190 Spring Ave · Troy, NY 12180

$339,900

3 bd · 2.0 ba · 2,276 sqft · MultiFamily public records · 15 Days on market

Built 1910 0.95 ac lot Est $316k · 7% over

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Why this score? — see what drove the D- 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 +12.4/30.0
• 1% rule +4.3/10.0
• ARV discount +4.2/15.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• DSCR +3.7/10.0
• 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

Come visit this charming two-family home perfect for those seeking both comfort and investment potential. The main residence is fully updated, modern kitchen and bath, new carpeting, and upgraded vinyl plank flooring throughout. Enjoy the spacious living room, dining area, and the convenience of a large laundry room. Upstairs, find two bedrooms with walk-in closets and a versatile bonus room, ideal for a nursery or home office. The attached apartment boasts a spacious living area, eat-in kitchen, two bedrooms, and a full bath, offering excellent income potential. With a new roof, freshly painted exterior, beautiful yard, this home is move-in ready. Don't miss out on making this versatile property your own! Eligible for 3.5% down FHA financing

Key facts

• Separate utilities
• Off street parking
• New main gas line

Tags

• UPDATED KITCHENS
• UPDATED BATHROOMS
• TWO STORY LIVING LAYOUTS
• SEPARATE UTILITIES
• OFF STREET PARKING
• NEW MAIN GAS LINE

Property features AI

Finance

• Financial info: Two-unit property; Tenants responsible for hot water, heat, internet, cable TV, electricity and gas

Exterior

• Parking: 4 parking spaces total; Off-street parking via driveway
• Utilities: Public water; Public sewer
• Home design: Duplex; Living area approximately 2,276; Wood siding construction
• Construction: Shingle/asphalt roof
• Exterior features: Pressure-treated deck; Deck; Front porch; Back yard fencing; Landscaped grounds; Road frontage; Corner lot; Other exterior features

Interior

• Bedrooms: Unit 1: 2 bedrooms (two bedrooms on 2nd floor); Unit 2: 2 bedrooms (two bedrooms on 2nd floor)
• Flooring: Vinyl; Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms total; Each unit has 1 full bathroom (both full baths on 1st floor)
• Heating & cooling: Electric heating; Forced air; Natural gas
• Interior features: Solid surface counters; Walk-in closets; Built-in features; Crown molding
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $340k.

Deal economics

• At list price, monthly cash flow is $-53 ($-634/yr) — negative. Per door: $-26/mo.
• To cash-flow at today's rent, offer at most $331k (2.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $318k (6.6% below list).
• Recommended offer: $318k (6.6% below list) — sets the bar for 1% rule.

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; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• At $3,175/mo this rent would consume 50% 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 $10k 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.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($335k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $317,500 (6.6% below list)

Questions for the listing agent

1. 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?
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. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 0.93% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.67%
• DSCR: 0.97
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $316,364
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
116 Maple Ave	0.35mi	3/3.0	2,036 (-10%)	5mo	$283,500	$139	58
325 Spring Ave	0.57mi	3/2.0	2,298 (+1%)	19mo	$230,000	$100	56
36 Kinloch Ave	0.55mi	4/2.0 (+1)	2,100 (-8%)	2mo	$308,000	$147	54

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: -15.1%
• Equity multiple: 0.45×
• Total profit: $-52,150
• Equity at exit: $50,680

10-year hold

• IRR: -3.3%
• Equity multiple: 0.76×
• Total profit: $-22,933
• Equity at exit: $29,388

Cash invested: $95,172 (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: 17.8×

Monthly cashflow live

• Estimated rent: $3,175 high
• Mortgage (P&I): −$1,782
• Tax from tax record: −$637 /mo · $7,644/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$667
• Net cashflow: $-53

Break-even live

Break-even rent $3,242

Max offer price $330,560

Occupancy floor 97%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,176
Total (2 units)			$3,175

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: $84,975
• Closing costs: $10,197
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11 Spring Ave Troy, NY	3.0	2.0	1788	$2,500	$1.40	23d	1	0.79mi
1820 Highland Ave Unit 2 Troy, NY	4.0	2.0	1680	$725	$0.43	19d	1	0.88mi
669 Pawling Ave Troy, NY	4.0	1.0	1700	$2,350	$1.38	19d	1	0.89mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	19d	1	1.07mi

Listing history 12 events

1. 2026-06-18
   days on market $339,900 Active 15 DOM
2. 2026-06-17
   days on market $339,900 Active 14 DOM
3. 2026-06-16
   days on market $339,900 Active 13 DOM
4. 2026-06-15
   days on market $339,900 Active 12 DOM
5. 2026-06-14
   days on market $339,900 Active 10 DOM
6. 2026-06-13
   days on market $339,900 Active 9 DOM
7. 2026-06-10
   days on market $339,900 Active 7 DOM
8. 2026-06-09
   days on market $339,900 Active 6 DOM
9. 2026-06-08
   days on market $339,900 Active 5 DOM
10. 2026-06-07
    days on market $339,900 Active 4 DOM
11. 2026-06-03
    remarks 699-char remark
12. 2026-06-03
    listed $339,900 Active 1 DOM

ⓘ 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: $7,644 · $637/mo
• Projected year-2 tax: $7,644 · $637/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: $38,100
• − Mortgage interest: −$19,040
• − Property taxes: −$7,644
• − Insurance: −$1,700
• − Repairs & maintenance: −$3,048
• − Management: −$3,048
• − Depreciation: −$9,888
• Taxable loss: −$6,267
• Est. tax savings @ 24.0%: +$1,504
• After-tax cash flow: $870/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

+134.6% since first listed

11 events — show timeline

• 2026-06-03 Listed $339,900 Global MLS
• 2025-02-13 Sold (Public Records) $305,000 Public Records
• 2025-02-10 Sold (MLS) $305,000 Global MLS
• 2024-11-22 Pending — Global MLS
• 2024-11-02 Price Changed $320,000 Global MLS
• 2024-10-10 Price Changed $332,500 Global MLS
• 2024-08-27 Listed $350,000 Global MLS
• 2008-01-17 Sold (Public Records) $133,000 Public Records
• 2008-01-11 Sold (MLS) $133,000 Global MLS
• 2007-12-05 Listing Removed — Global MLS
• 2007-06-19 Listed $144,900 Global MLS

Property tax history

+11.2%/yr

Latest (2025): $7,644 · -35.2% YoY. Source: county tax records.