22 Durant Pl

Fairport, NY 14450

$495,000B

6 bd · 3.0 ba · 3,910 sqft · Built 1978 · MultiFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,371/mo
• Mortgage (P&I): −$2,596
• Tax + insurance: −$980
• HOA: −$0
• Vac / Maint / Mgmt: −$1,758
• Net cashflow: $3,037/mo
• Annual: $36,448/yr
• Cap rate: 13.66%
• Cash-on-cash: 26.30%
• DSCR: 2.17
• 1% rule: 1.69%
• Cash to close: $138,600

Investor read

• This is a 4 × 2-bed/?-bath units multifamily listed at $495k.
• At list price, monthly cash flow is $3k ($36k/yr) — positive. Per door: $759/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $495k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#301 in NY, #4,847 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, schools A; Watch: commute F.
• Fairport Central School District (suburban): math 55% / reading 66% proficiency, ranked #199 of 590 in NY (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-0.8%/yr); 186 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 $200k; list at $495k implies a 148% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $139k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 13.7% vs local median 3.4% in Fairport — 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 $8,371/mo this rent would consume 92% of the median local household income ($109k/yr) (locally 843% 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 1978 — 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 A-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?
• 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.
• 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.