28 Steuben St · Schenectady, NY 12307

$10,000

6 bd · 2.0 ba · 1,908 sqft · MultiFamily public records · 284 Days on market

Built 1908

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Why this score? — see what drove the C- 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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Vacant two family property owned by the CITY OF SCHENECTADY. Needs new roof. City Docs and proof of funds totaling the purchase offer plus $70,000 in estimated code repair costs. Take part in revitalizing Schenectady. Best and Final offers are due 11:59PM Wednesday, August 25th 2021

Key facts

• Built 1908
• Listed 284 days

🏷️ Possibly a rental listed for sale. The $10,000 price doesn't fit this home's estimated sale value (~$251,856) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $10k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $10k).
• Recommended offer: $9k (12.0% below list) — sets the bar for market timing.
• Cap rate 277.9% 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: William C Keane Elementary School (math 15% / reading 15%, grade F, #2,021 of 2,108 statewide, top 96%, 284 students, 77% FRL); Mont Pleasant Middle School (math 2% / reading 27%, grade F, #704 of 729 statewide, top 98%, 671 students, 81% FRL); Schenectady High School (math 75% / reading 90%, grade A, #446 of 1,100 statewide, top 41%, 2,743 students, 71% FRL).
• Market conditions: 33 active listings in the ZIP; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($69 loan paydown + $1k appreciation (10.0% local appreciation)).
• Schenectady County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 284 days — a 12% lower offer ($9k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y 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.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $8,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 284 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 29.53% ✓
• Cap rate: 277.94%
• Cash-on-cash: 970.18%
• DSCR: 44.17
• GRM: 0.3

CMA / ARV

• ARV (on-the-fly): $251,856
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1 Swan St	0.22mi	6/2.0	1,792 (-6%)	6mo	$237,710	$133	74
903 Lincoln Ave	0.14mi	6/2.0	2,078 (+9%)	13mo	$216,300	$104	68
634 Hamilton St	0.42mi	5/2.0 (-1)	2,024 (+6%)	0mo	$210,000	$104	65
20 Hawk St	0.29mi	6/2.0	2,142 (+12%)	11mo	$285,000	$133	57
348 Duane Ave	0.25mi	5/2.0 (-1)	1,728 (-9%)	15mo	$190,000	$110	55
16 Paulding St	0.61mi	6/2.0	2,078 (+9%)	5mo	$205,000	$99	52
117 Prospect St	0.62mi	6/2.0	2,058 (+8%)	13mo	$272,500	$132	48
913-915 Bridge St	0.58mi	5/2.0 (-1)	2,056 (+8%)	10mo	$315,000	$153	47
827 Strong St	0.35mi	5/2.0 (-1)	2,160 (+13%)	14mo	$235,000	$109	45
910 Pennsylvania Ave	0.69mi	6/3.0	1,700 (-11%)	6mo	$325,000	$191	40
11 Jackson Pl	0.71mi	6/2.0	1,626 (-15%)	2mo	$235,000	$145	40
12 Paulding St	0.62mi	5/2.0 (-1)	2,112 (+11%)	11mo	$190,000	$90	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 54.45×
• Total profit: $149,671
• Equity at exit: $9,009

10-year hold

• IRR: —
• Equity multiple: 117.95×
• Total profit: $327,463
• Equity at exit: $19,428

Cash invested: $2,800 (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 12307

• Home prices YoY: 3.3%
• Active inventory: 33
• Price-to-rent: 0.6×

Monthly cashflow live

• Estimated rent: $2,953 high
• Mortgage (P&I): −$52
• Tax est. 1.5%: −$12 /mo · $150/yr
• Insurance: −$4
• HOA: −$0
• Vacancy / Maint / Mgmt: −$620
• Net cashflow: $2,264

Break-even live

Break-even rent $87

Max offer price $10,000

Occupancy floor 18%

Sensitivity live

Price	-10% $2,271	-5% $2,267	+0% $2,264	+5% $2,260	+10% $2,257
Rent	-10% $2,030	-5% $2,147	+0% $2,264	+5% $2,380	+10% $2,497
Rate	-1.0pp $2,269	-0.5pp $2,266	base $2,264	+0.5pp $2,261	+1.0pp $2,259

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,952
Total (2 units)			$2,953

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: $2,500
• Closing costs: $300
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2023-03-29
   status Pending
2. 2021-12-14
   status Pending
3. 2021-09-15
   status Pend (Under Cntr)
4. 2020-12-04
   listed $10,000 New
5. 2010-08-28
   historical
6. 2010-02-27
   listed $77,900

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $35,436
• − Mortgage interest: −$560
• − Property taxes: −$150
• − Insurance: −$50
• − Repairs & maintenance: −$2,835
• − Management: −$2,835
• − Depreciation: −$291
• Taxable income: $28,715
• Est. tax owed @ 24.0%: −$6,892
• After-tax cash flow: $20,274/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: 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): 7,977

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: Highly diverse neighborhood (Simpson 0.81)
• Race & ethnicity: Black 28% Hispanic / Latino 25% White 19% Two or more races 16% Asian 11% Native American 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 14% Dominican 3%
• Common ancestry: Lithuanian 3% Ukrainian 3% Romanian 1%
• Foreign-born: 32% · Canada, Jamaica, South Korea
• Languages at home: 79% English-only · Spanish 12% Arabic 2% 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: ▲ 12.60%
• Current HPI: 398.0252
• 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

-87.2% since first listed

6 events — show timeline

• 2023-03-29 Pending — Global MLS
• 2021-12-14 Pending — Global MLS
• 2021-09-15 Pending — Global MLS
• 2020-12-04 Listed $10,000 Global MLS
• 2010-08-28 Listing Removed — Global MLS
• 2010-02-27 Listed $77,900 Global MLS

Property tax history

-4.0%/yr

Latest (2025): $845 · -22.1% YoY. Source: county tax records.