11 Elm St · Troy, NY 12180

$299,900

3 bd · 3.0 ba · 2,112 sqft · MultiFamily public records · 58 Days on market

Built 1910 3,049 sqft lot $142/sqft · at area comps Est $271k · 11% over

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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
• 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
• ARV discount +2.8/15.0
• 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 MLS

Turnkey 3-family opportunity in Troy with nearly $100K in capital improvements already completed, offering a strong combination of income potential and long-term stability. This legally permitted three-unit property generates approximately $3,100+/month including on-site laundry, in a market where rental demand remains strong. Extensive upgrades between 2019-2026 include two new boilers, three separate hot water tanks, a fully replaced main sewer line, updated electrical with separate metering, and upgraded plumbing throughout. The exterior has also been significantly improved with a new roof, siding, and structural repairs, helping to minimize future maintenance concerns and enhance overall durability. Inside, two of the three units have been thoughtfully renovated. The first-floor 2-bedroom features a fully updated kitchen, refreshed bath, and modern finishes, while the studio offers new heating, lighting, and a refreshed interior. Additional property-wide improvements include durable LVP flooring, updated doors and windows, and enhanced safety features. With separated utilities, efficient operations, and proximity to Hudson Valley Community College and major employers, the property is well-positioned for consistent occupancy. Whether you're an investor seeking solid returns or an owner-occupant looking to offset your mortgage, this is a compelling opportunity to step into a well-maintained, income-producing asset in one of Troy's steadily evolving neighborhoods. Ample street parking is readily available. A smart, low-maintenance investment with solid income potential- ready for its next owner!

Key facts

• On site laundry
• Three unit property
• Updated electrical

Tags

• THREE UNIT PROPERTY
• ON SITE LAUNDRY
• NEW BOILERS
• HOT WATER TANKS
• REPLACED MAIN SEWER LINE
• UPDATED ELECTRICAL

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $675/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $300k).
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.4% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• At $5,091/mo this rent would consume 81% 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 $2k of loan paydown is wiped out by about $9k 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 $84k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y ago; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; list at $300k implies a 186% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $290,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 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 1910 — 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: 1.70% ✓
• Cap rate: 14.39%
• Cash-on-cash: 28.92%
• DSCR: 2.29
• GRM: 4.9

CMA / ARV

• ARV (median comp): $271,307
• List price: $299,900
• Delta: 10.54%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
255 Stow Ave	0.34mi	4/2.0 (+1)	1,909 (-10%)	4mo	$109,500	$57	56
107 Old Mill St	0.34mi	2/2.0 (-1)	1,877 (-11%)	8mo	$60,000	$32	50
28-30 Vandenburgh Ave	0.49mi	4/3.0 (+1)	1,888 (-11%)	8mo	$210,000	$111	48
31 Sheridan Ave	0.70mi	4/2.0 (+1)	2,202 (+4%)	6mo	$160,000	$73	47
12 Vandenburgh Ave	0.51mi	4/2.0 (+1)	1,895 (-10%)	12mo	$185,000	$98	40
65 Tyler St	0.68mi	4/2.0 (+1)	1,978 (-6%)	12mo	$183,500	$93	38
484 1st St	0.74mi	4/2.0 (+1)	2,168 (+3%)	20mo	$144,000	$66	35
482 1st St	0.75mi	4/2.0 (+1)	2,024 (-4%)	20mo	$144,000	$71	32

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: 25.4%
• Equity multiple: 2.07×
• Total profit: $90,148
• Equity at exit: $44,716

10-year hold

• IRR: 34.2%
• Equity multiple: 4.41×
• Total profit: $286,443
• Equity at exit: $25,930

Cash invested: $83,972 (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: 14.7×

Monthly cashflow live

• Estimated rent: $5,091 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$300 /mo · $3,604/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,069
• Net cashflow: $2,024

Break-even live

Break-even rent $2,529

Max offer price $299,900

Occupancy floor 55%

Sensitivity live

Price	-10% $2,194	-5% $2,109	+0% $2,024	+5% $1,939	+10% $1,854
Rent	-10% $1,622	-5% $1,823	+0% $2,024	+5% $2,225	+10% $2,426
Rate	-1.0pp $2,175	-0.5pp $2,100	base $2,024	+0.5pp $1,946	+1.0pp $1,867

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$5,091
Total (3 units)			$5,091

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	21d	1	1.09mi
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	15d	1	1.09mi
11 Spring Ave Troy, NY	3.0	2.0	1788	$2,500	$1.40	24d	1	1.46mi

Listing history 22 events

1. 2026-06-18
   days on market $299,900 Active 58 DOM
2. 2026-06-17
   days on market $299,900 Active 57 DOM
3. 2026-06-16
   days on market $299,900 Active 56 DOM
4. 2026-06-15
   days on market $299,900 Active 55 DOM
5. 2026-06-14
   days on market $299,900 Active 53 DOM
6. 2026-06-13
   pricestatusdays on market $299,900 Active 52 DOM
7. 2026-06-07
   statusdays on market $310,000 Pending 50 DOM
8. 2026-06-03
   days on market $310,000 Active 48 DOM
9. 2026-06-02
   days on market $310,000 Active 47 DOM
10. 2026-06-01
    days on market $310,000 Active 46 DOM
11. 2026-05-31
    days on market $310,000 Active 45 DOM
12. 2026-05-31
    days on market $310,000 Active 44 DOM
13. 2026-04-16
    listed $325,000 Active 1625-char remark

    Show marketing remark (1625 chars)

    Turnkey 3-family opportunity in Troy with nearly $100K in capital improvements already completed, offering a strong combination of income potential and long-term stability. This legally permitted three-unit property generates approximately $3,100+/month including on-site laundry, in a market where rental demand remains strong. Extensive upgrades between 2019-2026 include two new boilers, three separate hot water tanks, a fully replaced main sewer line, updated electrical with separate metering, and upgraded plumbing throughout. The exterior has also been significantly improved with a new roof, siding, and structural repairs, helping to minimize future maintenance concerns and enhance overall durability. Inside, two of the three units have been thoughtfully renovated. The first-floor 2-bedroom features a fully updated kitchen, refreshed bath, and modern finishes, while the studio offers new heating, lighting, and a refreshed interior. Additional property-wide improvements include durable LVP flooring, updated doors and windows, and enhanced safety features. With separated utilities, efficient operations, and proximity to Hudson Valley Community College and major employers, the property is well-positioned for consistent occupancy. Whether you're an investor seeking solid returns or an owner-occupant looking to offset your mortgage, this is a compelling opportunity to step into a well-maintained, income-producing asset in one of Troy's steadily evolving neighborhoods. Ample street parking is readily available. A smart, low-maintenance investment with solid income potential- ready for its next owner!

14. 2018-11-21
    soldstatus $105,000
15. 2018-11-07
    soldstatus $105,000 Closed (Final Sale) 440-char remark

    Show marketing remark (440 chars)

    3-family income property in the heart of it all! Property includes a lower studio unit and 2 large flats above with expansive rooms! Perfect student rental or for professionals. A little paint and cleaning can grant you larger rents! Conveniently located next to 787 making commuting a breeze. Limitless street parking and only a very small strip of lawn to maintain which will take all of 5 minutes and no need to plow! Very Good Condition

16. 2018-09-30
    status Pend (Under Cntr) 440-char remark

    Show marketing remark (440 chars)

    3-family income property in the heart of it all! Property includes a lower studio unit and 2 large flats above with expansive rooms! Perfect student rental or for professionals. A little paint and cleaning can grant you larger rents! Conveniently located next to 787 making commuting a breeze. Limitless street parking and only a very small strip of lawn to maintain which will take all of 5 minutes and no need to plow! Very Good Condition

17. 2018-08-17
    price $119,000 440-char remark

    Show marketing remark (440 chars)

    3-family income property in the heart of it all! Property includes a lower studio unit and 2 large flats above with expansive rooms! Perfect student rental or for professionals. A little paint and cleaning can grant you larger rents! Conveniently located next to 787 making commuting a breeze. Limitless street parking and only a very small strip of lawn to maintain which will take all of 5 minutes and no need to plow! Very Good Condition

18. 2018-07-03
    listed $129,000 New 440-char remark

    Show marketing remark (440 chars)

    3-family income property in the heart of it all! Property includes a lower studio unit and 2 large flats above with expansive rooms! Perfect student rental or for professionals. A little paint and cleaning can grant you larger rents! Conveniently located next to 787 making commuting a breeze. Limitless street parking and only a very small strip of lawn to maintain which will take all of 5 minutes and no need to plow! Very Good Condition

19. 2009-08-31
    soldstatus $98,580
20. 2009-08-27
    soldstatus $98,580
21. 2009-06-26
    historical
22. 2008-10-27
    listed $112,900

ⓘ 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: $3,604 · $300/mo
• Projected year-2 tax: $4,336 · $361/mo
• Expected delta: +$732/yr (+$61/mo · 20.3%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 15 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: $61,092
• − Mortgage interest: −$16,799
• − Property taxes: −$3,604
• − Insurance: −$1,500
• − Repairs & maintenance: −$4,887
• − Management: −$4,887
• − Depreciation: −$8,724
• Taxable income: $20,691
• Est. tax owed @ 24.0%: −$4,966
• After-tax cash flow: $19,321/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

+187.9% since first listed

10 events — show timeline

• 2026-04-16 Listed $325,000 Global MLS
• 2018-11-21 Sold (Public Records) $105,000 Public Records
• 2018-11-07 Sold (MLS) $105,000 Global MLS
• 2018-09-30 Pending — Global MLS
• 2018-08-17 Price Changed $119,000 Global MLS
• 2018-07-03 Listed $129,000 Global MLS
• 2009-08-31 Sold (Public Records) $98,580 Public Records
• 2009-08-27 Sold (MLS) $98,580 Global MLS
• 2009-06-26 Listing Removed — Global MLS
• 2008-10-27 Listed $112,900 Global MLS

Property tax history

+13.0%/yr

Latest (2025): $3,604 · -22.1% YoY. Source: county tax records.