422 4th Ave · Troy, NY 12182

$199,900

3 bd · 2.5 ba · 2,125 sqft · MultiFamily public records · 5 Days on market

Built 1900 6,098 sqft lot $94/sqft · 36% below area Est $314k · 36% 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 +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

Well maintained two family home on a quiet street. First floor unit offers 2 bedrooms with 1 1/2 baths, living, dining, and kitchen. This unit has its own master suite! Brand New Boiler for the 1st floor unit!! Second floor offers a 1 bedroom unit with an office, a craft room, living, dining, and kitchen. Long term tenants who would like to stay. In-unit laundry hook-ups for both rentals. Great, well manicured yard, and a 2 car garage! Perfect for an owner occupant or an investor. Estate, Sold AS IS. Virtual walk-through of first floor here! https://my.matterport.com/show/?m=Mno2HXCodQ4&brand=0 -- Very Good Condition

Key facts

• Renovated bathrooms
• Double lot
• Refinished hardwoods

Tags

• DOUBLE LOT
• RENOVATED BATHROOMS
• REFINISHED HARDWOODS
• DEDICATED LAUNDRY ROOM
• ATTACHED SHED

Property features AI

Finance

• Financial info: Multifamily property with 2 total units; Tenants pay heat, internet, cable TV, electricity, and gas

Exterior

• Parking: 2-car garage
• Utilities: Public water; Public sewer; Cable available
• Home design: Duplex; Aluminum siding
• Construction: Stone foundation; Shingle (asphalt) roof
• Exterior features: Side porch; Chain link fencing; Shed(s)

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 1 bedroom
• Flooring: Hardwood
• Bathrooms: Total 3 bathrooms (2 full, 1 half); Full baths located on 1st and 2nd levels; half bath on 1st level
• Heating & cooling: Natural gas heating
• Interior features: Hardwood floors; Partial, unfinished basement

What this means for you Summary

Snapshot

• This is a 1×2.0bd/1.5ba + 1×1.0bd/1.0ba units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $821 ($10k/yr) — positive. Per door: $411/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Cap rate 11.6% 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: 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.
• Zoned schools: Turnpike Elementary School (534 students, 61% FRL); Knickerbacker Middle School (math 15% / reading 35%, grade F, #601 of 729 statewide, top 82%, 471 students, 75% FRL); Lansingburgh Senior High School (math 92%, 638 students, 75% FRL) — zoned schools average 70% FRL vs 51% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 76 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $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 + 3.0% rent growth), your $56k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y 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 $108k; list at $200k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.1% 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 $199,900

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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.60% ✓
• Cap rate: 11.56%
• Cash-on-cash: 18.79%
• DSCR: 1.84
• GRM: 5.2

CMA / ARV

• ARV (median comp): $313,547
• List price: $199,900
• Delta: -36.25%
• 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
33 110th St	0.08mi	4/2.0 (+1)	2,026 (-5%)	5mo	$205,000	$101	77
39 111th St	0.10mi	4/2.0 (+1)	1,936 (-9%)	5mo	$200,000	$103	69
428 6th Ave	0.12mi	4/2.0 (+1)	2,228 (+5%)	16mo	$150,000	$67	66
623 5th Ave	0.56mi	4/2.0 (+1)	2,200 (+4%)	8mo	$125,000	$57	55
496 3rd Ave	0.21mi	4/2.0 (+1)	1,880 (-12%)	14mo	$110,000	$59	52
76 3rd St	0.70mi	4/2.0 (+1)	2,144 (+1%)	11mo	$236,000	$110	50
69 Heartt Ave	0.61mi	4/2.0 (+1)	2,300 (+8%)	3mo	$278,000	$121	48
206 7th Ave	0.60mi	4/3.0 (+1)	2,172 (+2%)	19mo	$287,900	$133	45
617-619 1st Ave	0.57mi	4/3.0 (+1)	2,016 (-5%)	17mo	$267,500	$133	44
669 6th Ave	0.70mi	3/2.0	1,884 (-11%)	8mo	$102,000	$54	40
105 Hudson Ave	0.72mi	4/2.0 (+1)	1,980 (-7%)	14mo	$282,500	$143	36
46 Continental Ave	0.56mi	4/2.0 (+1)	1,832 (-14%)	12mo	$242,000	$132	34

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: 9.1%
• Equity multiple: 1.36×
• Total profit: $20,148
• Equity at exit: $29,806

10-year hold

• IRR: 18.4%
• Equity multiple: 2.53×
• Total profit: $85,875
• Equity at exit: $17,284

Cash invested: $55,972 (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: 76
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $3,192 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$513 /mo · $6,162/yr
• Insurance: −$83
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$670
• Net cashflow: $821

Break-even live

Break-even rent $2,153

Max offer price $199,900

Occupancy floor 69%

Sensitivity live

Price	-10% $934	-5% $878	+0% $821	+5% $765	+10% $708
Rent	-10% $569	-5% $695	+0% $821	+5% $947	+10% $1,073
Rate	-1.0pp $922	-0.5pp $872	base $821	+0.5pp $769	+1.0pp $717

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

Units	Beds	Baths	Est. rent
1× unit	2.0	1.5	$1,611
1× unit	1.0	1	$1,581
Total (2 units)			$3,192

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
290 2nd Ave Troy, NY	3.0	1.0	1400	$1,600	$1.14	23d	1	0.40mi
53 Park Ave Cohoes, NY	3.0	1.0	1875	$1,600	$0.85	16d	1	0.65mi
100 Waters View Cir Cohoes, NY	1.0–2.0	1.0–2.5	1281	$2,413	$1.88	16d	13	0.69mi
131 6th Ave Troy, NY	4.0	1.0	1400	$2,325	$1.66	16d	1	0.84mi
750 2nd Ave Troy, NY	1.0–3.0	1.0–1.5	1185	$1,711	$1.44	16d	1	0.85mi
192 Saratoga St Cohoes, NY	1.0–3.0	1.0–3.0	1157	$2,600	$2.25	16d	4	1.11mi
12 White St Cohoes, NY	3.0	2.0	1790	$2,895	$1.62	20d	1	1.22mi
11 Parker Ln Unit 5 Waterford, NY	2.0	2.5	1500	$2,800	$1.87	16d	1	1.23mi

Listing history 9 events

1. 2026-05-13
   listed $199,900 Active 1099-char remark
2. 2021-02-11
   soldstatus $108,150
3. 2021-01-29
   soldstatus $108,150 Closed (Final Sale) 628-char remark

   Show marketing remark (628 chars)

   Well maintained two family home on a quiet street. First floor unit offers 2 bedrooms with 1 1/2 baths, living, dining, and kitchen. This unit has its own master suite! Brand New Boiler for the 1st floor unit!! Second floor offers a 1 bedroom unit with an office, a craft room, living, dining, and kitchen. Long term tenants who would like to stay. In-unit laundry hook-ups for both rentals. Great, well manicured yard, and a 2 car garage! Perfect for an owner occupant or an investor. Estate, Sold AS IS. Virtual walk-through of first floor here! https://my.matterport.com/show/?m=Mno2HXCodQ4&brand=0 -- Very Good Condition

4. 2020-11-12
   status Pend (Under Cntr) 628-char remark

   Show marketing remark (628 chars)

   Well maintained two family home on a quiet street. First floor unit offers 2 bedrooms with 1 1/2 baths, living, dining, and kitchen. This unit has its own master suite! Brand New Boiler for the 1st floor unit!! Second floor offers a 1 bedroom unit with an office, a craft room, living, dining, and kitchen. Long term tenants who would like to stay. In-unit laundry hook-ups for both rentals. Great, well manicured yard, and a 2 car garage! Perfect for an owner occupant or an investor. Estate, Sold AS IS. Virtual walk-through of first floor here! https://my.matterport.com/show/?m=Mno2HXCodQ4&brand=0 -- Very Good Condition

5. 2020-11-05
   price $115,000 628-char remark

   Show marketing remark (628 chars)

   Well maintained two family home on a quiet street. First floor unit offers 2 bedrooms with 1 1/2 baths, living, dining, and kitchen. This unit has its own master suite! Brand New Boiler for the 1st floor unit!! Second floor offers a 1 bedroom unit with an office, a craft room, living, dining, and kitchen. Long term tenants who would like to stay. In-unit laundry hook-ups for both rentals. Great, well manicured yard, and a 2 car garage! Perfect for an owner occupant or an investor. Estate, Sold AS IS. Virtual walk-through of first floor here! https://my.matterport.com/show/?m=Mno2HXCodQ4&brand=0 -- Very Good Condition

6. 2020-11-04
   status Price Change 628-char remark

   Show marketing remark (628 chars)

   Well maintained two family home on a quiet street. First floor unit offers 2 bedrooms with 1 1/2 baths, living, dining, and kitchen. This unit has its own master suite! Brand New Boiler for the 1st floor unit!! Second floor offers a 1 bedroom unit with an office, a craft room, living, dining, and kitchen. Long term tenants who would like to stay. In-unit laundry hook-ups for both rentals. Great, well manicured yard, and a 2 car garage! Perfect for an owner occupant or an investor. Estate, Sold AS IS. Virtual walk-through of first floor here! https://my.matterport.com/show/?m=Mno2HXCodQ4&brand=0 -- Very Good Condition

7. 2020-10-29
   status Pend (Under Cntr) 628-char remark

   Show marketing remark (628 chars)

   Well maintained two family home on a quiet street. First floor unit offers 2 bedrooms with 1 1/2 baths, living, dining, and kitchen. This unit has its own master suite! Brand New Boiler for the 1st floor unit!! Second floor offers a 1 bedroom unit with an office, a craft room, living, dining, and kitchen. Long term tenants who would like to stay. In-unit laundry hook-ups for both rentals. Great, well manicured yard, and a 2 car garage! Perfect for an owner occupant or an investor. Estate, Sold AS IS. Virtual walk-through of first floor here! https://my.matterport.com/show/?m=Mno2HXCodQ4&brand=0 -- Very Good Condition

8. 2020-10-12
   listed $119,900 New 628-char remark

   Show marketing remark (628 chars)

   Well maintained two family home on a quiet street. First floor unit offers 2 bedrooms with 1 1/2 baths, living, dining, and kitchen. This unit has its own master suite! Brand New Boiler for the 1st floor unit!! Second floor offers a 1 bedroom unit with an office, a craft room, living, dining, and kitchen. Long term tenants who would like to stay. In-unit laundry hook-ups for both rentals. Great, well manicured yard, and a 2 car garage! Perfect for an owner occupant or an investor. Estate, Sold AS IS. Virtual walk-through of first floor here! https://my.matterport.com/show/?m=Mno2HXCodQ4&brand=0 -- Very Good Condition

9. 2007-01-03
   soldstatus $75,000

ⓘ 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: $6,162 · $513/mo
• Projected year-2 tax: $6,162 · $513/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) · 78% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 18 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: $38,304
• − Mortgage interest: −$11,198
• − Property taxes: −$6,162
• − Insurance: −$1,666
• − Repairs & maintenance: −$3,064
• − Management: −$3,064
• − Depreciation: −$5,815
• Taxable income: $7,335
• Est. tax owed @ 24.0%: −$1,760
• After-tax cash flow: $8,093/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

+166.5% since first listed

10 events — show timeline

• 2026-05-19 Pending — Global MLS
• 2026-05-13 Listed $199,900 Global MLS
• 2021-02-11 Sold (Public Records) $108,150 Public Records
• 2021-01-29 Sold (MLS) $108,150 Global MLS
• 2020-11-12 Pending — Global MLS
• 2020-11-05 Price Changed $115,000 Global MLS
• 2020-11-04 Relisted — Global MLS
• 2020-10-29 Pending — Global MLS
• 2020-10-12 Listed $119,900 Global MLS
• 2007-01-03 Sold (Public Records) $75,000 Public Records

Property tax history

+21.5%/yr

Latest (2025): $6,162 · +21.9% YoY. Source: county tax records.