117 Henry St · Schenectady, NY 12304

$220,000

4 bd · 2.0 ba · 1,600 sqft · MultiFamily · 37 Days on market

Built 1925 Fair condition 6,098 sqft lot $138/sqft · 41% below area Est $376k · 41% under ↓ 2% since listing

---

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 +29.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Whether you're an investor or looking to owner-occupy, this property checks all the boxes. The first-floor unit is spacious with three-bedrooms, formal dining room, living room with a fireplace, kitchen and one bathroom. The second-floor unit has a separate entrance, with one bedroom, one full bathroom, large living space and eat-in kitchen. Being sold 'as is'.

Key facts

• 6,098 sq ft lot
• Built 1925
• Listed 37 days

Property features AI

Exterior

• Utilities: Public water; Public sewer; Tenants pay electricity and gas
• Home design: Duplex; 1,600 living area; Vinyl siding; Shingle/asphalt roof
• Construction: Vinyl siding construction; Shingle/Asphalt roof; Full basement
• Exterior features: Front porch; Back yard fencing; Sloped lot

Interior

• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 1 bedroom
• Flooring: Vinyl; Tile; Carpet; Hardwood
• Bathrooms: 2 full bathrooms total; Full bath on the 1st level; Full bath on the 2nd level; Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Forced air heating
• Interior features: Fireplace in the living room; Vinyl flooring; Tile flooring; Carpet flooring; Hardwood flooring

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $220k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $756 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $213k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 6.3% in Schenectady — 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 78/100 on livability (#167 in NY, #2,597 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, cost of living A; Watch: employment D+, crime F.
• Schenectady City School District (urban): math 38% / reading 34% proficiency, ranked #556 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Woodlawn Elementary School (math 27% / reading 47%, grade F, #1,519 of 2,108 statewide, top 74%, 463 students, 72% FRL); Schenectady High School (math 75% / reading 90%, grade A, #446 of 1,100 statewide, top 41%, 2,743 students, 71% FRL).
• Zoned-school proficiency averages 60% at this address vs 36% district-wide (+24 pts) — the actual schools serving this property are materially stronger than the Schenectady City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 106 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 154 units permitted in Schenectady County in 2024 (54 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.
• Schenectady County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $62k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $213,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.31% ✓
• Cap rate: 10.41%
• Cash-on-cash: 14.72%
• DSCR: 1.65
• GRM: 6.4

CMA / ARV

• ARV (median comp): $375,539
• List price: $220,000
• Delta: -41.42%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
117 Henry St	0.00mi	4/2.0	1,600 (0%)	18mo	$190,000	$119	85
1762 Hamburg St	0.42mi	3/2.0 (-1)	1,514 (-5%)	18mo	$173,000	$114	51
103 Frank St	0.20mi	3/2.0 (-1)	1,396 (-13%)	23mo	$150,000	$107	46

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.2%
• Equity multiple: 1.20×
• Total profit: $12,520
• Equity at exit: $32,803

10-year hold

• IRR: 14.7%
• Equity multiple: 2.19×
• Total profit: $73,048
• Equity at exit: $19,022

Cash invested: $61,600 (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 12304

• Home prices YoY: -25.5%
• Active inventory: 106
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $2,881 high
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$605
• Net cashflow: $756

Break-even live

Break-even rent $1,925

Max offer price $220,000

Occupancy floor 69%

Sensitivity live

Price	-10% $908	-5% $832	+0% $756	+5% $680	+10% $604
Rent	-10% $528	-5% $642	+0% $756	+5% $869	+10% $983
Rate	-1.0pp $866	-0.5pp $812	base $756	+0.5pp $699	+1.0pp $641

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,486
1× unit	1	1	$1,395
Total (2 units)			$2,881

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
918 Delamont Ave Schenectady, NY	3.0	1.0	1192	$1,600	$1.34	24d	1	1.19mi
1347 Union St Schenectady, NY	4.0	1.5	2188	$3,750	$1.71	44d	1	1.24mi

Listing history 16 events

1. 2026-06-18
   days on market $220,000 Active 37 DOM
2. 2026-06-17
   days on market $220,000 Active 36 DOM
3. 2026-06-16
   days on market $220,000 Active 35 DOM
4. 2026-06-15
   days on market $220,000 Active 34 DOM
5. 2026-06-14
   days on market $220,000 Active 32 DOM
6. 2026-06-13
   pricedays on market $220,000 Active 31 DOM
7. 2026-06-10
   days on market $225,000 Active 29 DOM
8. 2026-06-09
   days on market $225,000 Active 28 DOM
9. 2026-06-08
   days on market $225,000 Active 27 DOM
10. 2026-06-07
    days on market $225,000 Active 26 DOM
11. 2026-06-03
    days on market $225,000 Active 22 DOM
12. 2026-06-02
    days on market $225,000 Active 21 DOM
13. 2026-06-01
    days on market $225,000 Active 20 DOM
14. 2026-05-31
    days on market $225,000 Active 19 DOM
15. 2026-05-31
    days on market $225,000 Active 18 DOM
16. 2026-05-12
    listed $225,000 Active 364-char remark

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,572
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,766
• − Management: −$2,766
• − Depreciation: −$6,400
• Taxable income: $5,917
• Est. tax owed @ 24.0%: −$1,420
• After-tax cash flow: $7,647/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

Fair 45/100 Moderate rehab

This property requires moderate renovations, including kitchen and bathroom updates, painting, and landscaping, to significantly increase its resale and rental value.

Repairs flagged

• Major Kitchen cabinets — The cabinets are outdated and in poor condition.
• Major Kitchen countertops — The countertops are outdated and in poor condition.
• Major Bathroom fixtures — The fixtures are outdated and in poor condition.
• Major Flooring — The flooring is worn and in poor condition.
• Major Paint — The paint is in poor condition and needs repainting.

Value-add opportunities

• Both Kitchen renovation — Updating the kitchen with new cabinets, countertops, and appliances would significantly increase the home's value for both resale and rental.
• Both Bathroom renovation — Updating the bathrooms with new fixtures and possibly a shower/tub combination would increase the home's value for both resale and rental.
• Both Painting — Repainting the interior and exterior would improve the home's curb appeal and overall condition.
• Both Landscaping — Landscaping the yard would improve the home's curb appeal and increase its value for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · The cabinets are outdated and in poor condition.	Major	$15,000–50,000
Kitchen countertops · The countertops are outdated and in poor condition.	Major	$15,000–50,000
Bathroom fixtures · The fixtures are outdated and in poor condition.	Major	$15,000–50,000
Flooring · The flooring is worn and in poor condition.	Major	$15,000–50,000
Paint · The paint is in poor condition and needs repainting.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Kitchen renovation — Updating the kitchen with new cabinets, countertops, and appliances would significantly increase the home's value for both resale and rental. ↑
• Both Bathroom renovation — Updating the bathrooms with new fixtures and possibly a shower/tub combination would increase the home's value for both resale and rental. ↑
• Both Painting — Repainting the interior and exterior would improve the home's curb appeal and overall condition. ↑
• Both Landscaping — Landscaping the yard would improve the home's curb appeal and increase its value for both resale and rental. ↑

ⓘ 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: Schenectady City School District
• NCES district ID: 3626010
• Math proficiency: 38% ▲ 12.00%
• Reading proficiency: 34% ▲ 2.00%
• Median HH income: $39,453
• Composite: 30.2/100
• National rank: #6309
• State rank: #556 of 590 in NY

Livability — Schenectady

• Score: 78/100
• State rank: #167
• US rank: #2597

Category grades

Amenities B- Commute A+ Cost of living A Crime F Employment D+ Housing A Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Schenectady, NY
• City population: 141,369
• Population (ZIP): 22,027

Population outlook (Schenectady County) Hauer SSP2

• Today (2025): 155,046 people
• By 2030: 154,322 · -0.5%
• By 2040: 151,796 · -2.1%
• By 2050: 148,621 · -4.1%
• By 2075: 141,229 · -8.9%
• By 2100: 126,014 · -18.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 52% Black 17% Two or more races 13% Asian 10% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Dominican 2%
• Common ancestry: Lithuanian 6% Romanian 4% Iranian 1%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 89% English-only · Other Indo-European 5% Spanish 4% Other Asian/Pacific 1%

Political lean MEDSL · Schenectady

• 2024 margin: D (+10.8) · D 55.4% · R 44.6%
• 2008→2024 swing: -1.8pp toward R · 2008: 12.7pp · 2024: 10.8pp
• All cycles: 2024: D+10.8 2020: D+15.7 2016: D+5.8 2012: D+15.4 2008: D+12.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -113.18%
• Current HPI: 331.0288
• Rent YoY: —
• Metro: —
• 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

-2.2% since first listed

2 events — show timeline

• 2026-06-11 Price Changed $220,000 Global MLS
• 2026-05-12 Listed $225,000 Global MLS