6 Franklin Pl · Troy, NY 12180

$674,900

12 bd · 14.0 ba · 2,840 sqft · MultiFamily · 59 Days on market

Built 1920 Good condition 1,306 sqft lot $238/sqft · 10% above area Est $615k · 10% over

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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).

• Cash flow +25.5/30.0
• DSCR +8.5/10.0
• 1% rule +6.7/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.7/5.0
• ARV discount +3.1/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Must see 4 unit in a prime corner location surrounded by cafes, restaurants, and public transportation. 6 Franklin Place is an excellent addition to any portfolio, featuring three renovated studio apartments and a successful retail restaurant on the first floor. This is a true turnkey property with many upgrades already completed. Great opportunity for investors looking for a solid, income producing building in a desirable area.

Key facts

• Turnkey property
• Desirable area
• 1,306 sq ft lot

Tags

• PRIME CORNER LOCATION
• RENOVATED STUDIO APARTMENTS
• TURNKEY PROPERTY
• INCOME PRODUCING BUILDING
• DESIRABLE AREA

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/3.5-bath units multifamily listed at $675k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $395/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $675k).
• Recommended offer: $655k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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 $7,904/mo this rent would consume 125% 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 $5k of loan paydown is wiped out by about $20k 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 $189k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($655k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $654,653 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 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 1920 — 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: 1.17% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.03%
• DSCR: 1.45
• GRM: 7.1

CMA / ARV

• ARV (median comp): $614,660
• List price: $674,900
• Delta: 9.80%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 0.9%
• Equity multiple: 1.04×
• Total profit: $6,623
• Equity at exit: $100,630

10-year hold

• IRR: 12.4%
• Equity multiple: 2.06×
• Total profit: $200,785
• Equity at exit: $58,353

Cash invested: $188,972 (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: 28.5×

Monthly cashflow live

• Estimated rent: $7,904 high
• Mortgage (P&I): −$3,539
• Tax est. 1.5%: −$844 /mo · $10,124/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,660
• Net cashflow: $1,580

Break-even live

Break-even rent $5,904

Max offer price $674,900

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	3.5	$7,904
Total (4 units)			$7,904

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: $168,725
• Closing costs: $20,247
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-07
   statusdays on market $674,900 Pending 59 DOM
2. 2026-06-03
   days on market $674,900 Active 57 DOM
3. 2026-06-02
   days on market $674,900 Active 56 DOM
4. 2026-06-01
   days on market $674,900 Active 55 DOM
5. 2026-05-31
   days on market $674,900 Active 54 DOM
6. 2026-05-31
   days on market $674,900 Active 53 DOM
7. 2026-04-07
   listed $674,900 Active 432-char remark

   Show marketing remark (432 chars)

   Must see 4 unit in a prime corner location surrounded by cafes, restaurants, and public transportation. 6 Franklin Place is an excellent addition to any portfolio, featuring three renovated studio apartments and a successful retail restaurant on the first floor. This is a true turnkey property with many upgrades already completed. Great opportunity for investors looking for a solid, income producing building in a desirable area.

8. 2025-04-21
   historical $1,375
9. 2025-04-15
   listed $1,375
10. 2025-04-15
    historical $1,195
11. 2025-01-05
    price $1,195
12. 2024-11-19
    price $1,250
13. 2024-11-01
    listed $1,300
14. 2024-11-01
    historical $1,300
15. 2024-10-17
    listed $1,300
16. 2024-10-08
    historical $1,350
17. 2024-07-16
    listed $1,350

ⓘ 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: $94,848
• − Mortgage interest: −$37,805
• − Property taxes: −$10,124
• − Insurance: −$3,374
• − Repairs & maintenance: −$7,588
• − Management: −$7,588
• − Depreciation: −$19,633
• Taxable income: $8,736
• Est. tax owed @ 24.0%: −$2,097
• After-tax cash flow: $16,864/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 · 13 photos

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with modern interiors and a prime location. It is a turnkey investment opportunity with many upgrades already completed.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and property value
• Both Clean gutters — Improves drainage and property value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and property value ↑
• Both Clean gutters — Improves drainage and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+49892.6% since first listed

11 events — show timeline

• 2026-04-07 Listed $674,900 Global MLS
• 2025-04-21 Rental Removed $1,375 GLOBALMLS
• 2025-04-15 Listed for Rent $1,375 GLOBALMLS
• 2025-04-15 Rental Removed $1,195 GLOBALMLS
• 2025-01-05 Price Changed $1,195 GLOBALMLS
• 2024-11-19 Price Changed $1,250 GLOBALMLS
• 2024-11-01 Listed for Rent $1,300 GLOBALMLS
• 2024-11-01 Rental Removed $1,300 GLOBALMLS
• 2024-10-17 Listed for Rent $1,300 GLOBALMLS
• 2024-10-08 Rental Removed $1,350 GLOBALMLS
• 2024-07-16 Listed for Rent $1,350 GLOBALMLS