2363 Burdett Ave · Troy, NY 12180

$275,000

5 bd · 2.0 ba · 2,200 sqft · MultiFamily public records · 18 Days on market

Built 1890 5,227 sqft lot $125/sqft · 48% below area Est $528k · 48% under

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Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +14.2/30.0
• 1% rule +4.3/10.0
• DSCR +4.3/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

GREAT PRIDE ABOUND THIS HOME. 1ST FLOOR HAS BEEN UPDATED AND IS BEAUTIFUL! NEAR RPI CAMPUS, AND CONVENIENT TO ALL MAJOR HIGHWAYS. LARGE YARD WITH LOVELY GARDENS. Superior Condition

Key facts

• 5,227 sq ft lot
• 2 parking spots
• Built 1890

Tags

• MULTIFAMILY OPPORTUNITY
• HIGHLY DESIRABLE LOCATION
• WALKING DISTANCE TO DOWNTOWN
• EASY ACCESS TO MAJOR HIGHWAYS

Property features AI

Finance

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

Exterior

• Parking: 2 parking spaces; Paved driveway
• Utilities: Public water; Public sewer; Cable available
• Home design: Duplex; Stone foundation; Aluminum siding; Rubber roof
• Construction: Stone foundation; Aluminum siding
• Exterior features: Front porch; Back yard with fencing; Fenced yard; Shed(s)

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 3 bedrooms
• Flooring: Hardwood flooring; Linoleum 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 heat; Natural gas heating
• Interior features: Built-in features
• Laundry & utility: Laundry on main level and upper level

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $46 ($554/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $255k (7.3% below list).
• Recommended offer: $255k (7.3% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 5.3% in Troy — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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).
• This rent runs 40% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y 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 $111k; list at $275k implies a 148% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $255,000 (7.3% below list)

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 6.49%
• Cash-on-cash: 0.72%
• DSCR: 1.03
• GRM: 9.0

CMA / ARV

• ARV (median comp): $528,173
• List price: $275,000
• Delta: -47.93%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2415 Lavin Ct	0.19mi	6/2.0 (+1)	2,448 (+11%)	9mo	$300,000	$123	60
374 8th St	0.59mi	5/2.0	2,348 (+7%)	2mo	$197,000	$84	60
1213 Jacob St	0.45mi	5/2.0	1,936 (-12%)	1mo	$220,000	$114	58
55 Oakwood Ave	0.50mi	5/2.0	1,980 (-10%)	7mo	$170,000	$86	54
179 9th St	0.55mi	6/2.0 (+1)	2,300 (+4%)	11mo	$290,000	$126	52
339 9th St	0.64mi	6/2.0 (+1)	2,144 (-2%)	11mo	$179,000	$83	52
43 Oakwood Ave	0.50mi	4/2.0 (-1)	2,394 (+9%)	9mo	$126,000	$53	50
1227 Sausse Ave	0.45mi	4/2.0 (-1)	1,944 (-12%)	7mo	$190,000	$98	49
405 10th St	0.58mi	6/2.0 (+1)	1,980 (-10%)	4mo	$143,000	$72	48
14 Oakwood Ave	0.52mi	6/2.0 (+1)	1,992 (-10%)	12mo	$183,750	$92	45
393 9th St	0.72mi	6/2.0 (+1)	1,936 (-12%)	4mo	$100,000	$52	38
90 9th St	0.61mi	4/2.0 (-1)	1,892 (-14%)	11mo	$225,000	$119	34

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: -13.0%
• Equity multiple: 0.52×
• Total profit: $-36,630
• Equity at exit: $41,003

10-year hold

• IRR: -1.2%
• Equity multiple: 0.91×
• Total profit: $-6,834
• Equity at exit: $23,777

Cash invested: $77,000 (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 →

ZIP-level market 12180

• Home prices YoY: -33.3%
• Rents YoY: 4.9%
• Active inventory: 220
• Price-to-rent: 16.4×

Monthly cashflow live

• Estimated rent: $2,550 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$412 /mo · $4,940/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$536
• Net cashflow: $46

Break-even live

Break-even rent $2,492

Max offer price $275,000

Occupancy floor 93%

Sensitivity live

Price	-10% $202	-5% $124	+0% $46	+5% $-32	+10% $-110
Rent	-10% $-155	-5% $-55	+0% $46	+5% $147	+10% $248
Rate	-1.0pp $185	-0.5pp $116	base $46	+0.5pp $-25	+1.0pp $-98

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,394
1× unit	3	1	$1,157
Total (2 units)			$2,550

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2326 15th St Unit 1 Troy, NY	4.0	1.5	1500	$695	$0.46	19d	1	0.21mi
164 9th St Unit 1 Troy, NY	4.0	2.0	1400	$1,800	$1.29	24d	1	0.52mi
136 9th St Unit 3 Troy, NY	4.0	1.0	1500	$595	$0.40	19d	1	0.53mi
904 Peoples Ave Troy, NY	4.0	1.0	1800	$645	$0.36	19d	1	0.58mi
97 14th St Unit 2 Troy, NY	5.0	2.0	1600	$625	$0.39	19d	1	0.83mi
97 14th St Troy, NY	4.0	2.0	1500	$650	$0.43	19d	1	0.83mi
88 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	0.85mi
79 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	0.88mi
53 13th St Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	0.90mi
1820 Highland Ave Unit 2 Troy, NY	4.0	2.0	1680	$725	$0.43	19d	1	0.93mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	19d	1	0.94mi
1520 6th Ave Troy, NY	2.0–4.0	2.0–4.0	1209	$1,349	$1.12	24d	8	1.03mi
17 State St Troy, NY	4.0	1.0–1.5	1810	$3,635	$2.01	14d	7	1.16mi
150 2nd St Troy, NY	4.0	1.5	2442	$3,000	$1.23	21d	1	1.33mi
131 6th Ave Troy, NY	4.0	1.0	1400	$2,325	$1.66	14d	1	1.46mi

Listing history 9 events

1. 2026-06-02
   status $275,000 Pending 18 DOM
2. 2026-06-01
   days on market $275,000 Contingent 18 DOM
3. 2026-05-31
   days on market $275,000 Contingent 17 DOM
4. 2026-05-31
   days on market $275,000 Contingent 16 DOM
5. 2026-05-14
   listed $275,000 Active 471-char remark
6. 2003-09-19
   soldstatus $111,000
7. 2003-09-03
   soldstatus $111,000 180-char remark

   Show marketing remark (180 chars)

   GREAT PRIDE ABOUND THIS HOME. 1ST FLOOR HAS BEEN UPDATED AND IS BEAUTIFUL! NEAR RPI CAMPUS, AND CONVENIENT TO ALL MAJOR HIGHWAYS. LARGE YARD WITH LOVELY GARDENS. Superior Condition

8. 2003-07-14
   historical 180-char remark

   Show marketing remark (180 chars)

   GREAT PRIDE ABOUND THIS HOME. 1ST FLOOR HAS BEEN UPDATED AND IS BEAUTIFUL! NEAR RPI CAMPUS, AND CONVENIENT TO ALL MAJOR HIGHWAYS. LARGE YARD WITH LOVELY GARDENS. Superior Condition

9. 2003-07-07
   listed $109,000 180-char remark

   Show marketing remark (180 chars)

   GREAT PRIDE ABOUND THIS HOME. 1ST FLOOR HAS BEEN UPDATED AND IS BEAUTIFUL! NEAR RPI CAMPUS, AND CONVENIENT TO ALL MAJOR HIGHWAYS. LARGE YARD WITH LOVELY GARDENS. Superior 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: $4,940 · $412/mo
• Projected year-2 tax: $4,940 · $412/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 ≥95°F today · 17 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: $30,600
• − Mortgage interest: −$15,404
• − Property taxes: −$4,940
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,448
• − Management: −$2,448
• − Depreciation: −$8,000
• Taxable loss: −$4,015
• Est. tax savings @ 24.0%: +$964
• After-tax cash flow: $1,517/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

+152.3% since first listed

8 events — show timeline

• 2026-06-01 Pending — Global MLS
• 2026-05-26 Contingent — Global MLS
• 2026-05-26 Pending — Global MLS
• 2026-05-14 Listed $275,000 Global MLS
• 2003-09-19 Sold (Public Records) $111,000 Public Records
• 2003-09-03 Sold (MLS) $111,000 Global MLS
• 2003-07-14 Listing Removed — Global MLS
• 2003-07-07 Listed $109,000 Global MLS

Property tax history

+13.5%/yr

Latest (2025): $4,940 · -18.2% YoY. Source: county tax records.