677 Pawling Ave · Troy, NY 12180

$375,000

8 bd · 3.0 ba · 4,326 sqft · MultiFamily · 148 Days on market

Built 1940 Good condition 4,356 sqft lot $87/sqft · 39% below area Est $613k · 39% under

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Why this score? — see what drove the A- 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
• Schools +5.7/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +3.7/5.0
• 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 147 days

What this means for you Summary

Snapshot

• This is a 1×1bd/1ba + 1×3bd/1ba + 1×4bd/1ba units multifamily listed at $375k. Condition is rated good.
• This rent per unit runs 31% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $681/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $375k).
• Recommended offer: $330k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.8% vs local median 5.2% 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: 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.
• Zoned schools: Ps 16 (math 52% / reading 52%, grade C-, #988 of 2,108 statewide, top 49%, 248 students, 60% FRL); Troy Middle School (math 22% / reading 43%, grade F, #504 of 729 statewide, top 70%, 786 students, 72% FRL); Troy High School (math 95% / reading 77%, grade A, #347 of 1,100 statewide, top 32%, 1,153 students, 64% FRL) — zoned schools at 65% FRL track the district average.
• Market conditions: Rents rising fast (+4.9%/yr); 374 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).

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 148 days — a 12% lower offer ($330k) 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 $330,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 148 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.56% ✓
• Cap rate: 12.83%
• Cash-on-cash: 23.34%
• DSCR: 2.04
• GRM: 5.3

CMA / ARV

• ARV (median comp): $612,857
• List price: $375,000
• Delta: -38.81%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1 Tansy Ct	2.18mi	6/3.5 (-2)	4,376 (+1%)	1mo	$1,100,000	$251	50
318 1st St	2.24mi	10/4.0 (+2)	4,128 (-5%)	3mo	$560,000	$136	41
78 Pinewoods Ave	1.15mi	7/3.0 (-1)	3,504 (-19%)	1mo	$365,000	$104	34
335 1st St	2.24mi	9/3.0 (+1)	3,600 (-17%)	1mo	$285,000	$79	34
331 2nd St	2.21mi	8/3.5	3,450 (-20%)	6mo	$330,000	$96	33
14 Locust Ave	0.93mi	7/3.0 (-1)	3,531 (-18%)	4mo	$490,000	$139	32
335 Congress St	1.91mi	9/3.0 (+1)	3,462 (-20%)	6mo	$320,000	$92	30
1513 Bouton Rd	1.94mi	7/2.0 (-1)	3,028 (-30%)	2mo	$430,000	$142	30
381 3rd St	2.12mi	9/3.5 (+1)	3,372 (-22%)	7mo	$313,000	$93	27
306 3rd St	2.19mi	10/3.0 (+2)	3,379 (-22%)	5mo	$410,000	$121	26
429 1st St	2.17mi	7/2.0 (-1)	3,576 (-17%)	9mo	$285,000	$80	23
455 2nd St	2.11mi	10/3.0 (+2)	3,200 (-26%)	8mo	$375,000	$117	23

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: 18.5%
• Equity multiple: 1.77×
• Total profit: $80,720
• Equity at exit: $55,914

10-year hold

• IRR: 28.2%
• Equity multiple: 3.73×
• Total profit: $286,368
• 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: 374
• Price-to-rent: 20.8×

Monthly cashflow live

• Estimated rent: $5,866 medium
• Mortgage (P&I): −$1,967
• Tax est. 1.5%: −$469 /mo · $5,625/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,232
• Net cashflow: $2,043

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,500
1× unit	3	1	$2,016
1× unit	4	1	$2,350
Total (3 units)			$5,866

Break-even live

Break-even rent $3,280

Max offer price $375,000

Occupancy floor 60%

Sensitivity live

Price	-10% $2,302	-5% $2,172	+0% $2,043	+5% $1,913	+10% $1,783
Rent	-10% $1,579	-5% $1,811	+0% $2,043	+5% $2,274	+10% $2,506
Rate	-1.0pp $2,231	-0.5pp $2,138	base $2,043	+0.5pp $1,945	+1.0pp $1,847

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
99 Ford Ave Unit Labs Troy, NY	1.0	1.0	1300	$1,500	$1.15	6d	1	0.22mi
60 Main Ave Wynantskill, NY	1.0	1.0	3460	$1,100	$0.32	5d	1	0.64mi
68 Main Ave Fl 2 Wynantskill, NY	2.0	1.0	—	$1,325	—	139d	1	0.68mi
136 Maple Ave Unit 2 Troy, NY	2.0	1.0	1155	$2,000	$1.73	139d	1	0.91mi
198 Pawling Ave Troy, NY	2.0	1.0	700	$1,650	$2.36	119d	1	1.08mi
110 Project Rd Unit 1 Troy, NY	2.0	1.0	1000	$1,300	$1.30	119d	1	1.18mi
823 Hampton Place Blvd Troy, NY	2.0	2.0	1100	$2,200	$2.00	109d	1	1.45mi
7 Balsam Ave Apt 2F Troy, NY	1.0	1.0	—	$1,095	—	119d	1	1.48mi
7 Balsam Ave Unit 3F Troy, NY	1.0	1.0	—	$1,049	—	119d	1	1.48mi
3 Sherman Ave #1 Troy, NY	2.0	1.0	—	$1,199	—	6d	1	1.48mi
36 Pawling Ave Troy, NY	2.0	1.0	835	$2,144	$2.57	6d	1	1.49mi
36 Pawling Ave Troy, NY	2.0	1.0	790	$2,044	$2.59	3d	1	1.49mi
36 Pawling Ave Troy, NY	—	1.0	606	$1,744	$2.88	0d	1	1.49mi

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 waterPublic sewer
• Home design: Triplex (multi-family property)
• Construction: Brick and vinyl siding constructionBelow-grade finished area present
• Exterior features: Brick and vinyl siding exteriorLot 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 bedroomsUnit 3: 4 bedrooms
• Flooring: Flooring details not provided
• Bathrooms: 3 full bathrooms totalFull bath locations include 1st, 2nd and 3rd levels
• Heating & cooling: Heating presentBaseboard and hot water heatingNatural gas heating
• Interior features: Triplex with three separate units
• Laundry & utility: No specific laundry or utility appliances listed

Listing history 50 events

1. 2026-09-23
   days on market $375,000 Active 148 DOM
2. 2026-09-22
   days on market $375,000 Active 147 DOM
3. 2026-09-21
   days on market $375,000 Active 146 DOM
4. 2026-09-20
   days on market $375,000 Active 145 DOM
5. 2026-09-19
   days on market $375,000 Active 144 DOM
6. 2026-09-18
   days on market $375,000 Active 143 DOM
7. 2026-09-17
   days on market $375,000 Active 142 DOM
8. 2026-09-16
   days on market $375,000 Active 141 DOM
9. 2026-09-15
   days on market $375,000 Active 140 DOM
10. 2026-09-14
    days on market $375,000 Active 139 DOM
11. 2026-09-13
    days on market $375,000 Active 138 DOM
12. 2026-09-12
    days on market $375,000 Active 137 DOM
13. 2026-09-11
    days on market $375,000 Active 136 DOM
14. 2026-09-05
    days on market $375,000 Active 130 DOM
15. 2026-09-04
    days on market $375,000 Active 129 DOM
16. 2026-09-03
    days on market $375,000 Active 128 DOM
17. 2026-08-31
    days on market $375,000 Active 125 DOM
18. 2026-08-30
    days on market $375,000 Active 124 DOM
19. 2026-08-29
    days on market $375,000 Active 123 DOM
20. 2026-08-28
    days on market $375,000 Active 122 DOM
21. 2026-08-27
    days on market $375,000 Active 121 DOM
22. 2026-08-26
    days on market $375,000 Active 120 DOM
23. 2026-08-25
    days on market $375,000 Active 119 DOM
24. 2026-08-24
    days on market $375,000 Active 118 DOM
25. 2026-08-23
    days on market $375,000 Active 117 DOM
26. 2026-08-22
    days on market $375,000 Active 116 DOM
27. 2026-08-21
    days on market $375,000 Active 115 DOM
28. 2026-08-20
    days on market $375,000 Active 114 DOM
29. 2026-08-19
    days on market $375,000 Active 113 DOM
30. 2026-08-18
    days on market $375,000 Active 112 DOM
31. 2026-08-17
    days on market $375,000 Active 111 DOM
32. 2026-08-16
    days on market $375,000 Active 110 DOM
33. 2026-08-15
    days on market $375,000 Active 109 DOM
34. 2026-08-14
    days on market $375,000 Active 108 DOM
35. 2026-08-13
    days on market $375,000 Active 107 DOM
36. 2026-08-12
    days on market $375,000 Active 106 DOM
37. 2026-08-11
    days on market $375,000 Active 105 DOM
38. 2026-08-10
    days on market $375,000 Active 104 DOM
39. 2026-08-09
    days on market $375,000 Active 103 DOM
40. 2026-08-08
    days on market $375,000 Active 102 DOM
41. 2026-08-07
    days on market $375,000 Active 101 DOM
42. 2026-08-06
    days on market $375,000 Active 100 DOM
43. 2026-08-05
    days on market $375,000 Active 99 DOM
44. 2026-08-04
    days on market $375,000 Active 98 DOM
45. 2026-08-03
    days on market $375,000 Active 97 DOM
46. 2026-07-31
    days on market $375,000 Active 94 DOM
47. 2026-07-29
    days on market $375,000 Active 92 DOM
48. 2026-07-27
    days on market $375,000 Active 90 DOM
49. 2026-07-25
    days on market $375,000 Active 88 DOM
50. 2026-07-23
    days on market $375,000 Active 86 DOM

ⓘ 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: $70,392
• − Mortgage interest: −$21,006
• − Property taxes: −$5,625
• − Insurance: −$1,875
• − Repairs & maintenance: −$5,631
• − Management: −$5,631
• − Depreciation: −$10,909
• Taxable income: $19,714
• Est. tax owed @ 24.0%: −$4,731
• After-tax cash flow: $19,780/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.

Condition & rehab AI · 10 photos

Good 75/100 Cosmetic rehab Est. rehab $21,630–$64,890 screening

This 3-family home is in good condition with a good condition score of 75. It is move-in ready and has a good curb appeal. The home has a good resale and rental value and can be improved with some cosmetic updates.

Value-add opportunities

• Resale Paint the exterior siding — Fresh paint can enhance the home's curb appeal and make it more attractive to potential buyers. ↑
• Rental Clean the windows — Clean windows can improve the home's rental value by making it more appealing to tenants. ↑
• Both Inspect and clean the HVAC system — A clean and functioning HVAC system can improve both the home's resale and rental value. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 57/100

Zoned Schools

Elementary Ps 16 C- NY #988/2,108 Nat'l #11,263/41,679 Middle Troy Middle School F NY #504/729 Nat'l #8,188/14,009 High Troy High School A NY #347/1,100 Nat'l #648/17,239

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

A Composite livability gradescore 81/100

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 · 162,400 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: 12% of renters

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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%

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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%

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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

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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

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 waterPublic sewer
• Home design: Triplex (multi-family property)
• Construction: Brick and vinyl siding constructionBelow-grade finished area present
• Exterior features: Brick and vinyl siding exteriorLot 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 bedroomsUnit 3: 4 bedrooms
• Flooring: Flooring details not provided
• Bathrooms: 3 full bathrooms totalFull bath locations include 1st, 2nd and 3rd levels
• Heating & cooling: Heating presentBaseboard and hot water heatingNatural gas heating
• Interior features: Triplex with three separate units
• Laundry & utility: No specific laundry or utility appliances listed

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