404 2nd St · Troy, NY 12180

$90,000

4 bd · 2.5 ba · 1,848 sqft · MultiFamily public records · 209 Days on market

Built 1848 3,049 sqft lot $49/sqft · 68% below area ↓ 50% since listing

---

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
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.7/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Attention Investors & Rehabbers! Solid duplex located on a desirable street in Troy with excellent upside potential. Each unit offers 2 bedrooms and 1 bathroom, providing a strong foundation for a full renovation or value-add project. Once renovated, this property has the potential to generate conservative gross rents of $3,000+ per month. This is a great opportunity to bring a classic Troy multifamily back to life in a high-demand rental area. Serious inquiries only — bring your vision and unlock this property's full potential!

Key facts

• Solid brick duplex
• 3,049 sq ft lot
• Built 1848

Tags

• SOLID BRICK DUPLEX
• HIGH DEMAND RENTAL AREA

🏷️ Possibly a rental listed for sale. The $90,000 price doesn't fit this home's estimated sale value (~$278,376) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $940/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 31.3% 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; 18 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 $3,166/mo this rent would consume 50% 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 $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 209 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $89k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1848 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 209 days. Have you received any prior offers? Is the seller open to a 12% 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 1848 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 3.52% ✓
• Cap rate: 31.35%
• Cash-on-cash: 89.48%
• DSCR: 4.98
• GRM: 2.4

CMA / ARV

• ARV (median comp): $278,376
• List price: $90,000
• Delta: -67.67%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
393 1st St	0.10mi	4/2.0	1,848 (0%)	8mo	$195,000	$106	86
451 3rd St	0.09mi	5/2.0 (+1)	1,936 (+5%)	7mo	$140,000	$72	75
556 2nd St	0.41mi	4/2.0	1,754 (-5%)	1mo	$200,000	$114	70
35 Jefferson St	0.41mi	3/2.0 (-1)	1,896 (+3%)	1mo	$245,000	$129	69
55 Tyler St	0.35mi	4/2.0	1,640 (-11%)	3mo	$165,000	$101	61
1260 5th Ave	0.61mi	4/2.0	1,892 (+2%)	11mo	$185,000	$98	56
86 Ida St	0.35mi	4/2.0	1,600 (-13%)	6mo	$122,500	$77	54
17 7th St	0.54mi	4/2.0	1,664 (-10%)	4mo	$211,000	$127	53
1291 3rd Ave	0.74mi	4/2.0	1,964 (+6%)	10mo	$309,000	$157	45
25 13th St	0.62mi	5/2.0 (+1)	2,106 (+14%)	1mo	$289,900	$138	40
182 Hill St	0.50mi	5/2.0 (+1)	1,610 (-13%)	11mo	$148,000	$92	39
741 Burden Ave	0.74mi	4/2.0	1,584 (-14%)	8mo	$175,000	$110	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: 92.3%
• Equity multiple: 5.41×
• Total profit: $111,250
• Equity at exit: $13,419

10-year hold

• IRR: 95.5%
• Equity multiple: 12.00×
• Total profit: $277,198
• Equity at exit: $7,782

Cash invested: $25,200 (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: 4.7×

Monthly cashflow live

• Estimated rent: $3,166 high
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$665
• Net cashflow: $1,879

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 36%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,166
Total (2 units)			$3,166

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 18 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	0.08mi
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	21d	1	0.08mi
11 Spring Ave Troy, NY	3.0	2.0	1788	$2,500	$1.40	23d	1	0.67mi
150 2nd St Troy, NY	4.0	1.5	2442	$3,000	$1.23	21d	1	0.70mi
1520 6th Ave Troy, NY	2.0–4.0	2.0–4.0	1209	$1,349	$1.12	23d	8	0.91mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	19d	1	0.99mi
17 State St Troy, NY	4.0	1.0–1.5	1810	$3,635	$2.01	14d	7	1.00mi
53 13th St Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	1.01mi
41 Christie St Troy, NY	5.0	2.0	1277	$700	$0.55	14d	1	1.04mi
79 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	1.04mi
79 14th St Unit 1 Troy, NY	3.0	1.0	1500	$650	$0.43	19d	1	1.05mi
88 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	1.08mi
97 14th St Troy, NY	4.0	2.0	1500	$650	$0.43	19d	1	1.08mi
97 14th St Unit 2 Troy, NY	5.0	2.0	1600	$625	$0.39	19d	1	1.08mi
1708 Highland Ave Unit 3 Troy, NY	3.0	1.0	1485	$595	$0.40	19d	1	1.11mi
100 Vandenburgh Pl Troy, NY	2.0–3.0	1.0–1.5	1124	$2,182	$1.94	14d	9	1.18mi
1820 Highland Ave Unit 2 Troy, NY	4.0	2.0	1680	$725	$0.43	19d	1	1.22mi
904 Peoples Ave Troy, NY	4.0	1.0	1800	$645	$0.36	19d	1	1.42mi

Listing history 26 events

1. 2026-06-18
   remarks 623-char remark
2. 2026-06-18
   days on market $90,000 Active 209 DOM
3. 2026-06-17
   days on market $90,000 Active 208 DOM
4. 2026-06-16
   days on market $90,000 Active 207 DOM
5. 2026-06-15
   days on market $90,000 Active 206 DOM
6. 2026-06-14
   days on market $90,000 Active 204 DOM
7. 2026-06-13
   days on market $90,000 Active 203 DOM
8. 2026-06-10
   days on market $90,000 Active 201 DOM
9. 2026-06-09
   days on market $90,000 Active 200 DOM
10. 2026-06-08
    days on market $90,000 Active 199 DOM
11. 2026-06-07
    days on market $90,000 Active 198 DOM
12. 2026-06-03
    days on market $90,000 Active 194 DOM
13. 2026-06-02
    days on market $90,000 Active 193 DOM
14. 2026-06-01
    days on market $90,000 Active 192 DOM
15. 2026-05-31
    days on market $90,000 Active 191 DOM
16. 2026-05-31
    days on market $90,000 Active 190 DOM
17. 2026-05-11
    status Active 544-char remark

    Show marketing remark (544 chars)

    Attention Investors & Rehabbers! Solid duplex located on a desirable street in Troy with excellent upside potential. Each unit offers 2 bedrooms and 1 bathroom, providing a strong foundation for a full renovation or value-add project. Once renovated, this property has the potential to generate conservative gross rents of $3,000+ per month. This is a great opportunity to bring a classic Troy multifamily back to life in a high-demand rental area. Serious inquiries only — bring your vision and unlock this property's full potential!

18. 2026-05-11
    price $90,000 544-char remark

    Show marketing remark (544 chars)

    Attention Investors & Rehabbers! Solid duplex located on a desirable street in Troy with excellent upside potential. Each unit offers 2 bedrooms and 1 bathroom, providing a strong foundation for a full renovation or value-add project. Once renovated, this property has the potential to generate conservative gross rents of $3,000+ per month. This is a great opportunity to bring a classic Troy multifamily back to life in a high-demand rental area. Serious inquiries only — bring your vision and unlock this property's full potential!

19. 2026-04-01
    historical 544-char remark

    Show marketing remark (544 chars)

    Attention Investors & Rehabbers! Solid duplex located on a desirable street in Troy with excellent upside potential. Each unit offers 2 bedrooms and 1 bathroom, providing a strong foundation for a full renovation or value-add project. Once renovated, this property has the potential to generate conservative gross rents of $3,000+ per month. This is a great opportunity to bring a classic Troy multifamily back to life in a high-demand rental area. Serious inquiries only — bring your vision and unlock this property's full potential!

20. 2026-03-18
    price $100,000 544-char remark

    Show marketing remark (544 chars)

    Attention Investors & Rehabbers! Solid duplex located on a desirable street in Troy with excellent upside potential. Each unit offers 2 bedrooms and 1 bathroom, providing a strong foundation for a full renovation or value-add project. Once renovated, this property has the potential to generate conservative gross rents of $3,000+ per month. This is a great opportunity to bring a classic Troy multifamily back to life in a high-demand rental area. Serious inquiries only — bring your vision and unlock this property's full potential!

21. 2026-01-06
    status Active 544-char remark

    Show marketing remark (544 chars)

    Attention Investors & Rehabbers! Solid duplex located on a desirable street in Troy with excellent upside potential. Each unit offers 2 bedrooms and 1 bathroom, providing a strong foundation for a full renovation or value-add project. Once renovated, this property has the potential to generate conservative gross rents of $3,000+ per month. This is a great opportunity to bring a classic Troy multifamily back to life in a high-demand rental area. Serious inquiries only — bring your vision and unlock this property's full potential!

22. 2026-01-02
    historical 544-char remark

    Show marketing remark (544 chars)

    Attention Investors & Rehabbers! Solid duplex located on a desirable street in Troy with excellent upside potential. Each unit offers 2 bedrooms and 1 bathroom, providing a strong foundation for a full renovation or value-add project. Once renovated, this property has the potential to generate conservative gross rents of $3,000+ per month. This is a great opportunity to bring a classic Troy multifamily back to life in a high-demand rental area. Serious inquiries only — bring your vision and unlock this property's full potential!

23. 2025-12-18
    price $125,000 544-char remark

    Show marketing remark (544 chars)

    Attention Investors & Rehabbers! Solid duplex located on a desirable street in Troy with excellent upside potential. Each unit offers 2 bedrooms and 1 bathroom, providing a strong foundation for a full renovation or value-add project. Once renovated, this property has the potential to generate conservative gross rents of $3,000+ per month. This is a great opportunity to bring a classic Troy multifamily back to life in a high-demand rental area. Serious inquiries only — bring your vision and unlock this property's full potential!

24. 2025-11-21
    price $145,000 544-char remark

    Show marketing remark (544 chars)

    Attention Investors & Rehabbers! Solid duplex located on a desirable street in Troy with excellent upside potential. Each unit offers 2 bedrooms and 1 bathroom, providing a strong foundation for a full renovation or value-add project. Once renovated, this property has the potential to generate conservative gross rents of $3,000+ per month. This is a great opportunity to bring a classic Troy multifamily back to life in a high-demand rental area. Serious inquiries only — bring your vision and unlock this property's full potential!

25. 2025-10-30
    price $165,000 544-char remark

    Show marketing remark (544 chars)

    Attention Investors & Rehabbers! Solid duplex located on a desirable street in Troy with excellent upside potential. Each unit offers 2 bedrooms and 1 bathroom, providing a strong foundation for a full renovation or value-add project. Once renovated, this property has the potential to generate conservative gross rents of $3,000+ per month. This is a great opportunity to bring a classic Troy multifamily back to life in a high-demand rental area. Serious inquiries only — bring your vision and unlock this property's full potential!

26. 2025-10-03
    listed $179,000 Active 544-char remark

    Show marketing remark (544 chars)

    Attention Investors & Rehabbers! Solid duplex located on a desirable street in Troy with excellent upside potential. Each unit offers 2 bedrooms and 1 bathroom, providing a strong foundation for a full renovation or value-add project. Once renovated, this property has the potential to generate conservative gross rents of $3,000+ per month. This is a great opportunity to bring a classic Troy multifamily back to life in a high-demand rental area. Serious inquiries only — bring your vision and unlock this property's full potential!

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

Taxation est. · year 1

• Rental income: $37,992
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$3,039
• − Management: −$3,039
• − Depreciation: −$2,618
• Taxable income: $22,454
• Est. tax owed @ 24.0%: −$5,389
• After-tax cash flow: $17,161/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

-49.7% since first listed

10 events — show timeline

• 2026-05-11 Relisted — Global MLS
• 2026-05-11 Price Changed $90,000 Global MLS
• 2026-04-01 Listing Removed — Global MLS
• 2026-03-18 Price Changed $100,000 Global MLS
• 2026-01-06 Relisted — Global MLS
• 2026-01-02 Listing Removed — Global MLS
• 2025-12-18 Price Changed $125,000 Global MLS
• 2025-11-21 Price Changed $145,000 Global MLS
• 2025-10-30 Price Changed $165,000 Global MLS
• 2025-10-03 Listed $179,000 Global MLS

Property tax history

+24.1%/yr

Latest (2025): $6,352 · +2.2% YoY. Source: county tax records.