164 Main St · Cohoes, NY 12047

$475,900

8 bd · 4.0 ba · 4,624 sqft · MultiFamily public records · 6 Days on market

Built 1958 4,356 sqft lot Est $370k · 29% 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
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• Schools +3.6/10.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Investor's Dream in Cohoes - 4-Unit All-Brick Gem! Don't miss this superb rental opportunity in the heart of Cohoes! This all-brick 4-unit property sits right on a main bus line, making it ideal for tenants and perfect for the seasoned or novice investor—or even an owner-occupier looking to live in one unit while renting the rest. Each unit features separate utilities, and with below-market rents, there's huge potential for incredible cash flow and value-add improvements. Whether you're expanding your portfolio or just getting started, this property is a rare find that checks all the right boxes. Opportunities like this don't last long—make your move today

Key facts

• Separate utilities
• Vinyl siding
• Premium curb appeal

Tags

• HIGH-OCCUPANCY LAYOUT
• RECENT CAPITAL IMPROVEMENTS
• PREMIUM CURB APPEAL
• FRONT EXTERIOR FACELIFT
• VINYL SIDING
• SEPARATE UTILITIES

Property features AI

Finance

• Other: Lot dimensions approximately 25 x 166
• Financial info: 4 rental units total; Tenants pay: hot water, heat, internet, cable TV, electricity, gas; Owner pays: water, sewer, trash collection, snow removal, and management

Exterior

• Security: Carbon monoxide detectors; Fire alarm
• Utilities: Public water; Public sewer; Single-phase electric with circuit breakers; Cable connected
• Home design: Quadruplex; Brick construction; Brick/mortar foundation; Rubber roof
• Construction: Brick exterior
• Exterior features: Front porch and rear porch; Wood fencing around all/part of backyard; Level lot with road frontage

Interior

• Bedrooms: Unit 1: 1 bedroom; Unit 2: 3 bedrooms; Unit 3: 3 bedrooms; Unit 4: 3 bedrooms
• Flooring: Vinyl; Tile; Ceramic tile; Laminate
• Bathrooms: 4 full bathrooms total; Full bathrooms located on 1st, 2nd, 3rd floors and basement
• Heating & cooling: Baseboard heating; Hot water heating; Natural gas
• Interior features: Built-in features; Ceramic tile bathrooms; Finished, heated full basement with interior entry and walk-out access; Apartment in basement

What this means for you Summary

Snapshot

• This is a 1×1bd/1.0ba + 3×3bd/1.0ba units multifamily listed at $476k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $517/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $476k).
• Cap rate 11.5% 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.
• Zoned schools: Abram Lansing School (math 42% / reading 47%, grade F, #1,277 of 2,108 statewide, top 64%, 326 students, 81% FRL); Cohoes Middle School (math 19% / reading 49%, grade F, #497 of 729 statewide, top 69%, 441 students, 68% FRL); Cohoes High School (math 72% / reading 74%, grade B+, #665 of 1,100 statewide, top 61%, 554 students, 63% FRL).
• Market conditions: Rents rising fast (+7.6%/yr); 115 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $6,540/mo this rent would consume 119% 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 $3k of loan paydown is wiped out by about $14k 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 $133k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 $280k; list at $476k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $475,900

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 1958 — 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. 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.
6. 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.
7. 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: 1.37% ✓
• Cap rate: 11.51%
• Cash-on-cash: 18.64%
• DSCR: 1.83
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $369,920
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
137 Main St	0.07mi	8/3.0	4,108 (-11%)	2mo	$329,000	$80	73
18 George St	0.10mi	9/3.0 (+1)	4,276 (-8%)	12mo	$180,000	$42	63

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: 15.3%
• Equity multiple: 1.65×
• Total profit: $86,350
• Equity at exit: $70,958

10-year hold

• IRR: 27.1%
• Equity multiple: 3.91×
• Total profit: $387,787
• Equity at exit: $41,147

Cash invested: $133,252 (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: 115
• Price-to-rent: 27.3×

Monthly cashflow live

• Estimated rent: $6,540 high
• Mortgage (P&I): −$2,496
• Tax from tax record: −$403 /mo · $4,837/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,373
• Net cashflow: $2,070

Break-even live

Break-even rent $3,920

Max offer price $475,900

Occupancy floor 63%

Sensitivity live

Price	-10% $2,339	-5% $2,204	+0% $2,070	+5% $1,935	+10% $1,800
Rent	-10% $1,553	-5% $1,811	+0% $2,070	+5% $2,328	+10% $2,586
Rate	-1.0pp $2,309	-0.5pp $2,191	base $2,070	+0.5pp $1,946	+1.0pp $1,821

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,452
▸ 3× units	3	1	$5,088
Total (4 units)			$6,540

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: $118,975
• Closing costs: $14,277
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-07
   statusdays on market $475,900 Pending 6 DOM
2. 2026-06-03
   days on market $475,900 Active 5 DOM
3. 2026-06-02
   days on market $475,900 Active 4 DOM
4. 2026-06-01
   days on market $475,900 Active 3 DOM
5. 2026-05-31
   days on market $475,900 Active 2 DOM
6. 2026-05-31
   remarks 695-char remark
7. 2026-05-31
   listed $475,900 Active 1 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: $4,837 · $403/mo
• Projected year-2 tax: $6,440 · $537/mo
• Expected delta: +$1,603/yr (+$134/mo · 33.1%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°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: $78,480
• − Mortgage interest: −$26,658
• − Property taxes: −$4,837
• − Insurance: −$2,380
• − Repairs & maintenance: −$6,278
• − Management: −$6,278
• − Depreciation: −$13,844
• Taxable income: $18,205
• Est. tax owed @ 24.0%: −$4,369
• After-tax cash flow: $20,466/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

+213.1% since first listed

5 events — show timeline

• 2026-05-29 Listed $475,900 Global MLS
• 2025-06-06 Sold (MLS) $280,000 Global MLS
• 2025-04-25 Pending — Global MLS
• 2025-04-23 Listed $275,000 Global MLS
• 2005-03-16 Sold (Public Records) $152,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $4,837 · -27.9% YoY. Source: county tax records.