21 Kay · Rochester, NY 14613

$125,000

3 bd · 3.0 ba · 1,798 sqft · MultiFamily public records · 4 Days on market

Built 1910 4,935 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +2.2/10.0
• Schools +1.9/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

2 of the 3 units are currently tenant occupied, please allow 48 hours for requests

Key facts

• 4,935 sq ft lot
• 2 garage spots
• Built 1910

Property features AI

Finance

• Other: Property has 3 separate gas meters and 3 separate electric meters
• Financial info: Owner pays trash collection and water; Rent includes trash collection and water; Operating expense details: See remarks
• HOA & community: Trails/paths nearby

Exterior

• Parking: Paved driveway; 2-car garage
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Resale property
• Construction: Wood siding; Existing construction
• Exterior features: Rectangular lot; Near public transit; 50 x 98 lot dimensions

Interior

• Kitchen: Gas water heater
• Bedrooms: Multifamily property with 3 total units
• Flooring: Carpet; Hardwood; Varies
• Bathrooms: Three full bathrooms (total)
• Heating & cooling: Gas forced-air heating
• Interior features: Attic; Full basement
• Laundry & utility: Each unit has separate gas and electric meters

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 16.5% vs local median 9.3% in Rochester — 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 76/100 on livability (#222 in NY, #3,482 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime F, employment F.
• Rochester City School District (urban): math 21% / reading 26% proficiency, ranked #589 of 590 in NY (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 71 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Monroe County population projected to shrink 6% 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 $35k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 $12k; list at $125k implies a 962% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,000

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 1.88% ✓
• Cap rate: 16.52%
• Cash-on-cash: 36.51%
• DSCR: 2.62
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $71,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
41 Pierpont St	0.23mi	3/2.0	1,778 (-1%)	2mo	$17,000	$10	82
315 Lexington Ave	0.22mi	3/2.0	1,754 (-2%)	1mo	$107,000	$61	81
304 Ravine Ave	0.25mi	3/2.0	1,812 (+1%)	7mo	$35,000	$19	77
40 Finch St	0.33mi	3/2.0	1,826 (+2%)	9mo	$91,000	$50	71
253 Driving Park Ave	0.24mi	4/2.0 (+1)	1,774 (-1%)	14mo	$23,000	$13	66
31 Plover St	0.47mi	4/2.0 (+1)	1,776 (-1%)	6mo	$123,000	$69	62
204 Fulton Ave	0.19mi	4/2.0 (+1)	1,938 (+8%)	12mo	$68,000	$35	59
187 Fulton Ave	0.23mi	4/2.0 (+1)	1,684 (-6%)	12mo	$57,000	$34	59
35 Curtis St	0.50mi	4/2.0 (+1)	1,614 (-10%)	1mo	$65,000	$40	50
475 Sherman St	0.45mi	4/2.0 (+1)	2,016 (+12%)	5mo	$150,000	$74	46
201 Parkway	0.67mi	4/3.0 (+1)	1,602 (-11%)	2mo	$85,000	$53	44
12 Nielson St	0.69mi	4/2.0 (+1)	1,908 (+6%)	12mo	$67,500	$35	39

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: 32.3%
• Equity multiple: 2.36×
• Total profit: $47,562
• Equity at exit: $18,638

10-year hold

• IRR: 39.4%
• Equity multiple: 4.68×
• Total profit: $128,719
• Equity at exit: $10,808

Cash invested: $35,000 (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 14613

• Home prices YoY: -2.0%
• Active inventory: 71
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,351 high
• Mortgage (P&I): −$656
• Tax from tax record: −$85 /mo · $1,017/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $1,065

Break-even live

Break-even rent $1,003

Max offer price $125,000

Occupancy floor 50%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,350
Total (2 units)			$2,351

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
98 Pierpont St Rochester, NY	3.0	1.0	1973	$1,295	$0.66	43d	1	0.27mi
327 Glenwood Ave Rochester, NY	3.0	1.0	2012	$1,690	$0.84	2d	1	0.27mi
28-30 Carthage Dr Unit 28 Rochester, NY	3.0	1.0	1415	$1,600	$1.13	23d	1	0.40mi
1016 Lake Ave Unit 1 Rochester, NY	3.0	1.0	1300	$1,600	$1.23	43d	1	0.45mi
1108 Lake Ave Rochester, NY	2.0	1.0	2574	$1,600	$0.62	43d	1	0.58mi
69 Angle St Rochester, NY	2.0	1.0	1500	$1,500	$1.00	14d	1	0.85mi
287 Electric Ave Rochester, NY	3.0	1.5	1297	$1,500	$1.16	2d	1	0.97mi
235 Flower City Park Rochester, NY	3.0	1.0	2000	$1,360	$0.68	43d	1	1.01mi
248 Flower City Park Rochester, NY	3.0	1.0	1350	$1,800	$1.33	3d	1	1.05mi
87 McNaughton St Unit 87 Rochester, NY	2.0	1.0	1929	$1,300	$0.67	14d	1	1.19mi
2 Jay St Unit 2 Rochester, NY	3.0	1.0	1252	$1,045	$0.83	43d	1	1.20mi
768 Flower City Park Rochester, NY	3.0	1.0	1995	$1,995	$1.00	10d	1	1.20mi
710-712 Jay St Unit 3 Rochester, NY	2.0	1.0	1252	$895	$0.71	43d	1	1.30mi
385 Ames St Rochester, NY	3.0	1.5	1738	$1,500	$0.86	21d	1	1.47mi

Listing history 6 events

1. 2026-06-05
   status $125,000 Pending 4 DOM
2. 2026-06-03
   days on market $125,000 Active 4 DOM
3. 2026-06-03
   days on market $125,000 Active 3 DOM
4. 2026-06-01
   days on market $125,000 Active 2 DOM
5. 2026-05-31
   remarks 82-char remark
6. 2026-05-31
   listed $125,000 Active 1 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: $1,017 · $85/mo
• Projected year-2 tax: $1,565 · $130/mo
• Expected delta: +$548/yr (+$46/mo · 53.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,212
• − Mortgage interest: −$7,002
• − Property taxes: −$1,017
• − Insurance: −$625
• − Repairs & maintenance: −$2,257
• − Management: −$2,257
• − Depreciation: −$3,636
• Taxable income: $11,418
• Est. tax owed @ 24.0%: −$2,740
• After-tax cash flow: $10,039/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.

Schools (NCES district)

• District: Rochester City School District
• NCES district ID: 3624750
• Math proficiency: 21% ▬ 0.00%
• Reading proficiency: 26% ▲ 4.00%
• Median HH income: $30,923
• Composite: 18.98/100
• National rank: #8850
• State rank: #589 of 590 in NY

Livability — Rochester

• Score: 76/100
• State rank: #222
• US rank: #3482

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, NY
• City population: 432,803
• Population (ZIP): 14,740

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 759,460 people
• By 2030: 757,154 · -0.3%
• By 2040: 740,644 · -2.5%
• By 2050: 714,443 · -5.9%
• By 2075: 645,883 · -15.0%
• By 2100: 547,084 · -28.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Black 45% White 22% Hispanic / Latino 20% Two or more races 10% Asian 8% Pacific Islander 1%
• Hispanic origin (detail): Puerto Rican 16% Dominican 3%
• Common ancestry: British 2% Serbian 1% Romanian 1%
• Foreign-born: 13% · Canada, India, Philippines
• Languages at home: 79% English-only · Spanish 12% Other Asian/Pacific 5% Other Indo-European 3%

Political lean MEDSL · Monroe

• 2024 margin: D (+19.1) · D 59.5% · R 40.5%
• 2008→2024 swing: +1.4pp toward D · 2008: 17.7pp · 2024: 19.1pp
• All cycles: 2024: D+19.1 2020: D+21.0 2016: D+14.1 2012: D+17.4 2008: D+17.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -5.56%
• Current HPI: 274.2485
• 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

+363.0% since first listed

5 events — show timeline

• 2026-05-30 Listed $125,000 UNYREIS
• 2016-03-09 Sold (Public Records) $11,765 Public Records
• 2015-02-11 Listing Removed — UNYREIS
• 2014-10-09 Listed $37,500 UNYREIS
• 2008-10-10 Sold (Public Records) $27,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $1,017 · +0.0% YoY. Source: county tax records.