485 Meigs St · Rochester, NY 14607

$249,900

2 bd · 2.0 ba · 1,900 sqft · MultiFamily public records · 22 Days on market

Built 1850 4,000 sqft lot $132/sqft · 46% below area Est $463k · 46% under

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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 +29.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Welcome to 485 Meigs Street (14607)! This classic two-family home offers excellent potential for long-term investment income or an ideal owner-occupant opportunity. Located in the heart of Rochester’s highly desirable Pearl–Meigs–Monroe neighborhood, you’ll enjoy close proximity to local dining, shopping, and entertainment. The upper is a 2 bed, 1 bath unit is currently rented month-to-month for $1,200 to a long-term tenant. The lower unit, also rented for $1,200 per month, is a 1 bed, 1 bath unit and is listed on Furnished Finder. It will be sold fully furnished—making it truly turnkey. Additional features include a basement with coin-operated laundry for adde

Key facts

• Two car garage
• Fully furnished
• 4,000 sq ft lot

Tags

• CLOSE PROXIMITY TO SHOPPING
• COIN OPERATED LAUNDRY
• GLEAMING HARDWOOD FLOORS
• DESIGNATED OFF STREET PARKING
• TWO CAR GARAGE
• FULLY FURNISHED

Property features AI

Finance

• Other: Operating expenses: see remarks
• Financial info: Owner pays: electricity, heat, trash collection, water, other (see remarks); Rent includes: electricity, heat, trash collection, water, other (see remarks); Two-unit multifamily property with separate single gas and electric meters; Listed unit rents reported at approximately $1,200 each

Exterior

• Parking: Two or more parking spaces
• Utilities: Public water (connected); Public sewer (connected)
• Home design: Two-story building; Existing condition
• Construction: Construction details: see remarks
• Exterior features: Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Oven/Range; Refrigerator; Other kitchen items (see remarks)
• Bedrooms: One-bedroom unit; Two-bedroom unit
• Flooring: Carpet; Hardwood; Tile; Varied flooring
• Bathrooms: Two full bathrooms (total in building); Each unit has one full bathroom
• Heating & cooling: Gas heating; Forced air heating
• Interior features: Full basement
• Laundry & utility: Gas water heater

🏷️ Possibly a rental listed for sale. The $249,900 price doesn't fit this home's estimated sale value (~$463,382) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1×3bd/2.0ba + 1×1bd/1.0ba units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $911 ($11k/yr) — positive. Per door: $455/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.

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: Rents rising fast (+4.6%/yr); 56 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $3,199/mo this rent would consume 64% of the median local household income ($60k/yr) (locally 2034% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• 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 + 4.6% rent growth), your $70k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $120k; list at $250k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $246,151 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1850 — 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. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.28% ✓
• Cap rate: 10.67%
• Cash-on-cash: 15.62%
• DSCR: 1.69
• GRM: 6.5

CMA / ARV

• ARV (median comp): $463,382
• List price: $249,900
• Delta: -46.07%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
525 Averill Ave	0.10mi	3/3.0 (+1)	1,975 (+4%)	1mo	$250,000	$127	79
467-469 Pearl St	0.21mi	3/3.0 (+1)	1,920 (+1%)	9mo	$295,000	$154	72
212 S Goodman St	0.43mi	3/2.0 (+1)	1,792 (-6%)	12mo	$295,000	$165	55
43 Marshall St	0.51mi	3/2.0 (+1)	1,936 (+2%)	19mo	$325,000	$168	52
17 Edmonds St	0.12mi	3/2.0 (+1)	1,615 (-15%)	22mo	$255,000	$158	46
26 Fountain St	0.58mi	3/2.0 (+1)	1,688 (-11%)	10mo	$252,803	$150	41
1110 Clinton Ave S	0.57mi	3/3.0 (+1)	2,126 (+12%)	8mo	$310,275	$146	38

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 · 4.6% rent growth · sell at horizon

5-year hold

• IRR: 8.1%
• Equity multiple: 1.32×
• Total profit: $22,724
• Equity at exit: $37,261

10-year hold

• IRR: 18.7%
• Equity multiple: 2.67×
• Total profit: $116,582
• Equity at exit: $21,607

Cash invested: $69,972 (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 14607

• Home prices YoY: -10.7%
• Rents YoY: 4.6%
• Active inventory: 56
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $3,199 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$202 /mo · $2,422/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$672
• Net cashflow: $911

Break-even live

Break-even rent $2,046

Max offer price $249,900

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,840
1× unit	1	1	$1,360
Total (2 units)			$3,199

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
507 Meigs St Rochester, NY	3.0	1.0	1577	$1,650	$1.05	43d	1	0.05mi
463 Averill Ave Unit 451 Averill Rochester, NY	2.0	1.0	1352	$1,695	$1.25	21d	1	0.13mi
451 Averill Ave Rochester, NY	2.0	1.0	1352	$1,695	$1.25	21d	1	0.15mi
451 Averill Ave Rochester, NY	2.0	1.0	1352	$1,695	$1.25	3d	1	0.15mi
675 Clinton Ave S Rochester, NY	1.0	1.0	2283	$1,800	$0.79	44d	1	0.25mi
416 Gregory St Unit Down Rochester, NY	3.0	1.0	1374	$1,995	$1.45	23d	1	0.28mi
42 Wilcox St Rochester, NY	3.0	1.0	2184	$1,695	$0.78	44d	1	0.36mi
500 Oxford St #1 Rochester, NY	2.0	2.0	1400	$1,800	$1.29	43d	1	0.39mi
209 S Goodman St Rochester, NY	2.0	2.0	1500	$1,700	$1.13	43d	1	0.41mi
450 Oxford St Unit 2 Rochester, NY	1.0	1.0	1800	$1,400	$0.78	43d	1	0.42mi
164 Laburnam Cres Rochester, NY	2.0	2.0	1328	$1,900	$1.43	43d	1	0.61mi
260 Oxford St Unit UP Rochester, NY	2.0	1.0	1850	$2,600	$1.41	43d	1	0.62mi
256 Oxford St Unit 1 Rochester, NY	3.0	1.0	2050	$3,000	$1.46	14d	1	0.63mi
420 Harvard St Unit 1 Rochester, NY	1.0	1.0	1300	$1,650	$1.27	14d	1	0.70mi
965 Monroe Ave Rochester, NY	2.0	1.0	1335	$1,800	$1.35	2d	1	0.71mi
474 East Ave Rochester, NY	1.0–2.0	1.0–2.0	1125	$2,800	$2.49	23d	1	0.71mi
106 Gregory St Rochester, NY	3.0	1.5	1680	$1,995	$1.19	23d	1	0.72mi
15 Vick Park B Unit A Rochester, NY	2.0	1.5	1616	$2,350	$1.45	23d	1	0.80mi
290 Exchange Blvd Rochester, NY	2.0	1.0–2.0	892	$2,102	$2.36	2d	15	0.82mi
102 Court St Rochester, NY	1.0–2.0	1.0–2.0	952	$2,570	$2.70	3d	11	0.82mi
21 Rundel Park Unit 2 Rochester, NY	2.0	1.0	1250	$2,099	$1.68	19d	1	0.88mi
1107-1109 Monroe Ave Unit 1107 Monroe Ave, Upper Unit Rochester, NY	2.0	1.0	1346	$1,650	$1.23	2d	1	0.90mi
733 University Ave #3 Rochester, NY	3.0	1.5	1400	$1,850	$1.32	43d	1	0.95mi
395 Alexander St Unit UN12 Rochester, NY	2.0	1.5	1226	$2,200	$1.79	14d	1	0.95mi
183 E Main St Rochester, NY	1.0–2.0	1.0	1142	$2,870	$2.51	10d	28	0.96mi
260 E Main St Rochester, NY	3.0	1.0–2.0	1144	$2,532	$2.21	3d	14	1.00mi
14 Franklin St Rochester, NY	2.0	1.0–2.0	1345	$3,477	$2.59	3d	8	1.00mi
55 Exchange Blvd Rochester, NY	2.0	1.0–2.0	952	$2,695	$2.83	3d	28	1.03mi
933 University Ave Rochester, NY	1.0–2.0	1.0–2.0	1295	$3,815	$2.94	2d	12	1.08mi
214 Culver Rd Apt 2 Rochester, NY	3.0	1.0	1700	$2,400	$1.41	14d	1	1.13mi
80 St Paul St Rochester, NY	1.0–2.0	1.5–2.5	1024	$1,935	$1.89	3d	3	1.14mi
42 S Washington St Unit 401 Rochester, NY	2.0	2.0	1298	$2,300	$1.77	23d	1	1.15mi
42 S Washington St Rochester, NY	2.0	2.0	1298	$2,300	$1.77	43d	1	1.15mi
39 State St Rochester, NY	1.0–2.0	1.0–2.5	1154	$3,500	$3.03	3d	8	1.18mi
57 Calumet St Rochester, NY	3.0	3.0	2500	$2,250	$0.90	14d	1	1.26mi
1 Champeney Ter Rochester, NY	3.0	1.0	1936	$1,650	$0.85	14d	1	1.28mi
188 Laney Rd Rochester, NY	3.0	1.5	1604	$2,350	$1.47	2d	1	1.37mi
95 Elmwood Ter Rochester, NY	1.0–3.0	1.0–1.5	1107	$1,915	$1.73	2d	19	1.46mi

Listing history 13 events

1. 2026-06-10
   status $249,900 Pending 22 DOM
2. 2026-06-09
   days on market $249,900 Active 22 DOM
3. 2026-06-09
   days on market $249,900 Active 21 DOM
4. 2026-06-07
   days on market $249,900 Active 20 DOM
5. 2026-06-05
   days on market $249,900 Active 17 DOM
6. 2026-06-03
   days on market $249,900 Active 16 DOM
7. 2026-06-03
   days on market $249,900 Active 15 DOM
8. 2026-06-01
   days on market $249,900 Active 14 DOM
9. 2026-05-31
   days on market $249,900 Active 13 DOM
10. 2026-05-14
    status Pending 1125-char remark
11. 2026-05-05
    listed $249,900 Active 1125-char remark
12. 2017-05-26
    soldstatus $120,000
13. 2017-02-08
    soldstatus $180,000

ⓘ 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: $2,422 · $202/mo
• Projected year-2 tax: $3,323 · $277/mo
• Expected delta: +$901/yr (+$75/mo · 37.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,388
• − Mortgage interest: −$13,998
• − Property taxes: −$2,422
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,071
• − Management: −$3,071
• − Depreciation: −$7,270
• Taxable income: $7,306
• Est. tax owed @ 24.0%: −$1,754
• After-tax cash flow: $9,176/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
• County: Monroe County · 674,131 people
• City population: 432,803
• Metro: Rochester, NY
• Population (ZIP): 17,891
• Household income: $59,787
• Rent vs Own: 81.7% rent · 18.3% own
• Severe rent burden: 2034.0

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: Predominantly White (78%)
• Race & ethnicity: White 78% Black 8% Two or more races 7% Hispanic / Latino 6% Asian 2%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Romanian 5% Slovak 4% Scotch-Irish 2%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 90% English-only · Spanish 5% Other Indo-European 1% Russian/Polish/Slavic 1%

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: ▼ -35.72%
• Current HPI: 297.8107
• Rent YoY: ▲ 4.60%
• Metro: Rochester, NY
• 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

+38.8% since first listed

6 events — show timeline

• 2026-06-09 Pending — UNYREIS
• 2026-05-27 Relisted — UNYREIS
• 2026-05-14 Pending — UNYREIS
• 2026-05-05 Listed $249,900 UNYREIS
• 2017-05-26 Sold (Public Records) $120,000 Public Records
• 2017-02-08 Sold (Public Records) $180,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $2,422 · -7.4% YoY. Source: county tax records.