304 2nd St · Troy, NY 12180

$132,000

3 bd · 2.0 ba · 1,408 sqft · MultiFamily public records · 35 Days on market

Built 1890 3,049 sqft lot $94/sqft · 46% below area Est $246k · 46% 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

Rare opportunity for owner-occupants or investors alike!

Key facts

• Two-family home
• Shopping
• Convenient location

Tags

• TWO-FAMILY HOME
• RENTAL INCOME
• CONVENIENT LOCATION
• CLOSE TO DOWNTOWN
• SHOPPING
• RESTAURANTS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $132k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $132k).
• Recommended offer: $128k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.7% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $2,986/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 $913 of loan paydown is wiped out by about $4k 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 $37k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $17k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $132k implies a 193% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $128,040 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.26% ✓
• Cap rate: 19.70%
• Cash-on-cash: 47.90%
• DSCR: 3.13
• GRM: 3.7

CMA / ARV

• ARV (median comp): $246,432
• List price: $132,000
• Delta: -46.44%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
408 Williams St	0.20mi	2/2.0 (-1)	1,482 (+5%)	2mo	$150,000	$101	75
64 Jefferson St	0.13mi	4/2.0 (+1)	1,377 (-2%)	17mo	$165,000	$120	71
84 Hill St	0.32mi	2/2.0 (-1)	1,453 (+3%)	16mo	$157,500	$108	61
86 Ida St	0.16mi	4/2.0 (+1)	1,600 (+14%)	6mo	$122,500	$77	60
366 1st St	0.24mi	3/2.0	1,496 (+6%)	24mo	$107,000	$72	59
6 Walnut St	0.69mi	3/2.0	1,320 (-6%)	20mo	$165,000	$125	40
5 Lincoln Ave	0.46mi	4/2.0 (+1)	1,280 (-9%)	22mo	$169,900	$133	40
531 2nd St	0.61mi	4/2.0 (+1)	1,584 (+12%)	12mo	$131,250	$83	36

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: 45.5%
• Equity multiple: 3.03×
• Total profit: $74,845
• Equity at exit: $19,682

10-year hold

• IRR: 52.2%
• Equity multiple: 6.58×
• Total profit: $206,390
• Equity at exit: $11,413

Cash invested: $36,960 (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: 7.4×

Monthly cashflow live

• Estimated rent: $2,986 high
• Mortgage (P&I): −$692
• Tax from tax record: −$137 /mo · $1,638/yr
• Insurance: −$55
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$627
• Net cashflow: $1,420

Break-even live

Break-even rent $1,189

Max offer price $132,000

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,986
Total (2 units)			$2,986

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: $33,000
• Closing costs: $3,960
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
323 2nd St #1 Troy, NY	2.0	1.0	1150	$1,950	$1.70	23d	1	0.07mi
306 3rd St Troy, NY	3.0	1.0	1100	$1,700	$1.55	23d	1	0.09mi
355 4th St Troy, NY	3.0	2.0	1203	$1,750	$1.45	23d	1	0.12mi
356 3rd St Unit 2 Troy, NY	3.0	1.0	1000	$1,950	$1.95	14d	1	0.14mi
334 4th St Troy, NY	2.0	1.0	1200	$1,550	$1.29	23d	1	0.15mi
114 Ida St Unit 1 Troy, NY	3.0	1.0	1100	$1,395	$1.27	23d	1	0.24mi
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	14d	1	0.26mi
363 1st St Troy, NY	3.0	2.5	1408	$2,100	$1.49	21d	1	0.26mi
2 River St Troy, NY	2.0	1.0–2.5	945	$2,650	$2.80	14d	6	0.28mi
189 Hill St Troy, NY	3.0	1.0	995	$1,900	$1.91	23d	1	0.37mi
22 13th St Watervliet, NY	2.0	1.5	900	$1,600	$1.78	44d	1	0.45mi
209 13th St Watervliet, NY	4.0	1.0	1100	$1,700	$1.55	44d	1	0.56mi
124 Ferry St Troy, NY	1.0–3.0	1.0–2.0	814	$2,799	$3.44	14d	10	0.57mi
151 4th St Troy, NY	4.0	1.0	1000	$1,400	$1.40	23d	1	0.58mi
809 Broadway #2 Watervliet, NY	3.0	1.0	1100	$1,625	$1.48	44d	1	0.59mi
11 Spring Ave Troy, NY	3.0	2.0	1788	$2,500	$1.40	23d	1	0.60mi
51 Tyler St #2 Troy, NY	4.0	1.0	900	$1,790	$1.99	14d	1	0.63mi
53-55 Congress St Troy, NY	2.0	1.0	1500	$1,700	$1.13	23d	1	0.64mi
65 3rd St Troy, NY	2.0	2.0	1185	$2,995	$2.53	23d	1	0.64mi
1520 6th Ave Troy, NY	2.0–4.0	2.0–4.0	1209	$1,224	$1.01	23d	8	0.64mi
155 River St Unit 5D Troy, NY	2.0	1.0	900	$2,000	$2.22	44d	1	0.65mi
155 River St Unit 3C Troy, NY	2.0	1.0	1100	$2,000	$1.82	14d	1	0.65mi
1611 6th Ave Troy, NY	1.0–2.0	1.0–2.0	976	$3,000	$3.07	14d	28	0.69mi
104 4th St Unit 2 Troy, NY	3.0	1.0	950	$1,800	$1.89	14d	1	0.70mi
182 Delaware Ave Troy, NY	1.0–2.0	1.0–2.0	739	$1,695	$2.29	14d	17	0.72mi
17 State St Troy, NY	4.0	1.0–1.5	1810	$2,996	$1.66	14d	7	0.72mi
1513 5th Ave Unit 2 Watervliet, NY	3.0	1.0	1200	$1,550	$1.29	14d	1	0.74mi
1534 5th Ave #1 Watervliet, NY	3.0	1.0	1200	$1,595	$1.33	44d	1	0.75mi
649 4th St Unit 2 Troy, NY	3.0	1.0	1200	$1,345	$1.12	23d	1	0.76mi
51 14th St Unit 1 Troy, NY	2.0	1.0	1000	$850	$0.85	14d	1	0.80mi
53 13th St Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	0.81mi
36 Farm St Troy, NY	4.0	2.0	1100	$695	$0.63	14d	1	0.83mi
79 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	0.84mi
79 14th St Unit 1 Troy, NY	3.0	1.0	1500	$650	$0.43	19d	1	0.84mi
1417 7th Ave Unit 2 Watervliet, NY	2.0	1.0	1000	$2,200	$2.20	14d	1	0.85mi
97 14th St Troy, NY	4.0	2.0	1500	$650	$0.43	19d	1	0.87mi
88 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	19d	1	0.87mi
88 14th St Unit 1 Troy, NY	2.0	1.0	1000	$795	$0.80	19d	1	0.87mi
509 5th Ave Unit 9 Watervliet, NY	3.0	1.0	1100	$1,800	$1.64	14d	1	0.95mi
1708 Highland Ave Unit 3 Troy, NY	3.0	1.0	1485	$595	$0.40	19d	1	0.96mi

Listing history 16 events

1. 2026-06-17
   status $132,000 Pending 35 DOM
2. 2026-06-17
   days on market $132,000 Active 35 DOM
3. 2026-06-16
   days on market $132,000 Active 34 DOM
4. 2026-06-15
   days on market $132,000 Active 33 DOM
5. 2026-06-14
   days on market $132,000 Active 31 DOM
6. 2026-06-13
   statusdays on market $132,000 Active 30 DOM
7. 2026-05-13
   price $132,000 56-char remark

   Show marketing remark (56 chars)

   Rare opportunity for owner-occupants or investors alike!

8. 2026-04-30
   status Active 56-char remark

   Show marketing remark (56 chars)

   Rare opportunity for owner-occupants or investors alike!

9. 2026-04-23
   status Pending 56-char remark

   Show marketing remark (56 chars)

   Rare opportunity for owner-occupants or investors alike!

10. 2026-04-17
    listed $149,000 Active 56-char remark

    Show marketing remark (56 chars)

    Rare opportunity for owner-occupants or investors alike!

11. 2024-12-18
    historical
12. 2024-10-28
    price $143,000
13. 2024-09-24
    listed $149,000 Active
14. 2014-07-02
    soldstatus $45,000
15. 2014-04-25
    historical
16. 2013-06-04
    listed $57,500

ⓘ 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: $1,638 · $137/mo
• Projected year-2 tax: $1,934 · $161/mo
• Expected delta: +$296/yr (+$25/mo · 18.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $35,832
• − Mortgage interest: −$7,394
• − Property taxes: −$1,638
• − Insurance: −$1,326
• − Repairs & maintenance: −$2,867
• − Management: −$2,867
• − Depreciation: −$3,840
• Taxable income: $15,900
• Est. tax owed @ 24.0%: −$3,816
• After-tax cash flow: $13,220/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

+129.6% since first listed

10 events — show timeline

• 2026-05-13 Price Changed $132,000 Global MLS
• 2026-04-30 Relisted — Global MLS
• 2026-04-23 Pending — Global MLS
• 2026-04-17 Listed $149,000 Global MLS
• 2024-12-18 Listing Removed — Global MLS
• 2024-10-28 Price Changed $143,000 Global MLS
• 2024-09-24 Listed $149,000 Global MLS
• 2014-07-02 Sold (MLS) $45,000 Global MLS
• 2014-04-25 Listing Removed — Global MLS
• 2013-06-04 Listed $57,500 Global MLS

Property tax history

+13.0%/yr

Latest (2025): $1,638 · -22.1% YoY. Source: county tax records.