70 Woodridge

Rochester Institute of Technology, NY 14467

$139,900B-

3 bd · 1.5 ba · 1,386 sqft · Built 1974 · Townhouse · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,081/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$383
• HOA: −$305
• Vac / Maint / Mgmt: −$437
• Net cashflow: $222/mo
• Annual: $2,665/yr
• Cap rate: 8.20%
• Cash-on-cash: 6.80%
• DSCR: 1.30
• 1% rule: 1.49%
• Cash to close: $39,172

Investor read

• This is a 3-bed/1.5-bath townhouse listed at $140k.
• At list price, monthly cash flow is $222 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Rush-Henrietta Central School District (suburban): math 62% / reading 57% proficiency, ranked #237 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Monica B Leary Elementary School (math 67% / reading 77%, grade A-, #378 of 2,108 statewide, top 20%, 481 students, 33% FRL); Charles H Roth Junior High School (math 42% / reading 57%, grade C, #280 of 729 statewide, top 40%, 531 students, 55% FRL); Rush-Henrietta Senior High School (math 97% / reading 72%, grade A, #379 of 1,100 statewide, top 36%, 1,300 students, 43% FRL).
• Watch-outs: property tax is 2.8% of price.
• Market conditions: Rents rising (+1.3%/yr); 39 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); solid renter incomes; 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.
• 3 sale attempts since 14y 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.
• Cap rate 8.2% vs local median 3.8% in Rochester Institute of Technology — 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.

Questions for listing agent

• Built in 1974 — 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.