491 2nd St · Troy, NY 12180

$239,900

5 bd · 2.0 ba · 1,892 sqft · MultiFamily public records · 83 Days on market

Built 1910 2,613 sqft lot Est $191k · 26% 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

Nice renovated 2 family. Both units are vacant. Also comes with a backyard and 3 car garage.

Key facts

• Renovated
• Backyard
• 2,613 sq ft lot

Tags

• RENOVATED
• BACKYARD

Property features AI

Finance

• Financial info: Two-unit property; Tenants pay heat, electricity, and gas; Owner pays water, sewer, trash collection, and snow removal

Exterior

• Parking: 3 total parking spaces; 3-car garage
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: Duplex; Living area approximately 1,892; Built with wood siding
• Construction: Block and brick/mortar foundation; Asphalt roof; Wood siding construction
• Exterior features: Pressure-treated deck; Deck; Wood fencing with gate; Smoke detector(s)

Interior

• Bedrooms: Unit 1: 1 bedroom (on 1st floor); Unit 2: 2 bedrooms (on 2nd floor)
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms (one on 1st floor, one on 2nd floor)
• Heating & cooling: Natural gas heating
• Interior features: Carpet and laminate flooring; Unfinished basement
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $818 ($10k/yr) — positive. Per door: $409/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $240k).
• Recommended offer: $226k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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; 11 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 $3,602/mo this rent would consume 57% 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 $67k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y 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 $48k; list at $240k implies a 395% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1910 — 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 $225,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.50% ✓
• Cap rate: 12.69%
• Cash-on-cash: 22.84%
• DSCR: 2.02
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $191,092
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
451 3rd St	0.17mi	5/2.0	1,936 (+2%)	7mo	$140,000	$72	82
393 1st St	0.19mi	4/2.0 (-1)	1,848 (-2%)	8mo	$195,000	$106	75
556 2nd St	0.17mi	4/2.0 (-1)	1,754 (-7%)	1mo	$200,000	$114	74
55 Tyler St	0.15mi	4/2.0 (-1)	1,640 (-13%)	3mo	$165,000	$101	63
84 Ida St	0.58mi	6/2.0 (+1)	1,876 (-1%)	4mo	$72,000	$38	63
358 1st St	0.29mi	6/2.0 (+1)	2,024 (+7%)	10mo	$160,000	$79	62
21 Lincoln Ave	0.15mi	4/2.0 (-1)	2,142 (+13%)	6mo	$115,000	$54	61
303 2nd Ave	0.71mi	4/2.0 (-1)	1,924 (+2%)	10mo	$133,500	$69	50
17 7th St	0.48mi	4/2.0 (-1)	1,664 (-12%)	4mo	$211,000	$127	50
28-30 Vandenburgh Ave	0.75mi	4/3.0 (-1)	1,888 (-0%)	8mo	$210,000	$111	50
588 6th Ave	0.73mi	4/2.0 (-1)	2,120 (+12%)	9mo	$256,100	$121	34
182 Hill St	0.70mi	5/2.0	1,610 (-15%)	11mo	$148,000	$92	33

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: 7.6%
• Equity multiple: 1.30×
• Total profit: $20,437
• Equity at exit: $35,770

10-year hold

• IRR: 18.7%
• Equity multiple: 2.72×
• Total profit: $115,610
• Equity at exit: $20,742

Cash invested: $67,172 (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: 11.1×

Monthly cashflow live

• Estimated rent: $3,602 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$209 /mo · $2,512/yr
• Insurance: −$100
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$756
• Net cashflow: $818

Break-even live

Break-even rent $2,567

Max offer price $239,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,602
Total (2 units)			$3,602

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
150 2nd St Troy, NY	4.0	1.5	2442	$3,000	$1.23	21d	1	0.91mi
1520 6th Ave Troy, NY	2.0–4.0	2.0–4.0	1209	$1,349	$1.12	23d	8	1.12mi
51 14th St Unit 2 Troy, NY	4.0	2.0	2000	$725	$0.36	18d	1	1.17mi
53 13th St Troy, NY	4.0	1.0	1500	$650	$0.43	18d	1	1.20mi
41 Christie St Troy, NY	5.0	2.0	1277	$700	$0.55	14d	1	1.21mi
17 State St Troy, NY	4.0	1.0–1.5	1810	$3,635	$2.01	14d	7	1.22mi
79 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	18d	1	1.23mi
88 14th St Unit 2 Troy, NY	4.0	1.0	1500	$650	$0.43	18d	1	1.26mi
97 14th St Troy, NY	4.0	2.0	1500	$650	$0.43	18d	1	1.26mi
97 14th St Unit 2 Troy, NY	5.0	2.0	1600	$625	$0.39	18d	1	1.26mi
1820 Highland Ave Unit 2 Troy, NY	4.0	2.0	1680	$725	$0.43	18d	1	1.37mi

Listing history 27 events

1. 2026-06-18
   days on market $239,900 Active 83 DOM
2. 2026-06-17
   days on market $239,900 Active 82 DOM
3. 2026-06-16
   days on market $239,900 Active 81 DOM
4. 2026-06-15
   days on market $239,900 Active 80 DOM
5. 2026-06-14
   days on market $239,900 Active 78 DOM
6. 2026-06-13
   days on market $239,900 Active 77 DOM
7. 2026-06-10
   days on market $239,900 Active 75 DOM
8. 2026-06-09
   days on market $239,900 Active 74 DOM
9. 2026-06-08
   days on market $239,900 Active 73 DOM
10. 2026-06-07
    days on market $239,900 Active 72 DOM
11. 2026-06-03
    days on market $239,900 Active 68 DOM
12. 2026-06-02
    days on market $239,900 Active 67 DOM
13. 2026-06-01
    days on market $239,900 Active 66 DOM
14. 2026-05-31
    days on market $239,900 Active 65 DOM
15. 2026-05-31
    days on market $239,900 Active 64 DOM
16. 2026-05-18
    status Active
17. 2026-01-16
    status Pending
18. 2025-12-23
    price $239,900
19. 2025-11-25
    listed $249,900 Active
20. 2011-05-06
    historical
21. 2011-04-22
    listed $35,000
22. 2009-02-01
    historical
23. 2008-07-25
    listed $89,000
24. 2003-10-24
    soldstatus $48,500
25. 2003-10-21
    soldstatus $48,500
26. 2003-08-13
    historical
27. 2003-07-20
    listed $55,000

ⓘ 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: $2,512 · $209/mo
• Projected year-2 tax: $3,283 · $274/mo
• Expected delta: +$771/yr (+$64/mo · 30.7%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°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: $43,224
• − Mortgage interest: −$13,438
• − Property taxes: −$2,512
• − Insurance: −$6,724
• − Repairs & maintenance: −$3,458
• − Management: −$3,458
• − Depreciation: −$6,979
• Taxable income: $6,655
• Est. tax owed @ 24.0%: −$1,597
• After-tax cash flow: $8,217/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

+336.2% since first listed

12 events — show timeline

• 2026-05-18 Relisted — Global MLS
• 2026-01-16 Pending — Global MLS
• 2025-12-23 Price Changed $239,900 Global MLS
• 2025-11-25 Listed $249,900 Global MLS
• 2011-05-06 Listing Removed — Global MLS
• 2011-04-22 Listed $35,000 Global MLS
• 2009-02-01 Listing Removed — Global MLS
• 2008-07-25 Listed $89,000 Global MLS
• 2003-10-24 Sold (Public Records) $48,500 Public Records
• 2003-10-21 Sold (MLS) $48,500 Global MLS
• 2003-08-13 Listing Removed — Global MLS
• 2003-07-20 Listed $55,000 Global MLS

Property tax history

+17.9%/yr

Latest (2025): $2,512 · -33.5% YoY. Source: county tax records.