35 Conliss Ave

Cohoes, NY 12047

$199,000C-

3 bd · 1.5 ba · 1,152 sqft · Built 1950 · SingleFamily · Active · 151 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,816/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$419
• HOA: −$0
• Vac / Maint / Mgmt: −$381
• Net cashflow: $-27/mo
• Annual: $-330/yr
• Cap rate: 6.13%
• Cash-on-cash: -0.59%
• DSCR: 0.97
• 1% rule: 0.91%
• Cash to close: $55,720

Investor read

• This is a 3-bed/1.5-bath single-family listed at $199k.
• At list price, monthly cash flow is $-27 ($-330/yr) — negative.
• To cash-flow at today's rent, offer at most $194k (2.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (8.7% below list).
• It's been on market 151 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.6%/yr); 114 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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.
• 7 sale attempts since 12y ago; this cycle's ask has dropped $41k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% 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.
• This rent runs 33% 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 151 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.