3073 E Henrietta Rd

Brighton, NY 14467

$399,900C+

5 bd · 4.0 ba · 3,424 sqft · Built 1830 · MultiFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,040/mo
• Mortgage (P&I): −$2,097
• Tax + insurance: −$938
• HOA: −$0
• Vac / Maint / Mgmt: −$1,478
• Net cashflow: $2,527/mo
• Annual: $30,319/yr
• Cap rate: 13.87%
• Cash-on-cash: 27.08%
• DSCR: 2.20
• 1% rule: 1.76%
• Cash to close: $111,972

Investor read

• This is a 3 × 5-bed/2-bath units multifamily listed at $400k.
• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $842/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $400k).
• It's been on market 23 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $394k (1.5% below list) — sets the bar for market timing.
• 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.
• Location reads 81/100 on livability (#89 in NY, #1,379 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, schools B+; Watch: crime D+, amenities D-.
• Rush-Henrietta Central School District (suburban): math 62% / reading 57% proficiency, ranked #237 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1830 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.3%/yr); 39 active listings in the ZIP; solid renter incomes; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $60k; list at $400k implies a 566% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 1.3% rent growth), your $112k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 13.9% vs local median 3.9% in Brighton — 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.
• At $7,040/mo this rent would consume 95% of the median local household income ($89k/yr) (locally 265% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1830 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is D 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?
• 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.
• 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.