44 Spring Ave · Troy, NY 12180

$235,000

6 bd · 2.0 ba · 2,200 sqft · MultiFamily public records · 35 Days on market

Built 1844 0.27 ac lot $107/sqft · 24% below area Est $310k · 24% under

---

Why this score? — see what drove the B+ 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Cash or Rehab Loan Only! Welcome to this charming duplex offering the perfect balance of privacy and convenience, set on a peaceful 0.27-acre lot just 5 minutes from restaurants, hospitals, major highways, and downtown Troy. This versatile property features separate utilities, a 2021 roof, a large dry basement, and plenty of parking with a spacious driveway plus additional on-street options. The first-floor unit boasts an open concept layout with a spacious updated kitchen that flows seamlessly into the living room, creating a warm and inviting space for everyday living and entertaining. Vintage exposed wooden beams add unique character and charm, giving the home a standout feel you won't f

Key facts

• Large dry basement
• Separate utilities
• 2021 roof

Tags

• 0.27-ACRE LOT
• SEPARATE UTILITIES
• 2021 ROOF
• LARGE DRY BASEMENT
• SPACIOUS DRIVEWAY
• OPEN CONCEPT LAYOUT

Property features AI

Exterior

• Parking: Off-street parking including driveway for 5 vehicles total
• Security: Carbon monoxide detector(s)
• Utilities: Public water; Public sewer; 150 Amp electric service; Cable available
• Home design: Duplex; Block foundation; Vinyl siding; Asphalt roof; Living area approximately 2,200
• Construction: Vinyl siding construction; Block foundation; Asphalt roof
• Exterior features: Deck; Private lot

Interior

• Bedrooms: Two-unit property: Unit 1 has 3 bedrooms; Unit 2 has 2 bedrooms
• Flooring: Tile; Hardwood
• Bathrooms: Two full bathrooms total (Unit 1: 1 full bath; Unit 2: 1 full bath)
• Heating & cooling: Forced air heating; Has heating
• Interior features: Built-in features; Sliding doors
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $557/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $228k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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 $3,329/mo this rent would consume 53% 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 $2k of loan paydown is wiped out by about $7k 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 $66k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1844 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $227,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% 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 1844 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.42% ✓
• Cap rate: 12.27%
• Cash-on-cash: 21.34%
• DSCR: 1.95
• GRM: 5.9

CMA / ARV

• ARV (median comp): $309,658
• List price: $235,000
• Delta: -24.11%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
192 Hill St	0.36mi	5/2.0 (-1)	2,260 (+3%)	2mo	$275,500	$122	72
369 4th St	0.60mi	5/2.0 (-1)	2,222 (+1%)	8mo	$192,000	$86	59
198 Hill St	0.35mi	6/2.0	2,000 (-9%)	12mo	$165,000	$83	58
329 4th St	0.62mi	5/2.0 (-1)	2,266 (+3%)	10mo	$330,000	$146	52
45 14th St	0.50mi	6/2.0	1,968 (-10%)	11mo	$272,000	$138	50
63 13th St	0.60mi	6/2.0	2,080 (-6%)	15mo	$220,000	$106	50
448 4th St	0.63mi	6/2.0	2,340 (+6%)	14mo	$200,000	$85	49
76 13th St	0.64mi	6/2.0	2,332 (+6%)	15mo	$355,000	$152	48
84 Ida St	0.57mi	6/2.0	1,876 (-15%)	4mo	$72,000	$38	45
301 2nd St	0.73mi	7/2.0 (+1)	2,500 (+14%)	3mo	$239,900	$96	36
261 2nd St	0.75mi	5/2.0 (-1)	2,016 (-8%)	13mo	$229,000	$114	35
451 3rd St	0.73mi	5/2.0 (-1)	1,936 (-12%)	7mo	$140,000	$72	35

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: 14.6%
• Equity multiple: 1.60×
• Total profit: $39,302
• Equity at exit: $35,039

10-year hold

• IRR: 24.7%
• Equity multiple: 3.32×
• Total profit: $152,915
• Equity at exit: $20,319

Cash invested: $65,800 (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: 11.8×

Monthly cashflow live

• Estimated rent: $3,329 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$130 /mo · $1,555/yr
• Insurance: −$98
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$699
• Net cashflow: $1,115

Break-even live

Break-even rent $1,918

Max offer price $235,000

Occupancy floor 62%

Sensitivity live

Price	-10% $1,248	-5% $1,181	+0% $1,115	+5% $1,048	+10% $981
Rent	-10% $852	-5% $983	+0% $1,115	+5% $1,246	+10% $1,378
Rate	-1.0pp $1,233	-0.5pp $1,174	base $1,115	+0.5pp $1,054	+1.0pp $992

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,330
Total (2 units)			$3,329

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
97 14th St Unit 2 Troy, NY	5.0	2.0	1600	$625	$0.39	19d	1	0.60mi

Listing history 16 events

1. 2026-06-18
   days on market $235,000 Active 35 DOM
2. 2026-06-17
   days on market $235,000 Active 34 DOM
3. 2026-06-16
   days on market $235,000 Active 33 DOM
4. 2026-06-15
   days on market $235,000 Active 32 DOM
5. 2026-06-14
   days on market $235,000 Active 30 DOM
6. 2026-06-13
   days on market $235,000 Active 29 DOM
7. 2026-06-10
   days on market $235,000 Active 27 DOM
8. 2026-06-09
   days on market $235,000 Active 26 DOM
9. 2026-06-08
   days on market $235,000 Active 25 DOM
10. 2026-06-07
    days on market $235,000 Active 24 DOM
11. 2026-06-03
    days on market $235,000 Active 20 DOM
12. 2026-06-02
    days on market $235,000 Active 19 DOM
13. 2026-06-01
    days on market $235,000 Active 18 DOM
14. 2026-05-31
    days on market $235,000 Active 17 DOM
15. 2026-05-31
    days on market $235,000 Active 16 DOM
16. 2026-05-14
    listed $235,000 Active 1076-char remark

ⓘ 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: $1,555 · $130/mo
• Projected year-2 tax: $2,763 · $230/mo
• Expected delta: +$1,208/yr (+$101/mo · 77.7%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 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: $39,948
• − Mortgage interest: −$13,164
• − Property taxes: −$1,555
• − Insurance: −$1,842
• − Repairs & maintenance: −$3,196
• − Management: −$3,196
• − Depreciation: −$6,836
• Taxable income: $10,160
• Est. tax owed @ 24.0%: −$2,438
• After-tax cash flow: $10,936/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

1 event — show timeline

• 2026-05-14 Listed $235,000 Global MLS

Property tax history

+3.8%/yr

Latest (2025): $1,555 · -62.2% YoY. Source: county tax records.