318 1st St · Troy, NY 12180

$579,000

9 bd · 3.0 ba · 5,504 sqft · MultiFamily public records · 12 Days on market

Built 1890 3,049 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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Must see 4 unit multi-family in a great location. Fully occupied! Many updates have been made to each of the floors while retaining the building's historic charm and character. New Pella bay windows on 2nd floor. 1st, 2nd, and 3rd floor apartments have stainless appliances. Garage and off-street parking in the rear. The basement and floor 3 apartment are on the same electric meter but could be separated easily. FL1 has it's own meter and FL2 has it's own meter.

Key facts

• 3,049 sq ft lot
• 2 parking spots
• Built 1890

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $579k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $316/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $579k).
• Cap rate 9.9% 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; solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• At $7,224/mo this rent would consume 114% 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 $4k of loan paydown is wiped out by about $17k 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 $162k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 17y 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 $340k; list at $579k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $579,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.25% ✓
• Cap rate: 9.86%
• Cash-on-cash: 12.75%
• DSCR: 1.57
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.88% rent growth · sell at horizon

5-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $864
• Equity at exit: $86,331

10-year hold

• IRR: 11.8%
• Equity multiple: 2.02×
• Total profit: $165,172
• Equity at exit: $50,061

Cash invested: $162,120 (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: 26.7×

Monthly cashflow live

• Estimated rent: $7,224 high
• Mortgage (P&I): −$3,036
• Tax from tax record: −$707 /mo · $8,482/yr
• Insurance: −$241
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,517
• Net cashflow: $1,262

Break-even live

Break-even rent $5,626

Max offer price $579,000

Occupancy floor 78%

Sensitivity live

Price	-10% $1,590	-5% $1,426	+0% $1,262	+5% $1,098	+10% $934
Rent	-10% $691	-5% $977	+0% $1,262	+5% $1,547	+10% $1,833
Rate	-1.0pp $1,554	-0.5pp $1,409	base $1,262	+0.5pp $1,112	+1.0pp $959

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$7,224
Total (4 units)			$7,224

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: $144,750
• Closing costs: $17,370
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-04-19
   status Pending
2. 2026-04-07
   listed $579,000 Active
3. 2025-04-28
   historical $1,100
4. 2025-04-24
   listed $1,100
5. 2023-11-25
   historical $975
6. 2023-10-21
   listed $975
7. 2022-05-12
   soldstatus $340,000
8. 2022-02-17
   status Pending 465-char remark

   Show marketing remark (465 chars)

   Must see 4 unit multi-family in a great location. Fully occupied! Many updates have been made to each of the floors while retaining the building's historic charm and character. New Pella bay windows on 2nd floor. 1st, 2nd, and 3rd floor apartments have stainless appliances. Garage and off-street parking in the rear. The basement and floor 3 apartment are on the same electric meter but could be separated easily. FL1 has it's own meter and FL2 has it's own meter.

9. 2022-02-01
   price $349,900 465-char remark

   Show marketing remark (465 chars)

   Must see 4 unit multi-family in a great location. Fully occupied! Many updates have been made to each of the floors while retaining the building's historic charm and character. New Pella bay windows on 2nd floor. 1st, 2nd, and 3rd floor apartments have stainless appliances. Garage and off-street parking in the rear. The basement and floor 3 apartment are on the same electric meter but could be separated easily. FL1 has it's own meter and FL2 has it's own meter.

10. 2022-01-18
    status Active 465-char remark

    Show marketing remark (465 chars)

    Must see 4 unit multi-family in a great location. Fully occupied! Many updates have been made to each of the floors while retaining the building's historic charm and character. New Pella bay windows on 2nd floor. 1st, 2nd, and 3rd floor apartments have stainless appliances. Garage and off-street parking in the rear. The basement and floor 3 apartment are on the same electric meter but could be separated easily. FL1 has it's own meter and FL2 has it's own meter.

11. 2021-12-14
    status Pending 465-char remark

    Show marketing remark (465 chars)

    Must see 4 unit multi-family in a great location. Fully occupied! Many updates have been made to each of the floors while retaining the building's historic charm and character. New Pella bay windows on 2nd floor. 1st, 2nd, and 3rd floor apartments have stainless appliances. Garage and off-street parking in the rear. The basement and floor 3 apartment are on the same electric meter but could be separated easily. FL1 has it's own meter and FL2 has it's own meter.

12. 2021-09-15
    status Pend (Under Cntr) 465-char remark

    Show marketing remark (465 chars)

    Must see 4 unit multi-family in a great location. Fully occupied! Many updates have been made to each of the floors while retaining the building's historic charm and character. New Pella bay windows on 2nd floor. 1st, 2nd, and 3rd floor apartments have stainless appliances. Garage and off-street parking in the rear. The basement and floor 3 apartment are on the same electric meter but could be separated easily. FL1 has it's own meter and FL2 has it's own meter.

13. 2021-09-15
    price $359,900 465-char remark

    Show marketing remark (465 chars)

    Must see 4 unit multi-family in a great location. Fully occupied! Many updates have been made to each of the floors while retaining the building's historic charm and character. New Pella bay windows on 2nd floor. 1st, 2nd, and 3rd floor apartments have stainless appliances. Garage and off-street parking in the rear. The basement and floor 3 apartment are on the same electric meter but could be separated easily. FL1 has it's own meter and FL2 has it's own meter.

14. 2021-09-09
    listed $340,000 New 465-char remark

    Show marketing remark (465 chars)

    Must see 4 unit multi-family in a great location. Fully occupied! Many updates have been made to each of the floors while retaining the building's historic charm and character. New Pella bay windows on 2nd floor. 1st, 2nd, and 3rd floor apartments have stainless appliances. Garage and off-street parking in the rear. The basement and floor 3 apartment are on the same electric meter but could be separated easily. FL1 has it's own meter and FL2 has it's own meter.

15. 2010-02-16
    soldstatus $169,900
16. 2010-02-09
    soldstatus $169,900 237-char remark

    Show marketing remark (237 chars)

    Beautiful details. 2 Parlors, formal dining room, kitchen and bath each floor. 2nd & 3rd floors have an additional den/study also plus rear porches. Family occupied for almost 4 decades. 2 car detached garage -- Excellent Condition

17. 2009-09-01
    historical 237-char remark

    Show marketing remark (237 chars)

    Beautiful details. 2 Parlors, formal dining room, kitchen and bath each floor. 2nd & 3rd floors have an additional den/study also plus rear porches. Family occupied for almost 4 decades. 2 car detached garage -- Excellent Condition

18. 2009-04-23
    listed $174,900 237-char remark

    Show marketing remark (237 chars)

    Beautiful details. 2 Parlors, formal dining room, kitchen and bath each floor. 2nd & 3rd floors have an additional den/study also plus rear porches. Family occupied for almost 4 decades. 2 car detached garage -- Excellent Condition

ⓘ 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: $8,482 · $707/mo
• Projected year-2 tax: $9,134 · $761/mo
• Expected delta: +$652/yr (+$54/mo · 7.7%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°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: $86,688
• − Mortgage interest: −$32,433
• − Property taxes: −$8,482
• − Insurance: −$8,420
• − Repairs & maintenance: −$6,935
• − Management: −$6,935
• − Depreciation: −$16,844
• Taxable income: $6,639
• Est. tax owed @ 24.0%: −$1,593
• After-tax cash flow: $13,552/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

+231.0% since first listed

18 events — show timeline

• 2026-04-19 Pending — Global MLS
• 2026-04-07 Listed $579,000 Global MLS
• 2025-04-28 Rental Removed $1,100 GLOBALMLS
• 2025-04-24 Listed for Rent $1,100 GLOBALMLS
• 2023-11-25 Rental Removed $975 GLOBALMLS
• 2023-10-21 Listed for Rent $975 GLOBALMLS
• 2022-05-12 Sold (Public Records) $340,000 Public Records
• 2022-02-17 Pending — Global MLS
• 2022-02-01 Price Changed $349,900 Global MLS
• 2022-01-18 Relisted — Global MLS
• 2021-12-14 Pending — Global MLS
• 2021-09-15 Pending — Global MLS
• 2021-09-15 Price Changed $359,900 Global MLS
• 2021-09-09 Listed $340,000 Global MLS
• 2010-02-16 Sold (Public Records) $169,900 Public Records
• 2010-02-09 Sold (MLS) $169,900 Global MLS
• 2009-09-01 Listing Removed — Global MLS
• 2009-04-23 Listed $174,900 Global MLS

Property tax history

+18.9%/yr

Latest (2025): $8,482 · +17.2% YoY. Source: county tax records.