516 Pawling Ave · Troy, NY 12180

$280,000

6 bd · 2.0 ba · 3,175 sqft · MultiFamily public records · 18 Days on market

Built 1910 4,356 sqft lot $88/sqft · 50% below area Est $556k · 50% under

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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 +27.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.8/10.0
• 1% rule +9.7/10.0
• 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: 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. Good Condition

Key facts

• Recent updates
• Two-family home
• Usable backyard

Tags

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

Property features AI

Finance

• Other:
• Financial info:
• HOA & community:

Exterior

• Parking:
• Security:
• Utilities: Public water; Public sewer
• Home design: Duplex; Living area approximately 3,175 total
• Construction: Clapboard and shingle siding
• Exterior features: Lot approximately 0.10 acre

Interior

• Kitchen:
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms
• Flooring:
• Bathrooms: 2 full bathrooms total (one full bath on the 1st level, one full bath on the 2nd level); Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Hot water heating; Natural gas
• Interior features: Full basement
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $849 ($10k/yr) — positive. Per door: $424/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $280k).
• Recommended offer: $276k (1.5% below list) — sets the bar for market timing.
• 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 $4,115/mo this rent would consume 65% 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 $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 $78k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 2 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 $60k; list at $280k implies a 367% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $275,800 (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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.47% ✓
• Cap rate: 9.93%
• Cash-on-cash: 12.99%
• DSCR: 1.58
• GRM: 5.7

CMA / ARV

• ARV (median comp): $555,510
• List price: $280,000
• Delta: -49.60%
• 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%)	6mo	$474,480	$149	72
514 Pawling Ave	0.01mi	6/2.0	2,922 (-8%)	19mo	$310,000	$106	70
527 Pawling Ave	0.04mi	7/3.0 (+1)	2,798 (-12%)	9mo	$300,000	$107	62
38 Desson Ave	0.26mi	6/3.0	2,736 (-14%)	13mo	$355,000	$130	50
14 Locust Ave	0.62mi	7/3.0 (+1)	3,531 (+11%)	1mo	$490,000	$139	43
257 Pawling Ave	0.66mi	7/3.5 (+1)	3,122 (-2%)	18mo	$347,000	$111	40
136 Maple Ave	0.65mi	5/3.0 (-1)	3,593 (+13%)	8mo	$400,000	$111	32

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: 5.4%
• Equity multiple: 1.22×
• Total profit: $16,961
• Equity at exit: $41,749

10-year hold

• IRR: 16.8%
• Equity multiple: 2.53×
• Total profit: $119,606
• Equity at exit: $24,209

Cash invested: $78,400 (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: 11.3×

Monthly cashflow live

• Estimated rent: $4,115 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$817 /mo · $9,805/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$864
• Net cashflow: $849

Break-even live

Break-even rent $3,041

Max offer price $280,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,114
Total (2 units)			$4,115

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-02
   listed $280,000 Active 889-char remark
2. 1999-09-03
   soldstatus $60,000
3. 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

4. 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: $49,380
• − Mortgage interest: −$15,684
• − Property taxes: −$9,805
• − Insurance: −$1,400
• − Repairs & maintenance: −$3,950
• − Management: −$3,950
• − Depreciation: −$8,145
• Taxable income: $6,444
• Est. tax owed @ 24.0%: −$1,547
• After-tax cash flow: $8,638/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

+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.