32 Old Troy Rd

East Greenbush, NY 12061

$309,000D

2 bd · 1.5 ba · 1,449 sqft · Built 1938 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,491/mo
• Mortgage (P&I): −$1,620
• Tax + insurance: −$629
• HOA: −$0
• Vac / Maint / Mgmt: −$523
• Net cashflow: $-281/mo
• Annual: $-3,374/yr
• Cap rate: 5.20%
• Cash-on-cash: -3.90%
• DSCR: 0.83
• 1% rule: 0.81%
• Cash to close: $86,520

Investor read

• This is a 2-bed/1.5-bath single-family listed at $309k.
• At list price, monthly cash flow is $-281 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $259k (16.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (19.4% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $249k (19.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#233 in NY, #3,674 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F, cost of living D-.
• East Greenbush Central School District (suburban): math 68% / reading 71% proficiency, ranked #132 of 590 in NY (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Columbia High School (math 97% / reading 87%, grade A+, #171 of 1,100 statewide, top 18%, 1,252 students, 27% FRL).
• Zoned-school proficiency averages 92% at this address vs 70% district-wide (+22 pts) — the actual schools serving this property are materially stronger than the East Greenbush Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 44 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• Rensselaer County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 5.2% vs local median 3.0% in East Greenbush — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.