373 3rd St · Troy, NY 12180

$239,900

4 bd · 2.5 ba · 1,804 sqft · MultiFamily public records · 18 Days on market

Built 1844 3,049 sqft lot Est $182k · 32% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Vacant 2 Family home ready for owner occupants or investors. Each unit features 2 bedrooms, spacious living areas, and some updates througout. Property includes off street parking in the back alley way. Conveniently locate close to major highways, shopping, schools, and public transportation. Excellent income producing potential or perfect opportunity to live in one unit and rent out the other.

Key facts

• Off street parking
• Major highways
• 3,049 sq ft lot

Tags

• OFF STREET PARKING
• MAJOR HIGHWAYS
• PUBLIC TRANSPORTATION

Property features AI

Exterior

• Parking: 2 off-street parking spaces; Other off-street parking
• Utilities: 150 amp electric service; Public water; Public sewer
• Home design: Duplex; 2 units (multi-family)
• Construction: Clapboard and wood siding construction
• Exterior features: Rubber roof; Level lot

Interior

• Kitchen: Unit 1: 1 kitchen; Unit 2: 1 kitchen
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms
• Flooring: Tile; Laminate; Linoleum
• Bathrooms: 2 full bathrooms (one on the 1st floor, one on the 2nd floor); Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Baseboard heating; Natural gas heating
• Interior features: Tile, laminate and linoleum flooring; Full unfinished basement
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $838 ($10k/yr) — positive. Per door: $419/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $236k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.8% 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; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $3,230/mo this rent would consume 51% 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 $7k 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 $67k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• 3 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 $65k; list at $240k implies a 269% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1844 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $236,301 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1844 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.35% ✓
• Cap rate: 10.76%
• Cash-on-cash: 15.97%
• DSCR: 1.71
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $182,204
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
393 1st St	0.22mi	4/2.0	1,848 (+2%)	8mo	$195,000	$106	76
68 Jefferson St	0.26mi	4/3.0	1,767 (-2%)	12mo	$141,250	$80	73
35 Jefferson St	0.29mi	3/2.0 (-1)	1,896 (+5%)	1mo	$245,000	$129	70
556 2nd St	0.54mi	4/2.0	1,754 (-3%)	1mo	$200,000	$114	67
451 3rd St	0.21mi	5/2.0 (+1)	1,936 (+7%)	7mo	$140,000	$72	65
86 Ida St	0.21mi	4/2.0	1,600 (-11%)	6mo	$122,500	$77	64
55 Tyler St	0.48mi	4/2.0	1,640 (-9%)	3mo	$165,000	$101	58
1260 5th Ave	0.47mi	4/2.0	1,892 (+5%)	11mo	$185,000	$98	58
17 7th St	0.64mi	4/2.0	1,664 (-8%)	4mo	$211,000	$127	52
182 Hill St	0.38mi	5/2.0 (+1)	1,610 (-11%)	11mo	$148,000	$92	48
531 2nd St	0.48mi	4/2.0	1,584 (-12%)	12mo	$131,250	$83	45
1291 3rd Ave	0.71mi	4/2.0	1,964 (+9%)	10mo	$309,000	$157	42

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: 7.7%
• Equity multiple: 1.31×
• Total profit: $20,822
• Equity at exit: $35,770

10-year hold

• IRR: 18.6%
• Equity multiple: 2.69×
• Total profit: $113,757
• Equity at exit: $20,742

Cash invested: $67,172 (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: 12.4×

Monthly cashflow live

• Estimated rent: $3,230 high
• Mortgage (P&I): −$1,258
• Tax est. 1.5%: −$300 /mo · $3,598/yr
• Insurance: −$100
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$678
• Net cashflow: $838

Break-even live

Break-even rent $2,169

Max offer price $239,900

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,230
Total (2 units)			$3,230

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	14d	1	0.19mi
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	21d	1	0.19mi
11 Spring Ave Troy, NY	3.0	2.0	1788	$2,500	$1.40	23d	1	0.54mi
150 2nd St Troy, NY	4.0	1.5	2442	$3,000	$1.23	21d	1	0.55mi
1520 6th Ave Troy, NY	2.0–4.0	2.0–4.0	1209	$1,349	$1.12	23d	8	0.74mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	18d	1	0.83mi
53 13th St Troy, NY	4.0	1.0	1500	$650	$0.43	18d	1	0.85mi
17 State St Troy, NY	4.0	1.0–1.5	1810	$3,635	$2.01	14d	7	0.86mi
79 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	18d	1	0.88mi
79 14th St Unit 1 Troy, NY	3.0	1.0	1500	$650	$0.43	18d	1	0.88mi
41 Christie St Troy, NY	5.0	2.0	1277	$700	$0.55	14d	1	0.88mi
88 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	18d	1	0.91mi
97 14th St Troy, NY	4.0	2.0	1500	$650	$0.43	18d	1	0.91mi
97 14th St Unit 2 Troy, NY	5.0	2.0	1600	$625	$0.39	18d	1	0.91mi
1708 Highland Ave Unit 3 Troy, NY	3.0	1.0	1485	$595	$0.40	18d	1	0.95mi
1820 Highland Ave Unit 2 Troy, NY	4.0	2.0	1680	$725	$0.43	18d	1	1.08mi
904 Peoples Ave Troy, NY	4.0	1.0	1800	$645	$0.36	18d	1	1.25mi
100 Vandenburgh Pl Troy, NY	2.0–3.0	1.0–1.5	1124	$2,182	$1.94	14d	9	1.28mi
136 9th St Unit 3 Troy, NY	4.0	1.0	1500	$595	$0.40	18d	1	1.38mi
136 9th St Unit 1 Troy, NY	3.0	1.0	1500	$595	$0.40	18d	1	1.38mi
136 9th St Unit 2 Troy, NY	3.0	1.0	1500	$600	$0.40	18d	1	1.38mi
164 9th St Unit 1 Troy, NY	4.0	2.0	1400	$1,800	$1.29	23d	1	1.45mi
169 Hutton St Unit 1 Troy, NY	3.0	1.0	1500	$595	$0.40	18d	1	1.46mi

Listing history 18 events

1. 2026-06-09
   days on market $239,900 Active 18 DOM
2. 2026-06-08
   days on market $239,900 Active 17 DOM
3. 2026-06-07
   days on market $239,900 Active 16 DOM
4. 2026-06-03
   days on market $239,900 Active 12 DOM
5. 2026-06-02
   days on market $239,900 Active 11 DOM
6. 2026-06-01
   days on market $239,900 Active 10 DOM
7. 2026-05-31
   days on market $239,900 Active 9 DOM
8. 2026-05-31
   days on market $239,900 Active 8 DOM
9. 2026-05-21
   listed $239,900 Active
10. 2022-03-10
    historical
11. 2022-02-15
    status Pending
12. 2022-02-05
    status Active
13. 2022-02-02
    historical
14. 2022-01-11
    price $149,000
15. 2022-01-03
    price $169,000
16. 2021-11-20
    price $173,250
17. 2021-10-08
    listed $175,000 New
18. 2000-04-05
    soldstatus $65,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 77% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 17 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: $38,760
• − Mortgage interest: −$13,438
• − Property taxes: −$3,598
• − Insurance: −$1,866
• − Repairs & maintenance: −$3,101
• − Management: −$3,101
• − Depreciation: −$6,979
• Taxable income: $6,677
• Est. tax owed @ 24.0%: −$1,602
• After-tax cash flow: $8,457/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

+269.1% since first listed

10 events — show timeline

• 2026-05-21 Listed $239,900 Global MLS
• 2022-03-10 Listing Removed — Global MLS
• 2022-02-15 Pending — Global MLS
• 2022-02-05 Relisted — Global MLS
• 2022-02-02 Listing Removed — Global MLS
• 2022-01-11 Price Changed $149,000 Global MLS
• 2022-01-03 Price Changed $169,000 Global MLS
• 2021-11-20 Price Changed $173,250 Global MLS
• 2021-10-08 Listed $175,000 Global MLS
• 2000-04-05 Sold (Public Records) $65,000 Public Records

Property tax history

+44.1%/yr

Latest (2025): $22,306 · +254.7% YoY. Source: county tax records.