621 1st Ave · Troy, NY 12182

$349,900

6 bd · 4.0 ba · 2,310 sqft · MultiFamily · 33 Days on market

Built 1991 4,791 sqft lot

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Why this score? — see what drove the C- 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 +19.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• 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

Spacious Riverfront Duplex For Sale! Makes a perfect owner occupant or immediate cash flow or investment. Convenient tenancy in desirable Lansingburg School District. Excellent Condition

Key facts

• 4,791 sq ft lot
• Built 1991
• Listed 33 days

Tags

• HUDSON RIVER WATERFRONT DUPLEX

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $-52 ($-623/yr) — negative. Per door: $-26/mo.
• To cash-flow at today's rent, offer at most $342k (2.1% below list).
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $339k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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.
• 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; 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 $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.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 12y 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 $104k; list at $350k implies a 237% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $339,403 (3.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.02% ✓
• Cap rate: 7.69%
• Cash-on-cash: 5.00%
• DSCR: 1.22
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $228,690
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
754 3rd Ave	0.39mi	6/2.0	2,368 (+2%)	5mo	$125,000	$53	66
670 5th Ave	0.30mi	5/3.0 (-1)	2,440 (+6%)	5mo	$231,500	$95	63
500 3rd Ave	0.36mi	7/2.0 (+1)	2,240 (-3%)	4mo	$250,000	$112	62
662 5th Ave	0.29mi	6/2.0	2,475 (+7%)	6mo	$244,215	$99	62
821 6th Ave	0.62mi	6/3.0	2,320 (+0%)	6mo	$312,500	$135	62
694 4th Ave	0.28mi	5/2.0 (-1)	2,486 (+8%)	0mo	$190,500	$77	61
811 1st Ave	0.53mi	6/2.0	2,288 (-1%)	6mo	$268,000	$117	60
106 Continental Ave	0.65mi	6/2.0	2,388 (+3%)	1mo	$250,000	$105	56
761 2nd Ave	0.39mi	6/2.0	2,544 (+10%)	3mo	$165,000	$65	55
66 Park Ave	0.54mi	6/2.0	2,464 (+7%)	3mo	$220,000	$89	53
416 7th Ave	0.68mi	6/2.0	2,112 (-9%)	2mo	$205,000	$97	44
846 7th Ave	0.74mi	6/2.0	2,116 (-8%)	5mo	$270,000	$128	39

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: -17.2%
• Equity multiple: 0.39×
• Total profit: $-59,666
• Equity at exit: $52,171

10-year hold

• IRR: -9.0%
• Equity multiple: 0.44×
• Total profit: $-54,842
• Equity at exit: $30,253

Cash invested: $97,972 (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: 16.3×

Monthly cashflow live

• Estimated rent: $3,578 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$437 /mo · $5,248/yr
• Insurance: −$146
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$751
• Net cashflow: $-52

Break-even live

Break-even rent $3,644

Max offer price $342,393

Occupancy floor 96%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,578
Total (2 units)			$3,578

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-03-03
   status Pending
2. 2026-02-15
   status Active
3. 2026-01-29
   historical Contingent
4. 2026-01-29
   listed $349,900 Active
5. 2025-09-17
   status Active
6. 2025-09-15
   status Pending
7. 2025-09-15
   historical
8. 2025-09-10
   status Active
9. 2025-08-11
   status Pending
10. 2025-07-21
    listed $349,900 Active
11. 2015-02-27
    soldstatus $103,880 186-char remark

    Show marketing remark (186 chars)

    Spacious Riverfront Duplex For Sale! Makes a perfect owner occupant or immediate cash flow or investment. Convenient tenancy in desirable Lansingburg School District. Excellent Condition

12. 2014-12-12
    historical 186-char remark

    Show marketing remark (186 chars)

    Spacious Riverfront Duplex For Sale! Makes a perfect owner occupant or immediate cash flow or investment. Convenient tenancy in desirable Lansingburg School District. Excellent Condition

13. 2014-01-06
    listed $109,900 186-char remark

    Show marketing remark (186 chars)

    Spacious Riverfront Duplex For Sale! Makes a perfect owner occupant or immediate cash flow or investment. Convenient tenancy in desirable Lansingburg School District. Excellent Condition

ⓘ 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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% 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: $42,936
• − Mortgage interest: −$19,600
• − Property taxes: −$5,248
• − Insurance: −$7,274
• − Repairs & maintenance: −$3,435
• − Management: −$3,435
• − Depreciation: −$10,179
• Taxable loss: −$6,236
• Est. tax savings @ 24.0%: +$1,497
• After-tax cash flow: $874/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

+218.4% since first listed

13 events — show timeline

• 2026-03-03 Pending — Global MLS
• 2026-02-15 Relisted — Global MLS
• 2026-01-29 Contingent — Global MLS
• 2026-01-29 Listed $349,900 Global MLS
• 2025-09-17 Relisted — Global MLS
• 2025-09-15 Pending — Global MLS
• 2025-09-15 Listing Removed — Global MLS
• 2025-09-10 Relisted — Global MLS
• 2025-08-11 Pending — Global MLS
• 2025-07-21 Listed $349,900 Global MLS
• 2015-02-27 Sold (MLS) $103,880 Global MLS
• 2014-12-12 Listing Removed — Global MLS
• 2014-01-06 Listed $109,900 Global MLS