865 4th Ave · Troy, NY 12182

$180,000

5 bd · 2.0 ba · 1,804 sqft · MultiFamily public records · 13 Days on market

Built 1915 3,049 sqft lot Est $240k · 25% 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 +2.8/10.0
• Rent growth +2.5/5.0
• 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

Great rental or owner occupied 2 family in Lansingburgh, 2nd floor is a nice 2 bedroom apart ready to rent, 1st floor needs tlc before renting. alley behind house, good sized yard off street parking possibilities. close to bus line and shopping.

Key facts

• Rear fenced yard
• Laundry room
• Rear enclosed porch

Tags

• ORIGINAL WOOD FLOORING
• FORMAL DINING ROOMS
• GOOD SIZED KITCHENS
• LAUNDRY ROOM
• REAR ENCLOSED PORCH
• REAR FENCED YARD

Property features AI

Finance

• Financial info: Two-unit property; Owner pays: Other

Exterior

• Parking: Other parking
• Utilities: 100 Amp electric service; Public water; Public sewer
• Home design: Duplex; Living area approximately 1,804; Aluminum siding
• Construction: Shingle roof
• Exterior features: Rear enclosed porch; Back yard fencing

Interior

• Kitchen: Unit 1: 1 kitchen (1st floor); Unit 2: 1 kitchen (2nd floor)
• Bedrooms: Unit 1: 2 bedrooms (1st floor); Unit 2: 2 bedrooms (2nd floor)
• Flooring: Wood flooring
• Bathrooms: 2 full bathrooms total; Unit 1: 1 full bathroom (1st floor); Unit 2: 1 full bathroom (2nd floor)
• Heating & cooling: Natural gas heating; Space heaters; Has heating
• Interior features: Paddle fan; Exterior-entry unfinished basement
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $552/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Cap rate 13.7% 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.
• Lansingburgh Central School District (urban): math 31% / reading 35% proficiency, ranked #566 of 590 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 75 active listings in the ZIP; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).

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 + 3.0% rent growth), your $50k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y 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 $55k; list at $180k implies a 227% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $180,000

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 1915 — 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: 1.70% ✓
• Cap rate: 13.66%
• Cash-on-cash: 26.30%
• DSCR: 2.17
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $239,932
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
29 122nd St	0.20mi	4/2.0 (-1)	1,816 (+1%)	14mo	$165,000	$91	72
847 5th Ave	0.08mi	4/2.0 (-1)	2,052 (+14%)	1mo	$245,000	$119	68
855 7th Ave	0.19mi	5/2.0	1,704 (-6%)	23mo	$256,264	$150	63
807 7th Ave	0.24mi	4/2.0 (-1)	1,848 (+2%)	22mo	$200,000	$108	61
878 3rd Ave	0.05mi	4/2.0 (-1)	2,042 (+13%)	14mo	$165,000	$81	59
702 5th Ave	0.45mi	4/2.0 (-1)	1,848 (+2%)	14mo	$130,000	$70	58
2 Short 6th St	0.70mi	4/2.0 (-1)	1,720 (-5%)	2mo	$324,000	$188	53
60-62 4th St	0.65mi	4/2.5 (-1)	1,800 (-0%)	19mo	$298,700	$166	46
141 Second St	0.74mi	4/2.0 (-1)	1,984 (+10%)	0mo	$350,000	$176	44
660 2nd Ave	0.58mi	4/3.0 (-1)	1,584 (-12%)	20mo	$217,500	$137	27
617-619 1st Ave	0.71mi	4/3.0 (-1)	2,016 (+12%)	17mo	$267,500	$133	24
606 4th Ave	0.70mi	6/2.0 (+1)	2,036 (+13%)	23mo	$185,000	$91	22

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.1%
• Equity multiple: 1.82×
• Total profit: $41,285
• Equity at exit: $26,839

10-year hold

• IRR: 28.4%
• Equity multiple: 3.52×
• Total profit: $126,927
• Equity at exit: $15,563

Cash invested: $50,400 (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 12182

• Home prices YoY: -15.6%
• Active inventory: 75
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $3,069 high
• Mortgage (P&I): −$944
• Tax from tax record: −$301 /mo · $3,610/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$644
• Net cashflow: $1,105

Break-even live

Break-even rent $1,671

Max offer price $180,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,070
Total (2 units)			$3,069

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $180,000 Active 13 DOM
2. 2026-06-17
   days on market $180,000 Active 12 DOM
3. 2026-06-16
   days on market $180,000 Active 11 DOM
4. 2026-06-15
   days on market $180,000 Active 10 DOM
5. 2026-06-14
   days on market $180,000 Active 8 DOM
6. 2026-06-10
   days on market $180,000 Active 5 DOM
7. 2026-06-09
   days on market $180,000 Active 4 DOM
8. 2026-06-08
   days on market $180,000 Active 3 DOM
9. 2026-06-07
   remarks 505-char remark
10. 2026-06-07
    listed $180,000 Active 2 DOM

ⓘ 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: $3,610 · $301/mo
• Projected year-2 tax: $3,610 · $301/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 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 · 18 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: $36,828
• − Mortgage interest: −$10,083
• − Property taxes: −$3,610
• − Insurance: −$900
• − Repairs & maintenance: −$2,946
• − Management: −$2,946
• − Depreciation: −$5,236
• Taxable income: $11,106
• Est. tax owed @ 24.0%: −$2,665
• After-tax cash flow: $10,591/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: Lansingburgh Central School District
• NCES district ID: 3616740
• Math proficiency: 31% ▼ -7.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $44,807
• Composite: 28.19/100
• National rank: #6810
• State rank: #566 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
• City population: 53,479
• Population (ZIP): 14,273

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 14% Two or more races 12% Hispanic / Latino 7%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Lithuanian 7% Romanian 3% Iranian 1%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 1%

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: ▼ -50.58%
• Current HPI: 273.5758
• Rent YoY: —
• Metro: —
• 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

+847.4% since first listed

7 events — show timeline

• 2026-06-05 Listed $180,000 Global MLS
• 2020-12-16 Sold (Public Records) $55,000 Public Records
• 2020-11-20 Sold (MLS) $55,000 Global MLS
• 2020-09-25 Pending — Global MLS
• 2020-09-14 Price Changed $59,000 Global MLS
• 2020-07-28 Listed $70,000 Global MLS
• 2000-11-15 Sold (Public Records) $19,000 Public Records

Property tax history

+15.5%/yr

Latest (2025): $3,610 · +1.3% YoY. Source: county tax records.