148-150 Dewey Ave #148 · Rochester, NY 14608

$121,000

12 bd · 7.0 ba · 2,425 sqft · MultiFamily · 98 Days on market

Built 1855 Fair condition 8,700 sqft lot $50/sqft · 32% below area Est $177k · 32% under

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Why this score? — see what drove the A- 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.8/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.2/5.0
• Schools +1.9/10.0

Multi-family units

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

Listing remarks MLS

Great opportunity for a first-time homebuyer looking to build wealth through homeownership. This spacious two-family home allows you to live in one unit and rent the other, creating the potential for rental income that can help offset your mortgage and housing expenses. With 6 bedrooms and 3.5 bathrooms across two units, this property provides flexibility, space, and strong long-term potential. Owner-occupants can benefit from the advantages of purchasing a duplex building equity while another unit helps contribute toward the cost of ownership. Located on a generous 60 x 145 lot in Rochester and convenient to transportation, parks, and neighborhood amenities. Whether you’re entering the market for the first time or looking for a smart house-hacking opportunity, this property offers a pathway to homeownership and investment at the same time.

Key facts

• Generous lot
• Two family home
• Rental income

Tags

• TWO FAMILY HOME
• RENTAL INCOME
• DUPLEX BUILDING EQUITY
• GENEROUS LOT
• CONVENIENT TO TRANSPORTATION
• NEIGHBORHOOD AMENITIES

What this means for you Summary

Snapshot

• This is a 2 × 6.0-bed/3.5-bath units multifamily listed at $121k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $121k).
• Recommended offer: $110k (9.0% below list) — sets the bar for market timing.
• Cap rate 27.1% vs local median 9.3% in 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.

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 (+6.6%/yr); 51 active listings in the ZIP; lower-income renter base — watch delinquency; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $3,708/mo this rent would consume 109% of the median local household income ($41k/yr) (locally 1300% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $5k of equity ($837 loan paydown + $4k appreciation (3.7% local appreciation)).
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.7% appreciation + 6.6% rent growth), your $34k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($110k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1855 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,110 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1855 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 3.06% ✓
• Cap rate: 27.05%
• Cash-on-cash: 74.14%
• DSCR: 4.30
• GRM: 2.7

CMA / ARV

• ARV (median comp): $177,275
• List price: $121,000
• Delta: -31.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

3.69% appreciation · 6.61% rent growth · sell at horizon

5-year hold

• IRR: 82.9%
• Equity multiple: 5.91×
• Total profit: $166,382
• Equity at exit: $59,176

10-year hold

• IRR: 83.0%
• Equity multiple: 13.52×
• Total profit: $424,342
• Equity at exit: $95,092

Cash invested: $33,880 (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 14608

• Home prices YoY: 1.3%
• Rents YoY: 6.6%
• Active inventory: 51
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $3,708 medium
• Mortgage (P&I): −$635
• Tax est. 1.5%: −$151 /mo · $1,815/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$779
• Net cashflow: $2,093

Break-even live

Break-even rent $1,058

Max offer price $121,000

Occupancy floor 39%

Sensitivity live

Price	-10% $2,177	-5% $2,135	+0% $2,093	+5% $2,051	+10% $2,009
Rent	-10% $1,800	-5% $1,947	+0% $2,093	+5% $2,240	+10% $2,386
Rate	-1.0pp $2,154	-0.5pp $2,124	base $2,093	+0.5pp $2,062	+1.0pp $2,030

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

Units	Beds	Baths	Est. rent
▸ 2× units	6.0	3.5	$3,708
Total (2 units)			$3,708

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: $30,250
• Closing costs: $3,630
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $121,000 Active 98 DOM
2. 2026-06-17
   days on market $121,000 Active 97 DOM
3. 2026-06-16
   days on market $121,000 Active 96 DOM
4. 2026-06-15
   days on market $121,000 Active 95 DOM
5. 2026-06-13
   days on market $121,000 Active 93 DOM
6. 2026-06-13
   days on market $121,000 Active 92 DOM
7. 2026-06-10
   days on market $121,000 Active 90 DOM
8. 2026-06-09
   days on market $121,000 Active 89 DOM
9. 2026-06-09
   days on market $121,000 Active 88 DOM
10. 2026-06-07
    days on market $121,000 Active 87 DOM
11. 2026-06-05
    days on market $121,000 Active 84 DOM
12. 2026-06-03
    days on market $121,000 Active 83 DOM
13. 2026-06-03
    days on market $121,000 Active 82 DOM
14. 2026-06-01
    days on market $121,000 Active 81 DOM
15. 2026-05-31
    days on market $121,000 Active 80 DOM
16. 2026-03-12
    listed $149,600 Active 858-char remark

    Show marketing remark (858 chars)

    Great opportunity for a first-time homebuyer looking to build wealth through homeownership. This spacious two-family home allows you to live in one unit and rent the other, creating the potential for rental income that can help offset your mortgage and housing expenses. With 6 bedrooms and 3.5 bathrooms across two units, this property provides flexibility, space, and strong long-term potential. Owner-occupants can benefit from the advantages of purchasing a duplex building equity while another unit helps contribute toward the cost of ownership. Located on a generous 60 x 145 lot in Rochester and convenient to transportation, parks, and neighborhood amenities. Whether you’re entering the market for the first time or looking for a smart house-hacking opportunity, this property offers a pathway to homeownership and investment at the same time.

ⓘ 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 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,496
• − Mortgage interest: −$6,778
• − Property taxes: −$1,815
• − Insurance: −$605
• − Repairs & maintenance: −$3,560
• − Management: −$3,560
• − Depreciation: −$3,520
• Taxable income: $24,659
• Est. tax owed @ 24.0%: −$5,918
• After-tax cash flow: $19,199/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This two-family home requires moderate repairs to the exterior siding and landscaping, but presents a good opportunity for investment with potential for rental income.

Repairs flagged

• Major exterior siding — Significant wear and discoloration
• Minor landscaping — Bushes need trimming

Value-add opportunities

• Both paint exterior — Enhances curb appeal and property value
• Both landscaping — Improves curb appeal and enhances property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and discoloration	Major	$15,000–50,000
landscaping · Bushes need trimming	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and property value ↑
• Both landscaping — Improves curb appeal and enhances property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 12,792
• Household income: $40,646
• Rent vs Own: 78.0% rent · 22.0% own
• Severe rent burden: 1300.0

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 0.67)
• Race & ethnicity: Black 50% White 25% Two or more races 13% Hispanic / Latino 12% Asian 4%
• Hispanic origin (detail): Puerto Rican 10%
• Common ancestry: Lithuanian 1% Romanian 1% Iranian 1%
• Foreign-born: 8% · Canada, India
• Languages at home: 85% English-only · Spanish 8% Other Indo-European 3% French/Haitian/Cajun 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: ▲ 3.69%
• Current HPI: 280.2411
• Rent YoY: ▲ 6.61%
• 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

• 2026-03-12 Listed $149,600 UNYREIS