1063 Cutler St · Schenectady, NY 12303

$235,000

6 bd · 2.0 ba · 2,364 sqft · MultiFamily public records · 6 Days on market

Built 1900 4,791 sqft lot Est $281k · 16% 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 +28.5/30.0
• ARV discount +14.9/15.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• 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: 2 units. confirmed

Listing remarks

Well priced, large house with two units and off street parking. It's what everybody seems to be looking for and you've found it. With solid bones this is the place to put in sweat equity and grow or start your real estate portfolio. 2364 square feet divided between two well laid out units that offer three bedrooms each and a two car garage. Not a foreclosure, short sale or city owned property. This is a direct from seller transaction, vacant and broom swept at closing, easy to view and easy to buy.

Key facts

• Solid bones
• Off street parking
• Two units

Tags

• TWO UNITS
• OFF STREET PARKING
• SOLID BONES

Property features AI

Finance

• Financial info: Two-unit property

Exterior

• Parking: 2 garage parking spaces (garage)
• Utilities: Public water; Public sewer
• Home design: Duplex; Living area reported as 2,364 (total for property)
• Construction: Aluminum siding
• Exterior features: Slate roof; Other exterior features

Interior

• Kitchen: Unit 1: 1 kitchen (1st floor); Unit 2: 1 kitchen (2nd floor)
• Bedrooms: Unit 1: 3 bedrooms (all on 1st floor); Unit 2: 3 bedrooms (all on 2nd floor)
• Flooring: Wood flooring; Laminate flooring
• Bathrooms: 2 full bathrooms total; Unit 1: 1 full bathroom (1st floor); Unit 2: 1 full bathroom (2nd floor)
• Heating & cooling: Forced air heating
• Interior features: Wood and laminate flooring; Full basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $767 ($9k/yr) — positive. Per door: $383/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Cap rate 10.2% 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: 161 active listings in the ZIP; solid renter incomes; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• At $3,290/mo this rent would consume 47% of the median local household income ($84k/yr) (locally 1318% 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.
• 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 $66k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $150k; list at $235k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,000

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 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: 1.40% ✓
• Cap rate: 10.21%
• Cash-on-cash: 13.98%
• DSCR: 1.62
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $281,316
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1933 Wabash Ave	0.49mi	6/2.0	2,320 (-2%)	2mo	$275,000	$119	72
1235 Crane St	0.39mi	6/2.0	2,236 (-5%)	6mo	$238,500	$107	68
1220 Crane St	0.36mi	7/2.0 (+1)	2,460 (+4%)	10mo	$215,000	$87	63
2021 Wabash Ave	0.57mi	6/2.0	2,316 (-2%)	11mo	$260,000	$112	61
2030 Euclid Ave	0.60mi	6/2.0	2,496 (+6%)	4mo	$300,000	$120	59
1005 Congress St	0.12mi	7/3.0 (+1)	2,690 (+14%)	5mo	$85,000	$32	58
425 Fourth St	0.61mi	6/3.0	2,320 (-2%)	8mo	$285,000	$123	58
1114 9th Ave	0.39mi	6/3.0	2,112 (-11%)	3mo	$247,500	$117	57
1038 Bridge St	0.59mi	6/2.0	2,460 (+4%)	10mo	$175,000	$71	57
1228 Crane St	0.36mi	5/3.0 (-1)	2,154 (-9%)	5mo	$260,000	$121	55
2217-2219 Guilderland Ave	0.68mi	7/3.0 (+1)	2,400 (+2%)	9mo	$385,000	$160	50
913-915 Bridge St	0.53mi	5/2.0 (-1)	2,056 (-13%)	10mo	$315,000	$153	40

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: 4.3%
• Equity multiple: 1.17×
• Total profit: $10,923
• Equity at exit: $35,039

10-year hold

• IRR: 13.8%
• Equity multiple: 2.11×
• Total profit: $73,105
• Equity at exit: $20,319

Cash invested: $65,800 (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 12303

• Active inventory: 161
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $3,290 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$502 /mo · $6,026/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$691
• Net cashflow: $767

Break-even live

Break-even rent $2,320

Max offer price $235,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,290
Total (2 units)			$3,290

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-17
   status $235,000 Pending 6 DOM
2. 2026-06-16
   days on market $235,000 Active 6 DOM
3. 2026-06-15
   days on market $235,000 Active 5 DOM
4. 2026-06-14
   days on market $235,000 Active 3 DOM
5. 2026-06-13
   remarks 504-char remark
6. 2026-06-13
   listed $235,000 Active 2 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: $6,026 · $502/mo
• Projected year-2 tax: $6,026 · $502/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 ≥96°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: $39,480
• − Mortgage interest: −$13,164
• − Property taxes: −$6,026
• − Insurance: −$1,175
• − Repairs & maintenance: −$3,158
• − Management: −$3,158
• − Depreciation: −$6,836
• Taxable income: $5,962
• Est. tax owed @ 24.0%: −$1,431
• After-tax cash flow: $7,769/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): 29,360
• Household income: $84,375
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 1318.0

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: Predominantly White (66%)
• Race & ethnicity: White 66% Two or more races 11% Black 10% Hispanic / Latino 9% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5%
• Common ancestry: Romanian 6% Lithuanian 3% Iranian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 2% Chinese 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: ▼ -151.01%
• Current HPI: 280.3886
• 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

+235.7% since first listed

3 events — show timeline

• 2026-06-10 Listed $235,000 Global MLS
• 2023-05-18 Sold (Public Records) $150,000 Public Records
• 2003-09-17 Sold (Public Records) $70,000 Public Records

Property tax history

+0.7%/yr

Latest (2025): $6,026 · +4.2% YoY. Source: county tax records.