244 Park Pl · Schenectady, NY 12305

$289,000

5 bd · 2.0 ba · 2,084 sqft · MultiFamily public records · 1 Days on market

Built 1920 2,613 sqft lot Est $231k · 25% over

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Why this score? — see what drove the C- 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 +23.4/30.0
• DSCR +7.5/10.0
• Appreciation +6.6/10.0
• 1% rule +5.3/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks

Welcome to 244 Park Place! This well-maintained two-family home presents a fantastic opportunity for both owner-occupants and investors alike. Ideally located near Union College, Mohawk Harbor, and Downtown Schenectady, you'll enjoy convenient access to restaurants, shopping, entertainment, and the area's vibrant arts scene. Whether you're looking to add to your investment portfolio or create a home with rental income potential, this is a property you won't want to miss.

Key facts

• Near union college
• Near mohawk harbor
• Two-family home

Tags

• TWO-FAMILY HOME
• NEAR UNION COLLEGE
• NEAR MOHAWK HARBOR
• NEAR DOWNTOWN SCHENECTADY
• CONVENIENT ACCESS TO SHOPPING

Property features AI

Exterior

• Parking: Off-street parking via stone driveway (1 total space)
• Utilities: Public water; Public sewer
• Home design: Duplex; Two-unit property
• Construction: Vinyl siding; Shingle (asphalt) roof
• Exterior features: Front porch; Rear porch; Fenced yard

Interior

• Bedrooms: Unit 1: 2 bedrooms (both on the 1st floor); Unit 2: 3 bedrooms (all on the 2nd floor)
• Flooring: Vinyl
• Bathrooms: Unit 1: 1 full bathroom (1st floor); Unit 2: 1 full bathroom (2nd floor); Total of 2 full bathrooms
• Heating & cooling: Forced-air heating; Natural gas
• Interior features: Vinyl flooring; Full basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $289k.

Deal economics

• At list price, monthly cash flow is $533 ($6k/yr) — positive. Per door: $267/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $289k).
• Cap rate 8.5% 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: Schenectady High School (math 75% / reading 90%, grade A, #446 of 1,100 statewide, top 41%, 2,743 students, 71% FRL).
• Zoned-school proficiency averages 82% at this address vs 36% district-wide (+46 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: 20 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• At $2,977/mo this rent would consume 67% of the median local household income ($53k/yr) (locally 962% 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 $11k of equity ($2k loan paydown + $9k appreciation (3.2% local appreciation)).
• Schenectady County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.2% appreciation + 3.0% rent growth), your $81k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $289,000

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 1920 — 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. 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?
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 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: 1.03% ✓
• Cap rate: 8.51%
• Cash-on-cash: 7.91%
• DSCR: 1.35
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $231,324
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
515 South Ave	0.28mi	5/3.0	2,070 (-1%)	6mo	$172,000	$83	77
1540 Foster Ave	0.18mi	6/2.0 (+1)	2,024 (-3%)	7mo	$214,650	$106	76
1588 Foster Ave	0.26mi	6/2.0 (+1)	2,200 (+6%)	6mo	$315,000	$143	69
1695 Foster Ave	0.42mi	6/2.0 (+1)	2,208 (+6%)	6mo	$244,000	$111	60
762 Eastern Ave	0.49mi	6/2.0 (+1)	2,205 (+6%)	3mo	$269,900	$122	60
16 Paulding St	0.69mi	6/2.0 (+1)	2,078 (-0%)	5mo	$205,000	$99	58
113 Degraff St	0.62mi	4/2.0 (-1)	2,172 (+4%)	4mo	$198,000	$91	56
206 Front St	0.46mi	4/2.0 (-1)	1,880 (-10%)	2mo	$299,000	$159	56
1039 Wendell Ave	0.62mi	4/2.0 (-1)	1,984 (-5%)	4mo	$220,000	$111	55
1712 Foster Ave	0.45mi	6/2.0 (+1)	2,332 (+12%)	2mo	$280,000	$120	53
1708 Avenue A	0.57mi	6/2.0 (+1)	2,390 (+15%)	4mo	$320,000	$134	41
5 Barney St	0.72mi	6/2.0 (+1)	2,280 (+9%)	9mo	$250,000	$110	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.2% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.4%
• Equity multiple: 1.89×
• Total profit: $71,793
• Equity at exit: $133,230

10-year hold

• IRR: 16.9%
• Equity multiple: 3.52×
• Total profit: $204,146
• Equity at exit: $207,914

Cash invested: $80,920 (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 12305

• Home prices YoY: 1.2%
• Active inventory: 20
• Price-to-rent: 16.2×

Monthly cashflow live

• Estimated rent: $2,977 high
• Mortgage (P&I): −$1,516
• Tax from tax record: −$183 /mo · $2,193/yr
• Insurance: −$120
• HOA: −$0
• Vacancy / Maint / Mgmt: −$625
• Net cashflow: $533

Break-even live

Break-even rent $2,302

Max offer price $289,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,976
Total (2 units)			$2,977

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: $72,250
• Closing costs: $8,670
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
509 Nott St Unit 507 Schenectady, NY	4.0	1.0	1400	$1,695	$1.21	43d	1	0.10mi
1687 Avenue A Schenectady, NY	4.0	1.0	1672	$2,300	$1.38	43d	1	0.51mi
1747 Oneida St Schenectady, NY	4.0	2.0	1620	$2,700	$1.67	14d	1	0.99mi
1347 Union St Schenectady, NY	4.0	1.5	2188	$3,750	$1.71	43d	1	1.06mi

Listing history 2 events

1. 2026-06-17
   remarks 475-char remark
2. 2026-06-17
   listed $289,000 Active 1 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: $2,193 · $183/mo
• Projected year-2 tax: $3,538 · $295/mo
• Expected delta: +$1,346/yr (+$112/mo · 61.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $35,724
• − Mortgage interest: −$16,188
• − Property taxes: −$2,193
• − Insurance: −$1,445
• − Repairs & maintenance: −$2,858
• − Management: −$2,858
• − Depreciation: −$8,407
• Taxable income: $1,775
• Est. tax owed @ 24.0%: −$426
• After-tax cash flow: $5,972/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): 7,356
• Household income: $53,326
• Rent vs Own: 85.4% rent · 14.6% own
• Severe rent burden: 962.0

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 0.60)
• Race & ethnicity: White 59% Black 20% Two or more races 14% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Romanian 5% Italian 2% Serbian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 1% Russian/Polish/Slavic 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: ▲ 3.20%
• Current HPI: 276.7183
• 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

1 event — show timeline

• 2026-06-17 Listed $289,000 Global MLS

Property tax history

+1.9%/yr

Latest (2025): $2,193 · +3.3% YoY. Source: county tax records.