investors looking to make improvements over time while working toward stabilization. The combination of separate utilities and consistent unit configuration provides operational flexibility. 276 3rd St is just around the corner from the beloved DeFazio's Pizzeria, a destination that draws consistent activity to the area. Residents also benefit from close proximity to downtown Troy's restaurants, shops, farmers market, and entertainment options, plus convenient access to major roadways for commuting. As an added opportunity, this property is part of a 14-unit investment portfolio, with all buildings located within close walking distance. All units across the portfolio feature separate utilities, allowing for simplified management and cleaner expense allocation. The portfolio is being offered together for $1,534,000, presenting a rare opportunity for investors to acquire multiple assets in one concentrated location, supporting operational efficiency and streamlined management. Additional properties included in this portfolio are listed below. 308 4th Street (3 Units) 278-280 4th Street (6 Units)

Key facts

• Separate utilities
• Value add potential
• 1,742 sq ft lot

Tags

• MULTI FAMILY OPPORTUNITY
• SEPARATE UTILITIES
• VALUE ADD POTENTIAL
• CLOSE PROXIMITY TO DOWNTOWN
• ACCESS TO MAJOR ROADWAYS

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/1-bath units multifamily listed at $524k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $310/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $524k).
• Recommended offer: $493k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 5.3% in Troy — 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 81/100 on livability (#88 in NY, #1,350 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, employment C-, crime F.
• Troy City School District (urban): math 44% / reading 46% proficiency, ranked #467 of 590 in NY (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.9%/yr); 220 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• At $7,206/mo this rent would consume 114% of the median local household income ($76k/yr) (locally 2698% 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 $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Rensselaer County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $147k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($493k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y 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 $183k; list at $524k implies a 186% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $492,560 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.38% ✓
• Cap rate: 10.90%
• Cash-on-cash: 16.45%
• DSCR: 1.73
• GRM: 6.1

CMA / ARV

• ARV (median comp): $391,759
• List price: $524,000
• Delta: 33.76%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
298 3rd St	0.06mi	8/3.0 (-1)	2,646 (-9%)	8mo	$317,000	$120	71
62 Ida St	0.10mi	8/2.0 (-1)	2,484 (-14%)	7mo	$125,000	$50	56
180 Hill St	0.28mi	8/3.0 (-1)	3,243 (+12%)	15mo	$338,000	$104	50
455 2nd St	0.57mi	10/3.0 (+1)	3,200 (+10%)	5mo	$375,000	$117	47
192 4th St	0.33mi	8/3.0 (-1)	3,175 (+9%)	24mo	$450,000	$142	44

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 · 4.88% rent growth · sell at horizon

5-year hold

• IRR: 4.8%
• Equity multiple: 1.19×
• Total profit: $28,190
• Equity at exit: $78,130

10-year hold

• IRR: 16.2%
• Equity multiple: 2.45×
• Total profit: $212,704
• Equity at exit: $45,306

Cash invested: $146,720 (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 12180

• Home prices YoY: -33.3%
• Rents YoY: 4.9%
• Active inventory: 220
• Price-to-rent: 30.3×

Monthly cashflow live

• Estimated rent: $7,206 high
• Mortgage (P&I): −$2,748
• Tax from tax record: −$715 /mo · $8,581/yr
• Insurance: −$218
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,513
• Net cashflow: $1,551

Break-even live

Break-even rent $5,243

Max offer price $524,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$7,205
Total (5 units)			$7,206

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: $131,000
• Closing costs: $15,720
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2326 15th St Unit 2 Troy, NY	8.0	2.5	2500	$650	$0.26	14d	1	1.37mi

Listing history 38 events

1. 2026-06-18
   days on market $524,000 Active 80 DOM
2. 2026-06-17
   days on market $524,000 Active 79 DOM
3. 2026-06-16
   days on market $524,000 Active 78 DOM
4. 2026-06-15
   days on market $524,000 Active 77 DOM
5. 2026-06-14
   days on market $524,000 Active 75 DOM
6. 2026-06-13
   days on market $524,000 Active 74 DOM
7. 2026-06-10
   days on market $524,000 Active 72 DOM
8. 2026-06-09
   days on market $524,000 Active 71 DOM
9. 2026-06-08
   days on market $524,000 Active 70 DOM
10. 2026-06-07
    days on market $524,000 Active 69 DOM
11. 2026-06-03
    days on market $524,000 Active 65 DOM
12. 2026-06-02
    days on market $524,000 Active 64 DOM
13. 2026-06-01
    days on market $524,000 Active 63 DOM
14. 2026-05-31
    days on market $524,000 Active 62 DOM
15. 2026-05-31
    days on market $524,000 Active 61 DOM
16. 2026-03-27
    listed $524,000 Active 1613-char remark

    Show marketing remark (1613 chars)

    Welcome to 276 3rd Street, a Five unit multi-family opportunity in the heart of Little Italy in Troy. Each unit has separate utilities, allowing for simplified management and cleaner expense allocation. For sure a solid addition to an investment portfolio with strong fundamentals and long term potential. All units are configured as 2 bed, 1 bath, a unit mix that is typically easier to lease and appeals to a wide range of tenants. The property also presents value-add potential for investors looking to make improvements over time while working toward stabilization. The combination of separate utilities and consistent unit configuration provides operational flexibility. 276 3rd St is just around the corner from the beloved DeFazio's Pizzeria, a destination that draws consistent activity to the area. Residents also benefit from close proximity to downtown Troy's restaurants, shops, farmers market, and entertainment options, plus convenient access to major roadways for commuting. As an added opportunity, this property is part of a 14-unit investment portfolio, with all buildings located within close walking distance. All units across the portfolio feature separate utilities, allowing for simplified management and cleaner expense allocation. The portfolio is being offered together for $1,534,000, presenting a rare opportunity for investors to acquire multiple assets in one concentrated location, supporting operational efficiency and streamlined management. Additional properties included in this portfolio are listed below. 308 4th Street (3 Units) 278-280 4th Street (6 Units)

17. 2022-09-26
    soldstatus $183,250
18. 2022-07-13
    historical
19. 2022-06-17
    price $419,000
20. 2022-03-25
    listed $439,000 Active
21. 2018-10-15
    status Pend (Under Cntr)
22. 2018-10-15
    historical
23. 2018-09-15
    listed $309,000 New
24. 2017-06-30
    soldstatus $100,000 Closed (Final Sale)
25. 2017-05-22
    historical
26. 2017-05-18
    listed $100,000
27. 2008-10-23
    historical
28. 2007-10-22
    listed $179,900
29. 2004-12-07
    soldstatus $1
30. 2004-12-07
    soldstatus $116,000
31. 2004-12-03
    soldstatus $116,000
32. 2004-09-07
    historical
33. 2004-07-24
    listed $160,000
34. 2004-07-20
    historical
35. 2004-07-14
    listed $115,900
36. 2002-12-06
    soldstatus $27,219
37. 1998-06-19
    soldstatus $54,700
38. 1995-04-07
    soldstatus $40,000

ⓘ 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: $8,581 · $715/mo
• Projected year-2 tax: $8,718 · $727/mo
• Expected delta: +$138/yr (+$11/mo · 1.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $86,472
• − Mortgage interest: −$29,352
• − Property taxes: −$8,581
• − Insurance: −$8,145
• − Repairs & maintenance: −$6,918
• − Management: −$6,918
• − Depreciation: −$15,244
• Taxable income: $11,315
• Est. tax owed @ 24.0%: −$2,716
• After-tax cash flow: $15,897/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: Troy City School District
• NCES district ID: 3628950
• Math proficiency: 44% ▲ 6.00%
• Reading proficiency: 46% ▲ 6.00%
• Median HH income: $42,143
• Composite: 37.89/100
• National rank: #4318
• State rank: #467 of 590 in NY

Livability — Troy

• Score: 81/100
• State rank: #88
• US rank: #1350

Category grades

Amenities A+ Commute A+ Cost of living B+ 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: Troy, NY
• County: Rensselaer County · 75,590 people
• City population: 53,479
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 53,479
• Household income: $75,851
• Rent vs Own: 52.1% rent · 47.9% own
• Severe rent burden: 2698.0

Population outlook (Rensselaer County) Hauer SSP2

• Today (2025): 162,400 people
• By 2030: 161,746 · -0.4%
• By 2040: 158,095 · -2.7%
• By 2050: 152,966 · -5.8%
• By 2075: 140,767 · -13.3%
• By 2100: 124,727 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Black 12% Hispanic / Latino 8% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Romanian 5% Lithuanian 5% Slovak 1%
• Foreign-born: 10% · Canada, China
• Languages at home: 88% English-only · Spanish 4% Other Indo-European 2% Arabic 2%

Political lean MEDSL · Rensselaer

• 2024 margin: Toss-up / Even · D 50.7% · R 49.3%
• 2008→2024 swing: -8.0pp toward R · 2008: 9.3pp · 2024: 1.4pp
• All cycles: 2024: D+1.4 2020: D+5.6 2016: R+2.9 2012: D+11.8 2008: D+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.53%
• Current HPI: 285.0762
• Rent YoY: ▲ 4.88%
• 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

+1210.0% since first listed

23 events — show timeline

• 2026-03-27 Listed $524,000 Global MLS
• 2022-09-26 Sold (Public Records) $183,250 Public Records
• 2022-07-13 Listing Removed — Global MLS
• 2022-06-17 Price Changed $419,000 Global MLS
• 2022-03-25 Listed $439,000 Global MLS
• 2018-10-15 Pending — Global MLS
• 2018-10-15 Listing Removed — Global MLS
• 2018-09-15 Listed $309,000 Global MLS
• 2017-06-30 Sold (MLS) $100,000 Global MLS
• 2017-05-22 Listing Removed — Global MLS
• 2017-05-18 Listed $100,000 Global MLS
• 2008-10-23 Listing Removed — Global MLS
• 2007-10-22 Listed $179,900 Global MLS
• 2004-12-07 Sold (Public Records) $116,000 Public Records
• 2004-12-07 Sold (MLS) $1 Global MLS
• 2004-12-03 Sold (MLS) $116,000 Global MLS
• 2004-09-07 Listing Removed — Global MLS
• 2004-07-24 Listed $160,000 Global MLS
• 2004-07-20 Listing Removed — Global MLS
• 2004-07-14 Listed $115,900 Global MLS
• 2002-12-06 Sold (Public Records) $27,219 Public Records
• 1998-06-19 Sold (Public Records) $54,700 Public Records
• 1995-04-07 Sold (Public Records) $40,000 Public Records

Property tax history

+22.1%/yr

Latest (2025): $8,581 · -45.4% YoY. Source: county tax records.