3862 Mount Read Blvd · Rochester, NY 14616

$229,900

3 bd · 2.0 ba · 1,624 sqft · MultiFamily public records · 25 Days on market

Built 1929 0.56 ac lot $142/sqft · 33% below area Est $342k · 33% under

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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 +16.9/30.0
• ARV discount +15.0/15.0
• 1% rule +6.8/10.0
• DSCR +5.2/10.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• 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 MLS

Rare opportunity to live rent free in Greece!!! Duplex conveniently located, close to Wegmans, parks and restaurants. Large private wooded backyard, tastefully landscaped. Brand new roof, paint and carpet. Turnkey and ready for investor/homeowner.

Key facts

• Updated bath
• 1/2 acre lot
• Front porch

Tags

• 1/2 ACRE LOT
• NEW WINDOWS
• UPDATED BATH
• FRONT PORCH
• LARGE WALK IN CLOSET
• CLEAN DRY BASEMENT

Property features AI

Finance

• Other: Two total units; Two electric meters, one separate gas meter
• Financial info: Owner pays cable TV and grounds care (see remarks for details); Rent includes gardener and cable TV (see remarks for details); Operating expenses include maintenance and trash; Both units currently rented month-to-month at $1,100 each

Exterior

• Parking: Common gravel parking with two or more spaces
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected; Cable available
• Home design: 2-story multi-family residence (Residential 2 Unit zoning); Existing structure
• Construction: Aluminum siding; Asphalt roof; Block foundation; Built (existing)
• Exterior features: Deck; Enclosed porch; Open porch; Near public transit; Rectangular lot; Main thoroughfare frontage

Interior

• Kitchen: Unit 1: Oven/range, Refrigerator; Unit 2: Dishwasher, Microwave, Refrigerator, Eat-in kitchen
• Bedrooms: Two 2-bedroom units
• Flooring: Ceramic tile; Hardwood; Resilient flooring; Varied flooring between units
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating; Heating present
• Interior features: Ceiling fans; Programmable thermostat; Thermal windows
• Laundry & utility: Unit 2: Washer and Dryer; Common area laundry

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $150 ($2k/yr) — positive. Per door: $75/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $226k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 9.3% in Rochester — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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.
• Greece Central School District (suburban): math 35% / reading 39% proficiency, ranked #544 of 590 in NY (top 92%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 111 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $2,719/mo this rent would consume 49% of the median local household income ($66k/yr) (locally 789% 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.
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $226,451 (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 1929 — 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. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.18% ✓
• Cap rate: 7.08%
• Cash-on-cash: 2.81%
• DSCR: 1.12
• GRM: 7.0

CMA / ARV

• ARV (median comp): $341,512
• List price: $229,900
• Delta: -32.68%
• Verdict: UNDERPRICED
• Comps: 8 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -11.7%
• Equity multiple: 0.57×
• Total profit: $-27,377
• Equity at exit: $34,279

10-year hold

• IRR: -2.4%
• Equity multiple: 0.84×
• Total profit: $-10,310
• Equity at exit: $19,878

Cash invested: $64,372 (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 14616

• Home prices YoY: -18.0%
• Active inventory: 111
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $2,719 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$696 /mo · $8,353/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$571
• Net cashflow: $150

Break-even live

Break-even rent $2,529

Max offer price $229,900

Occupancy floor 89%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,718
Total (2 units)			$2,719

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
262 Jamestown Ter Unit 2 Rochester, NY	2.0	1.0	1242	$2,200	$1.77	43d	1	0.38mi
331 Leonard Rd Rochester, NY	3.0	2.0	1157	$1,850	$1.60	3d	1	0.52mi
175 English Rd Rochester, NY	3.0	1.5	1194	$1,975	$1.65	43d	1	0.67mi
37 Linda Dr Unit 1 Rochester, NY	3.0	2.0	1600	$2,100	$1.31	43d	1	0.78mi
108 Glenbrook Rd Rochester, NY	3.0	1.0	1088	$1,850	$1.70	23d	1	1.14mi
60 Grand Teton St Greece, NY	2.0–3.0	2.0	1833	$2,673	$1.46	2d	3	1.15mi
304 Bakerdale Rd Rochester, NY	3.0	1.0	1256	$1,650	$1.31	44d	1	1.20mi
102 Goethals Dr Rochester, NY	2.0	2.0	1360	$2,400	$1.76	14d	1	1.47mi

Listing history 17 events

1. 2026-06-09
   statusdays on market $229,900 Pending 25 DOM
2. 2026-06-07
   statusdays on market $229,900 Active Under Contract 24 DOM
3. 2026-06-03
   days on market $229,900 Active 20 DOM
4. 2026-06-03
   days on market $229,900 Active 19 DOM
5. 2026-06-01
   days on market $229,900 Active 18 DOM
6. 2026-05-31
   days on market $229,900 Active 17 DOM
7. 2026-05-14
   listed $229,900 Active 735-char remark
8. 2022-10-05
   soldstatus $190,000
9. 2017-10-28
   soldstatus $138,250 Closed Sale or Rented 247-char remark

   Show marketing remark (247 chars)

   Rare opportunity to live rent free in Greece!!! Duplex conveniently located, close to Wegmans, parks and restaurants. Large private wooded backyard, tastefully landscaped. Brand new roof, paint and carpet. Turnkey and ready for investor/homeowner.

10. 2017-10-23
    soldstatus $138,250
11. 2017-10-16
    status Pending Sale 247-char remark

    Show marketing remark (247 chars)

    Rare opportunity to live rent free in Greece!!! Duplex conveniently located, close to Wegmans, parks and restaurants. Large private wooded backyard, tastefully landscaped. Brand new roof, paint and carpet. Turnkey and ready for investor/homeowner.

12. 2017-08-31
    price $139,900 247-char remark

    Show marketing remark (247 chars)

    Rare opportunity to live rent free in Greece!!! Duplex conveniently located, close to Wegmans, parks and restaurants. Large private wooded backyard, tastefully landscaped. Brand new roof, paint and carpet. Turnkey and ready for investor/homeowner.

13. 2017-08-23
    listed $143,900 Active 247-char remark

    Show marketing remark (247 chars)

    Rare opportunity to live rent free in Greece!!! Duplex conveniently located, close to Wegmans, parks and restaurants. Large private wooded backyard, tastefully landscaped. Brand new roof, paint and carpet. Turnkey and ready for investor/homeowner.

14. 2016-02-29
    soldstatus $45,000 Closed Sale or Rented

    Show marketing remark (39 chars)

    cash only the garage roof has collasped

15. 2016-01-14
    status Pending Sale

    Show marketing remark (39 chars)

    cash only the garage roof has collasped

16. 2015-12-16
    listed $59,900 Active

    Show marketing remark (39 chars)

    cash only the garage roof has collasped

17. 2004-10-01
    soldstatus $85,200

ⓘ 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: $8,353 · $696/mo
• Projected year-2 tax: $8,353 · $696/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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 16 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: $32,628
• − Mortgage interest: −$12,878
• − Property taxes: −$8,353
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,610
• − Management: −$2,610
• − Depreciation: −$6,688
• Taxable loss: −$1,661
• Est. tax savings @ 24.0%: +$399
• After-tax cash flow: $2,205/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: Greece Central School District
• NCES district ID: 3612630
• Math proficiency: 35% ▼ -14.00%
• Reading proficiency: 39% ▼ -3.00%
• Median HH income: $52,718
• Composite: 32.26/100
• National rank: #5761
• State rank: #544 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

• County: Monroe County · 674,131 people
• City population: 432,803
• Metro: Rochester, NY
• Population (ZIP): 26,863
• Household income: $66,499
• Rent vs Own: 28.4% rent · 71.6% own
• Severe rent burden: 789.0

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: Predominantly White (68%)
• Race & ethnicity: White 68% Black 13% Hispanic / Latino 12% Two or more races 8% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 9%
• Common ancestry: Romanian 6% Lithuanian 2% Iranian 2%
• Foreign-born: 8% · Canada, Philippines, Jamaica
• Languages at home: 88% English-only · Spanish 5% Arabic 2% Other Asian/Pacific 2%

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: ▼ -54.14%
• Current HPI: 246.1703
• Rent YoY: —
• 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

+169.8% since first listed

13 events — show timeline

• 2026-06-08 Pending — UNYREIS
• 2026-06-04 Contingent — UNYREIS
• 2026-05-14 Listed $229,900 UNYREIS
• 2022-10-05 Sold (Public Records) $190,000 Public Records
• 2017-10-28 Sold (MLS) $138,250 UNYREIS
• 2017-10-23 Sold (Public Records) $138,250 Public Records
• 2017-10-16 Pending — UNYREIS
• 2017-08-31 Price Changed $139,900 UNYREIS
• 2017-08-23 Listed $143,900 UNYREIS
• 2016-02-29 Sold (MLS) $45,000 UNYREIS
• 2016-01-14 Pending — UNYREIS
• 2015-12-16 Listed $59,900 UNYREIS
• 2004-10-01 Sold (Public Records) $85,200 Public Records

Property tax history

+5.3%/yr

Latest (2025): $8,353 · +2.8% YoY. Source: county tax records.