393 3rd St

Troy, NY 12180

$134,000B+

3 bd · 1.5 ba · 1,738 sqft · Built 1836 · SingleFamily · Active · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,925/mo
• Mortgage (P&I): −$703
• Tax + insurance: −$390
• HOA: −$0
• Vac / Maint / Mgmt: −$404
• Net cashflow: $428/mo
• Annual: $5,130/yr
• Cap rate: 10.62%
• Cash-on-cash: 15.45%
• DSCR: 1.69
• 1% rule: 1.44%
• Cash to close: $37,520

Investor read

• This is a 3-bed/1.5-bath single-family listed at $134k. Condition is rated fair.
• At list price, monthly cash flow is $428 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $134k).
• It's been on market 85 days — a 6% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $126k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $926 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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: 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.
• Zoned schools: Carroll Hill School (math 22% / reading 32%, grade F, #1,786 of 2,108 statewide, top 86%, 340 students, 85% FRL); Troy Middle School (math 22% / reading 43%, grade F, #504 of 729 statewide, top 70%, 786 students, 72% FRL); Troy High School (math 95% / reading 77%, grade A, #347 of 1,100 statewide, top 32%, 1,153 students, 64% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1836 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.9%/yr); 298 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 64d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• Rensselaer County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $21k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $134k implies a 106% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $38k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.6% vs local median 5.0% 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.

Questions for listing agent

• It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1836 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Front porch — Peeling paint and structural issues.