13 Sargent St

Cohoes, NY 12047

$239,000A-

4 bd · 2.0 ba · 2,376 sqft · Built 1920 · MultiFamily · Active · 130 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,160/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$389
• HOA: −$0
• Vac / Maint / Mgmt: −$664
• Net cashflow: $854/mo
• Annual: $10,247/yr
• Cap rate: 10.58%
• Cash-on-cash: 15.31%
• DSCR: 1.68
• 1% rule: 1.32%
• Cash to close: $66,920

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $239k. Condition is rated good.
• At list price, monthly cash flow is $854 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $239k).
• It's been on market 130 days — a 12% lower offer ($210k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $210k (12.0% below list) — sets the bar for market timing.
• 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 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.6%/yr); 183 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 110d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 2 sale attempts since 12y 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 $42k; list at $239k implies a 475% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $67k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 10.6% 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.
• At $3,160/mo this rent would consume 57% of the median local household income ($66k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 130 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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.
• 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.
• 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.