397 10th St · Troy, NY 12180

$265,000

4 bd · 2.0 ba · 2,016 sqft · MultiFamily public records · 2 Days on market

Built 1890 2,613 sqft lot Est $210k · 26% 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 +24.9/30.0
• DSCR +8.1/10.0
• 1% rule +5.8/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Great potential, 2 Family home. Each unit 2 BR and 1 Bath. This building has been gutted inside and renovation started. New owner will need to complete the renovation. Two new hot water heaters left for new owner. No kitchen appliances. Old Furnace in basement does not work. Originally 2nd fl had electric baseboard heat and 1st floor had forced hot air. SOLD AS IS/CASH ONLY.

Key facts

• Fully renovated
• Quartz countertops
• New water heaters

Tags

• FULLY RENOVATED
• QUARTZ COUNTERTOPS
• HIGH END FINISHES
• NEW HEATING
• NEW ELECTRIC
• NEW WATER HEATERS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $571 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Cap rate 8.9% 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; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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).
• At $2,852/mo this rent would consume 45% 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 $8k 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 $74k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 $40k; list at $265k implies a 562% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $265,000

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.08% ✓
• Cap rate: 8.88%
• Cash-on-cash: 9.23%
• DSCR: 1.41
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $209,664
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
55 Oakwood Ave	0.07mi	5/2.0 (+1)	1,980 (-2%)	7mo	$170,000	$86	83
1227 Sausse Ave	0.13mi	4/2.0	1,944 (-4%)	7mo	$190,000	$98	82
6 W Sunnyside Way	0.35mi	5/3.0 (+1)	1,980 (-2%)	4mo	$242,000	$122	69
1213 Jacob St	0.57mi	5/2.0 (+1)	1,936 (-4%)	1mo	$220,000	$114	61
39 Douw St	0.46mi	4/2.0	1,974 (-2%)	22mo	$185,000	$94	57
2439 5th Ave	0.32mi	3/2.0 (-1)	2,264 (+12%)	6mo	$250,000	$110	55
90 9th St	0.60mi	4/2.0	1,892 (-6%)	11mo	$225,000	$119	53
23 Glen Ave	0.64mi	5/2.0 (+1)	2,200 (+9%)	1mo	$95,000	$43	49
137 Paine St	0.71mi	5/2.0 (+1)	2,090 (+4%)	11mo	$170,000	$81	47
2205-2207 15th St	0.58mi	5/3.5 (+1)	2,000 (-1%)	17mo	$351,800	$176	47
2243 12th St	0.42mi	5/2.0 (+1)	2,300 (+14%)	16mo	$240,000	$104	39
3324 6th Ave	0.67mi	5/2.0 (+1)	2,225 (+10%)	16mo	$199,000	$89	33

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: -0.4%
• Equity multiple: 0.98×
• Total profit: $-1,129
• Equity at exit: $39,512

10-year hold

• IRR: 11.0%
• Equity multiple: 1.93×
• Total profit: $69,080
• Equity at exit: $22,912

Cash invested: $74,200 (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: 15.5×

Monthly cashflow live

• Estimated rent: $2,852 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$182 /mo · $2,184/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$599
• Net cashflow: $571

Break-even live

Break-even rent $2,129

Max offer price $265,000

Occupancy floor 75%

Sensitivity live

Price	-10% $721	-5% $646	+0% $571	+5% $496	+10% $421
Rent	-10% $346	-5% $458	+0% $571	+5% $684	+10% $796
Rate	-1.0pp $704	-0.5pp $638	base $571	+0.5pp $502	+1.0pp $432

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,852
Total (2 units)			$2,852

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
195 9th St Troy, NY	3.0	2.0	1500	$750	$0.50	19d	1	0.33mi
164 9th St Unit 1 Troy, NY	4.0	2.0	1400	$1,800	$1.29	24d	1	0.42mi
169 Hutton St Unit 1 Troy, NY	3.0	1.0	1500	$595	$0.40	19d	1	0.42mi
2326 15th St Unit 1 Troy, NY	4.0	1.5	1500	$695	$0.46	19d	1	0.43mi
136 9th St Unit 2 Troy, NY	3.0	1.0	1500	$600	$0.40	19d	1	0.50mi
136 9th St Unit 1 Troy, NY	3.0	1.0	1500	$595	$0.40	19d	1	0.50mi
136 9th St Unit 3 Troy, NY	4.0	1.0	1500	$595	$0.40	19d	1	0.50mi
904 Peoples Ave Troy, NY	4.0	1.0	1800	$645	$0.36	19d	1	0.63mi
288 Hoosick St Troy, NY	3.0	1.0	1800	$695	$0.39	19d	1	0.64mi
131 6th Ave Troy, NY	4.0	1.0	1400	$2,325	$1.66	15d	1	0.97mi
17 State St Troy, NY	4.0	1.0–1.5	1810	$3,635	$2.01	15d	7	1.09mi
97 14th St Unit 2 Troy, NY	5.0	2.0	1600	$625	$0.39	19d	1	1.13mi
1520 6th Ave Troy, NY	2.0–4.0	2.0–4.0	1209	$1,349	$1.12	24d	8	1.13mi
97 14th St Troy, NY	4.0	2.0	1500	$650	$0.43	19d	1	1.13mi
88 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	1.15mi
79 14th St Unit 1 Troy, NY	3.0	1.0	1500	$650	$0.43	19d	1	1.17mi
79 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	1.17mi
53 13th St Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	1.18mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	19d	1	1.24mi
1708 Highland Ave Unit 3 Troy, NY	3.0	1.0	1485	$595	$0.40	19d	1	1.34mi
150 2nd St Troy, NY	4.0	1.5	2442	$3,000	$1.23	22d	1	1.36mi
1820 Highland Ave Unit 2 Troy, NY	4.0	2.0	1680	$725	$0.43	19d	1	1.37mi
290 2nd Ave Troy, NY	3.0	1.0	1400	$1,600	$1.14	22d	1	1.46mi

Listing history 23 events

1. 2026-04-05
   status Pending
2. 2026-04-03
   listed $265,000 Active
3. 2022-10-17
   soldstatus $40,000
4. 2022-09-15
   status Pending 381-char remark

   Show marketing remark (381 chars)

   Great potential, 2 Family home. Each unit 2 BR and 1 Bath. This building has been gutted inside and renovation started. New owner will need to complete the renovation. Two new hot water heaters left for new owner. No kitchen appliances. Old Furnace in basement does not work. Originally 2nd fl had electric baseboard heat and 1st floor had forced hot air. SOLD AS IS/CASH ONLY.

5. 2022-08-25
   price $54,900 381-char remark

   Show marketing remark (381 chars)

   Great potential, 2 Family home. Each unit 2 BR and 1 Bath. This building has been gutted inside and renovation started. New owner will need to complete the renovation. Two new hot water heaters left for new owner. No kitchen appliances. Old Furnace in basement does not work. Originally 2nd fl had electric baseboard heat and 1st floor had forced hot air. SOLD AS IS/CASH ONLY.

6. 2022-07-11
   price $59,900 381-char remark

   Show marketing remark (381 chars)

   Great potential, 2 Family home. Each unit 2 BR and 1 Bath. This building has been gutted inside and renovation started. New owner will need to complete the renovation. Two new hot water heaters left for new owner. No kitchen appliances. Old Furnace in basement does not work. Originally 2nd fl had electric baseboard heat and 1st floor had forced hot air. SOLD AS IS/CASH ONLY.

7. 2022-06-08
   listed $68,000 Active 381-char remark

   Show marketing remark (381 chars)

   Great potential, 2 Family home. Each unit 2 BR and 1 Bath. This building has been gutted inside and renovation started. New owner will need to complete the renovation. Two new hot water heaters left for new owner. No kitchen appliances. Old Furnace in basement does not work. Originally 2nd fl had electric baseboard heat and 1st floor had forced hot air. SOLD AS IS/CASH ONLY.

8. 2019-02-25
   soldstatus $20,000
9. 2019-02-15
   soldstatus $20,000 Closed (Final Sale) 139-char remark

   Show marketing remark (139 chars)

   4 Bed, 2 bath multi-family home located in Troy, NY. This is a nice size home but repairs and updates will be needed. Great potential here!

10. 2019-01-07
    status Pend (Under Cntr) 139-char remark

    Show marketing remark (139 chars)

    4 Bed, 2 bath multi-family home located in Troy, NY. This is a nice size home but repairs and updates will be needed. Great potential here!

11. 2018-12-14
    price $19,900 139-char remark

    Show marketing remark (139 chars)

    4 Bed, 2 bath multi-family home located in Troy, NY. This is a nice size home but repairs and updates will be needed. Great potential here!

12. 2018-11-29
    price $24,900 139-char remark

    Show marketing remark (139 chars)

    4 Bed, 2 bath multi-family home located in Troy, NY. This is a nice size home but repairs and updates will be needed. Great potential here!

13. 2018-11-14
    listed $29,900 New 139-char remark

    Show marketing remark (139 chars)

    4 Bed, 2 bath multi-family home located in Troy, NY. This is a nice size home but repairs and updates will be needed. Great potential here!

14. 2012-01-22
    historical
15. 2011-07-22
    listed $69,900
16. 2011-07-18
    historical
17. 2010-10-07
    listed $74,900
18. 2008-05-08
    historical
19. 2008-03-11
    listed $79,900
20. 2005-05-23
    soldstatus $64,700
21. 2005-05-13
    soldstatus $63,500
22. 2005-03-01
    historical
23. 2004-09-23
    listed $61,900

ⓘ 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: $2,184 · $182/mo
• Projected year-2 tax: $3,331 · $278/mo
• Expected delta: +$1,147/yr (+$96/mo · 52.5%)

ⓘ 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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 16 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: $34,224
• − Mortgage interest: −$14,844
• − Property taxes: −$2,184
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,738
• − Management: −$2,738
• − Depreciation: −$7,709
• Taxable income: $2,686
• Est. tax owed @ 24.0%: −$645
• After-tax cash flow: $6,207/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

+328.1% since first listed

23 events — show timeline

• 2026-04-05 Pending — Global MLS
• 2026-04-03 Listed $265,000 Global MLS
• 2022-10-17 Sold (Public Records) $40,000 Public Records
• 2022-09-15 Pending — Global MLS
• 2022-08-25 Price Changed $54,900 Global MLS
• 2022-07-11 Price Changed $59,900 Global MLS
• 2022-06-08 Listed $68,000 Global MLS
• 2019-02-25 Sold (Public Records) $20,000 Public Records
• 2019-02-15 Sold (MLS) $20,000 Global MLS
• 2019-01-07 Pending — Global MLS
• 2018-12-14 Price Changed $19,900 Global MLS
• 2018-11-29 Price Changed $24,900 Global MLS
• 2018-11-14 Listed $29,900 Global MLS
• 2012-01-22 Listing Removed — Global MLS
• 2011-07-22 Listed $69,900 Global MLS
• 2011-07-18 Listing Removed — Global MLS
• 2010-10-07 Listed $74,900 Global MLS
• 2008-05-08 Listing Removed — Global MLS
• 2008-03-11 Listed $79,900 Global MLS
• 2005-05-23 Sold (Public Records) $64,700 Public Records
• 2005-05-13 Sold (MLS) $63,500 Global MLS
• 2005-03-01 Listing Removed — Global MLS
• 2004-09-23 Listed $61,900 Global MLS

Property tax history

+8.2%/yr

Latest (2025): $2,184 · -22.1% YoY. Source: county tax records.