21 Morris St · Cohoes, NY 12047

$226,500

4 bd · 2.0 ba · 2,144 sqft · MultiFamily public records · 115 Days on market

Built 1910 Fair condition 3,484 sqft lot $106/sqft · 29% below area Est $319k · 29% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.9/10.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• Condition / age +2.2/5.0
• 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

Welcome to 21 Morris Street--where charm, comfort, and convenience come together in the heart of Cohoes! This two family home offers the perfect blend of classic character and modern-day livability, making it an ideal fit for first-time buyers, those looking to invest, and those looking to settle into a vibrant community. Step inside to find a warm and inviting layout filled with natural light, spacious living areas, and thoughtful details throughout. This home offers the flexibility and comfort you've been looking for. The yard is perfect for entertaining, gardening, or simply relaxing outdoors.

Key facts

• Move-in ready home
• Parks
• Restaurants

Tags

• GENEROUSLY SIZED YARD
• LOCAL SHOPS
• RESTAURANTS
• PARKS
• MAJOR HIGHWAYS
• MOVE-IN READY HOME

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $226k. Condition is rated fair.
• This rent per unit runs 38% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $857/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $226k).
• Recommended offer: $206k (9.0% below list) — sets the bar for market timing.
• Cap rate 15.4% vs local median 5.1% 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: Harmony Hill School (math 37% / reading 42%, grade F, #1,444 of 2,108 statewide, top 71%, 379 students, 63% 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); 150 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals lingering (median 64d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; 675 units permitted in Albany County in 2024 (451 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 $7k 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 $63k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($206k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $76k; list at $226k implies a 198% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $206,115 (9.0% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 1.86% ✓
• Cap rate: 15.38%
• Cash-on-cash: 32.45%
• DSCR: 2.44
• GRM: 4.5

CMA / ARV

• ARV (median comp): $318,686
• List price: $226,500
• Delta: -28.93%
• 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
1 Dudley Ave	0.22mi	4/2.0	2,088 (-3%)	0mo	$293,000	$140	85
35 Grant St	0.53mi	4/2.0	2,100 (-2%)	2mo	$150,000	$71	70
44 Masten Ave	0.50mi	4/2.0	1,980 (-8%)	1mo	$237,350	$120	63
47 Younglove Ave	0.56mi	4/2.0	2,182 (+2%)	12mo	$235,000	$108	61
35 Mangam St	0.25mi	4/4.0	2,320 (+8%)	11mo	$356,000	$153	57
61 Main St	0.74mi	4/2.0	2,040 (-5%)	11mo	$317,000	$155	48
48 Watervliet Ave	0.49mi	5/2.5 (+1)	2,344 (+9%)	12mo	$143,000	$61	45
4 Congress St	0.61mi	4/2.5	1,848 (-14%)	4mo	$160,000	$87	43
41 Saratoga Ave	0.67mi	4/2.0	1,842 (-14%)	6mo	$375,000	$204	41
46 White St	0.64mi	5/2.0 (+1)	1,900 (-11%)	11mo	$250,000	$132	37
47 Imperial Ave	0.70mi	4/2.0	1,848 (-14%)	15mo	$158,950	$86	32
41 Congress St	0.69mi	4/2.0	1,848 (-14%)	16mo	$152,000	$82	32

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: 32.7%
• Equity multiple: 2.47×
• Total profit: $93,009
• Equity at exit: $33,772

10-year hold

• IRR: 42.2%
• Equity multiple: 5.95×
• Total profit: $314,049
• Equity at exit: $19,584

Cash invested: $63,420 (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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 3 active · 11 under contract
• Months of supply: 1.8 mo (56%/mo absorbed)
• Median asking: $234,900 ($114/sqft)
• Median days on market: 87 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +30.9% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 12047

• Home prices YoY: -10.7%
• Rents YoY: 7.6%
• Active inventory: 150
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $4,211 high
• Mortgage (P&I): −$1,188
• Tax from tax record: −$330 /mo · $3,955/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$884
• Net cashflow: $1,715

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1	$4,212
Total (2 units)			$4,211

Break-even live

Break-even rent $2,040

Max offer price $226,500

Occupancy floor 54%

Sensitivity live

Price	-10% $1,843	-5% $1,779	+0% $1,715	+5% $1,651	+10% $1,587
Rent	-10% $1,382	-5% $1,549	+0% $1,715	+5% $1,881	+10% $2,048
Rate	-1.0pp $1,829	-0.5pp $1,773	base $1,715	+0.5pp $1,656	+1.0pp $1,597

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: $56,625
• Closing costs: $6,795
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1 Hamilton St #2 Cohoes, NY	4.0	1.0	900	$1,250	$1.39	16d	1	0.11mi
100 N Mohawk St Cohoes, NY	1.0–3.0	1.0–2.5	1824	$3,840	$2.11	15d	31	0.12mi
6 Hamilton Pl Unit 2 Cohoes, NY	3.0	1.0	2300	$1,999	$0.87	68d	1	0.13mi
8 Cindy Way Cohoes, NY	3.0	1.5	1420	$2,300	$1.62	93d	1	0.28mi
60 McElwain Ave Unit 1 Cohoes, NY	4.0	1.0	1000	$1,495	$1.50	93d	1	0.53mi
60 McElwain Ave Unit 1 Cohoes, NY	4.0	1.0	—	$1,400	—	70d	1	0.53mi
300 Ontario St Cohoes, NY	3.0	1.0	1100	$1,600	$1.45	63d	1	0.57mi
29 Walnut St Unit / 2nd Floor Cohoes, NY	3.0	1.0	1200	$1,700	$1.42	93d	1	0.60mi
28 White St Apt 1 Cohoes, NY	3.0	1.0	1000	$2,000	$2.00	16d	1	0.67mi
12 White St Cohoes, NY	3.0	2.0	1790	$2,895	$1.62	68d	1	0.70mi
53 Main St Unit 3 Cohoes, NY	3.0	1.0	1200	$1,345	$1.12	72d	1	0.74mi
121 Columbia Gdns Cohoes, NY	1.0–3.0	1.0–2.0	863	$2,295	$2.66	15d	10	0.76mi
24 Hart St Unit 2ND Cohoes, NY	3.0	1.0	—	$1,500	—	16d	1	0.79mi
192 Saratoga St Cohoes, NY	1.0–3.0	1.0–3.0	1157	$2,000	$1.73	15d	5	0.81mi
100 Lancaster St Unit 1 Cohoes, NY	3.0	1.0	—	$1,450	—	16d	1	0.90mi
159 Main St #2 Cohoes, NY	3.0	1.0	950	$1,295	$1.36	63d	1	1.00mi
170 Lancaster St #2 Cohoes, NY	4.0	1.0	950	$1,295	$1.36	16d	1	1.09mi
114 Ontario St #2 Cohoes, NY	3.0	1.0	1000	$1,495	$1.50	16d	1	1.10mi
53 Park Ave Cohoes, NY	3.0	1.0	1875	$1,600	$0.85	15d	1	1.14mi
338 Saratoga St Unit 2 Cohoes, NY	3.0	1.5	1200	$1,495	$1.25	93d	1	1.19mi
58 Rensselaer Ave Unit First Floor Cohoes, NY	3.0	1.0	—	$1,400	—	93d	1	1.25mi

Property features AI

Finance

• Financial info: Two-unit property

Exterior

• Utilities: Public waterPublic sewer
• Home design: Duplex2,144 living area (reported)
• Construction: Wood siding construction
• Exterior features: Back yard fencing

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Unit 1 has 3 bedroomsUnit 2 has 4 bedrooms
• Bathrooms: Two full bathrooms total (one full bath on the 1st level, one full bath on the 2nd level)
• Heating & cooling: Hot water heatingWindow unit cooling
• Interior features: Unfinished basement with exterior entry and Bilco doorsBack yard fencing
• Laundry & utility: Washer hookup

Listing history 50 events

1. 2026-08-08
   days on market $226,500 Active 115 DOM
2. 2026-08-07
   days on market $226,500 Active 114 DOM
3. 2026-08-06
   days on market $226,500 Active 113 DOM
4. 2026-08-05
   days on market $226,500 Active 112 DOM
5. 2026-08-04
   days on market $226,500 Active 111 DOM
6. 2026-08-03
   days on market $226,500 Active 110 DOM
7. 2026-07-31
   days on market $226,500 Active 107 DOM
8. 2026-07-30
   days on market $226,500 Active 106 DOM
9. 2026-07-29
   days on market $226,500 Active 105 DOM
10. 2026-07-27
    days on market $226,500 Active 103 DOM
11. 2026-07-25
    days on market $226,500 Active 101 DOM
12. 2026-07-23
    days on market $226,500 Active 99 DOM
13. 2026-07-22
    days on market $226,500 Active 98 DOM
14. 2026-07-21
    days on market $226,500 Active 97 DOM
15. 2026-07-18
    days on market $226,500 Active 94 DOM
16. 2026-07-16
    days on market $226,500 Active 92 DOM
17. 2026-07-16
    days on market $226,500 Active 91 DOM
18. 2026-07-14
    days on market $226,500 Active 90 DOM
19. 2026-07-14
    days on market $226,500 Active 89 DOM
20. 2026-07-12
    days on market $226,500 Active 88 DOM
21. 2026-07-11
    days on market $226,500 Active 87 DOM
22. 2026-07-10
    days on market $226,500 Active 86 DOM
23. 2026-07-09
    days on market $226,500 Active 85 DOM
24. 2026-07-07
    days on market $226,500 Active 83 DOM
25. 2026-07-06
    days on market $226,500 Active 82 DOM
26. 2026-07-05
    days on market $226,500 Active 81 DOM
27. 2026-07-04
    days on market $226,500 Active 80 DOM
28. 2026-07-03
    days on market $226,500 Active 79 DOM
29. 2026-07-02
    days on market $226,500 Active 78 DOM
30. 2026-07-01
    days on market $226,500 Active 77 DOM
31. 2026-06-30
    days on market $226,500 Active 76 DOM
32. 2026-06-29
    days on market $226,500 Active 75 DOM
33. 2026-06-28
    days on market $226,500 Active 74 DOM
34. 2026-06-28
    days on market $226,500 Active 73 DOM
35. 2026-06-27
    days on market $226,500 Active 72 DOM
36. 2026-06-25
    days on market $226,500 Active 70 DOM
37. 2026-06-21
    days on market $226,500 Active 67 DOM
38. 2026-06-18
    days on market $226,500 Active 64 DOM
39. 2026-06-17
    days on market $226,500 Active 63 DOM
40. 2026-06-16
    days on market $226,500 Active 62 DOM
41. 2026-06-15
    days on market $226,500 Active 61 DOM
42. 2026-06-14
    days on market $226,500 Active 59 DOM
43. 2026-06-13
    days on market $226,500 Active 58 DOM
44. 2026-06-10
    days on market $226,500 Active 56 DOM
45. 2026-06-09
    days on market $226,500 Active 55 DOM
46. 2026-06-08
    days on market $226,500 Active 54 DOM
47. 2026-06-07
    days on market $226,500 Active 53 DOM
48. 2026-06-03
    days on market $226,500 Active 49 DOM
49. 2026-06-02
    days on market $226,500 Active 48 DOM
50. 2026-06-01
    days on market $226,500 Active 47 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: $3,955 · $330/mo
• Projected year-2 tax: $3,955 · $330/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $50,532
• − Mortgage interest: −$12,688
• − Property taxes: −$3,955
• − Insurance: −$1,132
• − Repairs & maintenance: −$4,043
• − Management: −$4,043
• − Depreciation: −$6,589
• Taxable income: $18,083
• Est. tax owed @ 24.0%: −$4,340
• After-tax cash flow: $16,240/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 · 9 photos

Fair 45/100 Moderate rehab Est. rehab $53,600–$96,480 screening

This two-family home requires moderate renovations to improve its condition and increase its value. Upgrading the kitchen and bathrooms, and replacing the linoleum flooring with hardwood, will significantly enhance its appeal and marketability.

Deferred maintenance Est. $70,000–$210,000 screening

• Major Roof (roof) — No roof visible in photos
• Major Hvac (hvac) — No HVAC unit visible in photos
• Major Windows (windows) — No windows visible in photos
• Major Electrical (electrical) — No electrical panel visible in photos
• Major Plumbing (plumbing) — No plumbing fixtures visible in photos
• Major Exterior (exterior) — No exterior walls or siding visible in photos
• Major Other — No other components visible in photos

Repairs flagged

• Major Kitchen cabinets — Outdated and in poor condition.
• Major Bathroom fixtures — Small and outdated.
• Minor Exterior siding — Some discoloration, but no major damage.
• Major Flooring — Linoleum in poor condition.

Value-add opportunities

• Both Replace linoleum flooring with hardwood — Hardwood flooring is more durable and aesthetically pleasing, increasing both resale and rental value. ↑
• Both Upgrade kitchen cabinets and appliances — Modernizing the kitchen will improve functionality and appeal, enhancing both resale and rental value. ↑
• Both Replace outdated bathroom fixtures — Upgrading the bathrooms will make the home more attractive and functional, increasing both resale and rental value. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 49/100

Zoned Schools

Elementary Harmony Hill School F NY #1,444/2,108 Nat'l #19,648/41,679 Middle Cohoes Middle School F NY #497/729 Nat'l #7,813/14,009 High Cohoes High School B+ NY #665/1,100 Nat'l #1,809/17,239

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

A Composite livability gradescore 83/100

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 · 320,794 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: 6% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• Financial info: Two-unit property

Exterior

• Utilities: Public waterPublic sewer
• Home design: Duplex2,144 living area (reported)
• Construction: Wood siding construction
• Exterior features: Back yard fencing

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Unit 1 has 3 bedroomsUnit 2 has 4 bedrooms
• Bathrooms: Two full bathrooms total (one full bath on the 1st level, one full bath on the 2nd level)
• Heating & cooling: Hot water heatingWindow unit cooling
• Interior features: Unfinished basement with exterior entry and Bilco doorsBack yard fencing
• Laundry & utility: Washer hookup

Price history

+198.0% since first listed

2 events — show timeline

• 2026-04-15 Listed $226,500 Global MLS
• 1999-07-27 Sold (Public Records) $76,000 Public Records

Property tax history

+7.4%/yr

Latest (2025): $3,955 · -23.6% YoY. Source: county tax records.