20 108th St · Troy, NY 12182

$254,900

4 bd · 2.0 ba · 2,120 sqft · MultiFamily public records · 45 Days on market

Built 1900 3,920 sqft lot $120/sqft · 28% below area Est $355k · 28% 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 +25.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +7.4/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Completely renovated and beautifully updated building in the heart of Troy offering modern finishes throughout. Each unit features two oversized bedrooms, hardwood flooring, and spacious layouts designed for comfort and functionality. Updated kitchens and bathrooms provide a clean, contemporary feel, while thoughtful upgrades make this a truly turnkey property. Enjoy the added benefit of a fenced-in yard, perfect for outdoor use and added privacy. Located in a desirable area close to local amenities, dining, and downtown Troy.

Key facts

• Hardwood flooring
• Renovated building
• Spacious layouts

Tags

• RENOVATED BUILDING
• MODERN FINISHES
• HARDWOOD FLOORING
• SPACIOUS LAYOUTS
• UPDATED KITCHENS
• UPDATED BATHROOMS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $255k.

Deal economics

• At list price, monthly cash flow is $519 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $255k).
• Recommended offer: $247k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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.
• 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; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($247k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $165k; list at $255k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $247,253 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 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 1900 — 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: 1.24% ✓
• Cap rate: 9.00%
• Cash-on-cash: 9.67%
• DSCR: 1.43
• GRM: 6.7

CMA / ARV

• ARV (median comp): $354,753
• List price: $254,900
• Delta: -28.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
33 110th St	0.21mi	4/2.0	2,026 (-4%)	5mo	$205,000	$101	79
418 7th Ave	0.29mi	5/2.0 (+1)	2,025 (-4%)	6mo	$227,000	$112	69
39 111th St	0.30mi	4/2.0	1,936 (-9%)	5mo	$200,000	$103	68
457 4th Ave	0.33mi	5/2.0 (+1)	2,032 (-4%)	13mo	$252,000	$124	62
76 3rd St	0.69mi	4/2.0	2,144 (+1%)	11mo	$236,000	$110	57
452 3rd Ave	0.32mi	5/2.0 (+1)	2,384 (+12%)	10mo	$279,000	$117	51
496 3rd Ave	0.44mi	4/2.0	1,880 (-11%)	14mo	$110,000	$59	49
69 Heartt Ave	0.74mi	4/2.0	2,300 (+8%)	3mo	$278,000	$121	49
105 Hudson Ave	0.65mi	4/2.0	1,980 (-7%)	14mo	$282,500	$143	47
3 102nd St	0.63mi	4/2.0	1,918 (-10%)	10mo	$279,000	$145	47
536 7th Ave	0.58mi	5/2.0 (+1)	1,864 (-12%)	9mo	$200,000	$107	40
46 Continental Ave	0.68mi	4/2.0	1,832 (-14%)	12mo	$242,000	$132	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.89×
• Total profit: $-8,039
• Equity at exit: $38,006

10-year hold

• IRR: 6.8%
• Equity multiple: 1.51×
• Total profit: $36,333
• Equity at exit: $22,039

Cash invested: $71,372 (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: 13.4×

Monthly cashflow live

• Estimated rent: $3,159 high
• Mortgage (P&I): −$1,337
• Tax from tax record: −$478 /mo · $5,732/yr
• Insurance: −$106
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$663
• Net cashflow: $519

Break-even live

Break-even rent $2,501

Max offer price $254,900

Occupancy floor 79%

Sensitivity live

Price	-10% $664	-5% $592	+0% $519	+5% $447	+10% $375
Rent	-10% $270	-5% $395	+0% $519	+5% $644	+10% $769
Rate	-1.0pp $648	-0.5pp $584	base $519	+0.5pp $453	+1.0pp $386

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,158
Total (2 units)			$3,159

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: $63,725
• Closing costs: $7,647
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
290 2nd Ave Troy, NY	3.0	1.0	1400	$1,600	$1.14	22d	1	0.13mi
131 6th Ave Troy, NY	4.0	1.0	1400	$2,325	$1.66	15d	1	0.55mi
53 Park Ave Cohoes, NY	3.0	1.0	1875	$1,600	$0.85	15d	1	0.79mi
192 Saratoga St Cohoes, NY	1.0–3.0	1.0–3.0	1157	$2,600	$2.25	15d	4	1.09mi
750 2nd Ave Troy, NY	1.0–3.0	1.0–1.5	1185	$1,711	$1.44	15d	1	1.14mi
12 White St Cohoes, NY	3.0	2.0	1790	$2,895	$1.62	19d	1	1.21mi

Listing history 11 events

1. 2026-06-07
   statusdays on market $254,900 Pending 45 DOM
2. 2026-06-05
   days on market $254,900 Active 44 DOM
3. 2026-06-03
   days on market $254,900 Active 43 DOM
4. 2026-06-02
   days on market $254,900 Active 42 DOM
5. 2026-06-01
   days on market $254,900 Active 41 DOM
6. 2026-05-31
   days on market $254,900 Active 40 DOM
7. 2026-05-31
   days on market $254,900 Active 39 DOM
8. 2026-04-27
   status Active 532-char remark

   Show marketing remark (532 chars)

   Completely renovated and beautifully updated building in the heart of Troy offering modern finishes throughout. Each unit features two oversized bedrooms, hardwood flooring, and spacious layouts designed for comfort and functionality. Updated kitchens and bathrooms provide a clean, contemporary feel, while thoughtful upgrades make this a truly turnkey property. Enjoy the added benefit of a fenced-in yard, perfect for outdoor use and added privacy. Located in a desirable area close to local amenities, dining, and downtown Troy.

9. 2026-04-21
   status Pending 532-char remark

   Show marketing remark (532 chars)

   Completely renovated and beautifully updated building in the heart of Troy offering modern finishes throughout. Each unit features two oversized bedrooms, hardwood flooring, and spacious layouts designed for comfort and functionality. Updated kitchens and bathrooms provide a clean, contemporary feel, while thoughtful upgrades make this a truly turnkey property. Enjoy the added benefit of a fenced-in yard, perfect for outdoor use and added privacy. Located in a desirable area close to local amenities, dining, and downtown Troy.

10. 2026-04-15
    listed $254,900 Active 532-char remark

    Show marketing remark (532 chars)

    Completely renovated and beautifully updated building in the heart of Troy offering modern finishes throughout. Each unit features two oversized bedrooms, hardwood flooring, and spacious layouts designed for comfort and functionality. Updated kitchens and bathrooms provide a clean, contemporary feel, while thoughtful upgrades make this a truly turnkey property. Enjoy the added benefit of a fenced-in yard, perfect for outdoor use and added privacy. Located in a desirable area close to local amenities, dining, and downtown Troy.

11. 2022-04-08
    soldstatus $165,000

ⓘ 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: $5,732 · $478/mo
• Projected year-2 tax: $5,732 · $478/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 7/10 Severe FEMA zone X · 76% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 8 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: $37,908
• − Mortgage interest: −$14,278
• − Property taxes: −$5,732
• − Insurance: −$1,941
• − Repairs & maintenance: −$3,033
• − Management: −$3,033
• − Depreciation: −$7,415
• Taxable income: $2,476
• Est. tax owed @ 24.0%: −$594
• After-tax cash flow: $5,640/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

+54.5% since first listed

4 events — show timeline

• 2026-04-27 Relisted — Global MLS
• 2026-04-21 Pending — Global MLS
• 2026-04-15 Listed $254,900 Global MLS
• 2022-04-08 Sold (Public Records) $165,000 Public Records

Property tax history

+20.8%/yr

Latest (2025): $5,732 · -3.2% YoY. Source: county tax records.