1046 Park Ave · Schenectady, NY 12308

$285,000

9 bd · 3.0 ba · 2,960 sqft · MultiFamily public records · 27 Days on market

Built 1900 6,534 sqft lot Est $311k · 8% 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 +29.2/30.0
• ARV discount +11.2/15.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

H566166~ Solid, well maintained 3 family with a 4 car garage in the rear. Interior features include built in cabinets and hardwood floors. Huge attic area. All utilities separated. Roof is approx. 10 years old. This is a turn key investment on a beautiful street in Schenectady. They don't build them like this anymore! Excellent Condition

Key facts

• Separate utilities
• Built-in cabinets
• Turnkey investment

Tags

• BUILT-IN CABINETS
• HARDWOOD FLOORS
• SEPARATE UTILITIES
• EXCELLENT ROOF CONDITION
• TURNKEY INVESTMENT
• DESIRED UNION COLLEGE AREA

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $997 ($12k/yr) — positive. Per door: $332/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $285k).
• Recommended offer: $281k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 6.3% in Schenectady — 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 78/100 on livability (#167 in NY, #2,597 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, cost of living A; Watch: employment D+, crime F.
• Schenectady City School District (urban): math 38% / reading 34% proficiency, ranked #556 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Jessie T Zoller Elementary School (math 37% / reading 52%, grade F, #1,277 of 2,108 statewide, top 64%, 451 students, 69% FRL); Schenectady High School (math 75% / reading 90%, grade A, #446 of 1,100 statewide, top 41%, 2,743 students, 71% FRL) — zoned schools at 70% FRL track the district average.
• Zoned-school proficiency averages 64% at this address vs 36% district-wide (+28 pts) — the actual schools serving this property are materially stronger than the Schenectady City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 78 active listings in the ZIP; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Schenectady County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $80k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $190k; list at $285k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $280,725 (1.5% below list)

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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.47% ✓
• Cap rate: 10.49%
• Cash-on-cash: 14.99%
• DSCR: 1.67
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $310,800
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1045 University Pl	0.09mi	8/2.0 (-1)	2,940 (-1%)	14mo	$340,000	$116	74
21 Grove Pl	0.56mi	8/2.0 (-1)	3,168 (+7%)	0mo	$280,000	$88	53
1507 Carrie St	0.51mi	8/4.5 (-1)	3,228 (+9%)	18mo	$90,000	$28	35
1381 Union St	0.61mi	8/3.0 (-1)	3,284 (+11%)	16mo	$344,000	$105	35

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.7%
• Equity multiple: 1.22×
• Total profit: $17,572
• Equity at exit: $42,494

10-year hold

• IRR: 15.1%
• Equity multiple: 2.23×
• Total profit: $98,174
• Equity at exit: $24,642

Cash invested: $79,800 (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 12308

• Home prices YoY: -14.6%
• Active inventory: 78
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $4,202 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$710 /mo · $8,516/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$882
• Net cashflow: $997

Break-even live

Break-even rent $2,940

Max offer price $285,000

Occupancy floor 71%

Sensitivity live

Price	-10% $1,158	-5% $1,077	+0% $997	+5% $916	+10% $835
Rent	-10% $665	-5% $831	+0% $997	+5% $1,163	+10% $1,329
Rate	-1.0pp $1,140	-0.5pp $1,069	base $997	+0.5pp $923	+1.0pp $848

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,203
Total (3 units)			$4,202

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2024-11-19
   status Pending
2. 2024-10-21
   listed $285,000 Active
3. 2021-09-21
   soldstatus $190,000
4. 2021-09-06
   soldstatus $190,000 Closed (Final Sale) 339-char remark

   Show marketing remark (339 chars)

   H566166~ Solid, well maintained 3 family with a 4 car garage in the rear. Interior features include built in cabinets and hardwood floors. Huge attic area. All utilities separated. Roof is approx. 10 years old. This is a turn key investment on a beautiful street in Schenectady. They don't build them like this anymore! Excellent Condition

5. 2021-06-17
   status Pend (Under Cntr) 339-char remark

   Show marketing remark (339 chars)

   H566166~ Solid, well maintained 3 family with a 4 car garage in the rear. Interior features include built in cabinets and hardwood floors. Huge attic area. All utilities separated. Roof is approx. 10 years old. This is a turn key investment on a beautiful street in Schenectady. They don't build them like this anymore! Excellent Condition

6. 2021-06-11
   price $199,000 339-char remark

   Show marketing remark (339 chars)

   H566166~ Solid, well maintained 3 family with a 4 car garage in the rear. Interior features include built in cabinets and hardwood floors. Huge attic area. All utilities separated. Roof is approx. 10 years old. This is a turn key investment on a beautiful street in Schenectady. They don't build them like this anymore! Excellent Condition

7. 2021-05-20
   price $225,000 339-char remark

   Show marketing remark (339 chars)

   H566166~ Solid, well maintained 3 family with a 4 car garage in the rear. Interior features include built in cabinets and hardwood floors. Huge attic area. All utilities separated. Roof is approx. 10 years old. This is a turn key investment on a beautiful street in Schenectady. They don't build them like this anymore! Excellent Condition

8. 2021-03-23
   listed $250,000 New 339-char remark

   Show marketing remark (339 chars)

   H566166~ Solid, well maintained 3 family with a 4 car garage in the rear. Interior features include built in cabinets and hardwood floors. Huge attic area. All utilities separated. Roof is approx. 10 years old. This is a turn key investment on a beautiful street in Schenectady. They don't build them like this anymore! Excellent Condition

ⓘ 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: $8,516 · $710/mo
• Projected year-2 tax: $8,516 · $710/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,424
• − Mortgage interest: −$15,964
• − Property taxes: −$8,516
• − Insurance: −$1,425
• − Repairs & maintenance: −$4,034
• − Management: −$4,034
• − Depreciation: −$8,291
• Taxable income: $8,160
• Est. tax owed @ 24.0%: −$1,958
• After-tax cash flow: $10,001/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: Schenectady City School District
• NCES district ID: 3626010
• Math proficiency: 38% ▲ 12.00%
• Reading proficiency: 34% ▲ 2.00%
• Median HH income: $39,453
• Composite: 30.2/100
• National rank: #6309
• State rank: #556 of 590 in NY

Livability — Schenectady

• Score: 78/100
• State rank: #167
• US rank: #2597

Category grades

Amenities B- Commute A+ Cost of living A Crime F Employment D+ Housing A Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Schenectady, NY
• County: Schenectady County · 141,369 people
• City population: 141,369
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 15,511
• Household income: $63,434
• Rent vs Own: 55.0% rent · 45.0% own
• Severe rent burden: 1016.0

Population outlook (Schenectady County) Hauer SSP2

• Today (2025): 155,046 people
• By 2030: 154,322 · -0.5%
• By 2040: 151,796 · -2.1%
• By 2050: 148,621 · -4.1%
• By 2075: 141,229 · -8.9%
• By 2100: 126,014 · -18.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 57% Black 17% Hispanic / Latino 13% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 8%
• Common ancestry: Lithuanian 4% Romanian 4% Slovak 3%
• Foreign-born: 10% · Canada
• Languages at home: 89% English-only · Spanish 5% Other Indo-European 2% Arabic 1%

Political lean MEDSL · Schenectady

• 2024 margin: D (+10.8) · D 55.4% · R 44.6%
• 2008→2024 swing: -1.8pp toward R · 2008: 12.7pp · 2024: 10.8pp
• All cycles: 2024: D+10.8 2020: D+15.7 2016: D+5.8 2012: D+15.4 2008: D+12.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.17%
• Current HPI: 344.8675
• Rent YoY: —
• Metro: Albany-Schenectady-Troy, 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

+14.0% since first listed

8 events — show timeline

• 2024-11-19 Pending — Global MLS
• 2024-10-21 Listed $285,000 Global MLS
• 2021-09-21 Sold (Public Records) $190,000 Public Records
• 2021-09-06 Sold (MLS) $190,000 Global MLS
• 2021-06-17 Pending — Global MLS
• 2021-06-11 Price Changed $199,000 Global MLS
• 2021-05-20 Price Changed $225,000 Global MLS
• 2021-03-23 Listed $250,000 Global MLS

Property tax history

+1.5%/yr

Latest (2025): $8,516 · +3.5% YoY. Source: county tax records.