27 Lansing St

Cohoes, NY 12047

$239,000D-

3 bd · 1.5 ba · 1,320 sqft · Built 1892 · SingleFamily · Active · 159 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,778/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$378
• HOA: −$0
• Vac / Maint / Mgmt: −$373
• Net cashflow: $-227/mo
• Annual: $-2,727/yr
• Cap rate: 5.15%
• Cash-on-cash: -4.07%
• DSCR: 0.82
• 1% rule: 0.74%
• Cash to close: $66,920

Investor read

• This is a 3-bed/1.5-bath single-family listed at $239k.
• At list price, monthly cash flow is $-227 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (16.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (25.6% below list).
• It's been on market 159 days — a 12% lower offer ($210k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $178k (25.6% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Watch-outs: built in 1892 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.6%/yr); 115 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 20y 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 $11k; list at $239k implies a 2073% gain — meaningful room to come down on a strong offer.
• This rent runs 32% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 159 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Built in 1892 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.