2125 Baird Rd

East Rochester, NY 14526

$335,000C-

4 bd · 3.0 ba · 2,150 sqft · Built 1965 · MultiFamily · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,285/mo
• Mortgage (P&I): −$1,757
• Tax + insurance: −$838
• HOA: −$0
• Vac / Maint / Mgmt: −$690
• Net cashflow: $1/mo
• Annual: $8/yr
• Cap rate: 6.30%
• Cash-on-cash: 0.01%
• DSCR: 1.00
• 1% rule: 0.98%
• Cash to close: $93,800

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $335k.
• At list price, monthly cash flow is $1 ($8/yr) — positive. Per door: $0/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $328k (1.9% below list).
• It's been on market 16 days — a 2% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $328k (1.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#155 in NY, #2,400 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment D+, crime D.
• Penfield Central School District (suburban): math 77% / reading 79% proficiency, ranked #67 of 590 in NY (top 11%) — strong family-tenant draw, lease renewals of 3-5y typical; only 11% free/reduced lunch — higher-income household profile.
• Watch-outs: property tax is 2.5% of price.
• Market conditions: 113 active listings in the ZIP; high-income renter base; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $172k; list at $335k implies a 94% gain — meaningful room to come down on a strong offer.
• Cap rate 6.3% vs local median 4.5% in East 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.
• This rent runs 33% of the median local income ($119k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is D 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?
• 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.