23 Goodman Ave

Troy, NY 12180

$234,000D

4 bd · 1.5 ba · 1,745 sqft · Built 1949 · SingleFamily · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,010/mo
• Mortgage (P&I): −$1,227
• Tax + insurance: −$554
• HOA: −$0
• Vac / Maint / Mgmt: −$422
• Net cashflow: $-193/mo
• Annual: $-2,316/yr
• Cap rate: 5.30%
• Cash-on-cash: -3.54%
• DSCR: 0.84
• 1% rule: 0.86%
• Cash to close: $65,520

Investor read

• This is a 4-bed/1.5-bath single-family listed at $234k.
• At list price, monthly cash flow is $-193 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $200k (14.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (14.1% below list).
• It's been on market 76 days — a 6% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $200k (14.6% below list) — sets the bar for cash-flow.
• 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.
• 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 18 (math 47% / reading 52%, grade D, #1,085 of 2,108 statewide, top 56%, 309 students, 45% 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) — zoned schools at 60% FRL track the district average.
• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.9%/yr); 220 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• Rensselaer County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $16k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $198k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• This rent runs 32% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 76 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.