21 River St Unit 23 River St · Cohoes, NY 12047

$335,000

9 bd · 3.9 ba · 3,400 sqft · MultiFamily · 4 Days on market

Built 1920 Good condition 4,356 sqft lot Est $289k · 16% over

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Schools +3.6/10.0
• ARV discount +0.3/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 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

Two duplexes (21 River St and 23 River St) on one lot attached by common deck and stairs on the island in Cohoes. Many recent updates including new roof and combo boilers in front building in past few years. Both buildings have gas heat and full basements, vinyl replacement windows, circuit breaker panels, separate utilities. Off street parking for 2 cars, great location, easy commute to most of the Capital District, short walk to bus line. Very Good Condition overall.

Key facts

• Separate utilities
• Off street parking
• Gas heat

Tags

• GAS HEAT
• FULL BASEMENTS
• VINYL REPLACEMENT WINDOWS
• CIRCUIT BREAKER PANELS
• SEPARATE UTILITIES
• OFF STREET PARKING

Property features AI

Finance

• Financial info: 4 rental units total; Tenants pay electricity and gas; Owner pays water, sewer, and trash collection

Exterior

• Parking: Off-street parking; Driveway; 2 total parking spaces
• Utilities: Public water; Public sewer; Electric service with circuit breakers
• Home design: Quadruplex; Shingle siding
• Construction: Asphalt roof; Other roof materials
• Exterior features: Deck; Chain link fencing; Other exterior features

Interior

• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 2 bedrooms; Unit 3: 2 bedrooms; Unit 4: 1 bedroom
• Flooring: Vinyl flooring; Tile flooring; Wood flooring
• Bathrooms: 4 full bathrooms (located across 1st and 2nd levels)
• Heating & cooling: Hot water heating; Space heaters; Natural gas heating
• Interior features: Double-pane windows
• Laundry & utility: Washer hookup; Electric dryer hookup; Additional/other laundry provisions

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $335k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $664/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $335k).
• Cap rate 13.6% 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; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• At $5,524/mo this rent would consume 100% 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 $10k 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 $94k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $335,000

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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.65% ✓
• Cap rate: 13.63%
• Cash-on-cash: 26.21%
• DSCR: 2.17
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $289,000
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
94 Breslin Ave	0.12mi	9/3.0	3,300 (-3%)	1mo	$270,000	$82	85
128-130 Congress St	0.71mi	10/4.0 (+1)	3,500 (+3%)	3mo	$362,000	$103	54
122 Congress St	0.71mi	9/3.0	3,336 (-2%)	12mo	$265,000	$79	50
129 Main St	0.68mi	9/3.0	3,312 (-3%)	12mo	$329,000	$99	50
164 Main St	0.70mi	10/4.0 (+1)	3,480 (+2%)	12mo	$280,000	$80	48
53 Saratoga Ave	0.72mi	9/3.0	3,824 (+12%)	22mo	$325,000	$85	23
308 Saratoga St	0.73mi	9/3.0	3,900 (+15%)	20mo	$331,500	$85	21

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: 24.3%
• Equity multiple: 2.06×
• Total profit: $99,540
• Equity at exit: $49,950

10-year hold

• IRR: 34.9%
• Equity multiple: 4.96×
• Total profit: $371,366
• Equity at exit: $28,965

Cash invested: $93,800 (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: 15.2×

Monthly cashflow live

• Estimated rent: $5,524 high
• Mortgage (P&I): −$1,757
• Tax est. 1.5%: −$419 /mo · $5,025/yr
• Insurance: −$140
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,160
• Net cashflow: $1,993

Break-even live

Break-even rent $3,001

Max offer price $335,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$5,523
Total (3 units)			$5,524

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: $83,750
• Closing costs: $10,050
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-19
   listed $335,000 Active
2. 2022-04-05
   historical
3. 2022-02-22
   status Pending
4. 2022-02-10
   status Active
5. 2021-12-31
   status Pending
6. 2021-12-27
   historical Contingent
7. 2021-11-15
   listed $250,000 New

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% 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: $66,288
• − Mortgage interest: −$18,765
• − Property taxes: −$5,025
• − Insurance: −$2,342
• − Repairs & maintenance: −$5,303
• − Management: −$5,303
• − Depreciation: −$9,745
• Taxable income: $19,805
• Est. tax owed @ 24.0%: −$4,753
• After-tax cash flow: $19,167/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This property is in good condition with recent updates, including a new roof and combo boilers. The interior is in good condition, and the property has a good location with easy access to public transportation and commuting. The property has a good potential for value increase with minor updates to the kitchen and bathroom.

Repairs flagged

• Minor Kitchen Countertops — The countertops could be updated for a more modern look.
• Minor Bathroom Fixtures — The bathroom fixtures could be refreshed for a more appealing look.

Value-add opportunities

• Resale Updating the kitchen countertops and backsplash — Updating the kitchen will make it more appealing to potential buyers.
• Resale Refreshing the bathroom fixtures and tiles — Refreshing the bathroom will make it more appealing to potential buyers.
• Both Painting the exterior — Painting the exterior will improve the curb appeal and increase the property's value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen Countertops · The countertops could be updated for a more modern look.	Minor	$500–3,000
Bathroom Fixtures · The bathroom fixtures could be refreshed for a more appealing look.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale Updating the kitchen countertops and backsplash — Updating the kitchen will make it more appealing to potential buyers. ↑
• Resale Refreshing the bathroom fixtures and tiles — Refreshing the bathroom will make it more appealing to potential buyers. ↑
• Both Painting the exterior — Painting the exterior will improve the curb appeal and increase the property's value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+34.0% since first listed

7 events — show timeline

• 2026-05-19 Listed $335,000 Global MLS
• 2022-04-05 Listing Removed — Global MLS
• 2022-02-22 Pending — Global MLS
• 2022-02-10 Relisted — Global MLS
• 2021-12-31 Pending — Global MLS
• 2021-12-27 Contingent — Global MLS
• 2021-11-15 Listed $250,000 Global MLS