902 3rd Ave · Troy, NY 12182

$229,000

4 bd · 2.0 ba · 2,244 sqft · MultiFamily public records · 21 Days on market

Built 1890 3,484 sqft lot Est $231k · at est.

---

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 +7.9/15.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• 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

2 family house in Lansingburg School District. Great investment property. 2 bedrooms each unit.

Key facts

• New chimney
• Vinyl flooring
• Two family home

Tags

• TWO FAMILY HOME
• HARDWOOD FLOORS
• CERAMIC TILE
• VINYL FLOORING
• SLATE ROOF
• NEW CHIMNEY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $229k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $648/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $229k).
• Recommended offer: $226k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 5.5% 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.
• Lansingburgh Central School District (urban): math 31% / reading 35% proficiency, ranked #566 of 590 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 75 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).

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 + 3.0% rent growth), your $64k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 24y 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 $150k; list at $229k implies a 53% 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 $225,565 (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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.61% ✓
• Cap rate: 13.09%
• Cash-on-cash: 24.26%
• DSCR: 2.08
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $231,132
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
902 3rd Ave	0.00mi	4/2.0	2,244 (0%)	1mo	$231,540	$103	100
847 5th Ave	0.18mi	4/2.0	2,052 (-9%)	1mo	$245,000	$119	77
10 Northern Dr	0.22mi	4/2.0	2,168 (-3%)	10mo	$145,000	$67	76
799 5th Ave	0.29mi	4/2.0	2,112 (-6%)	6mo	$226,000	$107	71
878 3rd Ave	0.07mi	4/2.0	2,042 (-9%)	14mo	$165,000	$81	70
797 1st Ave	0.32mi	5/3.0 (+1)	2,336 (+4%)	8mo	$425,000	$182	63
782 3rd Ave	0.33mi	3/2.0 (-1)	2,160 (-4%)	18mo	$200,000	$93	58
141 Second St	0.64mi	4/2.0	1,984 (-12%)	0mo	$350,000	$176	51
694 4th Ave	0.57mi	5/2.0 (+1)	2,486 (+11%)	0mo	$190,500	$77	50
670 5th Ave	0.64mi	5/3.0 (+1)	2,440 (+9%)	5mo	$231,500	$95	42
15-17 4th St	0.54mi	5/3.0 (+1)	2,548 (+14%)	6mo	$354,000	$139	38
2 4th St	0.56mi	4/2.0	2,576 (+15%)	16mo	$243,999	$95	36

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.6%
• Equity multiple: 1.71×
• Total profit: $45,520
• Equity at exit: $34,145

10-year hold

• IRR: 26.0%
• Equity multiple: 3.28×
• Total profit: $146,240
• Equity at exit: $19,800

Cash invested: $64,120 (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 12182

• Home prices YoY: -15.6%
• Active inventory: 75
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $3,682 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$316 /mo · $3,795/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$773
• Net cashflow: $1,296

Break-even live

Break-even rent $2,041

Max offer price $229,000

Occupancy floor 60%

Sensitivity live

Price	-10% $1,426	-5% $1,361	+0% $1,296	+5% $1,231	+10% $1,167
Rent	-10% $1,005	-5% $1,151	+0% $1,296	+5% $1,442	+10% $1,587
Rate	-1.0pp $1,411	-0.5pp $1,354	base $1,296	+0.5pp $1,237	+1.0pp $1,176

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,682
Total (2 units)			$3,682

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
750 2nd Ave Troy, NY	1.0–3.0	1.0–1.5	1185	$1,711	$1.44	15d	1	0.45mi
53 Park Ave Cohoes, NY	3.0	1.0	1875	$1,600	$0.85	15d	1	1.21mi

Listing history 28 events

1. 2026-04-02
   status Pending
2. 2026-03-31
   price $229,000
3. 2026-03-12
   listed $239,000 Active
4. 2025-04-28
   historical $1,295
5. 2025-03-25
   price $1,295
6. 2025-02-17
   listed $1,395
7. 2025-01-01
   historical $1,295
8. 2024-11-22
   price $1,295
9. 2024-11-18
   price $1,350
10. 2024-10-25
    price $1,400
11. 2024-10-03
    price $1,450
12. 2024-09-18
    listed $1,500
13. 2023-10-06
    historical $1,300
14. 2023-09-12
    listed $1,300
15. 2023-07-05
    soldstatus $150,000
16. 2023-06-13
    soldstatus $150,000 Closed 97-char remark

    Show marketing remark (97 chars)

    2 family house in Lansingburg School District. Great investment property. 2 bedrooms each unit.

17. 2023-04-18
    status Pending 97-char remark

    Show marketing remark (97 chars)

    2 family house in Lansingburg School District. Great investment property. 2 bedrooms each unit.

18. 2023-04-07
    historical Contingent 97-char remark

    Show marketing remark (97 chars)

    2 family house in Lansingburg School District. Great investment property. 2 bedrooms each unit.

19. 2022-08-02
    price $169,900 97-char remark

    Show marketing remark (97 chars)

    2 family house in Lansingburg School District. Great investment property. 2 bedrooms each unit.

20. 2022-07-11
    price $179,900 97-char remark

    Show marketing remark (97 chars)

    2 family house in Lansingburg School District. Great investment property. 2 bedrooms each unit.

21. 2022-06-23
    listed $189,900 Active 97-char remark

    Show marketing remark (97 chars)

    2 family house in Lansingburg School District. Great investment property. 2 bedrooms each unit.

22. 2004-04-30
    soldstatus $95,500 278-char remark

    Show marketing remark (278 chars)

    PERFECT OWNER OCC. BLOCK. REFIN. HDWD FLRS, CURVED STAIRCASE, CERAMIC TILE FLOORS, CRWN MOLDING, WASHER/DRYER HKUPS, NEW KITCHENS W/ DISHWASHERS, WELL MAINT. SLATE ROOF. PARTIALLY FENCED YARD WHICH BACKS TO CITY LANE FOR PKING ACCESS. MOSTLY NEW PLUBMING -- Excellent Condition

23. 2004-03-25
    historical 278-char remark

    Show marketing remark (278 chars)

    PERFECT OWNER OCC. BLOCK. REFIN. HDWD FLRS, CURVED STAIRCASE, CERAMIC TILE FLOORS, CRWN MOLDING, WASHER/DRYER HKUPS, NEW KITCHENS W/ DISHWASHERS, WELL MAINT. SLATE ROOF. PARTIALLY FENCED YARD WHICH BACKS TO CITY LANE FOR PKING ACCESS. MOSTLY NEW PLUBMING -- Excellent Condition

24. 2004-01-29
    listed $92,000 278-char remark

    Show marketing remark (278 chars)

    PERFECT OWNER OCC. BLOCK. REFIN. HDWD FLRS, CURVED STAIRCASE, CERAMIC TILE FLOORS, CRWN MOLDING, WASHER/DRYER HKUPS, NEW KITCHENS W/ DISHWASHERS, WELL MAINT. SLATE ROOF. PARTIALLY FENCED YARD WHICH BACKS TO CITY LANE FOR PKING ACCESS. MOSTLY NEW PLUBMING -- Excellent Condition

25. 2002-10-04
    soldstatus $72,000
26. 2002-09-19
    soldstatus $72,000
27. 2002-06-28
    historical
28. 2002-01-06
    listed $74,900

ⓘ 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: $3,795 · $316/mo
• Projected year-2 tax: $3,833 · $319/mo
• Expected delta: +$37/yr (+$3/mo · 1.0%)

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

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 ≥95°F today · 18 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: $44,184
• − Mortgage interest: −$12,828
• − Property taxes: −$3,795
• − Insurance: −$1,145
• − Repairs & maintenance: −$3,535
• − Management: −$3,535
• − Depreciation: −$6,662
• Taxable income: $12,685
• Est. tax owed @ 24.0%: −$3,044
• After-tax cash flow: $12,510/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: Lansingburgh Central School District
• NCES district ID: 3616740
• Math proficiency: 31% ▼ -7.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $44,807
• Composite: 28.19/100
• National rank: #6810
• State rank: #566 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
• City population: 53,479
• Population (ZIP): 14,273

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 14% Two or more races 12% Hispanic / Latino 7%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Lithuanian 7% Romanian 3% Iranian 1%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 1%

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: ▼ -50.58%
• Current HPI: 273.5758
• Rent YoY: —
• Metro: —
• 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

+205.7% since first listed

28 events — show timeline

• 2026-04-02 Pending — Global MLS
• 2026-03-31 Price Changed $229,000 Global MLS
• 2026-03-12 Listed $239,000 Global MLS
• 2025-04-28 Rental Removed $1,295 GLOBALMLS
• 2025-03-25 Price Changed $1,295 GLOBALMLS
• 2025-02-17 Listed for Rent $1,395 GLOBALMLS
• 2025-01-01 Rental Removed $1,295 GLOBALMLS
• 2024-11-22 Price Changed $1,295 GLOBALMLS
• 2024-11-18 Price Changed $1,350 GLOBALMLS
• 2024-10-25 Price Changed $1,400 GLOBALMLS
• 2024-10-03 Price Changed $1,450 GLOBALMLS
• 2024-09-18 Listed for Rent $1,500 GLOBALMLS
• 2023-10-06 Rental Removed $1,300 GLOBALMLS
• 2023-09-12 Listed for Rent $1,300 GLOBALMLS
• 2023-07-05 Sold (Public Records) $150,000 Public Records
• 2023-06-13 Sold (MLS) $150,000 Global MLS
• 2023-04-18 Pending — Global MLS
• 2023-04-07 Contingent — Global MLS
• 2022-08-02 Price Changed $169,900 Global MLS
• 2022-07-11 Price Changed $179,900 Global MLS
• 2022-06-23 Listed $189,900 Global MLS
• 2004-04-30 Sold (MLS) $95,500 Global MLS
• 2004-03-25 Listing Removed — Global MLS
• 2004-01-29 Listed $92,000 Global MLS
• 2002-10-04 Sold (Public Records) $72,000 Public Records
• 2002-09-19 Sold (MLS) $72,000 Global MLS
• 2002-06-28 Listing Removed — Global MLS
• 2002-01-06 Listed $74,900 Global MLS

Property tax history

+16.8%/yr

Latest (2025): $3,795 · +1.3% YoY. Source: county tax records.