25 Spring Ave · Troy, NY 12180

$255,000

8 bd · 3.0 ba · 2,640 sqft · MultiFamily public records · 163 Days on market

Built 1910 0.43 ac lot $97/sqft · 30% below area Est $365k · 30% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Vacant Brick 3-Unit - Fully Updated & Ready for Your Tenants. Solid brick three-unit building delivered vacant, offering a rare opportunity to place your own tenants at market rents. Each unit features spacious 2-3 bedroom layouts with updated interiors throughout. Recent improvements include new kitchens, new bathrooms, and updated mechanical systems, providing low-maintenance ownership and modern appeal for tenants. The classic brick construction adds durability and long-term value. Off-street parking available, a major convenience and rental advantage. Ideal for investors or owner-occupants seeking a turn-key multi-family property with strong income potential

Key facts

• New kitchens
• Fully updated
• New bathrooms

Tags

• FULLY UPDATED
• NEW KITCHENS
• NEW BATHROOMS
• UPDATED MECHANICAL SYSTEMS
• CLASSIC BRICK CONSTRUCTION
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $255k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $634/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $255k).
• Recommended offer: $224k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.5% vs local median 5.5% 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 $4,993/mo this rent would consume 79% 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 $71k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 26y ago; this cycle's ask has dropped $35k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $43k; list at $255k implies a 493% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; flood insurance adds $56/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $224,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 days. Have you received any prior offers? Is the seller open to a 12% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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.
11. 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.
12. 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: 1.96% ✓
• Cap rate: 15.51%
• Cash-on-cash: 32.91%
• DSCR: 2.46
• GRM: 4.3

CMA / ARV

• ARV (median comp): $364,972
• List price: $255,000
• Delta: -30.13%
• Verdict: UNDERPRICED
• 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	0.57mi	8/3.0	2,646 (+0%)	8mo	$317,000	$120	66
62 Ida St	0.56mi	8/2.0	2,484 (-6%)	7mo	$125,000	$50	54
301 2nd St	0.66mi	7/2.0 (-1)	2,500 (-5%)	3mo	$239,900	$96	49
1250 5th Ave	0.53mi	7/2.0 (-1)	2,870 (+9%)	13mo	$179,000	$62	41
320 1st St	0.71mi	7/2.0 (-1)	3,017 (+14%)	20mo	$205,000	$68	17

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: 29.3%
• Equity multiple: 2.26×
• Total profit: $89,743
• Equity at exit: $38,021

10-year hold

• IRR: 37.8%
• Equity multiple: 4.87×
• Total profit: $276,238
• Equity at exit: $22,048

Cash invested: $71,400 (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: 12.8×

Monthly cashflow live

• Estimated rent: $4,993 high
• Mortgage (P&I): −$1,337
• Tax from tax record: −$543 /mo · $6,511/yr
• Insurance: −$106
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,049
• Net cashflow: $1,903

Break-even live

Break-even rent $2,584

Max offer price $255,000

Occupancy floor 57%

Sensitivity live

Price	-10% $2,047	-5% $1,975	+0% $1,903	+5% $1,831	+10% $1,759
Rent	-10% $1,508	-5% $1,706	+0% $1,903	+5% $2,100	+10% $2,297
Rate	-1.0pp $2,031	-0.5pp $1,968	base $1,903	+0.5pp $1,837	+1.0pp $1,770

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,992
Total (3 units)			$4,993

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: $63,750
• Closing costs: $7,650
• 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	15d	1	1.39mi

Listing history 18 events

1. 2026-03-18
   price $255,000 674-char remark

   Show marketing remark (674 chars)

   Vacant Brick 3-Unit - Fully Updated & Ready for Your Tenants. Solid brick three-unit building delivered vacant, offering a rare opportunity to place your own tenants at market rents. Each unit features spacious 2-3 bedroom layouts with updated interiors throughout. Recent improvements include new kitchens, new bathrooms, and updated mechanical systems, providing low-maintenance ownership and modern appeal for tenants. The classic brick construction adds durability and long-term value. Off-street parking available, a major convenience and rental advantage. Ideal for investors or owner-occupants seeking a turn-key multi-family property with strong income potential

2. 2026-01-30
   price $269,900 674-char remark

   Show marketing remark (674 chars)

   Vacant Brick 3-Unit - Fully Updated & Ready for Your Tenants. Solid brick three-unit building delivered vacant, offering a rare opportunity to place your own tenants at market rents. Each unit features spacious 2-3 bedroom layouts with updated interiors throughout. Recent improvements include new kitchens, new bathrooms, and updated mechanical systems, providing low-maintenance ownership and modern appeal for tenants. The classic brick construction adds durability and long-term value. Off-street parking available, a major convenience and rental advantage. Ideal for investors or owner-occupants seeking a turn-key multi-family property with strong income potential

3. 2025-12-17
   listed $289,900 Active 674-char remark

   Show marketing remark (674 chars)

   Vacant Brick 3-Unit - Fully Updated & Ready for Your Tenants. Solid brick three-unit building delivered vacant, offering a rare opportunity to place your own tenants at market rents. Each unit features spacious 2-3 bedroom layouts with updated interiors throughout. Recent improvements include new kitchens, new bathrooms, and updated mechanical systems, providing low-maintenance ownership and modern appeal for tenants. The classic brick construction adds durability and long-term value. Off-street parking available, a major convenience and rental advantage. Ideal for investors or owner-occupants seeking a turn-key multi-family property with strong income potential

4. 2011-07-07
   soldstatus $43,000
5. 2011-06-30
   soldstatus $43,000 197-char remark

   Show marketing remark (197 chars)

   Get in on the ground floor of this terrifiic opportunity. This 3 family features separate utilities, off street parking and good cash flow. Third apartment requires rehabbing. Very Good Condition

6. 2011-05-27
   historical 197-char remark

   Show marketing remark (197 chars)

   Get in on the ground floor of this terrifiic opportunity. This 3 family features separate utilities, off street parking and good cash flow. Third apartment requires rehabbing. Very Good Condition

7. 2011-03-16
   listed $59,000 197-char remark

   Show marketing remark (197 chars)

   Get in on the ground floor of this terrifiic opportunity. This 3 family features separate utilities, off street parking and good cash flow. Third apartment requires rehabbing. Very Good Condition

8. 2010-02-05
   soldstatus $25,000
9. 2010-01-18
   historical
10. 2009-10-05
    listed $31,900
11. 2005-10-11
    soldstatus $120,000
12. 2005-07-18
    soldstatus $115,000
13. 2005-06-05
    historical
14. 2005-05-21
    listed $101,000
15. 2002-03-08
    soldstatus $70,000
16. 2002-02-04
    soldstatus $50,000
17. 2001-11-05
    historical
18. 2000-07-31
    listed $70,000

ⓘ 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: $6,511 · $543/mo
• Projected year-2 tax: $6,511 · $543/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 10/10 Extreme FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 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: $59,916
• − Mortgage interest: −$14,284
• − Property taxes: −$6,511
• − Insurance: −$1,942
• − Repairs & maintenance: −$4,793
• − Management: −$4,793
• − Depreciation: −$7,418
• Taxable income: $20,175
• Est. tax owed @ 24.0%: −$4,842
• After-tax cash flow: $17,993/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

+264.3% since first listed

18 events — show timeline

• 2026-03-18 Price Changed $255,000 Global MLS
• 2026-01-30 Price Changed $269,900 Global MLS
• 2025-12-17 Listed $289,900 Global MLS
• 2011-07-07 Sold (Public Records) $43,000 Public Records
• 2011-06-30 Sold (MLS) $43,000 Global MLS
• 2011-05-27 Listing Removed — Global MLS
• 2011-03-16 Listed $59,000 Global MLS
• 2010-02-05 Sold (MLS) $25,000 Global MLS
• 2010-01-18 Listing Removed — Global MLS
• 2009-10-05 Listed $31,900 Global MLS
• 2005-10-11 Sold (Public Records) $120,000 Public Records
• 2005-07-18 Sold (MLS) $115,000 Global MLS
• 2005-06-05 Listing Removed — Global MLS
• 2005-05-21 Listed $101,000 Global MLS
• 2002-03-08 Sold (Public Records) $70,000 Public Records
• 2002-02-04 Sold (MLS) $50,000 Global MLS
• 2001-11-05 Listing Removed — Global MLS
• 2000-07-31 Listed $70,000 Global MLS

Property tax history

+15.9%/yr

Latest (2025): $6,511 · -8.4% YoY. Source: county tax records.