609 Mcclellan St · Schenectady, NY 12304

$387,500

5 bd · 6.0 ba · 3,586 sqft · MultiFamily public records · 75 Days on market

Built 1905 4,791 sqft lot $108/sqft · 37% below area Est $435k · 11% under ↓ 9% since listing

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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 +23.8/30.0
• ARV discount +12.5/15.0
• DSCR +7.7/10.0
• 1% rule +6.7/10.0
• 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 (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Centrally located in Schenectady, this well-maintained five-unit property features all 1-bedroom, 1-bath apartments with varied layouts to suit tenant demand. Complete with a property manager's full bath on the second level. Ready to rent and passed the 2025 fire inspection for added peace of mind. TaylorTech interconnected smoke detectors were installed. Off-street parking plus a detached three-car garage (garage 'as is') with electricity offer additional income potential. A prime opportunity for investors seeking strong cash flow and long-term value. Don't miss it!

Key facts

• Off street parking
• Varied layouts
• Well maintained

Tags

• WELL MAINTAINED
• VARIED LAYOUTS
• PROPERTY MANAGER'S FULL BATH
• PASSED FIRE INSPECTION
• INTERCONNECTED SMOKE DETECTORS
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 5-bed/6.0-bath multifamily listed at $388k.

Deal economics

• At list price, monthly cash flow is $745 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $388k).
• Recommended offer: $364k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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: schools C-, 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.
• Market conditions: 106 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 $3k of loan paydown is wiped out by about $12k 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.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($364k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $364,250 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.17% ✓
• Cap rate: 8.60%
• Cash-on-cash: 8.24%
• DSCR: 1.37
• GRM: 7.1

CMA / ARV

• ARV (median comp): $435,398
• List price: $387,500
• Delta: -11.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1236 Union St	0.41mi	5/2.0	3,760 (+5%)	17mo	$301,000	$80	42
143 Elmer Ave	0.29mi	6/3.0 (+1)	3,413 (-5%)	23mo	$250,000	$73	42
1445 Rugby Rd	0.40mi	5/3.0	3,214 (-10%)	16mo	$303,850	$95	39
845 Eastern Ave	0.59mi	6/4.0 (+1)	3,986 (+11%)	3mo	$365,000	$92	38
1072 Parkwood Blvd	0.44mi	6/3.0 (+1)	3,348 (-7%)	24mo	$305,000	$91	32
2 Elmer Ave	0.35mi	4/3.0 (-1)	3,060 (-15%)	15mo	$200,000	$65	30
858 Union St	0.73mi	6/2.0 (+1)	3,168 (-12%)	14mo	$300,000	$95	15

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: -3.7%
• Equity multiple: 0.86×
• Total profit: $-15,154
• Equity at exit: $57,778

10-year hold

• IRR: 6.0%
• Equity multiple: 1.45×
• Total profit: $48,605
• Equity at exit: $33,504

Cash invested: $108,500 (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 12304

• Home prices YoY: -25.5%
• Active inventory: 106
• Price-to-rent: 21.4×

Monthly cashflow live

• Estimated rent: $4,534 high
• Mortgage (P&I): −$2,032
• Tax from tax record: −$643 /mo · $7,716/yr
• Insurance: −$161
• HOA: −$0
• Vacancy / Maint / Mgmt: −$952
• Net cashflow: $745

Break-even live

Break-even rent $3,591

Max offer price $387,500

Occupancy floor 79%

Sensitivity live

Price	-10% $965	-5% $855	+0% $745	+5% $636	+10% $526
Rent	-10% $387	-5% $566	+0% $745	+5% $924	+10% $1,104
Rate	-1.0pp $940	-0.5pp $844	base $745	+0.5pp $645	+1.0pp $543

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$4,533
Total (3 units)			$4,534

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: $96,875
• Closing costs: $11,625
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-04
   status Pending 578-char remark

   Show marketing remark (578 chars)

   Centrally located in Schenectady, this well-maintained five-unit property features all 1-bedroom, 1-bath apartments with varied layouts to suit tenant demand. Complete with a property manager's full bath on the second level. Ready to rent and passed the 2025 fire inspection for added peace of mind. TaylorTech interconnected smoke detectors were installed. Off-street parking plus a detached three-car garage (garage 'as is') with electricity offer additional income potential. A prime opportunity for investors seeking strong cash flow and long-term value. Don't miss it!

2. 2026-04-28
   price $387,500 578-char remark

   Show marketing remark (578 chars)

   Centrally located in Schenectady, this well-maintained five-unit property features all 1-bedroom, 1-bath apartments with varied layouts to suit tenant demand. Complete with a property manager's full bath on the second level. Ready to rent and passed the 2025 fire inspection for added peace of mind. TaylorTech interconnected smoke detectors were installed. Off-street parking plus a detached three-car garage (garage 'as is') with electricity offer additional income potential. A prime opportunity for investors seeking strong cash flow and long-term value. Don't miss it!

3. 2026-03-17
   price $396,000 578-char remark

   Show marketing remark (578 chars)

   Centrally located in Schenectady, this well-maintained five-unit property features all 1-bedroom, 1-bath apartments with varied layouts to suit tenant demand. Complete with a property manager's full bath on the second level. Ready to rent and passed the 2025 fire inspection for added peace of mind. TaylorTech interconnected smoke detectors were installed. Off-street parking plus a detached three-car garage (garage 'as is') with electricity offer additional income potential. A prime opportunity for investors seeking strong cash flow and long-term value. Don't miss it!

4. 2026-03-09
   price $412,500 578-char remark

   Show marketing remark (578 chars)

   Centrally located in Schenectady, this well-maintained five-unit property features all 1-bedroom, 1-bath apartments with varied layouts to suit tenant demand. Complete with a property manager's full bath on the second level. Ready to rent and passed the 2025 fire inspection for added peace of mind. TaylorTech interconnected smoke detectors were installed. Off-street parking plus a detached three-car garage (garage 'as is') with electricity offer additional income potential. A prime opportunity for investors seeking strong cash flow and long-term value. Don't miss it!

5. 2026-02-18
   listed $425,000 Active 578-char remark

   Show marketing remark (578 chars)

   Centrally located in Schenectady, this well-maintained five-unit property features all 1-bedroom, 1-bath apartments with varied layouts to suit tenant demand. Complete with a property manager's full bath on the second level. Ready to rent and passed the 2025 fire inspection for added peace of mind. TaylorTech interconnected smoke detectors were installed. Off-street parking plus a detached three-car garage (garage 'as is') with electricity offer additional income potential. A prime opportunity for investors seeking strong cash flow and long-term value. Don't miss it!

ⓘ 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: $7,716 · $643/mo
• Projected year-2 tax: $7,716 · $643/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 5% 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: $54,408
• − Mortgage interest: −$21,706
• − Property taxes: −$7,716
• − Insurance: −$1,938
• − Repairs & maintenance: −$4,353
• − Management: −$4,353
• − Depreciation: −$11,273
• Taxable income: $3,071
• Est. tax owed @ 24.0%: −$737
• After-tax cash flow: $8,207/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
• City population: 141,369
• Population (ZIP): 22,027

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 0.68)
• Race & ethnicity: White 52% Black 17% Two or more races 13% Asian 10% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Dominican 2%
• Common ancestry: Lithuanian 6% Romanian 4% Iranian 1%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 89% English-only · Other Indo-European 5% Spanish 4% Other Asian/Pacific 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: ▼ -113.18%
• Current HPI: 331.0288
• Rent YoY: —
• Metro: —
• 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

-8.8% since first listed

5 events — show timeline

• 2026-05-04 Pending — Global MLS
• 2026-04-28 Price Changed $387,500 Global MLS
• 2026-03-17 Price Changed $396,000 Global MLS
• 2026-03-09 Price Changed $412,500 Global MLS
• 2026-02-18 Listed $425,000 Global MLS

Property tax history

+0.7%/yr

Latest (2025): $7,716 · -2.7% YoY. Source: county tax records.