659 Bay St · Rochester, NY 14609

$44,900

5 bd · 2.0 ba · 1,584 sqft · MultiFamily public records · 11 Days on market

Built 1900 3,049 sqft lot

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.5/5.0
• Livability +3.8/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

DEAL FELL THROUGH! Both units are currently occupied so please give 48 hours notice when requesting. Monthly rent total = 1845. TO be sold AS IS, seller will not provide c of o.

Key facts

• Near schools
• Near shopping
• Fix-and-flip project

Tags

• CONVENIENTLY LOCATED
• NEAR DOWNTOWN ROCHESTER
• NEAR SCHOOLS
• NEAR SHOPPING
• NEAR PARKS
• FIX-AND-FLIP PROJECT

Property features AI

Finance

• Financial info: Two units total; Both units month-to-month; Unit rents reported: one unit at $995, one unit at $895; Operating expense details: see remarks; Owner pays: see remarks

Exterior

• Parking: Paved parking
• Utilities: Public water connected; Sewer connected; Circuit breaker electric service
• Home design: Two-story multifamily (Residential 2-Unit)
• Construction: Stucco exterior; Copper plumbing; Block foundation; Flat roof; Existing (previously built)
• Exterior features: Rectangular residential lot; City street frontage; Paved parking

Interior

• Kitchen: Gas water heater
• Bedrooms: One unit with 2 bedrooms; One unit with 3 bedrooms
• Flooring: Carpet; Hardwood; Linoleum; Vinyl; Varied flooring
• Bathrooms: Two full bathrooms total (each unit has 1 full bath)
• Heating & cooling: Gas forced-air heating
• Interior features: Ceiling fans; Other features / see remarks
• Laundry & utility: Separate gas meters for each unit; Separate electric meters for each unit

🏷️ Possibly a rental listed for sale. The $44,900 price doesn't fit this home's estimated sale value (~$133,056) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $45k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $45k).
• Cap rate 54.1% vs local median 9.3% in Rochester — 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 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 (+7.9%/yr); 199 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $2,666/mo this rent would consume 50% of the median local household income ($65k/yr) (locally 2183% 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 $310 of loan paydown is wiped out by about $1k 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 + 7.9% rent growth), your $13k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 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.

Risks & watch-outs

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

Recommended offer $44,900

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 5.94% ✓
• Cap rate: 54.10%
• Cash-on-cash: 170.73%
• DSCR: 8.60
• GRM: 1.4

CMA / ARV

• ARV (on-the-fly): $133,056
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
659 Bay St	0.00mi	4/2.0 (-1)	1,584 (0%)	7mo	$65,500	$41	89
16-20 Cummings St	0.07mi	4/2.0 (-1)	1,564 (-1%)	11mo	$129,000	$82	80
37 Forester St	0.19mi	4/2.0 (-1)	1,494 (-6%)	7mo	$82,000	$55	71
188 Cummings St	0.30mi	4/2.0 (-1)	1,738 (+10%)	10mo	$146,500	$84	56
172 Rohr St	0.61mi	6/2.0 (+1)	1,613 (+2%)	10mo	$95,000	$59	55
46 Peck St	0.54mi	4/2.0 (-1)	1,526 (-4%)	11mo	$138,000	$90	54
415 Fernwood Ave	0.52mi	4/2.0 (-1)	1,636 (+3%)	14mo	$163,000	$100	53
567 Hayward Ave	0.57mi	4/2.0 (-1)	1,694 (+7%)	6mo	$230,000	$136	51
87 Newcomb St	0.49mi	4/2.0 (-1)	1,760 (+11%)	6mo	$152,000	$86	48
22 5th St	0.46mi	4/2.0 (-1)	1,803 (+14%)	7mo	$110,000	$61	45
409 Melville St	0.58mi	4/2.5 (-1)	1,755 (+11%)	7mo	$129,000	$74	42
349 Hazelwood	0.55mi	4/2.0 (-1)	1,800 (+14%)	6mo	$166,000	$92	42

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 · 7.89% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.58×
• Total profit: $120,456
• Equity at exit: $6,695

10-year hold

• IRR: —
• Equity multiple: 26.00×
• Total profit: $314,268
• Equity at exit: $3,882

Cash invested: $12,572 (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 14609

• Home prices YoY: -30.4%
• Rents YoY: 7.9%
• Active inventory: 199
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $2,666 high
• Mortgage (P&I): −$235
• Tax from tax record: −$63 /mo · $759/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$560
• Net cashflow: $1,789

Break-even live

Break-even rent $402

Max offer price $44,900

Occupancy floor 28%

Sensitivity live

Price	-10% $1,814	-5% $1,801	+0% $1,789	+5% $1,776	+10% $1,763
Rent	-10% $1,578	-5% $1,683	+0% $1,789	+5% $1,894	+10% $1,999
Rate	-1.0pp $1,811	-0.5pp $1,800	base $1,789	+0.5pp $1,777	+1.0pp $1,765

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

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1	$2,666
Total (2 units)			$2,666

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
52 Frances St Rochester, NY	4.0	1.0	1256	$1,595	$1.27	45d	1	0.21mi
47 Priscilla St Rochester, NY	4.0	1.5	1250	$1,900	$1.52	22d	1	0.39mi
195 Parsells Ave Rochester, NY	4.0	1.0	1413	$1,265	$0.90	4d	1	0.40mi
147 5th St Rochester, NY	4.0	1.0	1289	$1,950	$1.51	22d	1	0.41mi
207 Lux St Rochester, NY	4.0	1.5	1728	$2,150	$1.24	11d	1	0.84mi
59 Clark Ave Rochester, NY	4.0	1.0	1728	$1,800	$1.04	4d	1	1.24mi
117 Northaven Ter Rochester, NY	4.0	2.0	1460	$1,975	$1.35	11d	1	1.44mi

Listing history 10 events

1. 2026-06-21
   statusdays on market $44,900 Pending 11 DOM
2. 2026-06-18
   days on market $44,900 Active 10 DOM
3. 2026-06-17
   days on market $44,900 Active 9 DOM
4. 2026-06-16
   days on market $44,900 Active 8 DOM
5. 2026-06-15
   days on market $44,900 Active 7 DOM
6. 2026-06-13
   days on market $44,900 Active 5 DOM
7. 2026-06-13
   days on market $44,900 Active 4 DOM
8. 2026-06-10
   days on market $44,900 Active 2 DOM
9. 2026-06-09
   remarks 699-char remark
10. 2026-06-09
    listed $44,900 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: $759 · $63/mo
• Projected year-2 tax: $759 · $63/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 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,992
• − Mortgage interest: −$2,515
• − Property taxes: −$759
• − Insurance: −$224
• − Repairs & maintenance: −$2,559
• − Management: −$2,559
• − Depreciation: −$1,306
• Taxable income: $22,068
• Est. tax owed @ 24.0%: −$5,296
• After-tax cash flow: $16,168/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): 40,274
• Household income: $64,603
• Rent vs Own: 36.1% rent · 63.9% own
• Severe rent burden: 2183.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 44% Black 28% Hispanic / Latino 20% Two or more races 10% Asian 2%
• Hispanic origin (detail): Puerto Rican 15% Cuban 1% Dominican 1%
• Common ancestry: Romanian 4% Lithuanian 2% Iranian 1%
• Foreign-born: 8% · Canada
• Languages at home: 81% English-only · Spanish 14% Russian/Polish/Slavic 2% Other Indo-European 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: ▼ -143.57%
• Current HPI: 328.7053
• Rent YoY: ▲ 7.89%
• 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

+38.6% since first listed

17 events — show timeline

• 2026-06-08 Listed $44,900 UNYREIS
• 2025-11-14 Sold (MLS) $65,500 UNYREIS
• 2025-08-07 Pending — UNYREIS
• 2025-05-01 Relisted — UNYREIS
• 2025-04-18 Pending — UNYREIS
• 2025-04-04 Listed $85,000 UNYREIS
• 2024-12-24 Listing Removed — UNYREIS
• 2024-09-24 Listed $85,000 UNYREIS
• 2022-01-24 Sold (Public Records) $65,000 Public Records
• 2017-05-22 Sold (Public Records) $29,000 Public Records
• 2017-05-12 Sold (MLS) $28,000 UNYREIS
• 2017-03-11 Contingent — UNYREIS
• 2016-12-31 Listed $35,000 UNYREIS
• 2016-06-25 Listing Removed — UNYREIS
• 2016-04-04 Pending — UNYREIS
• 2016-02-01 Listed $35,000 UNYREIS
• 2012-09-17 Listed $32,400 UNYREIS

Property tax history

+0.1%/yr

Latest (2025): $759 · -10.6% YoY. Source: county tax records.