278-280 4th St · Troy, NY 12180

$688,000

12 bd · 6.0 ba · 5,121 sqft · MultiFamily · 80 Days on market

Built 1890 Good condition 3,484 sqft lot $134/sqft · at area comps Est $715k · 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
• 1% rule +9.8/10.0
• ARV discount +9.2/15.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.7/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 6 units. estimate disagrees with records

Listing remarks MLS

Welcome to 278-280 4th Street, a Six unit multi-family investment opportunity in the heart of Little Italy in Troy. This property features separate utilities for all units, making management simple and expenses easier to allocate. It is almost fully rented, offering immediate income potential and strong cash flow for investors seeking a stabilized asset. The building includes a mix of 2 bed and 3 bed units, many of which have been recently renovated, reducing near term capital needs while enhancing tenant appeal. Tenants also enjoy access to a shared backyard, providing outdoor space that adds to the property's desirability. 278-280 4th St is just half a block from the beloved DeFazio's Pizzeria, a destination that draws consistent activity to the area. Residents also benefit from close proximity to downtown Troy's restaurants, shops, farmers market, and entertainment options, plus convenient access to major roadways for commuting. As an added opportunity, this property is part of a 14-unit investment portfolio, with all buildings located within close walking distance. All units across the portfolio feature separate utilities, allowing for simplified management and cleaner expense allocation. The portfolio is being offered together for $1,534,000, presenting a rare opportunity for investors to acquire multiple assets in one concentrated location, supporting operational efficiency and streamlined management. Additional properties included in this portfolio are listed below. 308 4th Street (3 Units) 276 3rd Street (5 Units)

Key facts

• 3,484 sq ft lot
• Built 1890
• Listed 80 days

What this means for you Summary

Snapshot

• This is a 3×2bd/1.0ba + 3×3bd/1.0ba units multifamily listed at $688k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $545/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $688k).
• Recommended offer: $647k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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; solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• At $10,161/mo this rent would consume 161% 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 $5k of loan paydown is wiped out by about $21k 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 $193k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($647k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $646,720 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.48% ✓
• Cap rate: 12.00%
• Cash-on-cash: 20.39%
• DSCR: 1.91
• GRM: 5.6

CMA / ARV

• ARV (median comp): $715,381
• List price: $688,000
• Delta: -3.83%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
308 3rd St	0.16mi	12/4.0	4,854 (-5%)	3mo	$390,000	$80	73
303-305 2nd St	0.27mi	12/4.0	5,000 (-2%)	4mo	$185,000	$37	72

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: 14.8%
• Equity multiple: 1.61×
• Total profit: $116,680
• Equity at exit: $102,583

10-year hold

• IRR: 24.9%
• Equity multiple: 3.36×
• Total profit: $454,110
• Equity at exit: $59,486

Cash invested: $192,640 (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: 35.9×

Monthly cashflow live

• Estimated rent: $10,161 high
• Mortgage (P&I): −$3,608
• Tax est. 1.5%: −$860 /mo · $10,320/yr
• Insurance: −$287
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,134
• Net cashflow: $3,273

Break-even live

Break-even rent $6,018

Max offer price $688,000

Occupancy floor 63%

Sensitivity live

Price	-10% $3,748	-5% $3,510	+0% $3,273	+5% $3,035	+10% $2,797
Rent	-10% $2,470	-5% $2,871	+0% $3,273	+5% $3,674	+10% $4,075
Rate	-1.0pp $3,619	-0.5pp $3,448	base $3,273	+0.5pp $3,094	+1.0pp $2,913

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,794
▸ 3× units	3	1	$5,367
Total (6 units)			$10,161

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: $172,000
• Closing costs: $20,640
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $688,000 Active 80 DOM
2. 2026-06-17
   days on market $688,000 Active 79 DOM
3. 2026-06-16
   days on market $688,000 Active 78 DOM
4. 2026-06-15
   days on market $688,000 Active 77 DOM
5. 2026-06-14
   days on market $688,000 Active 75 DOM
6. 2026-06-13
   days on market $688,000 Active 74 DOM
7. 2026-06-10
   days on market $688,000 Active 72 DOM
8. 2026-06-09
   days on market $688,000 Active 71 DOM
9. 2026-06-08
   days on market $688,000 Active 70 DOM
10. 2026-06-07
    days on market $688,000 Active 69 DOM
11. 2026-06-03
    days on market $688,000 Active 65 DOM
12. 2026-06-02
    days on market $688,000 Active 64 DOM
13. 2026-06-01
    days on market $688,000 Active 63 DOM
14. 2026-05-31
    days on market $688,000 Active 62 DOM
15. 2026-05-31
    days on market $688,000 Active 61 DOM
16. 2026-03-27
    listed $688,000 Active 1564-char remark

    Show marketing remark (1564 chars)

    Welcome to 278-280 4th Street, a Six unit multi-family investment opportunity in the heart of Little Italy in Troy. This property features separate utilities for all units, making management simple and expenses easier to allocate. It is almost fully rented, offering immediate income potential and strong cash flow for investors seeking a stabilized asset. The building includes a mix of 2 bed and 3 bed units, many of which have been recently renovated, reducing near term capital needs while enhancing tenant appeal. Tenants also enjoy access to a shared backyard, providing outdoor space that adds to the property's desirability. 278-280 4th St is just half a block from the beloved DeFazio's Pizzeria, a destination that draws consistent activity to the area. Residents also benefit from close proximity to downtown Troy's restaurants, shops, farmers market, and entertainment options, plus convenient access to major roadways for commuting. As an added opportunity, this property is part of a 14-unit investment portfolio, with all buildings located within close walking distance. All units across the portfolio feature separate utilities, allowing for simplified management and cleaner expense allocation. The portfolio is being offered together for $1,534,000, presenting a rare opportunity for investors to acquire multiple assets in one concentrated location, supporting operational efficiency and streamlined management. Additional properties included in this portfolio are listed below. 308 4th Street (3 Units) 276 3rd Street (5 Units)

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

Taxation est. · year 1

• Rental income: $121,932
• − Mortgage interest: −$38,539
• − Property taxes: −$10,320
• − Insurance: −$3,440
• − Repairs & maintenance: −$9,755
• − Management: −$9,755
• − Depreciation: −$20,015
• Taxable income: $30,110
• Est. tax owed @ 24.0%: −$7,226
• After-tax cash flow: $32,045/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with minimal repairs needed. It offers a good investment opportunity with potential for value-add improvements in the kitchen and bathrooms.

Value-add opportunities

• Resale Paint the kitchen countertops and backsplash — Fresh paint can make the kitchen appear more modern and appealing to potential buyers.
• Rental Update bathroom fixtures — Updated fixtures can make bathrooms more attractive to tenants and improve the overall rental experience.
• Both Inspect roof for any potential issues — A thorough inspection can ensure the roof is in good condition and prevent costly repairs in the future, benefiting both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint the kitchen countertops and backsplash — Fresh paint can make the kitchen appear more modern and appealing to potential buyers. ↑
• Rental Update bathroom fixtures — Updated fixtures can make bathrooms more attractive to tenants and improve the overall rental experience. ↑
• Both Inspect roof for any potential issues — A thorough inspection can ensure the roof is in good condition and prevent costly repairs in the future, benefiting both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-03-27 Listed $688,000 Global MLS