1040 5th Ave · Troy, NY 12180

$399,000

11 bd · 3.0 ba · 4,278 sqft · MultiFamily public records · 68 Days on market

Built 1880 3,049 sqft lot $93/sqft · 23% below area Est $515k · 23% 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 +29.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Spacious and solid investment opportunity offering over 4,200 sq. ft. of living space. Built in 1880 and thoughtfully maintained, this brick three-family property features a total of 8 bedrooms, 2 additional office spaces and three full bathrooms, making it ideal for investors or owner-occupants looking for rental income. Each unit is generously sized, providing comfortable living with high ceilings and each unit has 2 decorative fireplaces. Most windows are newer replacement windows. A covered patio in the back yard and a 2 car garage with door opener and Siemens car charger complete this rare opportunity!

Key facts

• 3,049 sq ft lot
• 2 garage spots
• Built 1880

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $336/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $399k).
• Recommended offer: $375k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 5.5% 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 $5,371/mo this rent would consume 85% 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 68 days — a 6% lower offer ($375k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y 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 $109k; list at $399k implies a 266% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $375,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 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. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.35% ✓
• Cap rate: 10.71%
• Cash-on-cash: 15.77%
• DSCR: 1.70
• GRM: 6.2

CMA / ARV

• ARV (median comp): $515,433
• List price: $399,000
• Delta: -22.59%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
329 3rd St	0.19mi	12/3.0 (+1)	4,240 (-1%)	8mo	$312,700	$74	78
318 1st St	0.33mi	10/4.0 (-1)	4,128 (-4%)	0mo	$560,000	$136	70
192 1st St	0.30mi	10/3.0 (-1)	3,990 (-7%)	6mo	$320,500	$80	65
308 3rd St	0.13mi	12/4.0 (+1)	4,854 (+14%)	3mo	$390,000	$80	60
365 3rd St	0.26mi	10/3.0 (-1)	3,903 (-9%)	18mo	$395,000	$101	53
132 1st St	0.41mi	10/4.0 (-1)	3,900 (-9%)	17mo	$400,000	$103	43

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: 2.3%
• Equity multiple: 1.09×
• Total profit: $10,247
• Equity at exit: $59,492

10-year hold

• IRR: 13.9%
• Equity multiple: 2.23×
• Total profit: $137,219
• Equity at exit: $34,498

Cash invested: $111,720 (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: 18.6×

Monthly cashflow live

• Estimated rent: $5,371 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$516 /mo · $6,196/yr
• Insurance: −$166
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,128
• Net cashflow: $1,008

Break-even live

Break-even rent $4,095

Max offer price $399,000

Occupancy floor 76%

Sensitivity live

Price	-10% $1,234	-5% $1,121	+0% $1,008	+5% $895	+10% $782
Rent	-10% $583	-5% $795	+0% $1,008	+5% $1,220	+10% $1,432
Rate	-1.0pp $1,209	-0.5pp $1,109	base $1,008	+0.5pp $904	+1.0pp $799

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$5,370
Total (3 units)			$5,371

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $399,000 Active 68 DOM
2. 2026-06-18
   days on market $399,000 Active 65 DOM
3. 2026-06-17
   days on market $399,000 Active 64 DOM
4. 2026-06-16
   days on market $399,000 Active 63 DOM
5. 2026-06-15
   days on market $399,000 Active 62 DOM
6. 2026-06-14
   days on market $399,000 Active 60 DOM
7. 2026-06-13
   days on market $399,000 Active 59 DOM
8. 2026-06-10
   days on market $399,000 Active 57 DOM
9. 2026-06-09
   days on market $399,000 Active 56 DOM
10. 2026-06-08
    days on market $399,000 Active 55 DOM
11. 2026-06-07
    days on market $399,000 Active 54 DOM
12. 2026-06-03
    days on market $399,000 Active 50 DOM
13. 2026-06-02
    days on market $399,000 Active 49 DOM
14. 2026-06-01
    days on market $399,000 Active 48 DOM
15. 2026-05-31
    days on market $399,000 Active 47 DOM
16. 2026-05-31
    days on market $399,000 Active 46 DOM
17. 2026-04-14
    listed $399,000 Active 615-char remark

    Show marketing remark (615 chars)

    Spacious and solid investment opportunity offering over 4,200 sq. ft. of living space. Built in 1880 and thoughtfully maintained, this brick three-family property features a total of 8 bedrooms, 2 additional office spaces and three full bathrooms, making it ideal for investors or owner-occupants looking for rental income. Each unit is generously sized, providing comfortable living with high ceilings and each unit has 2 decorative fireplaces. Most windows are newer replacement windows. A covered patio in the back yard and a 2 car garage with door opener and Siemens car charger complete this rare opportunity!

18. 2024-03-14
    historical $1,495
19. 2024-01-18
    price $1,495
20. 2023-12-01
    listed $1,595
21. 2002-10-31
    soldstatus $109,000 240-char remark

    Show marketing remark (240 chars)

    NO KIDDING, YOU'LL KICK YOURSELF IF YOU MISS THIS ONE! BEST 3 FAMILY OUT THERE, GARAGE WITH FIREPLACE, 2 EXTRA CITY LOTS INCLUDED, RENTS TO 1ST PERSON SHOWN! SO EZ! W/ 2 RENTS U LIVE ALMOST FOR FREE! WON'T LAST FOR SURE! Excellent Condition

22. 2002-08-07
    historical 240-char remark

    Show marketing remark (240 chars)

    NO KIDDING, YOU'LL KICK YOURSELF IF YOU MISS THIS ONE! BEST 3 FAMILY OUT THERE, GARAGE WITH FIREPLACE, 2 EXTRA CITY LOTS INCLUDED, RENTS TO 1ST PERSON SHOWN! SO EZ! W/ 2 RENTS U LIVE ALMOST FOR FREE! WON'T LAST FOR SURE! Excellent Condition

23. 2002-04-06
    listed $109,977 240-char remark

    Show marketing remark (240 chars)

    NO KIDDING, YOU'LL KICK YOURSELF IF YOU MISS THIS ONE! BEST 3 FAMILY OUT THERE, GARAGE WITH FIREPLACE, 2 EXTRA CITY LOTS INCLUDED, RENTS TO 1ST PERSON SHOWN! SO EZ! W/ 2 RENTS U LIVE ALMOST FOR FREE! WON'T LAST FOR SURE! Excellent 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: $6,196 · $516/mo
• Projected year-2 tax: $6,470 · $539/mo
• Expected delta: +$273/yr (+$23/mo · 4.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $64,452
• − Mortgage interest: −$22,350
• − Property taxes: −$6,196
• − Insurance: −$7,520
• − Repairs & maintenance: −$5,156
• − Management: −$5,156
• − Depreciation: −$11,607
• Taxable income: $6,466
• Est. tax owed @ 24.0%: −$1,552
• After-tax cash flow: $10,540/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

+262.8% since first listed

7 events — show timeline

• 2026-04-14 Listed $399,000 Global MLS
• 2024-03-14 Rental Removed $1,495 APPFOLIO
• 2024-01-18 Price Changed $1,495 APPFOLIO
• 2023-12-01 Listed for Rent $1,595 APPFOLIO
• 2002-10-31 Sold (MLS) $109,000 Global MLS
• 2002-08-07 Listing Removed — Global MLS
• 2002-04-06 Listed $109,977 Global MLS

Property tax history

+14.1%/yr

Latest (2025): $6,196 · +2.9% YoY. Source: county tax records.