51 Elm St · Troy, NY 12180

$139,000

4 bd · 2.0 ba · 1,536 sqft · SingleFamily public records · 7 Days on market

Built 1895 2,613 sqft lot

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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 +26.9/30.0
• DSCR +9.3/10.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• 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

Listing remarks MLS

R3 zoned current set up as single family w/ EZ conversion back to 2 family. Newer roof, vinyl windows & entry doors, vinyl siding, & front & rear decking. EZ conversion to 2 units with 2 separate entry, 2 BR, & laundry each unit, 2nd floor laundry already in place! Each floor full bath in place! HVAC w/ Central Air. Convenient location... HVCC, RPI, DT Troy, DT Albany, hospitals, shopping, bike trails, entertainment, & so much more close by. This property offers great rental potential. As is where is. Good Condition

Key facts

• 2,613 sq ft lot
• Built 1895
• Listed 7 days

Property features AI

Exterior

• Parking: Off-street parking
• Security: Carbon monoxide detector(s)
• Utilities: Public water; Public sewer; Cable available
• Home design: Single family residence; Updated/remodeled; Entry level spans first and second floors
• Construction: Vinyl siding; Block and combination foundation; Asphalt roof; Built living area approximately 1,536
• Exterior features: Rear porch; Front porch; Patio; Shed(s); Rolling slope lot

Interior

• Kitchen: Electric oven; Microwave; Refrigerator
• Bedrooms: Four bedrooms on the second and first levels (bedrooms on both first and second floors)
• Flooring: Hardwood; Laminate
• Bathrooms: Two full bathrooms (one on the first level, one on the second level)
• Heating & cooling: Forced air heating; Natural gas heating; Has heating
• Interior features: Paddle fan; Walk-in closet(s); Interior entry basement (partial)
• Laundry & utility: Washer; Dryer; Laundry on upper level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $385 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Cap rate 9.6% 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; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• This rent runs 31% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 8y 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 $58k; list at $139k implies a 138% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,000

Questions for the listing agent

1. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.39% ✓
• Cap rate: 9.62%
• Cash-on-cash: 11.87%
• DSCR: 1.53
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $56,832
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5 Hadden Ln	0.40mi	3/1.0 (-1)	1,464 (-5%)	2mo	$324,900	$222	63
14 High St	0.08mi	3/2.0 (-1)	1,320 (-14%)	8mo	$49,000	$37	62
49 Elm St	0.01mi	4/2.0	1,720 (+12%)	23mo	$60,000	$35	61
63-5 Vandenburgh Ave	0.44mi	5/3.0 (+1)	1,548 (+1%)	15mo	$297,000	$192	57
20 Hopkins St	0.43mi	4/1.0	1,628 (+6%)	17mo	$30,000	$18	52
19 Grant Ave	0.68mi	3/1.0 (-1)	1,647 (+7%)	19mo	$185,000	$112	31
614 4th St	0.66mi	3/1.0 (-1)	1,672 (+9%)	22mo	$36,000	$22	27

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: 3.8%
• Equity multiple: 1.15×
• Total profit: $5,863
• Equity at exit: $20,725

10-year hold

• IRR: 15.3%
• Equity multiple: 2.37×
• Total profit: $53,170
• Equity at exit: $12,018

Cash invested: $38,920 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,938 high
• Mortgage (P&I): −$729
• Tax from tax record: −$359 /mo · $4,310/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $385

Break-even live

Break-even rent $1,451

Max offer price $139,000

Occupancy floor 75%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Vandenburgh Pl Troy, NY	2.0–3.0	1.0–1.5	1124	$2,182	$1.94	14d	9	0.55mi
649 4th St Unit 2 Troy, NY	3.0	1.0	1200	$1,345	$1.12	23d	1	0.56mi
509 5th Ave Unit 9 Watervliet, NY	3.0	1.0	1100	$1,800	$1.64	14d	1	1.02mi
809 Broadway #2 Watervliet, NY	3.0	1.0	1100	$1,625	$1.48	44d	1	1.07mi
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	21d	1	1.08mi
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	14d	1	1.08mi
355 4th St Troy, NY	3.0	2.0	1203	$1,750	$1.45	23d	1	1.31mi
114 Ida St Unit 1 Troy, NY	3.0	1.0	1100	$1,395	$1.27	23d	1	1.37mi
306 3rd St Troy, NY	3.0	1.0	1100	$1,700	$1.55	23d	1	1.37mi
11 Spring Ave Troy, NY	3.0	2.0	1788	$2,500	$1.40	23d	1	1.43mi

Listing history 11 events

1. 2026-05-07
   status Pending
2. 2026-04-29
   listed $139,000 Active
3. 2019-01-31
   soldstatus $58,500 Closed (Final Sale) 542-char remark

   Show marketing remark (542 chars)

   R3 zoned current set up as single family w/ EZ conversion back to 2 family. Newer roof, vinyl windows & entry doors, vinyl siding, & front & rear decking. EZ conversion to 2 units with 2 separate entry, 2 BR, & laundry each unit, 2nd floor laundry already in place! Each floor full bath in place! HVAC w/ Central Air. Convenient location... HVCC, RPI, DT Troy, DT Albany, hospitals, shopping, bike trails, entertainment, & so much more close by. This property offers great rental potential. As is where is. Good Condition

4. 2018-10-30
   status Pend (Under Cntr) 542-char remark

   Show marketing remark (542 chars)

   R3 zoned current set up as single family w/ EZ conversion back to 2 family. Newer roof, vinyl windows & entry doors, vinyl siding, & front & rear decking. EZ conversion to 2 units with 2 separate entry, 2 BR, & laundry each unit, 2nd floor laundry already in place! Each floor full bath in place! HVAC w/ Central Air. Convenient location... HVCC, RPI, DT Troy, DT Albany, hospitals, shopping, bike trails, entertainment, & so much more close by. This property offers great rental potential. As is where is. Good Condition

5. 2018-08-30
   price $69,900 542-char remark

   Show marketing remark (542 chars)

   R3 zoned current set up as single family w/ EZ conversion back to 2 family. Newer roof, vinyl windows & entry doors, vinyl siding, & front & rear decking. EZ conversion to 2 units with 2 separate entry, 2 BR, & laundry each unit, 2nd floor laundry already in place! Each floor full bath in place! HVAC w/ Central Air. Convenient location... HVCC, RPI, DT Troy, DT Albany, hospitals, shopping, bike trails, entertainment, & so much more close by. This property offers great rental potential. As is where is. Good Condition

6. 2018-06-28
   listed $79,900 New 542-char remark

   Show marketing remark (542 chars)

   R3 zoned current set up as single family w/ EZ conversion back to 2 family. Newer roof, vinyl windows & entry doors, vinyl siding, & front & rear decking. EZ conversion to 2 units with 2 separate entry, 2 BR, & laundry each unit, 2nd floor laundry already in place! Each floor full bath in place! HVAC w/ Central Air. Convenient location... HVCC, RPI, DT Troy, DT Albany, hospitals, shopping, bike trails, entertainment, & so much more close by. This property offers great rental potential. As is where is. Good Condition

7. 2018-06-28
   historical

   Show marketing remark (542 chars)

   R3 zoned current set up as single family w/ EZ conversion back to 2 family. Newer roof, vinyl windows & entry doors, vinyl siding, & front & rear decking. EZ conversion to 2 units with 2 separate entry, 2 BR, & laundry each unit, 2nd floor laundry already in place! Each floor full bath in place! HVAC w/ Central Air. Convenient location... HVCC, RPI, DT Troy, DT Albany, hospitals, shopping, bike trails, entertainment, & so much more close by. This property offers great rental potential. As is where is. Good Condition

8. 2018-05-03
   price $86,000
9. 2018-03-24
   price $89,900
10. 2018-02-24
    price $99,900
11. 2018-01-31
    listed $114,900 New

ⓘ 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: $4,310 · $359/mo
• Projected year-2 tax: $4,310 · $359/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 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: $23,253
• − Mortgage interest: −$7,786
• − Property taxes: −$4,310
• − Insurance: −$695
• − Repairs & maintenance: −$1,860
• − Management: −$1,860
• − Depreciation: −$4,044
• Taxable income: $2,698
• Est. tax owed @ 24.0%: −$647
• After-tax cash flow: $3,970/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

+21.0% since first listed

11 events — show timeline

• 2026-05-07 Pending — Global MLS
• 2026-04-29 Listed $139,000 Global MLS
• 2019-01-31 Sold (MLS) $58,500 Global MLS
• 2018-10-30 Pending — Global MLS
• 2018-08-30 Price Changed $69,900 Global MLS
• 2018-06-28 Listing Removed — Global MLS
• 2018-06-28 Listed $79,900 Global MLS
• 2018-05-03 Price Changed $86,000 Global MLS
• 2018-03-24 Price Changed $89,900 Global MLS
• 2018-02-24 Price Changed $99,900 Global MLS
• 2018-01-31 Listed $114,900 Global MLS

Property tax history

+13.6%/yr

Latest (2025): $4,310 · -17.1% YoY. Source: county tax records.