115 Hill St · Troy, NY 12180

$180,000

2 bd · 2.0 ba · 2,132 sqft · MultiFamily public records · 39 Days on market

Built 1900 2,613 sqft lot $84/sqft · 39% below area Est $296k · 39% under

---

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 MLS

Great investment opportunity or owner-occupied option! This fixer-upper duplex features two separate units, each offering 2 bedrooms and 1 full bathroom. Both units include in-unit laundry for added convenience, adding strong appeal for future tenants or everyday living once updates are complete. The property also provides off-street parking, ensuring ease and accessibility for residents. Each unit offers a functional layout with good natural light and solid potential to renovate and add value. Whether you're looking to expand your rental portfolio, take on a renovation project, or live in one unit while generating income from the other, this duplex is a smart and versatile opportunity with plenty of upside.

Key facts

• In-unit laundry
• Natural light
• Functional layout

Tags

• IN-UNIT LAUNDRY
• OFF-STREET PARKING
• FUNCTIONAL LAYOUT
• NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $537/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.8% 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.
• 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; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 $3,367/mo this rent would consume 53% 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 $5k 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 $50k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price; flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $174,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.87% ✓
• Cap rate: 13.83%
• Cash-on-cash: 26.91%
• DSCR: 2.20
• GRM: 4.5

CMA / ARV

• ARV (median comp): $295,554
• List price: $180,000
• Delta: -39.10%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35 Jefferson St	0.27mi	3/2.0 (+1)	1,896 (-11%)	1mo	$245,000	$129	64
3 St Pauls Pl	0.57mi	3/3.0 (+1)	2,124 (-0%)	5mo	$197,000	$93	60
364 4th St	0.20mi	3/2.0 (+1)	2,024 (-5%)	24mo	$185,000	$91	58
363 3rd St	0.33mi	3/2.0 (+1)	2,268 (+6%)	16mo	$175,000	$77	56

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: 21.7%
• Equity multiple: 1.91×
• Total profit: $46,039
• Equity at exit: $26,839

10-year hold

• IRR: 31.2%
• Equity multiple: 4.11×
• Total profit: $156,966
• Equity at exit: $15,563

Cash invested: $50,400 (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: 8.9×

Monthly cashflow live

• Estimated rent: $3,367 high
• Mortgage (P&I): −$944
• Tax from tax record: −$511 /mo · $6,127/yr
• Insurance: −$75
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$707
• Net cashflow: $1,075

Break-even live

Break-even rent $2,006

Max offer price $180,000

Occupancy floor 63%

Sensitivity live

Price	-10% $1,177	-5% $1,126	+0% $1,075	+5% $1,024	+10% $973
Rent	-10% $809	-5% $942	+0% $1,075	+5% $1,208	+10% $1,341
Rate	-1.0pp $1,166	-0.5pp $1,121	base $1,075	+0.5pp $1,028	+1.0pp $981

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,368
Total (2 units)			$3,367

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11 Spring Ave Troy, NY	3.0	2.0	1788	$2,500	$1.40	24d	1	0.41mi
1520 6th Ave Troy, NY	2.0–4.0	2.0–4.0	1209	$1,100	$0.91	24d	8	0.41mi
53-55 Congress St Troy, NY	2.0	1.0	1500	$1,700	$1.13	24d	1	0.50mi
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	15d	1	0.52mi
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	22d	1	0.52mi
79 14th St Unit 1 Troy, NY	3.0	1.0	1500	$650	$0.43	20d	1	0.55mi
17 State St Troy, NY	4.0	1.0–1.5	1810	$2,358	$1.30	15d	7	0.60mi
1708 Highland Ave Unit 3 Troy, NY	3.0	1.0	1485	$595	$0.40	20d	1	0.68mi
136 9th St Unit 1 Troy, NY	3.0	1.0	1500	$595	$0.40	20d	1	1.04mi
136 9th St Unit 2 Troy, NY	3.0	1.0	1500	$600	$0.40	20d	1	1.04mi
169 Hutton St Unit 1 Troy, NY	3.0	1.0	1500	$595	$0.40	20d	1	1.12mi
195 9th St Troy, NY	3.0	2.0	1500	$750	$0.50	20d	1	1.20mi

Listing history 24 events

1. 2026-06-03
   status $180,000 Pending 39 DOM
2. 2026-06-02
   days on market $180,000 Active 39 DOM
3. 2026-06-01
   days on market $180,000 Active 38 DOM
4. 2026-05-31
   days on market $180,000 Active 37 DOM
5. 2026-05-31
   days on market $180,000 Active 36 DOM
6. 2026-05-06
   status Active 727-char remark

   Show marketing remark (727 chars)

   Great investment opportunity or owner-occupied option! This fixer-upper duplex features two separate units, each offering 2 bedrooms and 1 full bathroom. Both units include in-unit laundry for added convenience, adding strong appeal for future tenants or everyday living once updates are complete. The property also provides off-street parking, ensuring ease and accessibility for residents. Each unit offers a functional layout with good natural light and solid potential to renovate and add value. Whether you're looking to expand your rental portfolio, take on a renovation project, or live in one unit while generating income from the other, this duplex is a smart and versatile opportunity with plenty of upside.

7. 2026-05-02
   status Pending 727-char remark

   Show marketing remark (727 chars)

   Great investment opportunity or owner-occupied option! This fixer-upper duplex features two separate units, each offering 2 bedrooms and 1 full bathroom. Both units include in-unit laundry for added convenience, adding strong appeal for future tenants or everyday living once updates are complete. The property also provides off-street parking, ensuring ease and accessibility for residents. Each unit offers a functional layout with good natural light and solid potential to renovate and add value. Whether you're looking to expand your rental portfolio, take on a renovation project, or live in one unit while generating income from the other, this duplex is a smart and versatile opportunity with plenty of upside.

8. 2026-04-18
   listed $180,000 Active 727-char remark

   Show marketing remark (727 chars)

   Great investment opportunity or owner-occupied option! This fixer-upper duplex features two separate units, each offering 2 bedrooms and 1 full bathroom. Both units include in-unit laundry for added convenience, adding strong appeal for future tenants or everyday living once updates are complete. The property also provides off-street parking, ensuring ease and accessibility for residents. Each unit offers a functional layout with good natural light and solid potential to renovate and add value. Whether you're looking to expand your rental portfolio, take on a renovation project, or live in one unit while generating income from the other, this duplex is a smart and versatile opportunity with plenty of upside.

9. 2023-12-06
   soldstatus $165,000
10. 2023-11-30
    soldstatus $165,000 Closed 798-char remark

    Show marketing remark (798 chars)

    ***Best and Final Due By 6pm 10/1 ^Discover the comfort and convenience of life in historic Little Italy, South Troy. Situated on a tree-lined street, this 2-family home is a mere walking distance from the dynamic Downtown Troy and inviting local coffee shops. Directly opposite the Garnet Douglass Baltimore Trail leading to Prospect Park, this residence provides immediate access to a variety of outdoor activities, from hiking and disc golf to picnics. The property has undergone significant updates, including a fortified foundation, and durability. Newer water heaters have been fitted in both units, adding to the list of improvements. While the home is structurally sound, it offers the new owner the opportunity to add value through cosmetic upgrades such as fresh paint and new carpets

11. 2023-10-02
    status Pending 798-char remark

    Show marketing remark (798 chars)

    ***Best and Final Due By 6pm 10/1 ^Discover the comfort and convenience of life in historic Little Italy, South Troy. Situated on a tree-lined street, this 2-family home is a mere walking distance from the dynamic Downtown Troy and inviting local coffee shops. Directly opposite the Garnet Douglass Baltimore Trail leading to Prospect Park, this residence provides immediate access to a variety of outdoor activities, from hiking and disc golf to picnics. The property has undergone significant updates, including a fortified foundation, and durability. Newer water heaters have been fitted in both units, adding to the list of improvements. While the home is structurally sound, it offers the new owner the opportunity to add value through cosmetic upgrades such as fresh paint and new carpets

12. 2023-09-28
    status Active 798-char remark

    Show marketing remark (798 chars)

    ***Best and Final Due By 6pm 10/1 ^Discover the comfort and convenience of life in historic Little Italy, South Troy. Situated on a tree-lined street, this 2-family home is a mere walking distance from the dynamic Downtown Troy and inviting local coffee shops. Directly opposite the Garnet Douglass Baltimore Trail leading to Prospect Park, this residence provides immediate access to a variety of outdoor activities, from hiking and disc golf to picnics. The property has undergone significant updates, including a fortified foundation, and durability. Newer water heaters have been fitted in both units, adding to the list of improvements. While the home is structurally sound, it offers the new owner the opportunity to add value through cosmetic upgrades such as fresh paint and new carpets

13. 2023-08-20
    status Pending 798-char remark

    Show marketing remark (798 chars)

    ***Best and Final Due By 6pm 10/1 ^Discover the comfort and convenience of life in historic Little Italy, South Troy. Situated on a tree-lined street, this 2-family home is a mere walking distance from the dynamic Downtown Troy and inviting local coffee shops. Directly opposite the Garnet Douglass Baltimore Trail leading to Prospect Park, this residence provides immediate access to a variety of outdoor activities, from hiking and disc golf to picnics. The property has undergone significant updates, including a fortified foundation, and durability. Newer water heaters have been fitted in both units, adding to the list of improvements. While the home is structurally sound, it offers the new owner the opportunity to add value through cosmetic upgrades such as fresh paint and new carpets

14. 2023-08-20
    price $162,000 798-char remark

    Show marketing remark (798 chars)

    ***Best and Final Due By 6pm 10/1 ^Discover the comfort and convenience of life in historic Little Italy, South Troy. Situated on a tree-lined street, this 2-family home is a mere walking distance from the dynamic Downtown Troy and inviting local coffee shops. Directly opposite the Garnet Douglass Baltimore Trail leading to Prospect Park, this residence provides immediate access to a variety of outdoor activities, from hiking and disc golf to picnics. The property has undergone significant updates, including a fortified foundation, and durability. Newer water heaters have been fitted in both units, adding to the list of improvements. While the home is structurally sound, it offers the new owner the opportunity to add value through cosmetic upgrades such as fresh paint and new carpets

15. 2023-08-10
    listed $155,000 Active 798-char remark

    Show marketing remark (798 chars)

    ***Best and Final Due By 6pm 10/1 ^Discover the comfort and convenience of life in historic Little Italy, South Troy. Situated on a tree-lined street, this 2-family home is a mere walking distance from the dynamic Downtown Troy and inviting local coffee shops. Directly opposite the Garnet Douglass Baltimore Trail leading to Prospect Park, this residence provides immediate access to a variety of outdoor activities, from hiking and disc golf to picnics. The property has undergone significant updates, including a fortified foundation, and durability. Newer water heaters have been fitted in both units, adding to the list of improvements. While the home is structurally sound, it offers the new owner the opportunity to add value through cosmetic upgrades such as fresh paint and new carpets

16. 2021-10-04
    historical
17. 2021-08-11
    listed $165,000 New
18. 2016-12-08
    soldstatus $95,000
19. 2016-12-01
    soldstatus $95,000 Closed (Final Sale)
20. 2016-09-24
    status Pend (Under Cntr)
21. 2016-06-30
    listed $99,900 New
22. 2015-08-05
    historical
23. 2015-07-06
    listed $79,900
24. 1995-09-29
    soldstatus $15,000

ⓘ 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: $6,127 · $511/mo
• Projected year-2 tax: $6,127 · $511/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 7/10 Severe FEMA zone X (shaded) · 77% 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: $40,404
• − Mortgage interest: −$10,083
• − Property taxes: −$6,127
• − Insurance: −$1,566
• − Repairs & maintenance: −$3,232
• − Management: −$3,232
• − Depreciation: −$5,236
• Taxable income: $10,927
• Est. tax owed @ 24.0%: −$2,622
• After-tax cash flow: $10,276/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

+1100.0% since first listed

19 events — show timeline

• 2026-05-06 Relisted — Global MLS
• 2026-05-02 Pending — Global MLS
• 2026-04-18 Listed $180,000 Global MLS
• 2023-12-06 Sold (Public Records) $165,000 Public Records
• 2023-11-30 Sold (MLS) $165,000 Global MLS
• 2023-10-02 Pending — Global MLS
• 2023-09-28 Relisted — Global MLS
• 2023-08-20 Pending — Global MLS
• 2023-08-20 Price Changed $162,000 Global MLS
• 2023-08-10 Listed $155,000 Global MLS
• 2021-10-04 Listing Removed — Global MLS
• 2021-08-11 Listed $165,000 Global MLS
• 2016-12-08 Sold (Public Records) $95,000 Public Records
• 2016-12-01 Sold (MLS) $95,000 Global MLS
• 2016-09-24 Pending — Global MLS
• 2016-06-30 Listed $99,900 Global MLS
• 2015-08-05 Listing Removed — Global MLS
• 2015-07-06 Listed $79,900 Global MLS
• 1995-09-29 Sold (Public Records) $15,000 Public Records

Property tax history

+22.2%/yr

Latest (2025): $6,127 · +8.0% YoY. Source: county tax records.