435 3rd St · Troy, NY 12180

$385,000

11 bd · 3.0 ba · 4,488 sqft · MultiFamily public records · 16 Days on market

Built 1900 3,049 sqft lot Est $359k · 7% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +4.2/15.0
• 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 (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Brick 3 family, many updates, newer windows throughout. Separate utilities. New owner could live in spacious first floor flat and let tenants pay for their expenses. Building across from Stewarts Shop. Some TLC needed. Building sold as-is. Realtor is a partial owner. Good Condition

Key facts

• Three large units
• Triplex opportunity
• Parking out back

Tags

• TRIPLEX OPPORTUNITY
• THREE LARGE UNITS
• HIGH CEILINGS
• CLOSE TO DOWNTOWN
• PARKING OUT BACK

Property features AI

Exterior

• Parking: Two parking spaces; Off-street parking
• Utilities: Public water; Public sewer
• Home design: Triplex; Total living area approximately 4,488
• Construction: Brick exterior
• Exterior features: Brick construction; Approximately 0.07-acre lot

Interior

• Bedrooms: Unit 1 with 3 bedrooms; Unit 2 with 4 bedrooms; Unit 3 with 4 bedrooms
• Bathrooms: Three full bathrooms total; Full bath on 1st level; Full bath on 2nd level; Full bath on 3rd level; Each unit has one full bath
• Heating & cooling: Hot water heating; Natural gas heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/1.0-bath units multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $646/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $385k).
• Recommended offer: $379k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.5% 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; solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• At $5,922/mo this rent would consume 94% 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 $3k of loan paydown is wiped out by about $12k 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 $108k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($379k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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 $185k; list at $385k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $379,225 (1.5% below list)

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 1900 — 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: 1.54% ✓
• Cap rate: 12.51%
• Cash-on-cash: 22.21%
• DSCR: 1.99
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $359,040
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
318 1st St	0.22mi	10/4.0 (-1)	4,128 (-8%)	0mo	$560,000	$136	67
329 3rd St	0.29mi	12/3.0 (+1)	4,240 (-6%)	8mo	$312,700	$74	66
308 3rd St	0.37mi	12/4.0 (+1)	4,854 (+8%)	3mo	$390,000	$80	57
303-305 2nd St	0.31mi	12/4.0 (+1)	5,000 (+11%)	4mo	$185,000	$37	54
365 3rd St	0.19mi	10/3.0 (-1)	3,903 (-13%)	18mo	$395,000	$101	49
192 1st St	0.57mi	10/3.0 (-1)	3,990 (-11%)	6mo	$320,500	$80	45
132 1st St	0.73mi	10/4.0 (-1)	3,900 (-13%)	16mo	$400,000	$103	21

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: 16.4%
• Equity multiple: 1.67×
• Total profit: $72,678
• Equity at exit: $57,405

10-year hold

• IRR: 26.3%
• Equity multiple: 3.52×
• Total profit: $271,554
• Equity at exit: $33,288

Cash invested: $107,800 (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: 16.3×

Monthly cashflow live

• Estimated rent: $5,922 high
• Mortgage (P&I): −$2,019
• Tax from tax record: −$504 /mo · $6,050/yr
• Insurance: −$160
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,244
• Net cashflow: $1,939

Break-even live

Break-even rent $3,467

Max offer price $385,000

Occupancy floor 62%

Sensitivity live

Price	-10% $2,157	-5% $2,048	+0% $1,939	+5% $1,830	+10% $1,721
Rent	-10% $1,471	-5% $1,705	+0% $1,939	+5% $2,173	+10% $2,407
Rate	-1.0pp $2,133	-0.5pp $2,037	base $1,939	+0.5pp $1,840	+1.0pp $1,738

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	1	$5,922
Total (3 units)			$5,922

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-13
   status Pending
2. 2026-04-27
   listed $385,000 Active
3. 2022-02-16
   price $1,195
4. 2019-07-01
   soldstatus $185,000
5. 2019-05-06
   soldstatus $185,000 Closed (Final Sale) 288-char remark

   Show marketing remark (288 chars)

   Brick 3 family, many updates, newer windows throughout. Separate utilities. New owner could live in spacious first floor flat and let tenants pay for their expenses. Building across from Stewarts Shop. Some TLC needed. Building sold as-is. Realtor is a partial owner. Good Condition

6. 2019-04-01
   status Pend (Under Cntr) 288-char remark

   Show marketing remark (288 chars)

   Brick 3 family, many updates, newer windows throughout. Separate utilities. New owner could live in spacious first floor flat and let tenants pay for their expenses. Building across from Stewarts Shop. Some TLC needed. Building sold as-is. Realtor is a partial owner. Good Condition

7. 2019-03-22
   price $189,000 288-char remark

   Show marketing remark (288 chars)

   Brick 3 family, many updates, newer windows throughout. Separate utilities. New owner could live in spacious first floor flat and let tenants pay for their expenses. Building across from Stewarts Shop. Some TLC needed. Building sold as-is. Realtor is a partial owner. Good Condition

8. 2019-03-11
   listed $200,000 New 288-char remark

   Show marketing remark (288 chars)

   Brick 3 family, many updates, newer windows throughout. Separate utilities. New owner could live in spacious first floor flat and let tenants pay for their expenses. Building across from Stewarts Shop. Some TLC needed. Building sold as-is. Realtor is a partial owner. Good Condition

9. 1993-02-24
   soldstatus $119,000

ⓘ 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: $6,050 · $504/mo
• Projected year-2 tax: $6,278 · $523/mo
• Expected delta: +$228/yr (+$19/mo · 3.8%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 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: $71,064
• − Mortgage interest: −$21,566
• − Property taxes: −$6,050
• − Insurance: −$2,592
• − Repairs & maintenance: −$5,685
• − Management: −$5,685
• − Depreciation: −$11,200
• Taxable income: $18,287
• Est. tax owed @ 24.0%: −$4,389
• After-tax cash flow: $18,883/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

+223.5% since first listed

9 events — show timeline

• 2026-05-13 Pending — Global MLS
• 2026-04-27 Listed $385,000 Global MLS
• 2022-02-16 Price Changed $1,195 RENT.
• 2019-07-01 Sold (Public Records) $185,000 Public Records
• 2019-05-06 Sold (MLS) $185,000 Global MLS
• 2019-04-01 Pending — Global MLS
• 2019-03-22 Price Changed $189,000 Global MLS
• 2019-03-11 Listed $200,000 Global MLS
• 1993-02-24 Sold (Public Records) $119,000 Public Records

Property tax history

+14.9%/yr

Latest (2025): $6,050 · -6.1% YoY. Source: county tax records.