22 Cottage St · Troy, NY 12180

$174,900

4 bd · 2.0 ba · 1,488 sqft · MultiFamily public records · 34 Days on market

Built 1890 1,306 sqft lot $118/sqft · 34% below area Est $265k · 34% 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: 1 unit. estimate disagrees with records

Listing remarks MLS

This fantastic duplex offers a great opportunity for owner-occupants or investors, with both units currently vacant and ready for immediate use. Upstairs unit is updated! Don't miss out!

Key facts

• 1,306 sq ft lot
• Parking
• Built 1890

Property features AI

Finance

• Financial info: Two-unit property (multi-family)

Exterior

• Parking: One parking space
• Utilities: Public water; Public sewer
• Home design: Duplex; Vinyl siding with other construction materials
• Construction: Vinyl siding exterior
• Exterior features: Small lot (approximately 0.03 acres)

Interior

• Bedrooms: Unit 1: 1 bedroom; Unit 2: 2 bedrooms
• Bathrooms: 2 full bathrooms (one on the first level, one on the second level)
• Heating & cooling: Forced air heating
• Interior features: Crawl space basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.6% 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: 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; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $2,994/mo this rent would consume 47% 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 $49k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 6 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.
• Current owner paid $119k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,653 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.71% ✓
• Cap rate: 14.58%
• Cash-on-cash: 29.60%
• DSCR: 2.32
• GRM: 4.9

CMA / ARV

• ARV (median comp): $264,683
• List price: $174,900
• Delta: -33.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
741 Burden Ave	0.45mi	4/2.0	1,584 (+6%)	8mo	$175,000	$110	62
2 Mechanic St	0.51mi	5/2.0 (+1)	1,533 (+3%)	24mo	$160,844	$105	46
7 St Lukes Ave	0.67mi	4/2.0	1,320 (-11%)	12mo	$215,000	$163	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: 26.2%
• Equity multiple: 2.11×
• Total profit: $54,391
• Equity at exit: $26,078

10-year hold

• IRR: 34.9%
• Equity multiple: 4.49×
• Total profit: $171,104
• Equity at exit: $15,122

Cash invested: $48,972 (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: 9.7×

Monthly cashflow live

• Estimated rent: $2,994 high
• Mortgage (P&I): −$917
• Tax from tax record: −$167 /mo · $2,004/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$629
• Net cashflow: $1,208

Break-even live

Break-even rent $1,465

Max offer price $174,900

Occupancy floor 55%

Sensitivity live

Price	-10% $1,307	-5% $1,258	+0% $1,208	+5% $1,159	+10% $1,109
Rent	-10% $972	-5% $1,090	+0% $1,208	+5% $1,326	+10% $1,445
Rate	-1.0pp $1,296	-0.5pp $1,253	base $1,208	+0.5pp $1,163	+1.0pp $1,117

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,994
Total (2 units)			$2,994

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Vandenburgh Pl Troy, NY	2.0–3.0	1.0–1.5	1124	$2,182	$1.94	14d	9	0.55mi
649 4th St Unit 2 Troy, NY	3.0	1.0	1200	$1,345	$1.12	24d	1	0.70mi
51 Tyler St #2 Troy, NY	4.0	1.0	900	$1,790	$1.99	14d	1	0.83mi
509 5th Ave Unit 9 Watervliet, NY	3.0	1.0	1100	$1,800	$1.64	14d	1	1.13mi
809 Broadway #2 Watervliet, NY	3.0	1.0	1100	$1,625	$1.48	44d	1	1.20mi
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	21d	1	1.22mi
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	14d	1	1.22mi
356 3rd St Unit 2 Troy, NY	3.0	1.0	1000	$1,950	$1.95	14d	1	1.34mi
355 4th St Troy, NY	3.0	2.0	1203	$1,750	$1.45	24d	1	1.44mi
114 Ida St Unit 1 Troy, NY	3.0	1.0	1100	$1,395	$1.27	24d	1	1.50mi

Listing history 38 events

1. 2026-06-18
   days on market $174,900 Active 34 DOM
2. 2026-06-17
   days on market $174,900 Active 33 DOM
3. 2026-06-16
   days on market $174,900 Active 32 DOM
4. 2026-06-15
   days on market $174,900 Active 31 DOM
5. 2026-06-14
   days on market $174,900 Active 29 DOM
6. 2026-06-13
   days on market $174,900 Active 28 DOM
7. 2026-06-10
   days on market $174,900 Active 26 DOM
8. 2026-06-09
   days on market $174,900 Active 25 DOM
9. 2026-06-08
   days on market $174,900 Active 24 DOM
10. 2026-06-07
    days on market $174,900 Active 23 DOM
11. 2026-06-03
    days on market $174,900 Active 19 DOM
12. 2026-06-02
    days on market $174,900 Active 18 DOM
13. 2026-06-01
    days on market $174,900 Active 17 DOM
14. 2026-05-31
    days on market $174,900 Active 16 DOM
15. 2026-05-31
    days on market $174,900 Active 15 DOM
16. 2026-05-15
    listed $174,900 Active 116-char remark
17. 2025-08-08
    soldstatus $119,000
18. 2025-07-28
    soldstatus $119,000 Closed 186-char remark

    Show marketing remark (186 chars)

    This fantastic duplex offers a great opportunity for owner-occupants or investors, with both units currently vacant and ready for immediate use. Upstairs unit is updated! Don't miss out!

19. 2025-05-06
    status Pending 186-char remark

    Show marketing remark (186 chars)

    This fantastic duplex offers a great opportunity for owner-occupants or investors, with both units currently vacant and ready for immediate use. Upstairs unit is updated! Don't miss out!

20. 2025-04-25
    price $119,000 186-char remark

    Show marketing remark (186 chars)

    This fantastic duplex offers a great opportunity for owner-occupants or investors, with both units currently vacant and ready for immediate use. Upstairs unit is updated! Don't miss out!

21. 2025-04-05
    price $127,600 186-char remark

    Show marketing remark (186 chars)

    This fantastic duplex offers a great opportunity for owner-occupants or investors, with both units currently vacant and ready for immediate use. Upstairs unit is updated! Don't miss out!

22. 2025-03-12
    status Active 186-char remark

    Show marketing remark (186 chars)

    This fantastic duplex offers a great opportunity for owner-occupants or investors, with both units currently vacant and ready for immediate use. Upstairs unit is updated! Don't miss out!

23. 2025-03-12
    price $130,000 186-char remark

    Show marketing remark (186 chars)

    This fantastic duplex offers a great opportunity for owner-occupants or investors, with both units currently vacant and ready for immediate use. Upstairs unit is updated! Don't miss out!

24. 2025-01-29
    status Pending 186-char remark

    Show marketing remark (186 chars)

    This fantastic duplex offers a great opportunity for owner-occupants or investors, with both units currently vacant and ready for immediate use. Upstairs unit is updated! Don't miss out!

25. 2025-01-21
    price $140,000 186-char remark

    Show marketing remark (186 chars)

    This fantastic duplex offers a great opportunity for owner-occupants or investors, with both units currently vacant and ready for immediate use. Upstairs unit is updated! Don't miss out!

26. 2024-12-30
    price $146,000 186-char remark

    Show marketing remark (186 chars)

    This fantastic duplex offers a great opportunity for owner-occupants or investors, with both units currently vacant and ready for immediate use. Upstairs unit is updated! Don't miss out!

27. 2024-12-15
    listed $150,000 Active 186-char remark

    Show marketing remark (186 chars)

    This fantastic duplex offers a great opportunity for owner-occupants or investors, with both units currently vacant and ready for immediate use. Upstairs unit is updated! Don't miss out!

28. 2022-08-24
    status Pending

    Show marketing remark (134 chars)

    Brick 2 family with off street parking less than 1 mile from college!! Upstairs is vacant and ready for an owner occupy or new tenant!

29. 2022-07-31
    status Active

    Show marketing remark (134 chars)

    Brick 2 family with off street parking less than 1 mile from college!! Upstairs is vacant and ready for an owner occupy or new tenant!

30. 2022-07-30
    historical

    Show marketing remark (134 chars)

    Brick 2 family with off street parking less than 1 mile from college!! Upstairs is vacant and ready for an owner occupy or new tenant!

31. 2022-07-22
    price $89,900

    Show marketing remark (134 chars)

    Brick 2 family with off street parking less than 1 mile from college!! Upstairs is vacant and ready for an owner occupy or new tenant!

32. 2022-07-07
    price $95,000

    Show marketing remark (134 chars)

    Brick 2 family with off street parking less than 1 mile from college!! Upstairs is vacant and ready for an owner occupy or new tenant!

33. 2022-04-22
    listed $99,000 Active

    Show marketing remark (134 chars)

    Brick 2 family with off street parking less than 1 mile from college!! Upstairs is vacant and ready for an owner occupy or new tenant!

34. 2017-12-18
    soldstatus $10,000
35. 2015-08-28
    soldstatus $18,000
36. 2015-08-03
    historical
37. 2015-05-28
    listed $19,900
38. 1995-08-09
    soldstatus $34,000

ⓘ 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: $2,004 · $167/mo
• Projected year-2 tax: $2,480 · $207/mo
• Expected delta: +$476/yr (+$40/mo · 23.7%)

ⓘ 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 3/10 Moderate
• 🌡 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: $35,928
• − Mortgage interest: −$9,797
• − Property taxes: −$2,004
• − Insurance: −$874
• − Repairs & maintenance: −$2,874
• − Management: −$2,874
• − Depreciation: −$5,088
• Taxable income: $12,416
• Est. tax owed @ 24.0%: −$2,980
• After-tax cash flow: $11,518/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

+414.4% since first listed

23 events — show timeline

• 2026-05-15 Listed $174,900 Global MLS
• 2025-08-08 Sold (Public Records) $119,000 Public Records
• 2025-07-28 Sold (MLS) $119,000 Global MLS
• 2025-05-06 Pending — Global MLS
• 2025-04-25 Price Changed $119,000 Global MLS
• 2025-04-05 Price Changed $127,600 Global MLS
• 2025-03-12 Relisted — Global MLS
• 2025-03-12 Price Changed $130,000 Global MLS
• 2025-01-29 Pending — Global MLS
• 2025-01-21 Price Changed $140,000 Global MLS
• 2024-12-30 Price Changed $146,000 Global MLS
• 2024-12-15 Listed $150,000 Global MLS
• 2022-08-24 Pending — Global MLS
• 2022-07-31 Relisted — Global MLS
• 2022-07-30 Listing Removed — Global MLS
• 2022-07-22 Price Changed $89,900 Global MLS
• 2022-07-07 Price Changed $95,000 Global MLS
• 2022-04-22 Listed $99,000 Global MLS
• 2017-12-18 Sold (Public Records) $10,000 Public Records
• 2015-08-28 Sold (MLS) $18,000 Global MLS
• 2015-08-03 Listing Removed — Global MLS
• 2015-05-28 Listed $19,900 Global MLS
• 1995-08-09 Sold (Public Records) $34,000 Public Records

Property tax history

-1.1%/yr

Latest (2025): $2,004 · -56.2% YoY. Source: county tax records.