118 Adams St · Troy, NY 12180

$150,000

4 bd · 2.5 ba · 1,784 sqft · MultiFamily public records · 12 Days on market

Built 1910 1,742 sqft lot $84/sqft · 39% below area Est $280k · 46% under

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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
• ARV discount +15.0/15.0
• 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
• 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

118 Adams Street offers a strong investment opportunity with immediate income and long-term potential. This duplex features two well-laid-out units, each offering 2 bedrooms and 1 full bathroom, making it an appealing option for a wide range of tenants. Both apartments are currently occupied, providing consistent rental income from day one. The property generates a total of $1,400 per month, or $16,800 annually, offering a stable foundation for investors seeking reliable cash flow. With tenants already in place, this is a true turnkey opportunity with no need for initial lease-up or vacancy concerns. The first-floor unit has been recently updated, adding modern appeal and functionality. All

Key facts

• 1,742 sq ft lot
• Built 1910
• Listed 12 days

Property features AI

Exterior

• Utilities: Public water; Public sewer; Cable available
• Home design: Duplex; 2,024 total living area
• Construction: Vinyl siding
• Exterior features: Wood fencing around back yard; Road frontage

Interior

• Bedrooms: Unit 1: 2 bedrooms (1st floor); Unit 2: 2 bedrooms (2nd floor)
• Flooring: Wood flooring; Laminate flooring
• Bathrooms: 2 full bathrooms total (one full bath on 1st floor, one full bath on 2nd floor)
• Heating & cooling: Forced air heating; Wall unit cooling
• Interior features: Wood and laminate flooring; Unfinished basement; One fireplace
• Laundry & utility: Tenants pay internet and electricity

🏷️ Possibly a rental listed for sale. The $150,000 price doesn't fit this home's estimated sale value (~$279,799) 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 $150k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $740/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Cap rate 18.1% 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; 25 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 $3,235/mo this rent would consume 51% 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 $1k of loan paydown is wiped out by about $4k 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 $42k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 17y 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 $59k; list at $150k implies a 154% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,000

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 1910 — 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: 2.16% ✓
• Cap rate: 18.13%
• Cash-on-cash: 42.27%
• DSCR: 2.88
• GRM: 3.9

CMA / ARV

• ARV (median comp): $279,799
• List price: $150,000
• Delta: -46.39%
• 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
68 Jefferson St	0.17mi	4/3.0	1,767 (-1%)	12mo	$141,250	$80	79
1260 5th Ave	0.07mi	4/2.0	1,892 (+6%)	11mo	$185,000	$98	75
35 Jefferson St	0.23mi	3/2.0 (-1)	1,896 (+6%)	1mo	$245,000	$129	71
86 Ida St	0.20mi	4/2.0	1,600 (-10%)	6mo	$122,500	$77	66
307 3rd St	0.21mi	4/2.0	1,672 (-6%)	18mo	$117,500	$70	63
164 Hill St	0.21mi	5/2.0 (+1)	1,890 (+6%)	18mo	$188,500	$100	58
393 1st St	0.61mi	4/2.0	1,848 (+4%)	8mo	$195,000	$106	56
182 Hill St	0.25mi	5/2.0 (+1)	1,610 (-10%)	11mo	$148,000	$92	56
261 2nd St	0.22mi	5/2.0 (+1)	2,016 (+13%)	13mo	$229,000	$114	50
451 3rd St	0.60mi	5/2.0 (+1)	1,936 (+8%)	7mo	$140,000	$72	45
1317 15th St	0.56mi	4/2.0	2,050 (+15%)	17mo	$200,000	$98	33
433 1st St	0.71mi	5/2.0 (+1)	2,024 (+14%)	18mo	$142,000	$70	22

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: 41.1%
• Equity multiple: 2.82×
• Total profit: $76,238
• Equity at exit: $22,365

10-year hold

• IRR: 48.3%
• Equity multiple: 6.11×
• Total profit: $214,611
• Equity at exit: $12,969

Cash invested: $42,000 (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: 7.7×

Monthly cashflow live

• Estimated rent: $3,235 high
• Mortgage (P&I): −$787
• Tax from tax record: −$227 /mo · $2,723/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$679
• Net cashflow: $1,480

Break-even live

Break-even rent $1,362

Max offer price $150,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,234
Total (2 units)			$3,235

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
150 2nd St Troy, NY	4.0	1.5	2442	$3,000	$1.23	21d	1	0.24mi
1520 6th Ave Troy, NY	2.0–4.0	2.0–4.0	1209	$1,349	$1.12	23d	8	0.36mi
11 Spring Ave Troy, NY	3.0	2.0	1788	$2,500	$1.40	23d	1	0.49mi
17 State St Troy, NY	4.0	1.0–1.5	1810	$3,635	$2.01	14d	7	0.52mi
53 13th St Troy, NY	4.0	1.0	1500	$650	$0.43	18d	1	0.53mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	18d	1	0.54mi
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	21d	1	0.54mi
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	14d	1	0.54mi
79 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	18d	1	0.57mi
79 14th St Unit 1 Troy, NY	3.0	1.0	1500	$650	$0.43	18d	1	0.57mi
97 14th St Troy, NY	4.0	2.0	1500	$650	$0.43	18d	1	0.59mi
97 14th St Unit 2 Troy, NY	5.0	2.0	1600	$625	$0.39	18d	1	0.59mi
88 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	18d	1	0.60mi
41 Christie St Troy, NY	5.0	2.0	1277	$700	$0.55	14d	1	0.61mi
1708 Highland Ave Unit 3 Troy, NY	3.0	1.0	1485	$595	$0.40	18d	1	0.72mi
1820 Highland Ave Unit 2 Troy, NY	4.0	2.0	1680	$725	$0.43	18d	1	0.85mi
904 Peoples Ave Troy, NY	4.0	1.0	1800	$645	$0.36	18d	1	0.87mi
136 9th St Unit 3 Troy, NY	4.0	1.0	1500	$595	$0.40	18d	1	1.00mi
136 9th St Unit 1 Troy, NY	3.0	1.0	1500	$595	$0.40	18d	1	1.00mi
136 9th St Unit 2 Troy, NY	3.0	1.0	1500	$600	$0.40	18d	1	1.00mi
164 9th St Unit 1 Troy, NY	4.0	2.0	1400	$1,800	$1.29	23d	1	1.07mi
169 Hutton St Unit 1 Troy, NY	3.0	1.0	1500	$595	$0.40	18d	1	1.08mi
195 9th St Troy, NY	3.0	2.0	1500	$750	$0.50	18d	1	1.16mi
2326 15th St Unit 1 Troy, NY	4.0	1.5	1500	$695	$0.46	18d	1	1.26mi
288 Hoosick St Troy, NY	3.0	1.0	1800	$695	$0.39	18d	1	1.49mi

Listing history 19 events

1. 2026-05-18
   status Pending 1784-char remark
2. 2026-05-06
   listed $150,000 Active
3. 2026-05-05
   listed $150,000 Active 1784-char remark
4. 2022-07-17
   historical
5. 2022-04-29
   status Active
6. 2022-04-21
   status Pending
7. 2022-04-16
   listed $115,000 Active
8. 2017-01-23
   soldstatus $59,000
9. 2016-11-17
   soldstatus $59,000 Closed (Final Sale)
10. 2016-10-25
    status Pend (Under Cntr)
11. 2016-09-12
    listed $59,000 New
12. 2015-02-28
    historical
13. 2015-01-29
    listed $64,900
14. 2010-09-28
    historical
15. 2010-03-27
    listed $74,900
16. 2009-06-19
    soldstatus $26,000
17. 2009-06-18
    soldstatus $26,000
18. 2009-05-27
    historical
19. 2009-05-15
    listed $37,900

ⓘ 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: $2,723 · $227/mo
• Projected year-2 tax: $2,723 · $227/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 16 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: $38,820
• − Mortgage interest: −$8,402
• − Property taxes: −$2,723
• − Insurance: −$750
• − Repairs & maintenance: −$3,106
• − Management: −$3,106
• − Depreciation: −$4,364
• Taxable income: $16,370
• Est. tax owed @ 24.0%: −$3,929
• After-tax cash flow: $13,827/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

+295.8% since first listed

19 events — show timeline

• 2026-05-18 Pending — Global MLS
• 2026-05-06 Listed $150,000 HVCRMLS
• 2026-05-05 Listed $150,000 Global MLS
• 2022-07-17 Listing Removed — Global MLS
• 2022-04-29 Relisted — Global MLS
• 2022-04-21 Pending — Global MLS
• 2022-04-16 Listed $115,000 Global MLS
• 2017-01-23 Sold (Public Records) $59,000 Public Records
• 2016-11-17 Sold (MLS) $59,000 Global MLS
• 2016-10-25 Pending — Global MLS
• 2016-09-12 Listed $59,000 Global MLS
• 2015-02-28 Listing Removed — Global MLS
• 2015-01-29 Listed $64,900 Global MLS
• 2010-09-28 Listing Removed — Global MLS
• 2010-03-27 Listed $74,900 Global MLS
• 2009-06-19 Sold (Public Records) $26,000 Public Records
• 2009-06-18 Sold (MLS) $26,000 Global MLS
• 2009-05-27 Listing Removed — Global MLS
• 2009-05-15 Listed $37,900 Global MLS

Property tax history

+13.4%/yr

Latest (2025): $2,723 · -2.8% YoY. Source: county tax records.