423 Meigs St · Rochester, NY 14607

$249,900

5 bd · 2.0 ba · 2,308 sqft · MultiFamily public records · 9 Days on market

Built 1900 5,600 sqft lot $108/sqft · 47% below area Est $471k · 47% 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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• 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 423 Meigs Street, 14607! This classic two-family home offers excellent potential for long-term investment income. 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 3 bed, 1 bath unit is currently rented for $1,175/mo. The lower unit is a 2 bed, 1 bath, and rented for $1,425 per month. Both units have their own separate laundry rooms and will convey with the property. Additional features include a walk up attic, private entrances, 100 amp services for each unit, and a in process C of O that will be transferrable. All appliances will

Key facts

• Walk up attic
• 100 amp services
• C of o transferrable

Tags

• SEPARATE LAUNDRY ROOMS
• WALK UP ATTIC
• PRIVATE ENTRANCES
• 100 AMP SERVICES
• C OF O TRANSFERRABLE
• ALL APPLIANCES CONVEY

Property features AI

Finance

• Financial info: Two total units; Two units in the community; Owner pays water; water is included in rent; Operating expenses include water/sewer

Exterior

• Parking: Paved parking
• Utilities: Public water connected; Sewer connected
• Home design: Two-story multi-family building; Resale property; Wood siding exterior
• Construction: Wood siding construction; Existing year built (exact year not specified)
• Exterior features: Paved parking; Near public transit; Rectangular residential lot with city street frontage; Lot dimensions approximately 40 x 140

Interior

• Kitchen: Gas water heater (appliance/service noted)
• Bedrooms: Two-unit property (unit-level bedroom counts not provided)
• Flooring: Hardwood; Tile; Varies
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Gas forced-air heating
• Interior features: Hardwood and tile flooring throughout; variety of finishes; Full basement
• Laundry & utility: Separate gas meters for each unit; Separate electric meters for each unit

🏷️ Possibly a rental listed for sale. The $249,900 price doesn't fit this home's estimated sale value (~$471,015) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $554/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Cap rate 11.6% vs local median 9.3% in Rochester — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 2 comparable units currently listed for rent nearby; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $3,378/mo this rent would consume 68% 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 ~6 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 10y ago 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 $199k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $249,900

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 1900 — 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: 1.35% ✓
• Cap rate: 11.62%
• Cash-on-cash: 19.02%
• DSCR: 1.85
• GRM: 6.2

CMA / ARV

• ARV (median comp): $471,015
• List price: $249,900
• Delta: -46.94%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
65-67 Woodlawn St	0.05mi	6/2.0 (+1)	2,420 (+5%)	8mo	$250,000	$103	78
513 Averill Ave	0.08mi	6/3.0 (+1)	2,100 (-9%)	8mo	$255,000	$121	66
41-43 Asbury St	0.60mi	6/2.0 (+1)	2,300 (-0%)	3mo	$285,900	$124	64
13 Whitmore St	0.44mi	6/2.0 (+1)	2,194 (-5%)	6mo	$305,000	$139	61
20 Boardman St	0.28mi	4/3.0 (-1)	2,174 (-6%)	10mo	$310,000	$143	60
461 S Goodman St	0.15mi	6/3.0 (+1)	2,591 (+12%)	7mo	$310,000	$120	58
163 Mount Vernon Ave	0.61mi	6/2.0 (+1)	2,193 (-5%)	5mo	$289,000	$132	54
275 S Goodman St	0.26mi	5/3.0	2,621 (+14%)	11mo	$375,000	$143	52
122-124 Gregory St	0.73mi	4/2.0 (-1)	2,253 (-2%)	9mo	$350,000	$155	49
134 Benton St	0.59mi	5/3.0	2,064 (-11%)	11mo	$255,000	$124	42
179-181 Field St	0.60mi	6/3.0 (+1)	2,521 (+9%)	8mo	$288,750	$115	41
95 Wilmington St	0.60mi	4/2.0 (-1)	2,001 (-13%)	11mo	$232,000	$116	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 · 4.6% rent growth · sell at horizon

5-year hold

• IRR: 12.6%
• Equity multiple: 1.51×
• Total profit: $35,608
• Equity at exit: $37,261

10-year hold

• IRR: 22.6%
• Equity multiple: 3.07×
• Total profit: $145,166
• 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: 12.9×

Monthly cashflow live

• Estimated rent: $3,378 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$145 /mo · $1,740/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$709
• Net cashflow: $1,109

Break-even live

Break-even rent $1,974

Max offer price $249,900

Occupancy floor 62%

Sensitivity live

Price	-10% $1,250	-5% $1,180	+0% $1,109	+5% $1,038	+10% $967
Rent	-10% $842	-5% $976	+0% $1,109	+5% $1,242	+10% $1,376
Rate	-1.0pp $1,235	-0.5pp $1,173	base $1,109	+0.5pp $1,044	+1.0pp $978

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,612
1× unit	3	1	$1,767
Total (2 units)			$3,378

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 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34 Shepard St Rochester, NY	4.0	1.5	2347	$800	$0.34	44d	1	0.77mi
95 Parkwood Ave Rochester, NY	5.0	2.5	2000	$3,900	$1.95	12d	1	1.15mi

Listing history 9 events

1. 2026-05-14
   status Pending 864-char remark
2. 2026-05-05
   listed $249,900 Active 864-char remark
3. 2023-11-08
   soldstatus $199,000
4. 2016-08-01
   soldstatus $155,000
5. 2016-06-30
   historical
6. 2016-06-29
   listed $1,095
7. 2016-02-18
   soldstatus $95,000
8. 2002-04-26
   soldstatus $88,000
9. 2000-06-09
   soldstatus $30,000

ⓘ 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: $1,740 · $145/mo
• Projected year-2 tax: $2,982 · $248/mo
• Expected delta: +$1,241/yr (+$103/mo · 71.3%)

ⓘ 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: $40,536
• − Mortgage interest: −$13,998
• − Property taxes: −$1,740
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,243
• − Management: −$3,243
• − Depreciation: −$7,270
• Taxable income: $9,792
• Est. tax owed @ 24.0%: −$2,350
• After-tax cash flow: $10,957/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

+733.0% since first listed

9 events — show timeline

• 2026-05-14 Pending — UNYREIS
• 2026-05-05 Listed $249,900 UNYREIS
• 2023-11-08 Sold (Public Records) $199,000 Public Records
• 2016-08-01 Sold (Public Records) $155,000 Public Records
• 2016-06-30 Listing Removed — UNYREIS
• 2016-06-29 Listed $1,095 UNYREIS
• 2016-02-18 Sold (Public Records) $95,000 Public Records
• 2002-04-26 Sold (Public Records) $88,000 Public Records
• 2000-06-09 Sold (Public Records) $30,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $1,740 · -1.5% YoY. Source: county tax records.