546 2nd St · Troy, NY 12180

$224,900

6 bd · 2.0 ba · 1,760 sqft · MultiFamily public records · 16 Days on market

Built 1918 2,613 sqft lot Est $185k · 22% over

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Why this score? — see what drove the C+ 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
• 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
• ARV discount +0.0/15.0
• 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

Great investment opportunity in South Troy. Up and down two family with 100 year old charm. Small backyard with basement access. Close to major routes. Vacant, easy to show. Come enjoy Troy! Good Condition

Key facts

• Updated kitchen
• Two-family property
• Updated bathroom

Tags

• TWO-FAMILY PROPERTY
• UPDATED KITCHEN
• UPDATED BATHROOM
• WALKING DISTANCE TO DOWNTOWN

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex; Living area approximately 1,760
• Construction: Vinyl siding
• Exterior features: Back yard fencing; Other exterior features

Interior

• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3–4 bedrooms
• Flooring: Vinyl flooring; Laminate flooring
• Bathrooms: 2 full bathrooms total (one full bath on 1st level, one full bath on 2nd level); Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Forced air heating; Natural gas
• Interior features: Unfinished basement; Vinyl and laminate flooring

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $758 ($9k/yr) — positive. Per door: $379/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.8% 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; 2 comparable units currently listed for rent nearby; solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• At $3,832/mo this rent would consume 61% 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 $2k of loan paydown is wiped out by about $7k 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 $63k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $63k; list at $225k implies a 257% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; flood insurance adds $460/mo; built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $221,526 (1.5% below list)

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 1918 — 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: 1.70% ✓
• Cap rate: 12.80%
• Cash-on-cash: 23.23%
• DSCR: 2.03
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $184,800
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
451 3rd St	0.31mi	5/2.0 (-1)	1,936 (+10%)	7mo	$140,000	$72	58
201 Broadway	0.58mi	5/2.0 (-1)	1,776 (+1%)	12mo	$265,000	$149	56
480 1st St	0.11mi	5/2.0 (-1)	1,936 (+10%)	22mo	$150,000	$77	55
84 Ida St	0.72mi	6/2.0	1,876 (+7%)	4mo	$72,000	$38	52
60 Thompson St	0.34mi	5/2.0 (-1)	1,989 (+13%)	14mo	$175,000	$88	46
15 7th St	0.49mi	6/2.0	2,000 (+14%)	13mo	$285,000	$143	43
10 Willis St	0.69mi	5/2.0 (-1)	1,806 (+3%)	20mo	$191,000	$106	42
2 Mechanic St	0.37mi	5/2.0 (-1)	1,533 (-13%)	24mo	$160,844	$105	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: 7.8%
• Equity multiple: 1.31×
• Total profit: $19,738
• Equity at exit: $33,533

10-year hold

• IRR: 19.1%
• Equity multiple: 2.79×
• Total profit: $112,890
• Equity at exit: $19,445

Cash invested: $62,972 (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: 9.8×

Monthly cashflow live

• Estimated rent: $3,832 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$535 /mo · $6,425/yr
• Insurance: −$94
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$805
• Net cashflow: $758

Break-even live

Break-even rent $2,872

Max offer price $224,900

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1	$3,832
Total (2 units)			$3,832

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
41 Christie St Troy, NY	5.0	2.0	1277	$700	$0.55	14d	1	1.35mi
97 14th St Unit 2 Troy, NY	5.0	2.0	1600	$625	$0.39	19d	1	1.40mi

Listing history 18 events

1. 2026-06-13
   statusdays on market $224,900 Pending 16 DOM
2. 2026-06-10
   days on market $224,900 Active 14 DOM
3. 2026-06-09
   days on market $224,900 Active 13 DOM
4. 2026-06-08
   days on market $224,900 Active 12 DOM
5. 2026-06-07
   days on market $224,900 Active 11 DOM
6. 2026-06-03
   days on market $224,900 Active 7 DOM
7. 2026-06-02
   days on market $224,900 Active 6 DOM
8. 2026-06-01
   days on market $224,900 Active 5 DOM
9. 2026-05-31
   days on market $224,900 Active 4 DOM
10. 2026-05-31
    days on market $224,900 Active 3 DOM
11. 2026-05-27
    listed $224,900 Active
12. 2024-12-21
    historical
13. 2024-11-14
    price $214,999
14. 2024-09-11
    listed $219,999 Active
15. 2018-07-18
    soldstatus $63,000
16. 2018-07-10
    soldstatus $63,000 Closed (Final Sale) 205-char remark

    Show marketing remark (205 chars)

    Great investment opportunity in South Troy. Up and down two family with 100 year old charm. Small backyard with basement access. Close to major routes. Vacant, easy to show. Come enjoy Troy! Good Condition

17. 2018-05-11
    status Pend (Under Cntr) 205-char remark

    Show marketing remark (205 chars)

    Great investment opportunity in South Troy. Up and down two family with 100 year old charm. Small backyard with basement access. Close to major routes. Vacant, easy to show. Come enjoy Troy! Good Condition

18. 2018-05-04
    listed $75,000 New 205-char remark

    Show marketing remark (205 chars)

    Great investment opportunity in South Troy. Up and down two family with 100 year old charm. Small backyard with basement access. Close to major routes. Vacant, easy to show. Come enjoy Troy! Good Condition

ⓘ 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: $6,425 · $535/mo
• Projected year-2 tax: $6,425 · $535/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 9/10 Extreme FEMA zone AE · 99% 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: $45,984
• − Mortgage interest: −$12,598
• − Property taxes: −$6,425
• − Insurance: −$6,650
• − Repairs & maintenance: −$3,679
• − Management: −$3,679
• − Depreciation: −$6,543
• Taxable income: $6,412
• Est. tax owed @ 24.0%: −$1,539
• After-tax cash flow: $7,562/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

+199.9% since first listed

8 events — show timeline

• 2026-05-27 Listed $224,900 Global MLS
• 2024-12-21 Listing Removed — Global MLS
• 2024-11-14 Price Changed $214,999 Global MLS
• 2024-09-11 Listed $219,999 Global MLS
• 2018-07-18 Sold (Public Records) $63,000 Public Records
• 2018-07-10 Sold (MLS) $63,000 Global MLS
• 2018-05-11 Pending — Global MLS
• 2018-05-04 Listed $75,000 Global MLS

Property tax history

+24.6%/yr

Latest (2025): $6,425 · -7.6% YoY. Source: county tax records.