112 2nd Ave · Troy, NY 12180

$198,000

4 bd · 2.5 ba · 2,338 sqft · MultiFamily public records · 233 Days on market

Built 1890 4,791 sqft lot Est $208k · at est.

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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
• ARV discount +9.7/15.0
• 1% rule +9.5/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Schools +2.8/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Nice solid 2 family property with many updates including newer kitchens w/ ceramic tile/white cabinets, flooring, refinished hardwood, newer bathrooms, Unit 1 newer furnace & HW heater, off street parking, fenced backyard, laundry ea unit...Perfect for owner occupied or investment. Charming details throughout....Unit 2 has a bedroom with ornamental fireplace, half bath and walk in closet. Unit 1 living room being used as a large bedroom...MUST SEE INSIDE -- Very Good Condition

Key facts

• Separate utilities
• Off street parking
• Fully rented duplex

Tags

• FULLY RENTED DUPLEX
• SEPARATE UTILITIES
• IN UNIT LAUNDRY
• BACKYARD
• OFF STREET PARKING
• NEAR BUS LINE

Property features AI

Finance

• Financial info: Two-unit property

Exterior

• Parking: Parking for 2 vehicles; Stone parking surface
• Utilities: Public water; Public sewer
• Home design: Duplex
• Construction: Shingle siding construction
• Exterior features: Shingle siding; Lot approximately 0.11 acres

Interior

• Bedrooms: Each unit has 2 bedrooms
• Bathrooms: Total of 3 bathrooms (2 full, 1 half); Full baths located on 1st and 2nd levels; half bath on 2nd level
• Heating & cooling: Electric heating
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath multifamily listed at $198k.

Deal economics

• At list price, monthly cash flow is $835 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $198k).
• Recommended offer: $174k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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: Rents rising fast (+4.9%/yr); 220 active listings in the ZIP; 4 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 $2,876/mo this rent would consume 45% 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 $6k 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 $55k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 233 days — a 12% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y ago; this cycle's ask has dropped $27k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $96k; list at $198k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $174,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 233 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.45% ✓
• Cap rate: 11.35%
• Cash-on-cash: 18.07%
• DSCR: 1.80
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $208,082
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23 Glen Ave	0.37mi	5/2.0 (+1)	2,200 (-6%)	1mo	$95,000	$43	65
872 River St	0.34mi	5/2.0 (+1)	2,472 (+6%)	8mo	$140,000	$57	61
3324 6th Ave	0.33mi	5/2.0 (+1)	2,225 (-5%)	16mo	$199,000	$89	56
8 106th St	0.43mi	4/2.0	2,256 (-4%)	20mo	$225,000	$100	56
206 7th Ave	0.32mi	4/3.0	2,172 (-7%)	19mo	$287,900	$133	55
71 5th Ave	0.13mi	5/2.5 (+1)	2,662 (+14%)	20mo	$230,000	$86	49
74 6th Ave	0.19mi	5/2.0 (+1)	2,068 (-12%)	20mo	$200,000	$97	48
274 3rd Ave	0.42mi	4/3.0	2,112 (-10%)	20mo	$200,000	$95	46
747 River St	0.64mi	5/2.0 (+1)	2,508 (+7%)	9mo	$115,000	$46	44
280 4th Ave	0.44mi	4/2.0	2,084 (-11%)	21mo	$185,000	$89	41
3229 6th Ave	0.45mi	5/3.0 (+1)	2,658 (+14%)	9mo	$30,000	$11	41
370 2nd Ave	0.69mi	5/2.0 (+1)	2,250 (-4%)	16mo	$262,500	$117	41

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: 11.9%
• Equity multiple: 1.48×
• Total profit: $26,719
• Equity at exit: $29,522

10-year hold

• IRR: 22.3%
• Equity multiple: 3.09×
• Total profit: $115,720
• Equity at exit: $17,119

Cash invested: $55,440 (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: 11.5×

Monthly cashflow live

• Estimated rent: $2,876 high
• Mortgage (P&I): −$1,038
• Tax from tax record: −$316 /mo · $3,795/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$604
• Net cashflow: $835

Break-even live

Break-even rent $1,819

Max offer price $198,000

Occupancy floor 66%

Sensitivity live

Price	-10% $947	-5% $891	+0% $835	+5% $779	+10% $723
Rent	-10% $608	-5% $721	+0% $835	+5% $949	+10% $1,062
Rate	-1.0pp $935	-0.5pp $885	base $835	+0.5pp $784	+1.0pp $731

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

Units	Beds	Baths	Est. rent
1× unit	2	1.5	$1,438
1× unit	2	1	$1,438
Total (2 units)			$2,876

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: $49,500
• Closing costs: $5,940
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
53 Park Ave Cohoes, NY	3.0	1.0	1875	$1,600	$0.85	15d	1	1.26mi
192 Saratoga St Cohoes, NY	1.0–3.0	1.0–3.0	1157	$2,600	$2.25	15d	4	1.31mi
12 White St Cohoes, NY	3.0	2.0	1790	$2,895	$1.62	20d	1	1.42mi
288 Hoosick St Troy, NY	3.0	1.0	1800	$695	$0.39	20d	1	1.49mi

Listing history 33 events

1. 2026-06-07
   statusdays on market $198,000 Pending 233 DOM
2. 2026-06-05
   days on market $198,000 Contingent 232 DOM
3. 2026-06-03
   days on market $198,000 Contingent 231 DOM
4. 2026-06-02
   days on market $198,000 Contingent 230 DOM
5. 2026-06-01
   days on market $198,000 Contingent 229 DOM
6. 2026-05-31
   days on market $198,000 Contingent 228 DOM
7. 2026-05-31
   days on market $198,000 Contingent 227 DOM
8. 2026-04-25
   historical Contingent
9. 2026-03-02
   price $198,000
10. 2026-01-13
    price $199,000
11. 2025-10-17
    status Active
12. 2025-10-07
    status Pending
13. 2025-10-04
    listed $225,000 Active
14. 2025-04-25
    status Active
15. 2025-03-11
    status Pending
16. 2025-03-11
    historical
17. 2025-02-15
    price $219,900
18. 2025-02-15
    price $219,000
19. 2025-02-04
    status Active
20. 2025-01-23
    status Pending
21. 2025-01-22
    status Active
22. 2025-01-21
    historical
23. 2025-01-13
    listed $220,000 Active
24. 2022-05-12
    price $1,195
25. 2018-01-30
    soldstatus $95,900
26. 2018-01-19
    soldstatus $95,900 Closed (Final Sale) 487-char remark

    Show marketing remark (487 chars)

    Nice solid 2 family property with many updates including newer kitchens w/ ceramic tile/white cabinets, flooring, refinished hardwood, newer bathrooms, Unit 1 newer furnace & HW heater, off street parking, fenced backyard, laundry ea unit...Perfect for owner occupied or investment. Charming details throughout....Unit 2 has a bedroom with ornamental fireplace, half bath and walk in closet. Unit 1 living room being used as a large bedroom...MUST SEE INSIDE -- Very Good Condition

27. 2017-11-21
    status Pend (Under Cntr) 487-char remark

    Show marketing remark (487 chars)

    Nice solid 2 family property with many updates including newer kitchens w/ ceramic tile/white cabinets, flooring, refinished hardwood, newer bathrooms, Unit 1 newer furnace & HW heater, off street parking, fenced backyard, laundry ea unit...Perfect for owner occupied or investment. Charming details throughout....Unit 2 has a bedroom with ornamental fireplace, half bath and walk in closet. Unit 1 living room being used as a large bedroom...MUST SEE INSIDE -- Very Good Condition

28. 2017-11-02
    listed $89,900 New 487-char remark

    Show marketing remark (487 chars)

    Nice solid 2 family property with many updates including newer kitchens w/ ceramic tile/white cabinets, flooring, refinished hardwood, newer bathrooms, Unit 1 newer furnace & HW heater, off street parking, fenced backyard, laundry ea unit...Perfect for owner occupied or investment. Charming details throughout....Unit 2 has a bedroom with ornamental fireplace, half bath and walk in closet. Unit 1 living room being used as a large bedroom...MUST SEE INSIDE -- Very Good Condition

29. 2007-06-22
    soldstatus $85,000
30. 2007-06-06
    soldstatus $85,000
31. 2007-03-03
    historical
32. 2006-07-17
    listed $89,000
33. 1993-12-03
    soldstatus $85,000

ⓘ 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: $3,795 · $316/mo
• Projected year-2 tax: $3,795 · $316/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 6/10 Major FEMA zone X · 67% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°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: $34,512
• − Mortgage interest: −$11,091
• − Property taxes: −$3,795
• − Insurance: −$990
• − Repairs & maintenance: −$2,761
• − Management: −$2,761
• − Depreciation: −$5,760
• Taxable income: $7,354
• Est. tax owed @ 24.0%: −$1,765
• After-tax cash flow: $8,254/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
• 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

+132.9% since first listed

26 events — show timeline

• 2026-04-25 Contingent — Global MLS
• 2026-03-02 Price Changed $198,000 Global MLS
• 2026-01-13 Price Changed $199,000 Global MLS
• 2025-10-17 Relisted — Global MLS
• 2025-10-07 Pending — Global MLS
• 2025-10-04 Listed $225,000 Global MLS
• 2025-04-25 Relisted — Global MLS
• 2025-03-11 Pending — Global MLS
• 2025-03-11 Listing Removed — Global MLS
• 2025-02-15 Price Changed $219,900 Global MLS
• 2025-02-15 Price Changed $219,000 Global MLS
• 2025-02-04 Relisted — Global MLS
• 2025-01-23 Pending — Global MLS
• 2025-01-22 Relisted — Global MLS
• 2025-01-21 Listing Removed — Global MLS
• 2025-01-13 Listed $220,000 Global MLS
• 2022-05-12 Price Changed $1,195 RENT.
• 2018-01-30 Sold (Public Records) $95,900 Public Records
• 2018-01-19 Sold (MLS) $95,900 Global MLS
• 2017-11-21 Pending — Global MLS
• 2017-11-02 Listed $89,900 Global MLS
• 2007-06-22 Sold (Public Records) $85,000 Public Records
• 2007-06-06 Sold (MLS) $85,000 Global MLS
• 2007-03-03 Listing Removed — Global MLS
• 2006-07-17 Listed $89,000 Global MLS
• 1993-12-03 Sold (Public Records) $85,000 Public Records

Property tax history

+14.5%/yr

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