516 Pawling Ave · Troy, NY 12180

$250,000

6 bd · 2.0 ba · 3,175 sqft · MultiFamily public records · 64 Days on market

Built 1910 Fair condition 4,356 sqft lot $79/sqft · 41% below area Est $423k · 41% under

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Why this score? — see what drove the A- 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 +29.9/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.7/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

MONEY MAKING 2 FAMILY HOME WITH MANY RECENT UPDATES IN EASCH APARTMENT SUCH AS; SHEETROCK, WIRING & PLUMBING. NICE KITCHEN & BATHS.

Key facts

• Recent updates
• Two-family home
• Usable backyard

Tags

• TWO-FAMILY HOME
• USABLE BACKYARD
• RECENT UPDATES
• EXCELLENT TRANSIT ACCESS
• CONVENIENT PROXIMITY

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $250k. Condition is rated fair.
• This rent per unit runs 32% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $926 ($11k/yr) — positive. Per door: $463/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $235k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 5.0% 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: 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.
• Zoned schools: Ps 16 (math 52% / reading 52%, grade C-, #988 of 2,108 statewide, top 49%, 248 students, 60% FRL); Troy Middle School (math 22% / reading 43%, grade F, #504 of 729 statewide, top 70%, 786 students, 72% FRL); Troy High School (math 95% / reading 77%, grade A, #347 of 1,100 statewide, top 32%, 1,153 students, 64% FRL) — zoned schools at 65% FRL track the district average.
• Market conditions: Rents rising fast (+4.9%/yr); 298 active listings in the ZIP; solid renter incomes; 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 $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 $70k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 27y ago; this cycle's ask has dropped $30k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $250k implies a 317% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.9% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.60% ✓
• Cap rate: 10.74%
• Cash-on-cash: 15.88%
• DSCR: 1.71
• GRM: 5.2

CMA / ARV

• ARV (median comp): $422,620
• List price: $250,000
• Delta: -40.85%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
669 Pawling Ave	0.29mi	7/3.0 (+1)	3,176 (0%)	8mo	$474,480	$149	71
514 Pawling Ave	0.01mi	6/2.0	2,922 (-8%)	21mo	$310,000	$106	69
527 Pawling Ave	0.04mi	7/3.0 (+1)	2,798 (-12%)	10mo	$300,000	$107	61
38 Desson Ave	0.26mi	6/3.0	2,736 (-14%)	15mo	$355,000	$130	49
14 Locust Ave	0.62mi	7/3.0 (+1)	3,531 (+11%)	2mo	$490,000	$139	41
257 Pawling Ave	0.66mi	7/3.5 (+1)	3,122 (-2%)	20mo	$347,000	$111	39
136 Maple Ave	0.65mi	5/3.0 (-1)	3,593 (+13%)	10mo	$400,000	$111	31

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: 9.4%
• Equity multiple: 1.38×
• Total profit: $26,548
• Equity at exit: $37,276

10-year hold

• IRR: 20.4%
• Equity multiple: 2.91×
• Total profit: $133,426
• Equity at exit: $21,615

Cash invested: $70,000 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active · 3 under contract
• Months of supply: 4.0 mo (25%/mo absorbed)
• Median asking: $315,000 ($118/sqft)
• Median days on market: 38 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +12.8% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 12180

• Home prices YoY: -33.3%
• Rents YoY: 4.9%
• Active inventory: 298
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $3,998 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$817 /mo · $9,805/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$840
• Net cashflow: $926

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,998
Total (2 units)			$3,998

Break-even live

Break-even rent $2,826

Max offer price $250,000

Occupancy floor 72%

Sensitivity live

Price	-10% $1,068	-5% $997	+0% $926	+5% $855	+10% $785
Rent	-10% $610	-5% $768	+0% $926	+5% $1,084	+10% $1,242
Rate	-1.0pp $1,052	-0.5pp $990	base $926	+0.5pp $861	+1.0pp $795

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: $62,500
• Closing costs: $7,500
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26 Kinloch Ave Troy, NY	3.0	1.0	1053	$1,600	$1.52	15d	1	0.26mi
669 Pawling Ave Troy, NY	4.0	1.0	1700	$2,350	$1.38	68d	1	0.28mi
16 Kemp Ave Troy, NY	3.0	1.0	1310	$2,000	$1.53	15d	1	0.48mi
10 Lansing Ave Unit 2nd Floor Troy, NY	3.0	1.0	—	$1,750	—	16d	1	0.64mi
136 Maple Ave Unit 2 Troy, NY	2.0	1.0	1155	$2,000	$1.73	93d	1	0.65mi
198 Pawling Ave Troy, NY	2.0	1.0	700	$1,650	$2.36	72d	1	0.80mi
72 Pinewoods Ave Troy, NY	3.0	1.0	—	$1,694	—	16d	1	0.86mi
54 Main Ave Wynantskill, NY	4.0	1.0	1360	$1,950	$1.43	15d	1	0.91mi
110 Project Rd Unit 1 Troy, NY	2.0	1.0	1000	$1,300	$1.30	72d	1	0.91mi
68 Main Ave Fl 2 Wynantskill, NY	2.0	1.0	—	$1,325	—	93d	1	0.97mi
102 Main Ave Wynantskill, NY	3.0	1.0	1316	$1,600	$1.22	93d	1	1.12mi
22 Pawling Ave Unit 1 Troy, NY	3.0	1.0	—	$1,800	—	72d	1	1.25mi
182 Delaware Ave Troy, NY	1.0–2.0	1.0–2.0	739	$1,595	$2.16	15d	10	1.28mi
3 Sherman Ave Unit 3 Troy, NY	3.0	1.0	—	$1,449	—	16d	1	1.29mi
100 Vandenburgh Pl Troy, NY	1.0–3.0	1.0–1.5	1034	$2,291	$2.22	15d	9	1.35mi
1820 Highland Ave Unit 2 Troy, NY	4.0	2.0	1680	$725	$0.43	68d	1	1.37mi
1820 Highland Ave Unit 1 Troy, NY	2.0	1.0	1000	$850	$0.85	68d	1	1.37mi
2 Stanton St Troy, NY	2.0	1.0	—	$2,755	—	15d	1	1.37mi
11 Spring Ave Troy, NY	3.0	2.0	1788	$2,500	$1.40	72d	1	1.40mi
1708 Highland Ave Unit 3 Troy, NY	3.0	1.0	1485	$595	$0.40	68d	1	1.44mi
12 Bank St Troy, NY	3.0	2.0	—	$2,300	—	72d	1	1.44mi
823 Hampton Place Blvd Troy, NY	2.0	2.0	1100	$2,200	$2.00	63d	1	1.44mi
1573 Tibbits Ave Troy, NY	4.0	1.0	—	$775	—	72d	1	1.48mi
1567 Tibbits Ave Troy, NY	4.0	1.0	—	$2,750	—	72d	1	1.49mi
377 Congress St Apt 1 Troy, NY	3.0	1.0	—	$1,694	—	16d	1	1.50mi

Property features AI

Finance

Exterior

• Utilities: Public waterPublic sewer
• Home design: DuplexLiving area approximately 3,175 total
• Construction: Clapboard and shingle siding
• Exterior features: Lot approximately 0.10 acre

Interior

• Bedrooms: Unit 1: 3 bedroomsUnit 2: 3 bedrooms
• Bathrooms: 2 full bathrooms total (one full bath on the 1st level, one full bath on the 2nd level)Unit 1: 1 full bathUnit 2: 1 full bath
• Heating & cooling: Hot water heatingNatural gas
• Interior features: Full basement

Listing history 40 events

1. 2026-08-08
   days on market $250,000 Active 64 DOM
2. 2026-08-07
   days on market $250,000 Active 63 DOM
3. 2026-08-06
   days on market $250,000 Active 62 DOM
4. 2026-08-05
   days on market $250,000 Active 61 DOM
5. 2026-08-04
   days on market $250,000 Active 60 DOM
6. 2026-08-03
   days on market $250,000 Active 59 DOM
7. 2026-07-31
   days on market $250,000 Active 56 DOM
8. 2026-07-29
   days on market $250,000 Active 54 DOM
9. 2026-07-27
   days on market $250,000 Active 52 DOM
10. 2026-07-25
    days on market $250,000 Active 50 DOM
11. 2026-07-23
    price $250,000 Active 48 DOM
12. 2026-07-23
    days on market $265,000 Active 48 DOM
13. 2026-07-22
    days on market $265,000 Active 47 DOM
14. 2026-07-21
    days on market $265,000 Active 46 DOM
15. 2026-07-18
    days on market $265,000 Active 43 DOM
16. 2026-07-16
    days on market $265,000 Active 41 DOM
17. 2026-07-16
    days on market $265,000 Active 40 DOM
18. 2026-07-14
    days on market $265,000 Active 39 DOM
19. 2026-07-14
    days on market $265,000 Active 38 DOM
20. 2026-07-12
    days on market $265,000 Active 37 DOM
21. 2026-07-11
    days on market $265,000 Active 36 DOM
22. 2026-07-10
    days on market $265,000 Active 35 DOM
23. 2026-07-09
    days on market $265,000 Active 34 DOM
24. 2026-07-07
    days on market $265,000 Active 32 DOM
25. 2026-07-06
    days on market $265,000 Active 31 DOM
26. 2026-07-05
    days on market $265,000 Active 30 DOM
27. 2026-07-04
    days on market $265,000 Active 29 DOM
28. 2026-07-03
    days on market $265,000 Active 28 DOM
29. 2026-07-02
    days on market $265,000 Active 27 DOM
30. 2026-07-01
    days on market $265,000 Active 26 DOM
31. 2026-06-30
    days on market $265,000 Active 25 DOM
32. 2026-06-29
    days on market $265,000 Active 24 DOM
33. 2026-06-28
    days on market $265,000 Active 23 DOM
34. 2026-06-28
    days on market $265,000 Active 22 DOM
35. 2026-06-27
    days on market $265,000 Active 21 DOM
36. 2026-06-25
    pricestatusdays on market $265,000 Active 19 DOM
37. 2026-05-02
    listed $280,000 Active 889-char remark
38. 1999-09-03
    soldstatus $60,000
39. 1999-09-02
    soldstatus $60,000 154-char remark

    Show marketing remark (154 chars)

    MONEY MAKING 2 FAMILY HOME WITH MANY RECENT UPDATES IN EASCH APARTMENT SUCH AS; SHEETROCK, WIRING & PLUMBING. NICE KITCHEN & BATHS. Good Condition

40. 1999-03-23
    listed $60,000 154-char remark

    Show marketing remark (154 chars)

    MONEY MAKING 2 FAMILY HOME WITH MANY RECENT UPDATES IN EASCH APARTMENT SUCH AS; SHEETROCK, WIRING & PLUMBING. NICE KITCHEN & BATHS. 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: $9,805 · $817/mo
• Projected year-2 tax: $9,805 · $817/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 3/10 Moderate
• 🌡 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: $47,976
• − Mortgage interest: −$14,004
• − Property taxes: −$9,805
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,838
• − Management: −$3,838
• − Depreciation: −$7,273
• Taxable income: $7,968
• Est. tax owed @ 24.0%: −$1,912
• After-tax cash flow: $9,201/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.

Condition & rehab AI · 10 photos

Fair 45/100 Moderate rehab Est. rehab $79,375–$142,875 screening

This two-family home requires significant repairs and maintenance, including exterior and interior painting, flooring replacement, and HVAC repair. While it has potential, the extensive work needed would be best suited for a thorough renovation.

Deferred maintenance Est. $50,000–$150,000 screening

• Major Roof (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — rooftop appears damaged and missing shingles
• Major Windows (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — windows appear old and possibly not sealed properly
• Major Electrical (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — electrical panel appears old and possibly not up to code
• Major Plumbing (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — plumbing fixtures appear old and possibly not up to code
• Major Exterior (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — exterior siding appears old and possibly not up to code

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major exterior paint — Peeling and chipping
• Major interior paint — Worn and faded
• Major interior flooring — Worn and faded
• Major kitchen appliances — No photos of kitchen
• Major bathroom fixtures — No photos of bathrooms
• Major roof — No photos of roof
• Major HVAC — No photos of systems

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value ↑
• Both paint interior — Enhances interior appearance and value ↑
• Both replace flooring — Improves living experience and value ↑
• Both replace kitchen appliances — Modernizes kitchen and adds value ↑
• Both replace bathroom fixtures — Modernizes bathrooms and adds value ↑
• Both repair roof — Ensures structural integrity and adds value ↑
• Both repair HVAC — Improves comfort and adds value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 57/100

Zoned Schools

Elementary Ps 16 C- NY #988/2,108 Nat'l #11,263/41,679 Middle Troy Middle School F NY #504/729 Nat'l #8,188/14,009 High Troy High School A NY #347/1,100 Nat'l #648/17,239

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

A Composite livability gradescore 81/100

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 · 162,400 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: 12% of renters

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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%

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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%

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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

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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

Property features AI

Finance

Exterior

• Utilities: Public waterPublic sewer
• Home design: DuplexLiving area approximately 3,175 total
• Construction: Clapboard and shingle siding
• Exterior features: Lot approximately 0.10 acre

Interior

• Bedrooms: Unit 1: 3 bedroomsUnit 2: 3 bedrooms
• Bathrooms: 2 full bathrooms total (one full bath on the 1st level, one full bath on the 2nd level)Unit 1: 1 full bathUnit 2: 1 full bath
• Heating & cooling: Hot water heatingNatural gas
• Interior features: Full basement

Price history

+366.7% since first listed

5 events — show timeline

• 2026-05-20 Pending — Global MLS
• 2026-05-02 Listed $280,000 Global MLS
• 1999-09-03 Sold (Public Records) $60,000 Public Records
• 1999-09-02 Sold (MLS) $60,000 Global MLS
• 1999-03-23 Listed $60,000 Global MLS

Property tax history

+16.2%/yr

Latest (2025): $9,805 · -7.9% YoY. Source: county tax records.