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304 2nd St Duplex
A- Composite 80.45
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 +5.4/10.0
  • Livability +4.0/5.0
  • Rent growth +3.7/5.0
  • Condition / age +2.2/5.0
  • Appreciation +0.0/10.0

$125,000

304 2nd St · Troy, NY 12180
3 bd · 2.0 ba · 1,408 sqft · MultiFamily public records · 39 Days on market
Built 1890 Fair condition 3,049 sqft lot $89/sqft · 36% below area Est $197k · 36% under

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Two family just below Canal Street; can be sold as package with 306 Second Street; Large rear yard; deck; new assessment has estimated taxes for 2013 at $1,633 -- Very Good Condition

Key facts

  • Two-family home
  • Shopping
  • Convenient location

Tags

TWO-FAMILY HOMERENTAL INCOMECONVENIENT LOCATIONCLOSE TO DOWNTOWNSHOPPINGRESTAURANTS

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 2 × 2-bed/1-bath units multifamily listed at $125k. Condition is rated fair.

Deal economics

  • At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $700/mo.
  • The deal already cash-flows at list — no discount required.
  • Meets the 1% rule at list price ($3k rent vs $125k).
  • Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
  • Cap rate 20.3% vs local median 5.0% 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 14 (math 47% / reading 42%, grade F, #1,277 of 2,108 statewide, top 64%, 425 students, 76% 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).
  • Market conditions: Rents rising fast (+4.9%/yr); 298 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals lingering (median 73d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 73% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

  • It's been on market 39 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
  • 5 sale attempts since 13y ago; this cycle's ask has dropped $24k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
  • Current owner paid $45k; list at $125k implies a 178% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

  • Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
  • Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
Recommended offer $121,250 (3.0% below list)

Questions for the listing agent

  1. It's been on market 39 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
  5. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
  6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
  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
2.33%
Cap rate
20.27%
Cash-on-cash
49.91%
DSCR
3.22
GRM
3.6

CMA / ARV

ARV (median comp)
$196,640
List price
$125,000
Delta
-32.87%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi
Show comp detail 7 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
408 Williams St 0.20mi 2/2.0 (-1) 1,482 (+5%) 4mo $150,000 $101 74
64 Jefferson St 0.13mi 4/2.0 (+1) 1,377 (-2%) 19mo $165,000 $120 69
84 Hill St 0.32mi 2/2.0 (-1) 1,453 (+3%) 18mo $157,500 $108 60
86 Ida St 0.16mi 4/2.0 (+1) 1,600 (+14%) 8mo $122,500 $77 58
6 Walnut St 0.69mi 3/2.0 1,320 (-6%) 22mo $165,000 $125 39
5 Lincoln Ave 0.46mi 4/2.0 (+1) 1,280 (-9%) 24mo $169,900 $133 39
531 2nd St 0.61mi 4/2.0 (+1) 1,584 (+12%) 14mo $131,250 $83 35

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
47.6%
Equity multiple
3.13×
Total profit
$74,589
Equity at exit
$18,638
10-year hold
IRR
54.1%
Equity multiple
6.83×
Total profit
$203,959
Equity at exit
$10,808

Cash invested: $35,000 (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.
Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now
1 active · 1 under contract
Months of supply
1.0 mo (100%/mo absorbed)
Median asking
$239,900 ($187/sqft)
Median days on market
58 d
This list price
lowest-priced of the active set
ARV vs active asking
-25.5% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 12180

Home prices YoY
-33.3%
Rents YoY
4.9%
Active inventory
298
Price-to-rent
7.2×

Monthly cashflow live

Estimated rent
$2,911 high interval (Pro) →
Mortgage (P&I)
$656
Tax from tax record
$137 /mo · $1,638/yr
Insurance
$52
Flood insurance flood zone
−$56 /mo · $666/yr
HOA
$0
Vacancy / Maint / Mgmt
$611
Net cashflow
$1,400

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

UnitsBedsBathsEst. rent
Total (2 units) $2,911

Break-even live

Break-even rent $1,139
Max offer price $125,000
Occupancy floor 47%

Sensitivity live

Price -10% $1,471 -5% $1,435 +0% $1,400 +5% $1,365 +10% $1,329
Rent -10% $1,170 -5% $1,285 +0% $1,400 +5% $1,515 +10% $1,630
Rate -1.0pp $1,463 -0.5pp $1,432 base $1,400 +0.5pp $1,368 +1.0pp $1,335

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
$31,250
Closing costs
$3,750
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
323 2nd St #1 Troy, NY 2.0 1.0 1150 $1,950 $1.70 72d 1 0.07mi
306 3rd St Troy, NY 3.0 1.0 1100 $1,700 $1.55 72d 1 0.09mi
355 4th St Troy, NY 3.0 2.0 1203 $1,750 $1.45 72d 1 0.12mi
66 Jefferson St Unit 2nd fl Troy, NY 1.0 1.0 450 $1,350 $3.00 72d 1 0.12mi
356 3rd St Unit 2 Troy, NY 3.0 1.0 1000 $1,950 $1.95 63d 1 0.14mi
334 4th St Troy, NY 2.0 1.0 1200 $1,450 $1.21 16d 1 0.15mi
240 2nd St Unit DUPLEX Troy, NY 2.0 1.0 $1,750 72d 1 0.17mi
379 3rd St Troy, NY 3.0 1.0 1150 $1,750 $1.52 15d 1 0.17mi
257 3rd St Unit 2R Troy, NY 2.0 1.0 500 $1,350 $2.70 68d 1 0.18mi
357 Monroe St Apt 2 Troy, NY 1.0 1.0 750 $1,100 $1.47 16d 1 0.21mi
77 Adams St Unit 12 Troy, NY 2.0 1.0 714 $1,166 $1.63 72d 1 0.21mi
77 Adams St Unit 8 Troy, NY 3.0 1.0 872 $1,509 $1.73 72d 1 0.21mi
77 Adams St Unit 19 Troy, NY 1.0 1.0 679 $948 $1.40 72d 1 0.21mi
77 Adams St Apt 17 Troy, NY 3.0 1.0 857 $1,811 $2.11 72d 1 0.21mi
114 Ida St Unit 1 Troy, NY 3.0 1.0 1100 $1,345 $1.22 16d 1 0.24mi
2 River St Troy, NY 2.0 1.0–2.5 1005 $2,650 $2.64 15d 8 0.25mi
363 1st St Troy, NY 3.0 2.5 1408 $2,100 $1.49 63d 1 0.26mi
363 1st St Troy, NY 3.0 2.5 1408 $2,100 $1.49 70d 1 0.26mi
112 Adams St Unit 2 Troy, NY 2.0 1.0 650 $1,350 $2.08 72d 1 0.28mi
429 3rd St Unit 3 Troy, NY 1.0 1.0 $1,195 72d 1 0.31mi
1210 5th Ave Unit 2 Troy, NY 2.0 1.0 1000 $1,275 $1.27 16d 1 0.33mi
189 Hill St Troy, NY 3.0 1.0 995 $1,900 $1.91 72d 1 0.37mi
132 1st St Unit 2 Troy, NY 3.0 1.0 860 $2,100 $2.44 68d 1 0.40mi
132 1st St Unit 1 Troy, NY 2.0 1.0 840 $1,700 $2.02 70d 1 0.40mi
1273 Broadway Unit 1F Watervliet, NY 1.0 1.0 750 $1,095 $1.46 93d 1 0.41mi
22 13th St Watervliet, NY 2.0 1.5 900 $1,600 $1.78 93d 1 0.45mi
22 13th St Unit 1 Watervliet, NY 2.0 1.0 850 $1,475 $1.74 93d 1 0.45mi
937 Broadway Unit 3 Watervliet, NY 2.0 1.0 $1,200 93d 1 0.54mi
929 Broadway Unit 2 Watervliet, NY 2.0 1.0 $1,450 15d 1 0.55mi
205 13th St Unit 1 Watervliet, NY 3.0 1.0 $1,500 93d 1 0.55mi
508 2nd St Troy, NY 3.0 1.0 1000 $1,450 $1.45 16d 1 0.56mi
124 Ferry St Troy, NY 1.0–3.0 1.0–2.0 814 $1,914 $2.35 63d 10 0.57mi
150 4th St Troy, NY 1.0 1.0 800 $1,100 $1.38 72d 1 0.59mi
809 Broadway #2 Watervliet, NY 3.0 1.0 1100 $1,625 $1.48 93d 1 0.59mi
11 Spring Ave Troy, NY 3.0 2.0 1788 $2,500 $1.40 72d 1 0.60mi
53-55 Congress St Troy, NY 2.0 1.0 1500 $1,700 $1.13 72d 1 0.64mi
53-55 Congress St Troy, NY 2.0 1.0 1500 $1,700 $1.13 16d 1 0.64mi
65 3rd St Troy, NY 2.0 1.0 1300 $2,795 $2.15 15d 1 0.64mi
65 3rd St Troy, NY 1.0 1.0 946 $2,295 $2.43 16d 1 0.64mi
65 3rd St Troy, NY 2.0 2.0 1185 $2,995 $2.53 72d 1 0.64mi

Property features AI

Exterior

Utilities
Public waterPublic sewer
Home design
DuplexLiving area approximately 1,408 total
Construction
Brick exterior
Exterior features
Brick constructionLot approximately 0.07 acres

Interior

Bedrooms
Unit 1: 1 bedroomUnit 2: 2 bedrooms
Bathrooms
2 full bathrooms (one on 1st floor, one on 2nd floor)
Heating & cooling
Forced air heating
Interior features
Full unfinished basement

Listing history 22 events

  1. 2026-08-08
    days on market $125,000 Active 39 DOM
  2. 2026-08-07
    days on market $125,000 Active 38 DOM
  3. 2026-08-06
    days on market $125,000 Active 37 DOM
  4. 2026-08-05
    days on market $125,000 Active 36 DOM
  5. 2026-08-04
    remarks 68-char remark
  6. 2026-08-04
    pricestatus $125,000 Active 35 DOM
  7. 2026-06-17
    status $132,000 Pending 35 DOM
  8. 2026-06-17
    days on market $132,000 Active 35 DOM
  9. 2026-06-16
    days on market $132,000 Active 34 DOM
  10. 2026-06-15
    days on market $132,000 Active 33 DOM
  11. 2026-06-14
    days on market $132,000 Active 31 DOM
  12. 2026-06-13
    statusdays on market $132,000 Active 30 DOM
  13. 2026-05-13
    price $132,000 56-char remark
  14. 2026-04-30
    status Active 56-char remark
  15. 2026-04-23
    status Pending 56-char remark
  16. 2026-04-17
    listed $149,000 Active 56-char remark
  17. 2024-12-18
    historical
  18. 2024-10-28
    price $143,000
  19. 2024-09-24
    listed $149,000 Active
  20. 2014-07-02
    soldstatus $45,000
    Show marketing remark (182 chars)

    Two family just below Canal Street; can be sold as package with 306 Second Street; Large rear yard; deck; new assessment has estimated taxes for 2013 at $1,633 -- Very Good Condition

  21. 2014-04-25
    historical
    Show marketing remark (182 chars)

    Two family just below Canal Street; can be sold as package with 306 Second Street; Large rear yard; deck; new assessment has estimated taxes for 2013 at $1,633 -- Very Good Condition

  22. 2013-06-04
    listed $57,500
    Show marketing remark (182 chars)

    Two family just below Canal Street; can be sold as package with 306 Second Street; Large rear yard; deck; new assessment has estimated taxes for 2013 at $1,633 -- Very Good 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
$1,638 · $137/mo
Projected year-2 tax
$1,875 · $156/mo
Expected delta
+$237/yr (+$20/mo · 14.5%)

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

Climate risk First Street

  • 🌊 Flood 10/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
  • 🔥 Wildfire 1/10 Low
  • 🌡 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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$34,932
− Mortgage interest
−$7,002
− Property taxes
−$1,638
− Insurance
−$1,292
− Repairs & maintenance
−$2,795
− Management
−$2,795
− Depreciation
−$3,636
Taxable income
$15,775
combined federal + state — saved on this device
Est. tax owed @ 24.0%
−$3,786
After-tax cash flow
$13,015/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

Fair 45/100 Moderate rehab Est. rehab $35,200–$63,360 screening

This property is in fair condition with some wear and tear visible in various areas. It requires moderate repairs and maintenance to improve its condition and increase its value.

Deferred maintenance Est. $50,000–$150,000 screening

  • Major Roof (roof) — Significant wear and tear visible on the roof structure
  • Major Windows (windows) — Significant wear and tear visible on the windows
  • Major Electrical (electrical) — Significant wear and tear visible on the electrical panel
  • Major Plumbing (plumbing) — Significant wear and tear visible on the plumbing
  • Major Exterior (exterior) — Significant wear and tear visible on the exterior

Repairs flagged

  • Minor Kitchen cabinets — The kitchen cabinets show some wear and tear, but are not in critical condition.
  • Minor Bathroom fixtures — The bathroom fixtures show some wear and tear, but are not in critical condition.
  • Minor Roof shingles — The roof shingles show some wear and tear, but are not in critical condition.
  • Minor Exterior siding — The exterior siding shows some wear and tear, but is not in critical condition.
  • Minor Interior paint — The interior paint shows some wear and tear, but is not in critical condition.
  • Minor HVAC components — The HVAC components show some wear and tear, but are not in critical condition.
  • Minor Landscaping — The landscaping shows some overgrown vegetation, but is not in critical condition.

Value-add opportunities

  • Both Painting the exterior and interior — Painting the exterior and interior can significantly improve the curb appeal and interior aesthetics, which can increase both resale and rental value.
  • Both Landscaping — Landscaping can improve the curb appeal and increase the property's overall aesthetic, which can increase both resale and rental value.
  • Both HVAC maintenance — Maintaining the HVAC system can improve the comfort and energy efficiency of the property, which can increase both resale and rental value.

ⓘ Rehab cost is a screening estimate — Moderate 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 54/100

Zoned Schools

Elementary Ps 14 F NY #1,277/2,108 Nat'l #16,061/41,679 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

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

Price history

+129.6% since first listed
13 events — show timeline
  • 2026-06-17 Pending Global MLS
  • 2026-06-10 Relisted Global MLS
  • 2026-05-22 Pending Global MLS
  • 2026-05-13 Price Changed $132,000 Global MLS
  • 2026-04-30 Relisted Global MLS
  • 2026-04-23 Pending Global MLS
  • 2026-04-17 Listed $149,000 Global MLS
  • 2024-12-18 Listing Removed Global MLS
  • 2024-10-28 Price Changed $143,000 Global MLS
  • 2024-09-24 Listed $149,000 Global MLS
  • 2014-07-02 Sold (MLS) $45,000 Global MLS
  • 2014-04-25 Listing Removed Global MLS
  • 2013-06-04 Listed $57,500 Global MLS

Property tax history

+13.0%/yr

Latest (2025): $1,638 · -22.1% YoY. Source: county tax records.

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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