517 3rd Ave · Troy, NY 12182

$369,900

5 bd · 3.0 ba · 4,384 sqft · MultiFamily public records · 7 Days on market

Built 1890 9,147 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• 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

Gorgeous original 1st fl owners unit & 2 rental units on 2nd fl. Gated/fenced double lot, det 2 story carriage house and det garage. Excellent Condition

Key facts

• Thoughtful updates
• Fenced-in backyard
• Three-family home

Tags

• THREE-FAMILY HOME
• THOUGHTFUL UPDATES
• OFF-STREET PARKING
• DETACHED 3-CAR GARAGE
• FENCED-IN BACKYARD

Property features AI

Finance

• Financial info: Property configured as a 3-unit multi-family (triplex); Tenants are responsible for hot water, heat, internet, cable TV, electricity, and gas

Exterior

• Parking: 3-car garage; Driveway parking; Off-street parking; Total parking for 6 vehicles
• Utilities: Public water; Public sewer
• Home design: Triplex; Combination foundation; Brick construction; Shingle (asphalt) roof
• Construction: Brick construction; Combination foundation; Shingle (asphalt) roof
• Exterior features: Side porch, covered and enclosed porch; Patio; Back yard fencing and brick fencing; Landscaped, level, secluded and private lot

Interior

• Kitchen: Unit 1: 1 kitchen (1st floor); Unit 2: 1 kitchen (2nd floor); Unit 3: 1 kitchen (1st floor)
• Bedrooms: Unit 1: 2 bedrooms (both on the 1st floor); Unit 2: 2 bedrooms (on the 2nd floor); Unit 3: 2 bedrooms (on the 2nd floor)
• Flooring: Tile, ceramic tile, and hardwood
• Bathrooms: Total of 4 bathrooms: 3 full baths and 1 half bath; Unit 1: 1 full bath and 1 half bath (both on the 1st floor); Unit 2: 1 full bath (on the 2nd floor); Unit 3: 1 full bath (on the 2nd floor)
• Heating & cooling: Forced air heating; Natural gas
• Interior features: Tile, ceramic tile, and hardwood flooring; Full basement; Fireplaces in the dining room and family room; Garden
• Laundry & utility: Laundry areas on the main level and upper level

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.2-bath units multifamily listed at $370k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $440/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $370k).
• Cap rate 10.8% 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.
• Lansingburgh Central School District (urban): math 31% / reading 35% proficiency, ranked #566 of 590 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 75 active listings in the ZIP; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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 + 3.0% rent growth), your $104k 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.
• 2 sale attempts since 20y 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 $250k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $369,900

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: 1.41% ✓
• Cap rate: 10.76%
• Cash-on-cash: 15.95%
• DSCR: 1.71
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $227,968
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
551 3rd Ave	0.09mi	6/2.0 (+1)	4,344 (-1%)	20mo	$225,500	$52	68

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.1%
• Equity multiple: 1.24×
• Total profit: $24,435
• Equity at exit: $55,153

10-year hold

• IRR: 15.5%
• Equity multiple: 2.26×
• Total profit: $130,532
• Equity at exit: $31,982

Cash invested: $103,572 (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 12182

• Home prices YoY: -15.6%
• Active inventory: 75
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $5,199 high
• Mortgage (P&I): −$1,940
• Tax from tax record: −$636 /mo · $7,637/yr
• Insurance: −$154
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,092
• Net cashflow: $1,321

Break-even live

Break-even rent $3,526

Max offer price $369,900

Occupancy floor 70%

Sensitivity live

Price	-10% $1,531	-5% $1,426	+0% $1,321	+5% $1,217	+10% $1,112
Rent	-10% $911	-5% $1,116	+0% $1,321	+5% $1,527	+10% $1,732
Rate	-1.0pp $1,508	-0.5pp $1,415	base $1,321	+0.5pp $1,225	+1.0pp $1,128

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.2	$5,199
Total (3 units)			$5,199

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: $92,475
• Closing costs: $11,097
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-14
   statusdays on market $369,900 Pending 7 DOM
2. 2026-06-10
   days on market $369,900 Active 6 DOM
3. 2026-06-09
   days on market $369,900 Active 5 DOM
4. 2026-06-08
   days on market $369,900 Active 4 DOM
5. 2026-06-07
   days on market $369,900 Active 3 DOM
6. 2026-06-05
   remarks 482-char remark
7. 2026-06-05
   listed $369,900 Active 1 DOM

ⓘ 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: $7,637 · $636/mo
• Projected year-2 tax: $7,637 · $636/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 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 17 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: $62,388
• − Mortgage interest: −$20,720
• − Property taxes: −$7,637
• − Insurance: −$2,516
• − Repairs & maintenance: −$4,991
• − Management: −$4,991
• − Depreciation: −$10,761
• Taxable income: $10,772
• Est. tax owed @ 24.0%: −$2,585
• After-tax cash flow: $13,270/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: Lansingburgh Central School District
• NCES district ID: 3616740
• Math proficiency: 31% ▼ -7.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $44,807
• Composite: 28.19/100
• National rank: #6810
• State rank: #566 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
• City population: 53,479
• Population (ZIP): 14,273

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 14% Two or more races 12% Hispanic / Latino 7%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Lithuanian 7% Romanian 3% Iranian 1%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 1%

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: ▼ -50.58%
• Current HPI: 273.5758
• Rent YoY: —
• Metro: —
• 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

+23.7% since first listed

5 events — show timeline

• 2026-06-03 Listed $369,900 Global MLS
• 2006-10-04 Sold (Public Records) $250,000 Public Records
• 2006-09-21 Sold (MLS) $252,500 Global MLS
• 2006-07-12 Listing Removed — Global MLS
• 2006-04-20 Listed $299,000 Global MLS

Property tax history

+12.5%/yr

Latest (2025): $7,637 · +1.3% YoY. Source: county tax records.