106 Frank St · Schenectady, NY 12304

$209,000

4 bd · 2.0 ba · 1,920 sqft · MultiFamily public records · 5 Days on market

Built 1993 6,534 sqft lot Est $248k · 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 +27.9/30.0
• ARV discount +14.5/15.0
• DSCR +9.9/10.0
• 1% rule +9.3/10.0
• 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 MLS

Fantastic opportunity....a 2 family only 14 years old! Great for owner occupied or investor. PLEASE note the taxes are without STAR. Call Lisa at 533-3618 to showing. Excellent Condition

Key facts

• 6,534 sq ft lot
• 2 parking spots
• Built 1993

Property features AI

Finance

• Financial info: Property is a two-unit multifamily; tenants pay hot water, heat, internet, snow removal, cable TV, electricity, and gas; owner pays water and sewer

Exterior

• Parking: Paved driveway with parking for 2 vehicles
• Utilities: Public water; Public sewer; Cable connected
• Home design: Duplex; Living area combined across units: 1,920; Lot dimensions approximately 55 x 120
• Construction: Vinyl siding; Shingle (asphalt) roof; Slab foundation; Built on a 0.15-acre lot (about 6,534 sq ft)
• Exterior features: Pressure-treated deck; Lot is level and cleared

Interior

• Kitchen: Each unit includes a kitchen
• Bedrooms: Unit 1: 2 bedrooms on the 1st floor; Unit 2: 2 bedrooms on the 2nd floor
• Flooring: Carpet; Linoleum
• Bathrooms: Unit 1: 1 full bathroom on the 1st floor; Unit 2: 1 full bathroom on the 2nd floor; Total: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: High-speed internet available
• Laundry & utility: Laundry located in bathroom, main level, and upper level (multiple configurations across units)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $209k.

Deal economics

• At list price, monthly cash flow is $642 ($8k/yr) — positive. Per door: $321/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $209k).
• Cap rate 10.0% 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: 107 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $6k 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 $59k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 19y 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 $113k; list at $209k implies a 84% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price.

Recommended offer $209,000

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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.43% ✓
• Cap rate: 9.98%
• Cash-on-cash: 13.16%
• DSCR: 1.59
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $247,680
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
106 Frank St	0.00mi	4/2.0	1,920 (0%)	1mo	$219,000	$114	99
73 Garfield Ave	0.63mi	4/2.0	1,664 (-13%)	10mo	$215,000	$129	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: 3.2%
• Equity multiple: 1.12×
• Total profit: $7,227
• Equity at exit: $31,163

10-year hold

• IRR: 12.8%
• Equity multiple: 2.02×
• Total profit: $59,806
• Equity at exit: $18,071

Cash invested: $58,520 (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: 107
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $2,992 high
• Mortgage (P&I): −$1,096
• Tax from tax record: −$539 /mo · $6,465/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$628
• Net cashflow: $642

Break-even live

Break-even rent $2,180

Max offer price $209,000

Occupancy floor 74%

Sensitivity live

Price	-10% $760	-5% $701	+0% $642	+5% $583	+10% $524
Rent	-10% $405	-5% $524	+0% $642	+5% $760	+10% $878
Rate	-1.0pp $747	-0.5pp $695	base $642	+0.5pp $588	+1.0pp $533

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,992
Total (2 units)			$2,992

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2012 State St Schenectady, NY	3.0	2.0	1585	$1,950	$1.23	15d	1	1.39mi
1347 Union St Schenectady, NY	4.0	1.5	2188	$3,750	$1.71	45d	1	1.43mi

Listing history 6 events

1. 2026-04-14
   status Pending
2. 2026-04-08
   listed $209,000 Active
3. 2007-07-25
   soldstatus $113,402 187-char remark

   Show marketing remark (187 chars)

   Fantastic opportunity....a 2 family only 14 years old! Great for owner occupied or investor. PLEASE note the taxes are without STAR. Call Lisa at 533-3618 to showing. Excellent Condition

4. 2007-05-31
   historical 187-char remark

   Show marketing remark (187 chars)

   Fantastic opportunity....a 2 family only 14 years old! Great for owner occupied or investor. PLEASE note the taxes are without STAR. Call Lisa at 533-3618 to showing. Excellent Condition

5. 2007-05-14
   listed $119,601 187-char remark

   Show marketing remark (187 chars)

   Fantastic opportunity....a 2 family only 14 years old! Great for owner occupied or investor. PLEASE note the taxes are without STAR. Call Lisa at 533-3618 to showing. Excellent Condition

6. 2004-01-02
   soldstatus $87,000

ⓘ 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: $6,465 · $539/mo
• Projected year-2 tax: $6,465 · $539/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 3/10 Moderate 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% 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: $35,904
• − Mortgage interest: −$11,707
• − Property taxes: −$6,465
• − Insurance: −$1,045
• − Repairs & maintenance: −$2,872
• − Management: −$2,872
• − Depreciation: −$6,080
• Taxable income: $4,862
• Est. tax owed @ 24.0%: −$1,167
• After-tax cash flow: $6,535/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

+140.2% since first listed

6 events — show timeline

• 2026-04-14 Pending — Global MLS
• 2026-04-08 Listed $209,000 Global MLS
• 2007-07-25 Sold (MLS) $113,402 Global MLS
• 2007-05-31 Listing Removed — Global MLS
• 2007-05-14 Listed $119,601 Global MLS
• 2004-01-02 Sold (Public Records) $87,000 Public Records

Property tax history

+0.5%/yr

Latest (2025): $6,465 · +3.2% YoY. Source: county tax records.