184 Fulton Ave · Rochester, NY 14613

$139,900

2 bd · 2.0 ba · 1,600 sqft · MultiFamily public records · 8 Days on market

Built 1900 0.33 ac lot $87/sqft · at area comps Est $136k · at est.

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.1/15.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +2.2/10.0
• Schools +1.9/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Welcome to 184 Fulton Ave, a well-maintained two-family home offering tremendous potential for both homeowners and investors. This property boasts over 1,600 square feet of living space and includes two spacious units, each featuring two bedrooms and one full bathroom. Each unit is equipped with separate utilities, ensuring privacy and convenience for both occupants. The location is perfect, with easy access to local amenities, shops, schools, and public transportation, making it a convenient choice for both tenants and owners. Whether you're an investor looking for rental income or a homeowner, this property offers flexibility and great potential. The furniture can be included if the buyer wants it! Delayed Negotiations till Tuesday 3/18 at 5:00 p. m.

Key facts

• Two spacious units
• Separate utilities
• Close to restaurants

Tags

• WELL MAINTAINED DUPLEX
• TWO SPACIOUS UNITS
• SEPARATE UTILITIES
• NEWER ROOF
• CLOSE TO LOCAL SHOPS
• CLOSE TO RESTAURANTS

Property features AI

Finance

• Other: Two separate gas meters and two separate electric meters; Two total residential units in the building
• Financial info: Operating expenses include insurance, trash, and water/sewer; Owner pays trash collection; trash collection is included in rent; Unit rents: one unit at $1,300 and one unit at $1,395

Exterior

• Parking: Unpaved parking
• Utilities: Electricity connected; Public water connected; Sewer connected
• Home design: 2-story building; Resale property
• Construction: Shake siding; Asphalt shingle roof
• Exterior features: Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Eat-in kitchens in both units
• Bedrooms: Two 2-bedroom units
• Flooring: Hardwood; Vinyl; Varied flooring
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Gas forced-air heat
• Interior features: Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $518/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 15.2% 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: 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.
• Zoned schools: Joseph C Wilson Foundation Academy (math 8% / reading 17%, grade F, #2,049 of 2,108 statewide, top 98%, 404 students, 91% FRL); East Lower School (math 2% / reading 22%, grade F, #715 of 729 statewide, top 98%, 304 students, 86% FRL); Edison Career And Technology High School (math 44% / reading 50%, grade D-, #1,007 of 1,100 statewide, top 93%, 1,233 students, 91% FRL).
• Market conditions: 71 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k 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 + 3.0% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 13y 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 $139,900

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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.74% ✓
• Cap rate: 15.18%
• Cash-on-cash: 31.76%
• DSCR: 2.41
• GRM: 4.8

CMA / ARV

• ARV (median comp): $135,573
• List price: $139,900
• Delta: 3.19%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
270 Ravine Ave	0.27mi	3/3.0 (+1)	1,644 (+3%)	18mo	$40,000	$24	59
315 Lexington Ave	0.45mi	3/2.0 (+1)	1,754 (+10%)	1mo	$107,000	$61	57
41 Pierpont St	0.47mi	3/2.0 (+1)	1,778 (+11%)	2mo	$17,000	$10	52
304 Ravine Ave	0.32mi	3/2.0 (+1)	1,812 (+13%)	7mo	$35,000	$19	52
40 Finch St	0.50mi	3/2.0 (+1)	1,826 (+14%)	9mo	$91,000	$50	40
74 Avenue D	0.56mi	3/3.0 (+1)	1,494 (-7%)	16mo	$70,000	$47	40
41 Otis St	0.61mi	3/2.0 (+1)	1,460 (-9%)	23mo	$18,000	$12	33

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: 26.7%
• Equity multiple: 2.11×
• Total profit: $43,337
• Equity at exit: $20,860

10-year hold

• IRR: 34.3%
• Equity multiple: 4.13×
• Total profit: $122,690
• Equity at exit: $12,096

Cash invested: $39,172 (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 14613

• Home prices YoY: -2.0%
• Active inventory: 71
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,429 high
• Mortgage (P&I): −$734
• Tax from tax record: −$90 /mo · $1,084/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$510
• Net cashflow: $1,037

Break-even live

Break-even rent $1,117

Max offer price $139,900

Occupancy floor 52%

Sensitivity live

Price	-10% $1,116	-5% $1,076	+0% $1,037	+5% $997	+10% $957
Rent	-10% $845	-5% $941	+0% $1,037	+5% $1,133	+10% $1,229
Rate	-1.0pp $1,107	-0.5pp $1,072	base $1,037	+0.5pp $1,000	+1.0pp $963

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,430
Total (2 units)			$2,429

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
84 Twin Beeches Rochester, NY	2.0	1.5	1096	$1,250	$1.14	25d	1	0.16mi
89 Twin Beeches Rochester, NY	2.0	1.5	1096	$1,250	$1.14	45d	1	0.17mi
28-30 Carthage Dr Unit 28 Rochester, NY	3.0	1.0	1415	$1,600	$1.13	25d	1	0.37mi
327 Glenwood Ave Rochester, NY	3.0	1.0	2012	$1,690	$0.84	4d	1	0.41mi
98 Pierpont St Rochester, NY	3.0	1.0	1973	$1,295	$0.66	45d	1	0.52mi
1016 Lake Ave Unit 1 Rochester, NY	3.0	1.0	1300	$1,600	$1.23	45d	1	0.63mi
25 Karnes St Rochester, NY	2.0	1.0	1059	$1,250	$1.18	23d	1	0.66mi
69 Angle St Rochester, NY	2.0	1.0	1500	$1,500	$1.00	16d	1	0.71mi
85 Cameron St Unit B Rochester, NY	3.0	1.0	1138	$1,650	$1.45	45d	1	0.74mi
2 Jay St Unit 2 Rochester, NY	3.0	1.0	1252	$1,045	$0.83	45d	1	0.94mi
629 Jay St Rochester, NY	3.0	1.0	1193	$1,250	$1.05	20d	1	1.14mi
710-712 Jay St Unit 3 Rochester, NY	2.0	1.0	1252	$895	$0.71	45d	1	1.15mi
87 McNaughton St Unit 87 Rochester, NY	2.0	1.0	1929	$1,300	$0.67	16d	1	1.20mi
235 Flower City Park Rochester, NY	3.0	1.0	2000	$1,360	$0.68	45d	1	1.20mi
287 Electric Ave Rochester, NY	3.0	1.5	1297	$1,500	$1.16	4d	1	1.22mi
224 Mill St Unit 3A Rochester, NY	1.0	1.0	1277	$2,025	$1.59	45d	1	1.22mi
248 Flower City Park Rochester, NY	3.0	1.0	1350	$1,800	$1.33	5d	1	1.25mi
385 Ames St Rochester, NY	3.0	1.5	1738	$1,500	$0.86	23d	1	1.35mi
768 Flower City Park Rochester, NY	3.0	1.0	1995	$1,995	$1.00	12d	1	1.46mi

Listing history 15 events

1. 2026-05-17
   status Pending 892-char remark
2. 2026-05-08
   listed $139,900 Active 892-char remark
3. 2025-05-09
   soldstatus $134,500
4. 2025-05-08
   soldstatus $134,500 Closed 762-char remark

   Show marketing remark (762 chars)

   Welcome to 184 Fulton Ave, a well-maintained two-family home offering tremendous potential for both homeowners and investors. This property boasts over 1,600 square feet of living space and includes two spacious units, each featuring two bedrooms and one full bathroom. Each unit is equipped with separate utilities, ensuring privacy and convenience for both occupants. The location is perfect, with easy access to local amenities, shops, schools, and public transportation, making it a convenient choice for both tenants and owners. Whether you're an investor looking for rental income or a homeowner, this property offers flexibility and great potential. The furniture can be included if the buyer wants it! Delayed Negotiations till Tuesday 3/18 at 5:00 p. m.

5. 2025-03-20
   status Pending 762-char remark

   Show marketing remark (762 chars)

   Welcome to 184 Fulton Ave, a well-maintained two-family home offering tremendous potential for both homeowners and investors. This property boasts over 1,600 square feet of living space and includes two spacious units, each featuring two bedrooms and one full bathroom. Each unit is equipped with separate utilities, ensuring privacy and convenience for both occupants. The location is perfect, with easy access to local amenities, shops, schools, and public transportation, making it a convenient choice for both tenants and owners. Whether you're an investor looking for rental income or a homeowner, this property offers flexibility and great potential. The furniture can be included if the buyer wants it! Delayed Negotiations till Tuesday 3/18 at 5:00 p. m.

6. 2025-03-11
   listed $119,900 Active 762-char remark

   Show marketing remark (762 chars)

   Welcome to 184 Fulton Ave, a well-maintained two-family home offering tremendous potential for both homeowners and investors. This property boasts over 1,600 square feet of living space and includes two spacious units, each featuring two bedrooms and one full bathroom. Each unit is equipped with separate utilities, ensuring privacy and convenience for both occupants. The location is perfect, with easy access to local amenities, shops, schools, and public transportation, making it a convenient choice for both tenants and owners. Whether you're an investor looking for rental income or a homeowner, this property offers flexibility and great potential. The furniture can be included if the buyer wants it! Delayed Negotiations till Tuesday 3/18 at 5:00 p. m.

7. 2023-06-27
   soldstatus $65,000 Closed Sale or Rented

   Show marketing remark (610 chars)

   All Offers Due on Monday March 27th at 5:00 pm with offers being reviewed Tuesday morning on March 28th. Don't miss this great investment opportunity. This 1900 home has a 1 Bedroom 1 Bathroom unit downstairs and a 1 Bedroom 1 Bathroom unit upstairs with the potential for 2 more bedrooms in the walk up attic that has plenty of head space. The sale includes the double wide lot and the vacant lot behind the house. The current C of O expires in 2028. There are hardwood floors in the downstairs unit and hardwoods under the carpet in the upstairs unit. The downstairs unit has newer vinyl double hung windows.

8. 2023-06-27
   soldstatus $65,000

   Show marketing remark (610 chars)

   All Offers Due on Monday March 27th at 5:00 pm with offers being reviewed Tuesday morning on March 28th. Don't miss this great investment opportunity. This 1900 home has a 1 Bedroom 1 Bathroom unit downstairs and a 1 Bedroom 1 Bathroom unit upstairs with the potential for 2 more bedrooms in the walk up attic that has plenty of head space. The sale includes the double wide lot and the vacant lot behind the house. The current C of O expires in 2028. There are hardwood floors in the downstairs unit and hardwoods under the carpet in the upstairs unit. The downstairs unit has newer vinyl double hung windows.

9. 2023-03-28
   status Under Contract- Do Not Show

   Show marketing remark (610 chars)

   All Offers Due on Monday March 27th at 5:00 pm with offers being reviewed Tuesday morning on March 28th. Don't miss this great investment opportunity. This 1900 home has a 1 Bedroom 1 Bathroom unit downstairs and a 1 Bedroom 1 Bathroom unit upstairs with the potential for 2 more bedrooms in the walk up attic that has plenty of head space. The sale includes the double wide lot and the vacant lot behind the house. The current C of O expires in 2028. There are hardwood floors in the downstairs unit and hardwoods under the carpet in the upstairs unit. The downstairs unit has newer vinyl double hung windows.

10. 2023-03-23
    listed $59,900 Active

    Show marketing remark (610 chars)

    All Offers Due on Monday March 27th at 5:00 pm with offers being reviewed Tuesday morning on March 28th. Don't miss this great investment opportunity. This 1900 home has a 1 Bedroom 1 Bathroom unit downstairs and a 1 Bedroom 1 Bathroom unit upstairs with the potential for 2 more bedrooms in the walk up attic that has plenty of head space. The sale includes the double wide lot and the vacant lot behind the house. The current C of O expires in 2028. There are hardwood floors in the downstairs unit and hardwoods under the carpet in the upstairs unit. The downstairs unit has newer vinyl double hung windows.

11. 2015-10-29
    historical
12. 2015-07-24
    soldstatus $28,000
13. 2015-07-24
    soldstatus $29,000
14. 2015-03-04
    listed $34,900
15. 2013-07-12
    listed $39,900

ⓘ 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: $1,084 · $90/mo
• Projected year-2 tax: $1,724 · $144/mo
• Expected delta: +$640/yr (+$53/mo · 59.0%)

ⓘ 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: $29,148
• − Mortgage interest: −$7,837
• − Property taxes: −$1,084
• − Insurance: −$700
• − Repairs & maintenance: −$2,332
• − Management: −$2,332
• − Depreciation: −$4,070
• Taxable income: $10,794
• Est. tax owed @ 24.0%: −$2,591
• After-tax cash flow: $9,849/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
• City population: 432,803
• Population (ZIP): 14,740

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Black 45% White 22% Hispanic / Latino 20% Two or more races 10% Asian 8% Pacific Islander 1%
• Hispanic origin (detail): Puerto Rican 16% Dominican 3%
• Common ancestry: British 2% Serbian 1% Romanian 1%
• Foreign-born: 13% · Canada, India, Philippines
• Languages at home: 79% English-only · Spanish 12% Other Asian/Pacific 5% Other Indo-European 3%

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: ▼ -5.56%
• Current HPI: 274.2485
• 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

+250.6% since first listed

15 events — show timeline

• 2026-05-17 Pending — UNYREIS
• 2026-05-08 Listed $139,900 UNYREIS
• 2025-05-09 Sold (Public Records) $134,500 Public Records
• 2025-05-08 Sold (MLS) $134,500 UNYREIS
• 2025-03-20 Pending — UNYREIS
• 2025-03-11 Listed $119,900 UNYREIS
• 2023-06-27 Sold (Public Records) $65,000 Public Records
• 2023-06-27 Sold (MLS) $65,000 UNYREIS
• 2023-03-28 Pending — UNYREIS
• 2023-03-23 Listed $59,900 UNYREIS
• 2015-10-29 Listing Removed — UNYREIS
• 2015-07-24 Sold (Public Records) $29,000 Public Records
• 2015-07-24 Sold (MLS) $28,000 UNYREIS
• 2015-03-04 Listed $34,900 UNYREIS
• 2013-07-12 Listed $39,900 UNYREIS

Property tax history

+4.1%/yr

Latest (2025): $1,084 · +59.9% YoY. Source: county tax records.