677 Pawling Ave · Troy, NY 12180

$375,000

9 bd · 3.0 ba · 4,326 sqft · MultiFamily · 51 Days on market

Built 1940 4,356 sqft lot $87/sqft · 44% below area Est $666k · 44% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Stop paying rent and start building equity! This spacious 3-family home is the perfect house-hack opportunity. Live in one of the beautifully updated units--featuring cozy touches like a fireplace and bright, open floor plans--while the other two units pay your mortgage. The layout is ideal for flexibility: a private 1-bedroom suite, a generous 3-bedroom flat, and a large 4-bedroom top-floor unit. Enjoy the convenience of off-street parking and being minutes from downtown Troy's vibrant farmers' market and dining. Move-in ready for an owner who wants luxury living with professional-grade rental support. ''

Key facts

• 4,356 sq ft lot
• Built 1940
• Listed 50 days

Property features AI

Finance

• Other: Total living area and below-grade finished area reported (values withheld from interior/exterior sqft per instructions)
• Financial info: Tax information provided but excluded per instructions
• HOA & community: No HOA information provided

Exterior

• Parking: Parking details not provided
• Security: Security details not provided
• Utilities: Public water; Public sewer
• Home design: Triplex (multi-family property)
• Construction: Brick and vinyl siding construction; Below-grade finished area present
• Exterior features: Brick and vinyl siding exterior; Lot approximately 0.10 acres

Interior

• Kitchen: Kitchens present in each unit (appliance details not provided)
• Bedrooms: Unit 1: 1 bedroom (1st level); Unit 2: 3 bedrooms; Unit 3: 4 bedrooms
• Flooring: Flooring details not provided
• Bathrooms: 3 full bathrooms total; Full bath locations include 1st, 2nd and 3rd levels
• Heating & cooling: Heating present; Baseboard and hot water heating; Natural gas heating
• Interior features: Triplex with three separate units
• Laundry & utility: No specific laundry or utility appliances listed

What this means for you Summary

Snapshot

• This is a 1×1bd/1ba + 1×3bd/1ba + 1×4bd/1ba units multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $683/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $375k).
• Recommended offer: $364k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.9% 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 $5,876/mo this rent would consume 93% 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 $11k 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 $105k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 15y 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 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $363,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% 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 1940 — 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. 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: 1.57% ✓
• Cap rate: 12.85%
• Cash-on-cash: 23.43%
• DSCR: 2.04
• GRM: 5.3

CMA / ARV

• ARV (median comp): $665,624
• List price: $375,000
• Delta: -43.66%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.88% rent growth · sell at horizon

5-year hold

• IRR: 18.6%
• Equity multiple: 1.77×
• Total profit: $81,243
• Equity at exit: $55,914

10-year hold

• IRR: 28.3%
• Equity multiple: 3.74×
• Total profit: $287,554
• Equity at exit: $32,423

Cash invested: $105,000 (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: 20.0×

Monthly cashflow live

• Estimated rent: $5,876 medium
• Mortgage (P&I): −$1,967
• Tax est. 1.5%: −$469 /mo · $5,625/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,234
• Net cashflow: $2,050

Break-even live

Break-even rent $3,280

Max offer price $375,000

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,563
1× unit	3	1	$2,070
1× unit	4	1	$2,242
Total (3 units)			$5,876

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-18
   days on market $375,000 Active 51 DOM
2. 2026-06-17
   days on market $375,000 Active 50 DOM
3. 2026-06-16
   days on market $375,000 Active 49 DOM
4. 2026-06-15
   days on market $375,000 Active 48 DOM
5. 2026-06-14
   days on market $375,000 Active 46 DOM
6. 2026-06-13
   days on market $375,000 Active 45 DOM
7. 2026-06-10
   days on market $375,000 Active 43 DOM
8. 2026-06-09
   days on market $375,000 Active 42 DOM
9. 2026-06-08
   days on market $375,000 Active 41 DOM
10. 2026-06-07
    days on market $375,000 Active 40 DOM
11. 2026-06-03
    days on market $375,000 Active 36 DOM
12. 2026-06-02
    days on market $375,000 Active 35 DOM
13. 2026-06-01
    days on market $375,000 Active 34 DOM
14. 2026-05-31
    days on market $375,000 Active 33 DOM
15. 2026-05-31
    days on market $375,000 Active 32 DOM
16. 2026-04-27
    listed $375,000 Active 612-char remark
17. 2026-02-07
    status Active
18. 2026-02-07
    price $375,000
19. 2025-11-07
    status Pending
20. 2025-11-07
    historical
21. 2025-11-07
    price $350,000
22. 2025-10-12
    listed $325,000 Active
23. 2023-03-16
    historical
24. 2023-01-18
    status Pending
25. 2022-10-04
    price $245,000
26. 2022-09-15
    listed $250,000 Active
27. 2016-10-27
    status Pend (Under Cntr)
28. 2016-10-26
    historical
29. 2016-10-17
    listed $189,900 New
30. 2011-11-21
    historical
31. 2011-06-03
    listed $160,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $70,512
• − Mortgage interest: −$21,006
• − Property taxes: −$5,625
• − Insurance: −$1,875
• − Repairs & maintenance: −$5,641
• − Management: −$5,641
• − Depreciation: −$10,909
• Taxable income: $19,815
• Est. tax owed @ 24.0%: −$4,756
• After-tax cash flow: $19,850/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

+134.4% since first listed

16 events — show timeline

• 2026-04-27 Listed $375,000 Global MLS
• 2026-02-07 Relisted — Global MLS
• 2026-02-07 Price Changed $375,000 Global MLS
• 2025-11-07 Pending — Global MLS
• 2025-11-07 Listing Removed — Global MLS
• 2025-11-07 Price Changed $350,000 Global MLS
• 2025-10-12 Listed $325,000 Global MLS
• 2023-03-16 Listing Removed — Global MLS
• 2023-01-18 Pending — Global MLS
• 2022-10-04 Price Changed $245,000 Global MLS
• 2022-09-15 Listed $250,000 Global MLS
• 2016-10-27 Pending — Global MLS
• 2016-10-26 Listing Removed — Global MLS
• 2016-10-17 Listed $189,900 Global MLS
• 2011-11-21 Listing Removed — Global MLS
• 2011-06-03 Listed $160,000 Global MLS