78 Pinewoods Ave · Troy, NY 12180

$400,000

6 bd · 3.0 ba · 3,504 sqft · MultiFamily public records · 30 Days on market

Built 1899 4,791 sqft lot Est $389k · at est.

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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 +26.7/30.0
• DSCR +9.2/10.0
• 1% rule +7.6/10.0
• ARV discount +6.2/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Great 3 family owner occupied or investment property on desirable Troy East Side. Large apartments with separate gas/elec. Beautiful hardwood floors.Off street parking and garage.Owner provides water, sewer, garbage and recycling.Many updates incude new vinyl siding, roof, and spray insulation in walls.Great rental area in quiet neighborhood. Rents can be higher. Very Good Condition

Key facts

• Troy school district
• Investment potential
• Airbnb spaces

Tags

• INVESTMENT POTENTIAL
• MULTI-GENERATIONAL LIVING
• AIRBNB SPACES
• OFF-STREET SPACES
• TROY SCHOOL DISTRICT

Property features AI

Exterior

• Parking: Two garage spaces; Total of four parking spaces
• Utilities: Public water; Public sewer
• Home design: Triplex; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Lot approximately 0.11 acres

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 3 bedrooms; Unit 3: 1 bedroom
• Bathrooms: Three full bathrooms (one on each of 1st, 2nd and 3rd levels)
• Heating & cooling: Natural gas heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• Recommended offer: $394k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.5% 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 $5,030/mo this rent would consume 80% 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 $112k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 27y 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 $204k; list at $400k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $394,000 (1.5% below list)

Questions for the listing agent

1. Built in 1899 — 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: 1.26% ✓
• Cap rate: 9.53%
• Cash-on-cash: 11.58%
• DSCR: 1.52
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $388,944
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6 Hawthorne Ave	0.18mi	6/2.0	3,492 (-0%)	7mo	$380,000	$109	81
14 Locust Ave	0.30mi	7/3.0 (+1)	3,531 (+1%)	1mo	$490,000	$139	79
86 Pinewoods Ave	0.04mi	5/2.0 (-1)	3,298 (-6%)	3mo	$390,000	$118	77
136 Maple Ave	0.22mi	5/3.0 (-1)	3,593 (+2%)	8mo	$400,000	$111	74
12 Hawthorne Ave	0.21mi	7/2.0 (+1)	3,392 (-3%)	8mo	$285,000	$84	70
257 Pawling Ave	0.20mi	7/3.5 (+1)	3,122 (-11%)	18mo	$347,000	$111	50
2 The Crossways	0.69mi	6/3.5	4,003 (+14%)	8mo	$560,000	$140	35

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: 3.1%
• Equity multiple: 1.12×
• Total profit: $13,844
• Equity at exit: $59,641

10-year hold

• IRR: 14.5%
• Equity multiple: 2.27×
• Total profit: $142,627
• Equity at exit: $34,585

Cash invested: $112,000 (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: 19.9×

Monthly cashflow live

• Estimated rent: $5,030 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$629 /mo · $7,547/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,056
• Net cashflow: $1,080

Break-even live

Break-even rent $3,662

Max offer price $400,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,031
Total (3 units)			$5,030

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $400,000 Active 30 DOM
2. 2026-06-17
   days on market $400,000 Active 29 DOM
3. 2026-06-16
   days on market $400,000 Active 28 DOM
4. 2026-06-15
   days on market $400,000 Active 27 DOM
5. 2026-06-14
   days on market $400,000 Active 25 DOM
6. 2026-06-13
   days on market $400,000 Active 24 DOM
7. 2026-06-10
   days on market $400,000 Active 22 DOM
8. 2026-06-09
   days on market $400,000 Active 21 DOM
9. 2026-06-08
   days on market $400,000 Active 20 DOM
10. 2026-06-07
    days on market $400,000 Active 19 DOM
11. 2026-06-03
    days on market $400,000 Active 15 DOM
12. 2026-06-02
    days on market $400,000 Active 14 DOM
13. 2026-06-01
    days on market $400,000 Active 13 DOM
14. 2026-05-31
    days on market $400,000 Active 12 DOM
15. 2026-05-31
    days on market $400,000 Active 11 DOM
16. 2026-05-18
    listed $400,000 Active
17. 2021-04-13
    soldstatus $203,500
18. 2020-12-31
    soldstatus $203,500 Closed (Final Sale) 385-char remark

    Show marketing remark (385 chars)

    Great 3 family owner occupied or investment property on desirable Troy East Side. Large apartments with separate gas/elec. Beautiful hardwood floors.Off street parking and garage.Owner provides water, sewer, garbage and recycling.Many updates incude new vinyl siding, roof, and spray insulation in walls.Great rental area in quiet neighborhood. Rents can be higher. Very Good Condition

19. 2020-09-15
    status Pend (Under Cntr) 385-char remark

    Show marketing remark (385 chars)

    Great 3 family owner occupied or investment property on desirable Troy East Side. Large apartments with separate gas/elec. Beautiful hardwood floors.Off street parking and garage.Owner provides water, sewer, garbage and recycling.Many updates incude new vinyl siding, roof, and spray insulation in walls.Great rental area in quiet neighborhood. Rents can be higher. Very Good Condition

20. 2020-09-03
    price $204,900 385-char remark

    Show marketing remark (385 chars)

    Great 3 family owner occupied or investment property on desirable Troy East Side. Large apartments with separate gas/elec. Beautiful hardwood floors.Off street parking and garage.Owner provides water, sewer, garbage and recycling.Many updates incude new vinyl siding, roof, and spray insulation in walls.Great rental area in quiet neighborhood. Rents can be higher. Very Good Condition

21. 2020-08-22
    price $214,900 385-char remark

    Show marketing remark (385 chars)

    Great 3 family owner occupied or investment property on desirable Troy East Side. Large apartments with separate gas/elec. Beautiful hardwood floors.Off street parking and garage.Owner provides water, sewer, garbage and recycling.Many updates incude new vinyl siding, roof, and spray insulation in walls.Great rental area in quiet neighborhood. Rents can be higher. Very Good Condition

22. 2020-08-06
    listed $224,900 New 385-char remark

    Show marketing remark (385 chars)

    Great 3 family owner occupied or investment property on desirable Troy East Side. Large apartments with separate gas/elec. Beautiful hardwood floors.Off street parking and garage.Owner provides water, sewer, garbage and recycling.Many updates incude new vinyl siding, roof, and spray insulation in walls.Great rental area in quiet neighborhood. Rents can be higher. Very Good Condition

23. 1999-10-15
    soldstatus $96,000
24. 1999-10-08
    soldstatus $96,000 122-char remark

    Show marketing remark (122 chars)

    TERRIFIC OWNER OCCUPY OR INVESTMENT IN GREAT EAST SIDE LOCATION. OFF STREET PARKING W/DETACHED GARAGE. Very Good Condition

25. 1999-07-14
    listed $99,900 122-char remark

    Show marketing remark (122 chars)

    TERRIFIC OWNER OCCUPY OR INVESTMENT IN GREAT EAST SIDE LOCATION. OFF STREET PARKING W/DETACHED GARAGE. Very Good 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: $7,547 · $629/mo
• Projected year-2 tax: $7,547 · $629/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 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: $60,360
• − Mortgage interest: −$22,406
• − Property taxes: −$7,547
• − Insurance: −$2,000
• − Repairs & maintenance: −$4,829
• − Management: −$4,829
• − Depreciation: −$11,636
• Taxable income: $7,112
• Est. tax owed @ 24.0%: −$1,707
• After-tax cash flow: $11,258/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

+300.4% since first listed

10 events — show timeline

• 2026-05-18 Listed $400,000 Global MLS
• 2021-04-13 Sold (Public Records) $203,500 Public Records
• 2020-12-31 Sold (MLS) $203,500 Global MLS
• 2020-09-15 Pending — Global MLS
• 2020-09-03 Price Changed $204,900 Global MLS
• 2020-08-22 Price Changed $214,900 Global MLS
• 2020-08-06 Listed $224,900 Global MLS
• 1999-10-15 Sold (Public Records) $96,000 Public Records
• 1999-10-08 Sold (MLS) $96,000 Global MLS
• 1999-07-14 Listed $99,900 Global MLS

Property tax history

+15.8%/yr

Latest (2025): $7,547 · -6.4% YoY. Source: county tax records.