11 Miller Ave · Cohoes, NY 12047

$314,000

4 bd · 2.0 ba · 2,251 sqft · MultiFamily public records · 52 Days on market

Built 1949 10,018 sqft lot $139/sqft · 34% below area Est $473k · 34% under ↓ 6% since listing

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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 +29.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.4/10.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• Schools +3.6/10.0
• 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

Rare Opportunity. One Owner, Two-Family Investment Opportunity in Cohoes' Desirable ''Hill'' This property is an ideal setup for allowing an owner-occupant to live in one unit while the rental income from the second unit helps offset mortgage payments. Spacious yard with Garage, Shed, Hardwood floors.

Key facts

• Spacious yard
• Hardwood floors
• 0.23 acre lot

Tags

• SPACIOUS YARD
• HARDWOOD FLOORS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $314k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $539/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $314k).
• Recommended offer: $305k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 4.7% in Cohoes — 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 83/100 on livability (#61 in NY, #895 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: employment C-.
• Cohoes City School District (suburban): math 38% / reading 48% proficiency, ranked #487 of 590 in NY (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+7.6%/yr); 114 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $3,908/mo this rent would consume 71% of the median local household income ($66k/yr) (locally 1395% 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 $9k of value loss. Plan a longer hold.
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $88k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($305k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $304,580 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% 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 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 10.42%
• Cash-on-cash: 14.72%
• DSCR: 1.66
• GRM: 6.7

CMA / ARV

• ARV (median comp): $473,095
• List price: $314,000
• Delta: -33.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
157 Manor Ave	0.11mi	4/—	2,176 (-3%)	23mo	$250,500	$115	70
157 Manor Ave	0.11mi	4/2.0	2,176 (-3%)	23mo	$250,500	$115	70
100 Edward St	0.41mi	5/2.0 (+1)	2,400 (+7%)	19mo	$365,000	$152	49
121 Harvard St	0.50mi	3/2.0 (-1)	1,986 (-12%)	20mo	$330,000	$166	35

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 · 7.6% rent growth · sell at horizon

5-year hold

• IRR: 10.1%
• Equity multiple: 1.42×
• Total profit: $36,707
• Equity at exit: $46,818

10-year hold

• IRR: 22.5%
• Equity multiple: 3.34×
• Total profit: $205,682
• Equity at exit: $27,149

Cash invested: $87,920 (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 12047

• Home prices YoY: -10.7%
• Rents YoY: 7.6%
• Active inventory: 114
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $3,908 high
• Mortgage (P&I): −$1,647
• Tax from tax record: −$231 /mo · $2,774/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$821
• Net cashflow: $1,079

Break-even live

Break-even rent $2,543

Max offer price $314,000

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,908
Total (2 units)			$3,908

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: $78,500
• Closing costs: $9,420
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6 Hamilton Pl Unit 2 Cohoes, NY	3.0	1.0	2300	$1,999	$0.87	19d	1	0.83mi
100 N Mohawk St Cohoes, NY	1.0–3.0	1.0–3.0	1769	$3,840	$2.17	14d	18	0.87mi
12 White St Cohoes, NY	3.0	2.0	1790	$2,895	$1.62	19d	1	1.48mi

Listing history 13 events

1. 2026-06-13
   statusdays on market $314,000 Pending 52 DOM
2. 2026-06-10
   days on market $314,000 Active 51 DOM
3. 2026-06-09
   days on market $314,000 Active 50 DOM
4. 2026-06-08
   days on market $314,000 Active 49 DOM
5. 2026-06-07
   pricedays on market $314,000 Active 48 DOM
6. 2026-06-03
   days on market $324,000 Active 44 DOM
7. 2026-06-02
   days on market $324,000 Active 43 DOM
8. 2026-06-01
   days on market $324,000 Active 42 DOM
9. 2026-05-31
   days on market $324,000 Active 41 DOM
10. 2026-05-31
    days on market $324,000 Active 40 DOM
11. 2026-05-18
    price $329,000 302-char remark

    Show marketing remark (302 chars)

    Rare Opportunity. One Owner, Two-Family Investment Opportunity in Cohoes' Desirable ''Hill'' This property is an ideal setup for allowing an owner-occupant to live in one unit while the rental income from the second unit helps offset mortgage payments. Spacious yard with Garage, Shed, Hardwood floors.

12. 2026-05-03
    price $339,000 302-char remark

    Show marketing remark (302 chars)

    Rare Opportunity. One Owner, Two-Family Investment Opportunity in Cohoes' Desirable ''Hill'' This property is an ideal setup for allowing an owner-occupant to live in one unit while the rental income from the second unit helps offset mortgage payments. Spacious yard with Garage, Shed, Hardwood floors.

13. 2026-04-20
    listed $349,000 Active 302-char remark

    Show marketing remark (302 chars)

    Rare Opportunity. One Owner, Two-Family Investment Opportunity in Cohoes' Desirable ''Hill'' This property is an ideal setup for allowing an owner-occupant to live in one unit while the rental income from the second unit helps offset mortgage payments. Spacious yard with Garage, Shed, Hardwood floors.

ⓘ 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: $2,774 · $231/mo
• Projected year-2 tax: $4,040 · $337/mo
• Expected delta: +$1,266/yr (+$106/mo · 45.7%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°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: $46,896
• − Mortgage interest: −$17,589
• − Property taxes: −$2,774
• − Insurance: −$1,570
• − Repairs & maintenance: −$3,752
• − Management: −$3,752
• − Depreciation: −$9,135
• Taxable income: $8,326
• Est. tax owed @ 24.0%: −$1,998
• After-tax cash flow: $10,946/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: Cohoes City School District
• NCES district ID: 3607980
• Math proficiency: 38% ▼ -4.00%
• Reading proficiency: 48% ▲ 3.00%
• Median HH income: $45,104
• Composite: 36.48/100
• National rank: #4655
• State rank: #487 of 590 in NY

Livability — Cohoes

• Score: 83/100
• State rank: #61
• US rank: #895

Category grades

Amenities A+ Commute A+ Cost of living B Crime A- Employment C- Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cohoes, NY
• County: Albany County · 196,626 people
• City population: 23,532
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 23,532
• Household income: $66,071
• Rent vs Own: 54.3% rent · 45.7% own
• Severe rent burden: 1395.0

Population outlook (Albany County) Hauer SSP2

• Today (2025): 320,794 people
• By 2030: 327,401 · +2.1%
• By 2040: 338,218 · +5.4%
• By 2050: 348,467 · +8.6%
• By 2075: 381,693 · +19.0%
• By 2100: 393,809 · +22.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Two or more races 11% Black 9% Hispanic / Latino 7% Asian 5%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Lithuanian 8% Romanian 6% Iranian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 3% Other Indo-European 3% Chinese 2%

Political lean MEDSL · Albany

• 2024 margin: Strong D (+25.8) · D 62.9% · R 37.1%
• 2008→2024 swing: -3.6pp toward R · 2008: 29.4pp · 2024: 25.8pp
• All cycles: 2024: D+25.8 2020: D+31.4 2016: D+24.3 2012: D+31.0 2008: D+29.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -38.15%
• Current HPI: 317.4057
• Rent YoY: ▲ 7.60%
• 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

-5.7% since first listed

3 events — show timeline

• 2026-05-18 Price Changed $329,000 Global MLS
• 2026-05-03 Price Changed $339,000 Global MLS
• 2026-04-20 Listed $349,000 Global MLS

Property tax history

+20.6%/yr

Latest (2025): $2,774 · -37.7% YoY. Source: county tax records.