404 8th St · Troy, NY 12180

$190,000

4 bd · 2.0 ba · 1,936 sqft · MultiFamily · 5 Days on market

Built 1910 3,484 sqft lot Est $221k · 14% 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 +13.8/15.0
• 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

This is a two-family building with recent update of new electric wiring, plumbing and heating system. for the entire house, new plumbing, a newly installed Navieen combi high-efficiency boiler, a tankless water heater, new carpets, and marble floors, and a bath. Garage not included with sale. Shared driveway

Key facts

• Near schools
• Near downtown troy
• Two-family property

Tags

• TWO-FAMILY PROPERTY
• FUNCTIONAL LAYOUTS
• SOLID RENTAL POTENTIAL
• CONVENIENTLY LOCATED
• NEAR DOWNTOWN TROY
• NEAR SCHOOLS

Property features AI

Exterior

• Parking: Off-street parking
• Security: Owned security system; Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Duplex; Total living area approximately 1,936 (unit breakdown not provided)
• Construction: Vinyl siding; Rubber and shingle roofing
• Exterior features: Front porch; Partial fencing; Shed(s); Level, cleared lot

Interior

• Bedrooms: Unit 1: 2 bedrooms (both on the 1st floor); Unit 2: 3 bedrooms (all on the 2nd floor)
• Flooring: Wood; Carpet; Ceramic tile; Laminate
• Bathrooms: Two full bathrooms total; Unit 1: 1 full bathroom (1st floor); Unit 2: 1 full bathroom (2nd floor)
• Heating & cooling: Baseboard heat; Natural gas heating
• Interior features: Wood, carpet, ceramic tile, and laminate flooring; Unfinished basement with interior entry
• Laundry & utility: Laundry area located in a bathroom

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $554/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Cap rate 13.3% 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; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $3,065/mo this rent would consume 48% 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 $53k cash investment doubles in ~5 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 5y 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 $140k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $190,000

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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.61% ✓
• Cap rate: 13.29%
• Cash-on-cash: 25.00%
• DSCR: 2.11
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $220,704
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1227 Sausse Ave	0.20mi	4/2.0	1,944 (+0%)	7mo	$190,000	$98	84
55 Oakwood Ave	0.15mi	5/2.0 (+1)	1,980 (+2%)	7mo	$170,000	$86	79
1213 Jacob St	0.53mi	5/2.0 (+1)	1,936 (0%)	1mo	$220,000	$114	69
6 W Sunnyside Way	0.41mi	5/3.0 (+1)	1,980 (+2%)	4mo	$242,000	$122	65
90 9th St	0.53mi	4/2.0	1,892 (-2%)	11mo	$225,000	$119	62
2435 5th Ave	0.23mi	3/2.0 (-1)	1,692 (-13%)	4mo	$279,900	$165	60
2205-2207 15th St	0.56mi	5/3.5 (+1)	2,000 (+3%)	17mo	$351,800	$176	43
137 Paine St	0.63mi	5/2.0 (+1)	2,090 (+8%)	11mo	$170,000	$81	43
23 Glen Ave	0.68mi	5/2.0 (+1)	2,200 (+14%)	1mo	$95,000	$43	39
31 Bond St	0.62mi	5/2.0 (+1)	1,676 (-13%)	8mo	$140,000	$84	37
25 High St	0.75mi	5/2.0 (+1)	2,116 (+9%)	12mo	$255,000	$121	35
3324 6th Ave	0.71mi	5/2.0 (+1)	2,225 (+15%)	16mo	$199,000	$89	24

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: 20.6%
• Equity multiple: 1.86×
• Total profit: $45,753
• Equity at exit: $28,330

10-year hold

• IRR: 30.0%
• Equity multiple: 3.93×
• Total profit: $156,108
• Equity at exit: $16,428

Cash invested: $53,200 (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: 10.3×

Monthly cashflow live

• Estimated rent: $3,065 high
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$238 /mo · $2,850/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$644
• Net cashflow: $1,108

Break-even live

Break-even rent $1,662

Max offer price $190,000

Occupancy floor 59%

Sensitivity live

Price	-10% $1,240	-5% $1,174	+0% $1,108	+5% $1,043	+10% $977
Rent	-10% $866	-5% $987	+0% $1,108	+5% $1,229	+10% $1,350
Rate	-1.0pp $1,204	-0.5pp $1,157	base $1,108	+0.5pp $1,059	+1.0pp $1,009

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,066
Total (2 units)			$3,065

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
195 9th St Troy, NY	3.0	2.0	1500	$750	$0.50	20d	1	0.25mi
164 9th St Unit 1 Troy, NY	4.0	2.0	1400	$1,800	$1.29	24d	1	0.34mi
169 Hutton St Unit 1 Troy, NY	3.0	1.0	1500	$595	$0.40	20d	1	0.35mi
136 9th St Unit 2 Troy, NY	3.0	1.0	1500	$600	$0.40	20d	1	0.41mi
136 9th St Unit 1 Troy, NY	3.0	1.0	1500	$595	$0.40	20d	1	0.41mi
136 9th St Unit 3 Troy, NY	4.0	1.0	1500	$595	$0.40	20d	1	0.41mi
2326 15th St Unit 1 Troy, NY	4.0	1.5	1500	$695	$0.46	20d	1	0.44mi
904 Peoples Ave Troy, NY	4.0	1.0	1800	$645	$0.36	20d	1	0.55mi
288 Hoosick St Troy, NY	3.0	1.0	1800	$695	$0.39	20d	1	0.69mi
17 State St Troy, NY	4.0	1.0–1.5	1810	$3,635	$2.01	15d	7	0.98mi
1520 6th Ave Troy, NY	2.0–4.0	2.0–4.0	1209	$1,349	$1.12	24d	8	1.03mi
131 6th Ave Troy, NY	4.0	1.0	1400	$2,325	$1.66	15d	1	1.04mi
97 14th St Unit 2 Troy, NY	5.0	2.0	1600	$625	$0.39	20d	1	1.06mi
97 14th St Troy, NY	4.0	2.0	1500	$650	$0.43	20d	1	1.06mi
88 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	20d	1	1.09mi
79 14th St Unit 1 Troy, NY	3.0	1.0	1500	$650	$0.43	20d	1	1.10mi
157 6th Ave Unit 2 Troy, NY	3.0	1.0	1300	$1,350	$1.04	20d	1	1.10mi
79 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	20d	1	1.11mi
53 13th St Troy, NY	4.0	1.0	1500	$650	$0.43	20d	1	1.11mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	20d	1	1.17mi
41 Christie St Troy, NY	5.0	2.0	1277	$700	$0.55	15d	1	1.19mi
150 2nd St Troy, NY	4.0	1.5	2442	$3,000	$1.23	22d	1	1.25mi
1708 Highland Ave Unit 3 Troy, NY	3.0	1.0	1485	$595	$0.40	20d	1	1.29mi
1820 Highland Ave Unit 2 Troy, NY	4.0	2.0	1680	$725	$0.43	20d	1	1.33mi

Listing history 5 events

1. 2026-06-21
   statusdays on market $190,000 Pending 5 DOM
2. 2026-06-18
   days on market $190,000 Active 3 DOM
3. 2026-06-17
   days on market $190,000 Active 2 DOM
4. 2026-06-15
   remarks 527-char remark
5. 2026-06-15
   listed $190,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥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: $36,780
• − Mortgage interest: −$10,643
• − Property taxes: −$2,850
• − Insurance: −$950
• − Repairs & maintenance: −$2,942
• − Management: −$2,942
• − Depreciation: −$5,527
• Taxable income: $10,925
• Est. tax owed @ 24.0%: −$2,622
• After-tax cash flow: $10,678/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

+961.5% since first listed

8 events — show timeline

• 2026-06-15 Listed $190,000 Global MLS
• 2023-04-07 Sold (MLS) $140,000 Global MLS
• 2023-03-29 Pending — Global MLS
• 2023-03-02 Pending — Global MLS
• 2023-02-24 Listed $139,000 Global MLS
• 2021-12-14 Pending — Global MLS
• 2021-11-26 Pending — Global MLS
• 2021-11-24 Listed $17,900 Global MLS