38 Tyler St · Troy, NY 12180

$1,625,000

51 bd · 17.0 ba · 5,124 sqft · MultiFamily public records · 70 Days on market

Built 1910 0.50 ac lot $317/sqft · 203% above area Est $1755k · 7% 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 +10.8/15.0
• 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 (5+ Unit). Listing-text estimate: 17 units. confirmed

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

17-unit multifamily portfolio located in South Troy consisting of three buildings and a separate vacant parcel with development potential. The unit mix includes twelve 3-bedroom units, four 2-bedroom units, and one 1-bedroom unit (45 total bedrooms). Approximately 75% of units have seen updates over the past ~2.5 years. Of the five vacant units, three are rent-ready and two are in the process of being turned over. Utilities are separately metered. The 4th St buildings also have separately metered water and sewer, providing the option to pass these expenses through to tenants. The portfolio includes a shared parking area and on-site laundry for tenant convenience. Zoned MU-1, the vacant parcel offers additional flexibility for future development (buyer to verify). Offered as a portfolio.

Key facts

• Updated units
• Three buildings
• Rent-ready units

Tags

• MULTIFAMILY PORTFOLIO
• THREE BUILDINGS
• SEPARATE VACANT PARCEL
• DEVELOPMENT POTENTIAL
• UPDATED UNITS
• RENT-READY UNITS

What this means for you Summary

Snapshot

• This is a 12×3bd/1.0ba + 4×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $1.62M.

Deal economics

• At list price, monthly cash flow is $9k ($114k/yr) — positive. Per door: $557/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $1.62M).
• Recommended offer: $1.53M (6.0% below list) — sets the bar for market timing.
• Cap rate 13.3% 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 $24,844/mo this rent would consume 393% 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 $11k of loan paydown is wiped out by about $49k 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 $455k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($1.53M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $396k; list at $1.62M implies a 310% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,527,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 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 1910 — 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: 1.53% ✓
• Cap rate: 13.33%
• Cash-on-cash: 25.14%
• DSCR: 2.12
• GRM: 5.5

CMA / ARV

• ARV (median comp): $1,754,668
• List price: $1,625,000
• Delta: -7.39%
• Verdict: FAIR
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 20.4%
• Equity multiple: 1.85×
• Total profit: $387,159
• Equity at exit: $242,293

10-year hold

• IRR: 29.8%
• Equity multiple: 3.89×
• Total profit: $1,316,445
• Equity at exit: $140,500

Cash invested: $455,000 (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: 89.4×

Monthly cashflow live

• Estimated rent: $24,844 medium
• Mortgage (P&I): −$8,522
• Tax from tax record: −$896 /mo · $10,748/yr
• Insurance: −$677
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,217
• Net cashflow: $9,466

Break-even live

Break-even rent $12,862

Max offer price $1,625,000

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 12× units	3	1	$18,168
▸ 4× units	2	1	$5,452
1× unit	1	1	$1,221
Total (17 units)			$24,844

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: $406,250
• Closing costs: $48,750
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $1,625,000 Active 70 DOM
2. 2026-06-17
   days on market $1,625,000 Active 69 DOM
3. 2026-06-16
   days on market $1,625,000 Active 68 DOM
4. 2026-06-15
   days on market $1,625,000 Active 67 DOM
5. 2026-06-14
   days on market $1,625,000 Active 65 DOM
6. 2026-06-13
   days on market $1,625,000 Active 64 DOM
7. 2026-06-10
   pricedays on market $1,625,000 Active 62 DOM
8. 2026-06-09
   days on market $1,650,000 Active 61 DOM
9. 2026-06-08
   days on market $1,650,000 Active 60 DOM
10. 2026-06-07
    days on market $1,650,000 Active 59 DOM
11. 2026-06-03
    days on market $1,650,000 Active 55 DOM
12. 2026-06-02
    days on market $1,650,000 Active 54 DOM
13. 2026-06-01
    days on market $1,650,000 Active 53 DOM
14. 2026-05-31
    days on market $1,650,000 Active 52 DOM
15. 2026-05-31
    days on market $1,650,000 Active 51 DOM
16. 2026-04-09
    listed $1,650,000 Active 810-char remark

    Show marketing remark (810 chars)

    17-unit multifamily portfolio located in South Troy consisting of three buildings and a separate vacant parcel with development potential. The unit mix includes twelve 3-bedroom units, four 2-bedroom units, and one 1-bedroom unit (45 total bedrooms). Approximately 75% of units have seen updates over the past ~2.5 years. Of the five vacant units, three are rent-ready and two are in the process of being turned over. Utilities are separately metered. The 4th St buildings also have separately metered water and sewer, providing the option to pass these expenses through to tenants. The portfolio includes a shared parking area and on-site laundry for tenant convenience. Zoned MU-1, the vacant parcel offers additional flexibility for future development (buyer to verify). Offered as a portfolio.

17. 2023-10-30
    soldstatus $396,500
18. 2022-01-08
    historical
19. 2021-07-12
    listed $399,900 New
20. 2005-09-29
    soldstatus $64,200

ⓘ 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: $10,748 · $896/mo
• Projected year-2 tax: $19,105 · $1,592/mo
• Expected delta: +$8,357/yr (+$696/mo · 77.8%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X · 78% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $298,128
• − Mortgage interest: −$91,025
• − Property taxes: −$10,748
• − Insurance: −$8,922
• − Repairs & maintenance: −$23,850
• − Management: −$23,850
• − Depreciation: −$47,273
• Taxable income: $92,459
• Est. tax owed @ 24.0%: −$22,190
• After-tax cash flow: $91,400/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

+2470.1% since first listed

5 events — show timeline

• 2026-04-09 Listed $1,650,000 Global MLS
• 2023-10-30 Sold (Public Records) $396,500 Public Records
• 2022-01-08 Listing Removed — Global MLS
• 2021-07-12 Listed $399,900 Global MLS
• 2005-09-29 Sold (Public Records) $64,200 Public Records

Property tax history

+13.8%/yr

Latest (2025): $10,748 · +2.3% YoY. Source: county tax records.