2204 14th St · Troy, NY 12180

$274,900

4 bd · 2.0 ba · 1,958 sqft · MultiFamily public records · 52 Days on market

Built 1890 2,613 sqft lot $140/sqft · 53% below area

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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 +27.3/30.0
• DSCR +9.5/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• 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

Great RPI Rental neighborhood Jacob & 14th area! This simple to maintain 2 Family has always been rented and has new leases at $1450 month plus tenants pay gas and electric thru June 30, 2027. First & Second floor units are currently 2 bedrooms w/ office/study each. Nice entry level 1st time RPI Investor property or nice addition to any current RPI Investor Portfolio!

Key facts

• 2,613 sq ft lot
• Built 1890
• Listed 52 days

Property features AI

Finance

• Other: Living area listed as 1,958 (value provided); Below-grade finished area listed as 800 (value provided); Lot dimensions approximately 25 x 100 (0.06 acres)
• Financial info: Two-unit property; Tenants are responsible for electricity and gas; Owner is responsible for trash collection, sewer, and water
• HOA & community: No HOA information provided

Exterior

• Parking: No parking information provided
• Security: No security features listed
• Utilities: 150 Amp electric service; Public water; Public sewer
• Home design: Duplex; Combination foundation; Vinyl siding; Main road frontage approximately 25 feet
• Construction: Vinyl siding construction; Combination foundation; Asphalt roof
• Exterior features: Asphalt roof; Wood fencing / fenced yard; Level lot; Other exterior features

Interior

• Kitchen: Each unit includes a kitchen
• Bedrooms: Two 2-bedroom units (one with bedrooms on the 1st floor, one with bedrooms on the 2nd floor)
• Flooring: Tile; Carpet; Hardwood
• Bathrooms: Two full bathrooms total (one full bath on 1st floor, one full bath on 2nd floor)
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Tile, carpet, and hardwood flooring; Full unfinished basement
• Laundry & utility: No specific laundry or utility appliances listed

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $796 ($10k/yr) — positive. Per door: $398/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $267k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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; 23 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 $3,471/mo this rent would consume 55% 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 $2k of loan paydown is wiped out by about $8k 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 $77k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y 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 $177k; list at $275k implies a 55% 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 $266,653 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.26% ✓
• Cap rate: 9.77%
• Cash-on-cash: 12.41%
• DSCR: 1.55
• GRM: 6.6

CMA / ARV

• ARV (median comp): $582,490
• List price: $274,900
• Delta: -52.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1213 Jacob St	0.08mi	5/2.0 (+1)	1,936 (-1%)	1mo	$220,000	$114	88
90 9th St	0.26mi	4/2.0	1,892 (-3%)	11mo	$225,000	$119	73
2205-2207 15th St	0.02mi	5/3.5 (+1)	2,000 (+2%)	17mo	$351,800	$176	70
1227 Sausse Ave	0.49mi	4/2.0	1,944 (-1%)	7mo	$190,000	$98	70
55 Oakwood Ave	0.53mi	5/2.0 (+1)	1,980 (+1%)	7mo	$170,000	$86	63
1528 Bouton Rd	0.58mi	3/2.0 (-1)	1,908 (-3%)	9mo	$294,000	$154	56
1317 15th St	0.74mi	4/2.0	2,050 (+5%)	17mo	$200,000	$98	43
2435 5th Ave	0.57mi	3/2.0 (-1)	1,692 (-14%)	4mo	$279,900	$165	43
3 St Pauls Pl	0.70mi	3/3.0 (-1)	2,124 (+8%)	5mo	$197,000	$93	40

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: 4.2%
• Equity multiple: 1.17×
• Total profit: $12,911
• Equity at exit: $40,988

10-year hold

• IRR: 15.5%
• Equity multiple: 2.37×
• Total profit: $105,361
• Equity at exit: $23,768

Cash invested: $76,972 (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 12180

• Home prices YoY: -33.3%
• Rents YoY: 4.9%
• Active inventory: 220
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $3,471 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$390 /mo · $4,681/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$729
• Net cashflow: $796

Break-even live

Break-even rent $2,464

Max offer price $274,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,472
Total (2 units)			$3,471

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: $68,725
• Closing costs: $8,247
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2326 15th St Unit 1 Troy, NY	4.0	1.5	1500	$695	$0.46	19d	1	0.20mi
169 Hutton St Unit 1 Troy, NY	3.0	1.0	1500	$595	$0.40	19d	1	0.23mi
136 9th St Unit 2 Troy, NY	3.0	1.0	1500	$600	$0.40	19d	1	0.24mi
136 9th St Unit 1 Troy, NY	3.0	1.0	1500	$595	$0.40	19d	1	0.24mi
136 9th St Unit 3 Troy, NY	4.0	1.0	1500	$595	$0.40	19d	1	0.24mi
904 Peoples Ave Troy, NY	4.0	1.0	1800	$645	$0.36	19d	1	0.25mi
164 9th St Unit 1 Troy, NY	4.0	2.0	1400	$1,800	$1.29	23d	1	0.26mi
195 9th St Troy, NY	3.0	2.0	1500	$750	$0.50	19d	1	0.32mi
288 Hoosick St Troy, NY	3.0	1.0	1800	$695	$0.39	19d	1	0.47mi
97 14th St Unit 2 Troy, NY	5.0	2.0	1600	$625	$0.39	19d	1	0.59mi
97 14th St Troy, NY	4.0	2.0	1500	$650	$0.43	19d	1	0.59mi
88 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	0.61mi
79 14th St Unit 1 Troy, NY	3.0	1.0	1500	$650	$0.43	19d	1	0.63mi
79 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	0.63mi
53 13th St Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	0.65mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	19d	1	0.70mi
41 Christie St Troy, NY	5.0	2.0	1277	$700	$0.55	14d	1	0.71mi
1520 6th Ave Troy, NY	2.0–4.0	2.0–4.0	1209	$1,349	$1.12	23d	8	0.71mi
1708 Highland Ave Unit 3 Troy, NY	3.0	1.0	1485	$595	$0.40	19d	1	0.78mi
1820 Highland Ave Unit 2 Troy, NY	4.0	2.0	1680	$725	$0.43	19d	1	0.81mi
17 State St Troy, NY	4.0	1.0–1.5	1810	$3,635	$2.01	14d	7	0.83mi
150 2nd St Troy, NY	4.0	1.5	2442	$3,000	$1.23	21d	1	1.01mi
11 Spring Ave Troy, NY	3.0	2.0	1788	$2,500	$1.40	23d	1	1.16mi

Listing history 36 events

1. 2026-06-18
   days on market $274,900 Active 52 DOM
2. 2026-06-17
   days on market $274,900 Active 51 DOM
3. 2026-06-16
   days on market $274,900 Active 50 DOM
4. 2026-06-15
   days on market $274,900 Active 49 DOM
5. 2026-06-14
   days on market $274,900 Active 47 DOM
6. 2026-06-13
   days on market $274,900 Active 46 DOM
7. 2026-06-10
   days on market $274,900 Active 44 DOM
8. 2026-06-09
   days on market $274,900 Active 43 DOM
9. 2026-06-08
   days on market $274,900 Active 42 DOM
10. 2026-06-07
    days on market $274,900 Active 41 DOM
11. 2026-06-03
    days on market $274,900 Active 37 DOM
12. 2026-06-02
    days on market $274,900 Active 36 DOM
13. 2026-06-01
    days on market $274,900 Active 35 DOM
14. 2026-05-31
    days on market $274,900 Active 34 DOM
15. 2026-05-31
    days on market $274,900 Active 33 DOM
16. 2026-04-27
    listed $274,900 Active 380-char remark
17. 2025-07-01
    historical
18. 2025-03-18
    price $299,900
19. 2025-01-06
    listed $319,000 Active
20. 2024-12-02
    historical
21. 2024-11-12
    price $319,000
22. 2024-10-05
    listed $339,000 Active
23. 2021-12-28
    soldstatus $177,000
24. 2021-12-14
    status Pending
25. 2021-11-16
    status Pend (Under Cntr)
26. 2021-11-02
    listed $179,900 New
27. 2020-04-01
    historical
28. 2020-01-21
    listed $167,500 New
29. 2008-06-23
    soldstatus $152,578
30. 2008-04-17
    historical
31. 2007-09-25
    listed $149,900
32. 2007-07-09
    soldstatus $106,000
33. 2007-06-25
    soldstatus $106,000
34. 2007-05-23
    historical
35. 2006-07-24
    listed $108,900
36. 2005-10-12
    soldstatus $78,150

ⓘ 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: $4,681 · $390/mo
• Projected year-2 tax: $4,681 · $390/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°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: $41,652
• − Mortgage interest: −$15,399
• − Property taxes: −$4,681
• − Insurance: −$1,374
• − Repairs & maintenance: −$3,332
• − Management: −$3,332
• − Depreciation: −$7,997
• Taxable income: $5,536
• Est. tax owed @ 24.0%: −$1,329
• After-tax cash flow: $8,221/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

+251.8% since first listed

21 events — show timeline

• 2026-04-27 Listed $274,900 Global MLS
• 2025-07-01 Listing Removed — Global MLS
• 2025-03-18 Price Changed $299,900 Global MLS
• 2025-01-06 Listed $319,000 Global MLS
• 2024-12-02 Listing Removed — Global MLS
• 2024-11-12 Price Changed $319,000 Global MLS
• 2024-10-05 Listed $339,000 Global MLS
• 2021-12-28 Sold (Public Records) $177,000 Public Records
• 2021-12-14 Pending — Global MLS
• 2021-11-16 Pending — Global MLS
• 2021-11-02 Listed $179,900 Global MLS
• 2020-04-01 Listing Removed — Global MLS
• 2020-01-21 Listed $167,500 Global MLS
• 2008-06-23 Sold (MLS) $152,578 Global MLS
• 2008-04-17 Listing Removed — Global MLS
• 2007-09-25 Listed $149,900 Global MLS
• 2007-07-09 Sold (Public Records) $106,000 Public Records
• 2007-06-25 Sold (MLS) $106,000 Global MLS
• 2007-05-23 Listing Removed — Global MLS
• 2006-07-24 Listed $108,900 Global MLS
• 2005-10-12 Sold (Public Records) $78,150 Public Records

Property tax history

+15.8%/yr

Latest (2025): $4,681 · +2.3% YoY. Source: county tax records.