233 2nd St · Troy, NY 12180

$355,000

6 bd · 3.0 ba · 3,024 sqft · MultiFamily public records · 1 Days on market

Built 1845 3,484 sqft lot Est $314k · 13% 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
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• ARV discount +1.7/15.0
• 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

Endless Potential! This spacious three-family brick home offers generous, open-layout apartments with plenty of room for comfortable living. The first-floor unit features two full bathrooms, adding extra convenience and appeal. Outside, you'll find a fenced yard and an oversized one-car garage, providing ample storage and parking. Connected to public water and sewer, this property presents an excellent opportunity for investors or owner-occupants alike. Don't miss the chance to unlock the full potential of this versatile multi-family property!

Key facts

• Fenced yard
• Two full bathrooms
• 3,484 sq ft lot

Tags

• FENCED YARD
• TWO FULL BATHROOMS
• OVERSIZED ONE-CAR GARAGE
• PUBLIC WATER AND SEWER

Property features AI

Finance

• Financial info: Property configured as 3 units; Tenants pay hot water, heat, internet, cable TV, electricity, and gas

Exterior

• Parking: Garage parking (1 garage space, 1 parking space total)
• Utilities: 100 Amp electric service; Public water; Public sewer; Cable available
• Home design: Triplex multi-family property; Level, cleared lot
• Construction: Brick construction; Brick/mortar and concrete perimeter foundation; Flat/other roof
• Exterior features: Rear enclosed porch; Patio/porch at the rear; Back yard with partial chain link fencing; Other structures: garages

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms; Unit 3: 2 bedrooms
• Flooring: Vinyl flooring; Wood flooring; Laminate flooring; Linoleum flooring
• Bathrooms: 4 full bathrooms total; Full bathrooms located on 1st, 2nd, and 3rd levels
• Heating & cooling: Ductless heating; Hot water heating; Space heaters; Natural gas heating; Ductless cooling; Wall cooling units
• Interior features: Wall paneling; Ceiling paddle fans; High-speed internet available; Built-in features; Insulated windows

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.5-bath units multifamily listed at $355k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $416/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $355k).
• Cap rate 12.1% 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; solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• At $5,207/mo this rent would consume 82% 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 $11k 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 $99k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1845 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $355,000

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 1845 — 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: 1.47% ✓
• Cap rate: 12.07%
• Cash-on-cash: 20.64%
• DSCR: 1.92
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $314,496
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
327 4th St	0.16mi	5/2.0 (-1)	2,720 (-10%)	4mo	$215,000	$79	63
1250 5th Ave	0.24mi	7/2.0 (+1)	2,870 (-5%)	13mo	$179,000	$62	60
1624 3rd Ave	0.64mi	5/3.0 (-1)	2,957 (-2%)	2mo	$330,000	$112	60
96 Hanover St	0.49mi	6/3.0	2,768 (-8%)	4mo	$160,000	$58	60
140 3rd St	0.33mi	5/4.5 (-1)	2,892 (-4%)	8mo	$400,000	$138	59
204 13th St	0.52mi	6/3.0	2,794 (-8%)	8mo	$289,900	$104	56
153 2nd St	0.23mi	5/2.0 (-1)	2,640 (-13%)	7mo	$350,000	$133	53
512 16th St	0.73mi	7/2.5 (+1)	3,100 (+2%)	3mo	$287,500	$93	52
78 Hill St	0.23mi	7/4.0 (+1)	3,474 (+15%)	6mo	$449,000	$129	50
2100 3rd Ave	0.75mi	5/4.0 (-1)	2,929 (-3%)	12mo	$317,500	$108	41
1531 Fifth Ave	0.67mi	5/3.0 (-1)	2,712 (-10%)	13mo	$243,000	$90	36
526 15th St	0.69mi	7/2.0 (+1)	2,610 (-14%)	6mo	$189,000	$72	31

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: 8.1%
• Equity multiple: 1.33×
• Total profit: $32,401
• Equity at exit: $52,932

10-year hold

• IRR: 19.1%
• Equity multiple: 2.76×
• Total profit: $174,794
• Equity at exit: $30,694

Cash invested: $99,400 (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: 17.0×

Monthly cashflow live

• Estimated rent: $5,207 high
• Mortgage (P&I): −$1,862
• Tax from tax record: −$394 /mo · $4,732/yr
• Insurance: −$148
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,093
• Net cashflow: $1,249

Break-even live

Break-even rent $3,626

Max offer price $355,000

Occupancy floor 71%

Sensitivity live

Price	-10% $1,450	-5% $1,350	+0% $1,249	+5% $1,149	+10% $1,048
Rent	-10% $838	-5% $1,044	+0% $1,249	+5% $1,455	+10% $1,661
Rate	-1.0pp $1,428	-0.5pp $1,339	base $1,249	+0.5pp $1,157	+1.0pp $1,064

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.5	$5,208
Total (3 units)			$5,207

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: $88,750
• Closing costs: $10,650
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-19
   remarks 549-char remark
2. 2026-06-19
   listed $355,000 Active 1 DOM

ⓘ 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: $4,732 · $394/mo
• Projected year-2 tax: $5,366 · $447/mo
• Expected delta: +$634/yr (+$53/mo · 13.4%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% 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: $62,484
• − Mortgage interest: −$19,886
• − Property taxes: −$4,732
• − Insurance: −$7,300
• − Repairs & maintenance: −$4,999
• − Management: −$4,999
• − Depreciation: −$10,327
• Taxable income: $10,242
• Est. tax owed @ 24.0%: −$2,458
• After-tax cash flow: $12,532/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

1 event — show timeline

• 2026-06-18 Listed $355,000 Global MLS

Property tax history

+15.9%/yr

Latest (2025): $4,732 · -22.1% YoY. Source: county tax records.