674 Merchants Rd · Rochester, NY 14609

$244,900

4 bd · 1.5 ba · 2,360 sqft · SingleFamily public records · 12 Days on market

Built 1960 0.52 ac lot Est $245k · at est.

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Why this score? — see what drove the D 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 +15.1/30.0
• ARV discount +7.6/15.0
• DSCR +4.6/10.0
• Rent growth +4.5/5.0
• Livability +3.8/5.0
• 1% rule +3.6/10.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 674 Merchants Road! This beautifully updated home offers 4+ bedrooms and 2.5 bathrooms, providing exceptional space and flexibility for today's lifestyle. updated kitchen features brand-new appliances, modern finishes, and ample cabinet space. Both full bathrooms and the half bath have been updated. Enjoy new flooring throughout the home along with fresh paint from top to bottom, creating a truly move-in-ready experience. Additional improvements include a durable metal roof for long-term peace of mind and new driveway 100 feet long 10 feet wide 2025. Situated on just over half an acre, the property features a spacious backyard with plenty of room for entertaining, gardening, recr

Key facts

• Durable metal roof
• Spacious backyard
• New flooring

Tags

• UPDATED KITCHEN
• NEW FLOORING
• DURABLE METAL ROOF
• SPACIOUS BACKYARD
• CONVENIENTLY LOCATED

Property features AI

Exterior

• Parking: Attached garage; 2 garage spaces
• Utilities: Public water (connected); Sewer connected
• Home design: 3-story existing residence; Vinyl siding; Metal roof
• Construction: Block foundation
• Exterior features: Blacktop driveway; Rectangular residential lot, 65 x 346

Interior

• Kitchen: Electric oven; Electric range; Refrigerator
• Bedrooms: Bedrooms included in the total room count (11 rooms total)
• Flooring: Hardwood; Tile; Vinyl; Varies
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Gas forced-air heating; Central air conditioning
• Interior features: Den; Separate/formal dining room; Eat-in kitchen; Separate/formal living room; Partially finished basement
• Laundry & utility: Washer and dryer; Laundry located in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $81 ($970/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $211k (13.9% below list).
• Recommended offer: $211k (13.9% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 9.3% in Rochester — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: 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.
• Zoned schools: Joseph C Wilson Foundation Academy (math 8% / reading 17%, grade F, #2,049 of 2,108 statewide, top 98%, 404 students, 91% FRL); East Lower School (math 2% / reading 22%, grade F, #715 of 729 statewide, top 98%, 304 students, 86% FRL); Edison Career And Technology High School (math 44% / reading 50%, grade D-, #1,007 of 1,100 statewide, top 93%, 1,233 students, 91% FRL).
• Market conditions: Rents rising fast (+7.9%/yr); 199 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• This rent runs 39% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $210,979 (13.9% below list)

Questions for the listing agent

1. Built in 1960 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 6.69%
• Cash-on-cash: 1.41%
• DSCR: 1.06
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $245,440
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
354 Melville St	0.55mi	4/1.5	2,448 (+4%)	5mo	$200,004	$82	64
563 Melville St	0.25mi	5/2.0 (+1)	2,200 (-7%)	8mo	$278,000	$126	64
1579 Culver Rd	0.58mi	4/1.5	2,319 (-2%)	9mo	$258,000	$111	63
165 Culver Pkwy	0.36mi	5/3.5 (+1)	2,334 (-1%)	7mo	$412,500	$177	62
388 Cedarwood Ter	0.42mi	3/1.5 (-1)	2,110 (-11%)	6mo	$200,000	$95	53
438 Hazelwood Ter	0.38mi	3/1.5 (-1)	2,020 (-14%)	5mo	$203,000	$100	50
47 Laurelton Rd	0.51mi	3/1.5 (-1)	2,139 (-9%)	9mo	$260,000	$122	48
966 Culver Rd	0.46mi	3/1.0 (-1)	2,156 (-9%)	12mo	$155,000	$72	47
255 Melville St	0.69mi	4/1.5	2,076 (-12%)	4mo	$215,000	$104	45
28 Minnesota St	0.62mi	4/2.5	2,143 (-9%)	9mo	$295,000	$138	44
96 Laurelton Rd	0.50mi	3/1.5 (-1)	2,571 (+9%)	16mo	$190,000	$74	43
150 Westchester Ave	0.53mi	4/2.0	2,054 (-13%)	18mo	$170,000	$83	36

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 · 7.89% rent growth · sell at horizon

5-year hold

• IRR: -9.0%
• Equity multiple: 0.65×
• Total profit: $-23,677
• Equity at exit: $36,515

10-year hold

• IRR: 5.8%
• Equity multiple: 1.52×
• Total profit: $35,337
• Equity at exit: $21,174

Cash invested: $68,572 (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 14609

• Home prices YoY: -30.4%
• Rents YoY: 7.9%
• Active inventory: 199
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,110 medium
• Mortgage (P&I): −$1,284
• Tax from tax record: −$200 /mo · $2,395/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$443
• Net cashflow: $81

Break-even live

Break-even rent $2,007

Max offer price $244,900

Occupancy floor 91%

Sensitivity live

Price	-10% $219	-5% $150	+0% $81	+5% $12	+10% $-58
Rent	-10% $-86	-5% $-3	+0% $81	+5% $164	+10% $248
Rate	-1.0pp $204	-0.5pp $143	base $81	+0.5pp $17	+1.0pp $-47

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: $61,225
• Closing costs: $7,347
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
176 Merwin Ave Rochester, NY	4.0	1.5	1750	$2,200	$1.26	45d	1	0.53mi
1788 Clifford Ave Rochester, NY	3.0	1.0	2404	$1,850	$0.77	5d	1	1.09mi
1786 Clifford Ave Rochester, NY	3.0	1.0	2404	$1,850	$0.77	5d	1	1.09mi

Listing history 10 events

1. 2026-06-13
   status $244,900 Pending 12 DOM
2. 2026-06-10
   days on market $244,900 Active 12 DOM
3. 2026-06-09
   days on market $244,900 Active 11 DOM
4. 2026-06-09
   days on market $244,900 Active 10 DOM
5. 2026-06-07
   days on market $244,900 Active 9 DOM
6. 2026-06-05
   days on market $244,900 Active 6 DOM
7. 2026-06-03
   days on market $244,900 Active 5 DOM
8. 2026-06-03
   days on market $244,900 Active 4 DOM
9. 2026-06-01
   days on market $244,900 Active 3 DOM
10. 2026-05-31
    days on market $244,900 Active 2 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: $2,395 · $200/mo
• Projected year-2 tax: $3,267 · $272/mo
• Expected delta: +$872/yr (+$73/mo · 36.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°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: $25,317
• − Mortgage interest: −$13,718
• − Property taxes: −$2,395
• − Insurance: −$1,224
• − Repairs & maintenance: −$2,025
• − Management: −$2,025
• − Depreciation: −$7,124
• Taxable loss: −$3,195
• Est. tax savings @ 24.0%: +$767
• After-tax cash flow: $1,737/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: 74,252
• Metro: Rochester, NY
• Population (ZIP): 40,274
• Household income: $64,603
• Rent vs Own: 36.1% rent · 63.9% own
• Severe rent burden: 2183.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 44% Black 28% Hispanic / Latino 20% Two or more races 10% Asian 2%
• Hispanic origin (detail): Puerto Rican 15% Cuban 1% Dominican 1%
• Common ancestry: Romanian 4% Lithuanian 2% Iranian 1%
• Foreign-born: 8% · Canada
• Languages at home: 81% English-only · Spanish 14% Russian/Polish/Slavic 2% Other Indo-European 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: ▼ -143.57%
• Current HPI: 328.7053
• Rent YoY: ▲ 7.89%
• 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

1 event — show timeline

• 2026-05-29 Listed $244,900 UNYREIS

Property tax history

+4.9%/yr

Latest (2025): $2,395 · +0.0% YoY. Source: county tax records.