2632 5th Ave · Troy, NY 12180

$329,000

9 bd · 3.0 ba · 3,687 sqft · MultiFamily public records · 37 Days on market

Built 1890 3,484 sqft lot Est $299k · 10% 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 +2.9/15.0
• 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

Turn Key Investment Property, Newly Remodeled Brick 3 Family. Great Rental Income. New Heating Systems in each unit. Second floor unit is Vacant & Ready to show. Excellent Condition

Key facts

• 3,484 sq ft lot
• 2 parking spots
• Built 1890

Tags

• INVESTMENT OPPORTUNITY
• MULTI-FAMILY PROPERTY
• IMMEDIATE RENTAL INCOME
• STRONG INCOME POTENTIAL
• GROWING RENTAL MARKET

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $329k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $549/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $329k).
• Recommended offer: $319k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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; 1 comparable units currently listed for rent nearby; solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• At $4,964/mo this rent would consume 79% 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 $10k 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 $92k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($319k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 26y ago; this cycle's ask has dropped $18k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $180k; list at $329k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $319,130 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 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 1890 — 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: 1.51% ✓
• Cap rate: 12.30%
• Cash-on-cash: 21.47%
• DSCR: 1.96
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $298,647
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
280 9th St	0.21mi	10/3.0 (+1)	3,687 (0%)	18mo	$175,000	$47	71
2265 Old 6th Ave	0.37mi	10/3.0 (+1)	3,696 (+0%)	10mo	$300,000	$81	70
32 Douw St	0.45mi	8/3.0 (-1)	3,380 (-8%)	5mo	$275,000	$81	55
2377 Burdett Ave	0.75mi	10/3.0 (+1)	3,316 (-10%)	11mo	$350,000	$106	34
2338 15th St	0.54mi	8/4.0 (-1)	3,200 (-13%)	13mo	$375,000	$117	33

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: 16.2%
• Equity multiple: 1.67×
• Total profit: $61,285
• Equity at exit: $49,055

10-year hold

• IRR: 26.1%
• Equity multiple: 3.49×
• Total profit: $229,608
• Equity at exit: $28,446

Cash invested: $92,120 (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: 16.6×

Monthly cashflow live

• Estimated rent: $4,964 high
• Mortgage (P&I): −$1,725
• Tax est. 1.5%: −$411 /mo · $4,935/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,042
• Net cashflow: $1,648

Break-even live

Break-even rent $2,878

Max offer price $329,000

Occupancy floor 62%

Sensitivity live

Price	-10% $1,875	-5% $1,762	+0% $1,648	+5% $1,534	+10% $1,421
Rent	-10% $1,256	-5% $1,452	+0% $1,648	+5% $1,844	+10% $2,040
Rate	-1.0pp $1,814	-0.5pp $1,732	base $1,648	+0.5pp $1,563	+1.0pp $1,476

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$4,965
Total (3 units)			$4,964

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2326 15th St Unit 2 Troy, NY	8.0	2.5	2500	$650	$0.26	15d	1	0.55mi

Listing history 15 events

1. 2026-04-23
   status Pending
2. 2026-03-23
   price $329,000
3. 2026-03-17
   listed $347,000 Active
4. 2022-03-10
   soldstatus $180,000
5. 2014-07-10
   soldstatus $115,000
6. 2014-06-30
   soldstatus $115,000 185-char remark

   Show marketing remark (185 chars)

   Turn Key Investment Property, Newly Remodeled Brick 3 Family. Great Rental Income. New Heating Systems in each unit. Second floor unit is Vacant & Ready to show. Excellent Condition

7. 2014-02-11
   historical 185-char remark

   Show marketing remark (185 chars)

   Turn Key Investment Property, Newly Remodeled Brick 3 Family. Great Rental Income. New Heating Systems in each unit. Second floor unit is Vacant & Ready to show. Excellent Condition

8. 2013-11-29
   listed $129,000 185-char remark

   Show marketing remark (185 chars)

   Turn Key Investment Property, Newly Remodeled Brick 3 Family. Great Rental Income. New Heating Systems in each unit. Second floor unit is Vacant & Ready to show. Excellent Condition

9. 2008-01-15
   soldstatus $55,000 28-char remark

   Show marketing remark (28 chars)

   GREAT AREA -- Fair Condition

10. 2007-12-10
    historical 28-char remark

    Show marketing remark (28 chars)

    GREAT AREA -- Fair Condition

11. 2007-10-09
    listed $59,000 28-char remark

    Show marketing remark (28 chars)

    GREAT AREA -- Fair Condition

12. 2002-01-16
    soldstatus $88,000
13. 2001-01-30
    soldstatus $1,000
14. 2000-03-27
    listed $33,900
15. 1995-02-28
    soldstatus $70,000

ⓘ 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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°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: $59,568
• − Mortgage interest: −$18,429
• − Property taxes: −$4,935
• − Insurance: −$1,645
• − Repairs & maintenance: −$4,765
• − Management: −$4,765
• − Depreciation: −$9,571
• Taxable income: $15,457
• Est. tax owed @ 24.0%: −$3,710
• After-tax cash flow: $16,065/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

+370.0% since first listed

15 events — show timeline

• 2026-04-23 Pending — Global MLS
• 2026-03-23 Price Changed $329,000 Global MLS
• 2026-03-17 Listed $347,000 Global MLS
• 2022-03-10 Sold (Public Records) $180,000 Public Records
• 2014-07-10 Sold (Public Records) $115,000 Public Records
• 2014-06-30 Sold (MLS) $115,000 Global MLS
• 2014-02-11 Listing Removed — Global MLS
• 2013-11-29 Listed $129,000 Global MLS
• 2008-01-15 Sold (MLS) $55,000 Global MLS
• 2007-12-10 Listing Removed — Global MLS
• 2007-10-09 Listed $59,000 Global MLS
• 2002-01-16 Sold (Public Records) $88,000 Public Records
• 2001-01-30 Sold (MLS) $1,000 Global MLS
• 2000-03-27 Listed $33,900 Global MLS
• 1995-02-28 Sold (Public Records) $70,000 Public Records

Property tax history

+32.8%/yr

Latest (2025): $20,126 · +490.4% YoY. Source: county tax records.