1011 Union St · Schenectady, NY 12308

$1,590,000

304 bd · 256.0 ba · 14,412 sqft · MultiFamily public records · 78 Days on market

Built 1984 8,276 sqft lot $110/sqft · 30% below area Est $1700k · 6% 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 +30.0/30.0
• ARV discount +10.4/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 16 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Prime 16-Unit Brick Investment Near Union College. Solid all-brick 16-unit multifamily generating $17,780/month in gross rents with a gross annual scheduled rent roll of $213,360. The property features a full sprinkler system on all four levels in all common areas, plus a new rubber roof installed in 2022, providing major capital-expense peace of mind. Ideally located within walking distance to Union College, downtown Schenectady, and public transportation, with a bus stop directly across the street, this asset sits squarely in the path of the city's ongoing revitalization. Most apartments feature hardwood floors, tiled bathrooms and the building is currently in good overall condition. At the asking price, the projected returns place the cap rate in the high-10% range, making this a compelling income play for both seasoned and first-time multifamily investors. Year built is approximate (CRS reflects 1984; believed inaccurate). Expense figures are estimated. Additional financial details available upon request. Invest in Schenectady's resurgence; this is a cash-flowing opportunity you don't want to miss.

Key facts

• Tiled bathrooms
• Hardwood floors
• New rubber roof

Tags

• FULL SPRINKLER SYSTEM
• NEW RUBBER ROOF
• PUBLIC TRANSPORTATION
• HARDWOOD FLOORS
• TILED BATHROOMS

What this means for you Summary

Snapshot

• This is a 16 × 1-bed/1-bath units multifamily listed at $1.59M.

Deal economics

• At list price, monthly cash flow is $6k ($74k/yr) — positive. Per door: $384/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $1.59M).
• Recommended offer: $1.49M (6.0% below list) — sets the bar for market timing.
• Cap rate 10.9% 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: schools C-, 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.
• Market conditions: 79 active listings in the ZIP; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• At $21,278/mo this rent would consume 403% of the median local household income ($63k/yr) (locally 1016% 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 $11k of loan paydown is wiped out by about $48k 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 $445k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($1.49M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $105k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $1.20M; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $1,494,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.34% ✓
• Cap rate: 10.93%
• Cash-on-cash: 16.54%
• DSCR: 1.74
• GRM: 6.2

CMA / ARV

• ARV (median comp): $1,700,000
• List price: $1,590,000
• Delta: -6.47%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 7.7%
• Equity multiple: 1.30×
• Total profit: $133,394
• Equity at exit: $237,074

10-year hold

• IRR: 16.9%
• Equity multiple: 2.39×
• Total profit: $620,039
• Equity at exit: $137,474

Cash invested: $445,200 (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 12308

• Home prices YoY: -14.6%
• Active inventory: 79
• Price-to-rent: 99.6×

Monthly cashflow live

• Estimated rent: $21,278 high
• Mortgage (P&I): −$8,338
• Tax from tax record: −$1,671 /mo · $20,055/yr
• Insurance: −$662
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,468
• Net cashflow: $6,138

Break-even live

Break-even rent $13,509

Max offer price $1,590,000

Occupancy floor 66%

Sensitivity live

Price	-10% $7,038	-5% $6,588	+0% $6,138	+5% $5,688	+10% $5,238
Rent	-10% $4,457	-5% $5,297	+0% $6,138	+5% $6,978	+10% $7,819
Rate	-1.0pp $6,938	-0.5pp $6,542	base $6,138	+0.5pp $5,726	+1.0pp $5,307

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

Units	Beds	Baths	Est. rent
▸ 16× units	1	1	$21,280
Total (16 units)			$21,278

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: $397,500
• Closing costs: $47,700
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-07
   statusdays on market $1,590,000 Pending 78 DOM
2. 2026-06-03
   days on market $1,590,000 Active 76 DOM
3. 2026-06-02
   days on market $1,590,000 Active 75 DOM
4. 2026-06-01
   days on market $1,590,000 Active 74 DOM
5. 2026-05-31
   days on market $1,590,000 Active 73 DOM
6. 2026-05-31
   days on market $1,590,000 Active 72 DOM
7. 2026-04-17
   price $1,590,000 1120-char remark

   Show marketing remark (1120 chars)

   Prime 16-Unit Brick Investment Near Union College. Solid all-brick 16-unit multifamily generating $17,780/month in gross rents with a gross annual scheduled rent roll of $213,360. The property features a full sprinkler system on all four levels in all common areas, plus a new rubber roof installed in 2022, providing major capital-expense peace of mind. Ideally located within walking distance to Union College, downtown Schenectady, and public transportation, with a bus stop directly across the street, this asset sits squarely in the path of the city's ongoing revitalization. Most apartments feature hardwood floors, tiled bathrooms and the building is currently in good overall condition. At the asking price, the projected returns place the cap rate in the high-10% range, making this a compelling income play for both seasoned and first-time multifamily investors. Year built is approximate (CRS reflects 1984; believed inaccurate). Expense figures are estimated. Additional financial details available upon request. Invest in Schenectady's resurgence; this is a cash-flowing opportunity you don't want to miss.

8. 2026-04-10
   status Active 1120-char remark

   Show marketing remark (1120 chars)

   Prime 16-Unit Brick Investment Near Union College. Solid all-brick 16-unit multifamily generating $17,780/month in gross rents with a gross annual scheduled rent roll of $213,360. The property features a full sprinkler system on all four levels in all common areas, plus a new rubber roof installed in 2022, providing major capital-expense peace of mind. Ideally located within walking distance to Union College, downtown Schenectady, and public transportation, with a bus stop directly across the street, this asset sits squarely in the path of the city's ongoing revitalization. Most apartments feature hardwood floors, tiled bathrooms and the building is currently in good overall condition. At the asking price, the projected returns place the cap rate in the high-10% range, making this a compelling income play for both seasoned and first-time multifamily investors. Year built is approximate (CRS reflects 1984; believed inaccurate). Expense figures are estimated. Additional financial details available upon request. Invest in Schenectady's resurgence; this is a cash-flowing opportunity you don't want to miss.

9. 2026-02-25
   status Pending 1120-char remark

   Show marketing remark (1120 chars)

   Prime 16-Unit Brick Investment Near Union College. Solid all-brick 16-unit multifamily generating $17,780/month in gross rents with a gross annual scheduled rent roll of $213,360. The property features a full sprinkler system on all four levels in all common areas, plus a new rubber roof installed in 2022, providing major capital-expense peace of mind. Ideally located within walking distance to Union College, downtown Schenectady, and public transportation, with a bus stop directly across the street, this asset sits squarely in the path of the city's ongoing revitalization. Most apartments feature hardwood floors, tiled bathrooms and the building is currently in good overall condition. At the asking price, the projected returns place the cap rate in the high-10% range, making this a compelling income play for both seasoned and first-time multifamily investors. Year built is approximate (CRS reflects 1984; believed inaccurate). Expense figures are estimated. Additional financial details available upon request. Invest in Schenectady's resurgence; this is a cash-flowing opportunity you don't want to miss.

10. 2026-02-03
    listed $1,695,000 Active 1120-char remark

    Show marketing remark (1120 chars)

    Prime 16-Unit Brick Investment Near Union College. Solid all-brick 16-unit multifamily generating $17,780/month in gross rents with a gross annual scheduled rent roll of $213,360. The property features a full sprinkler system on all four levels in all common areas, plus a new rubber roof installed in 2022, providing major capital-expense peace of mind. Ideally located within walking distance to Union College, downtown Schenectady, and public transportation, with a bus stop directly across the street, this asset sits squarely in the path of the city's ongoing revitalization. Most apartments feature hardwood floors, tiled bathrooms and the building is currently in good overall condition. At the asking price, the projected returns place the cap rate in the high-10% range, making this a compelling income play for both seasoned and first-time multifamily investors. Year built is approximate (CRS reflects 1984; believed inaccurate). Expense figures are estimated. Additional financial details available upon request. Invest in Schenectady's resurgence; this is a cash-flowing opportunity you don't want to miss.

11. 2024-10-08
    soldstatus $1,200,000
12. 2024-03-05
    historical
13. 2024-01-29
    listed $1,500,000 Active
14. 2022-07-18
    soldstatus $1,100,000
15. 2022-02-15
    status Pending
16. 2021-11-04
    listed $1,150,000 New
17. 2020-11-16
    soldstatus $855,000
18. 2007-04-26
    soldstatus $545,000

ⓘ 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: $20,055 · $1,671/mo
• Projected year-2 tax: $23,463 · $1,955/mo
• Expected delta: +$3,408/yr (+$284/mo · 17.0%)

ⓘ 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 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: $255,336
• − Mortgage interest: −$89,065
• − Property taxes: −$20,055
• − Insurance: −$7,950
• − Repairs & maintenance: −$20,427
• − Management: −$20,427
• − Depreciation: −$46,255
• Taxable income: $51,158
• Est. tax owed @ 24.0%: −$12,278
• After-tax cash flow: $61,375/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
• County: Schenectady County · 141,369 people
• City population: 141,369
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 15,511
• Household income: $63,434
• Rent vs Own: 55.0% rent · 45.0% own
• Severe rent burden: 1016.0

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 0.63)
• Race & ethnicity: White 57% Black 17% Hispanic / Latino 13% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 8%
• Common ancestry: Lithuanian 4% Romanian 4% Slovak 3%
• Foreign-born: 10% · Canada
• Languages at home: 89% English-only · Spanish 5% Other Indo-European 2% Arabic 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: ▼ -59.17%
• Current HPI: 344.8675
• Rent YoY: —
• Metro: Albany-Schenectady-Troy, 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

+191.7% since first listed

12 events — show timeline

• 2026-04-17 Price Changed $1,590,000 Global MLS
• 2026-04-10 Relisted — Global MLS
• 2026-02-25 Pending — Global MLS
• 2026-02-03 Listed $1,695,000 Global MLS
• 2024-10-08 Sold (Public Records) $1,200,000 Public Records
• 2024-03-05 Listing Removed — Global MLS
• 2024-01-29 Listed $1,500,000 Global MLS
• 2022-07-18 Sold (Public Records) $1,100,000 Public Records
• 2022-02-15 Pending — Global MLS
• 2021-11-04 Listed $1,150,000 Global MLS
• 2020-11-16 Sold (Public Records) $855,000 Public Records
• 2007-04-26 Sold (Public Records) $545,000 Public Records

Property tax history

-1.3%/yr

Latest (2025): $20,055 · +14.5% YoY. Source: county tax records.