38 Chapin St · Canandaigua, NY 14424

$315,000

9 bd · None ba · 4,919 sqft · MultiFamily · 334 Days on market

Built 1940 8,000 sqft lot $64/sqft · 59% below area

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Why this score? — see what drove the D- 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 +9.7/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Rent growth +4.6/5.0
• Livability +3.8/5.0
• 1% rule +2.9/10.0
• DSCR +2.8/10.0
• 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

This rooming house has 9 rooms, 2 of which are double rooms & 4.5 baths located in Canandaigua, NY. Fully rented, 4 entrance/exit points, 4 parking spots. 15-20% cap rate. Possible financing for qualified buyer with 25% down payment. Net operating income is $55,776. Please allow 48 hours notice for showing appointments. Excellent ROI option. Also available as a large single family home. Turn key and ready to go. This is 1 of 3 being listed, others are at 146 Pleasant St, Cnda & 75 S. Main St, Manchester.

Key facts

• Entrance exit points
• Parking spots
• Double rooms

Tags

• DOUBLE ROOMS
• ENTRANCE EXIT POINTS
• PARKING SPOTS

What this means for you Summary

Snapshot

• This is a 9-bed/?-bath multifamily listed at $315k.

Deal economics

• At list price, monthly cash flow is $-206 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $285k (9.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (20.8% below list).
• Recommended offer: $250k (20.8% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 3.3% in Canandaigua — 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 75/100 on livability (#243 in NY, #3,822 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living B; Watch: employment C-, amenities F, health & safety D-.
• Canandaigua City School District (suburban): math 50% / reading 59% proficiency, ranked #305 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Canandaigua Primary-Elementary School (math 37% / reading 49%, grade F, #1,354 of 2,108 statewide, top 64%, 1,475 students, 41% FRL); Canandaigua Middle School (math 38% / reading 55%, grade D+, #330 of 729 statewide, top 46%, 676 students, 0% FRL); Canandaigua Academy (math 100% / reading 92%, grade A+, #71 of 1,100 statewide, top 7%, 1,082 students, 36% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: Rents rising fast (+8.5%/yr); 223 active listings in the ZIP; solid renter incomes; 284 units permitted in Ontario County in 2024 (69 in 5+ unit buildings).
• This rent runs 38% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Ontario County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 334 days — a 12% lower offer ($277k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y 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 $190k; list at $315k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $249,534 (20.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 334 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.79% ✗
• Cap rate: 5.51%
• Cash-on-cash: -2.80%
• DSCR: 0.88
• GRM: 10.5

CMA / ARV

• ARV (median comp): $759,344
• List price: $315,000
• Delta: -58.52%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -15.5%
• Equity multiple: 0.42×
• Total profit: $-50,912
• Equity at exit: $46,968

10-year hold

• IRR: -0.1%
• Equity multiple: 0.99×
• Total profit: $-1,019
• Equity at exit: $27,235

Cash invested: $88,200 (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 14424

• Home prices YoY: -21.2%
• Rents YoY: 8.5%
• Active inventory: 223
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $2,495 medium
• Mortgage (P&I): −$1,652
• Tax est. 1.5%: −$394 /mo · $4,725/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $-206

Break-even live

Break-even rent $2,756

Max offer price $285,253

Occupancy floor —

Sensitivity live

Price	-10% $12	-5% $-97	+0% $-206	+5% $-314	+10% $-423
Rent	-10% $-403	-5% $-304	+0% $-206	+5% $-107	+10% $-8
Rate	-1.0pp $-47	-0.5pp $-125	base $-206	+0.5pp $-287	+1.0pp $-370

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2025-06-30
   listed $315,000 Active 521-char remark

   Show marketing remark (521 chars)

   This rooming house has 9 rooms, 2 of which are double rooms & 4.5 baths located in Canandaigua, NY. Fully rented, 4 entrance/exit points, 4 parking spots. 15-20% cap rate. Possible financing for qualified buyer with 25% down payment. Net operating income is $55,776. Please allow 48 hours notice for showing appointments. Excellent ROI option. Also available as a large single family home. Turn key and ready to go. This is 1 of 3 being listed, others are at 146 Pleasant St, Cnda & 75 S. Main St, Manchester.

2. 2022-01-03
   soldstatus $190,000 Closed Sale or Rented
3. 2021-11-01
   historical Continue to Show- Under Contract
4. 2021-11-01
   historical Continue to Show- Under Contract
5. 2021-09-17
   price $229,000
6. 2021-09-17
   price $229,000
7. 2021-08-11
   price $249,000
8. 2021-08-11
   price $249,000
9. 2021-08-07
   price $269,000
10. 2021-08-07
    price $269,000
11. 2021-07-20
    price $299,000
12. 2021-07-20
    price $299,000
13. 2021-07-08
    listed $329,000 Active
14. 2021-07-07
    listed $329,000 Active
15. 2018-06-15
    soldstatus $196,000 Closed Sale or Rented
16. 2018-03-15
    status Pending Sale
17. 2018-03-12
    status Under Contract- Do Not Show
18. 2018-02-07
    price $199,900
19. 2018-02-07
    price $225,000
20. 2018-02-06
    listed $250,000 Active
21. 2018-02-01
    historical
22. 2017-06-20
    price $225,000
23. 2017-05-08
    listed $250,000 Active
24. 2017-03-30
    historical
25. 2017-02-15
    price $250,000
26. 2016-11-08
    listed $265,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,944
• − Mortgage interest: −$17,645
• − Property taxes: −$4,725
• − Insurance: −$1,575
• − Repairs & maintenance: −$2,396
• − Management: −$2,396
• − Depreciation: −$9,164
• Taxable loss: −$7,956
• Est. tax savings @ 24.0%: +$1,909
• After-tax cash flow: $-558/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: Canandaigua City School District
• NCES district ID: 3606330
• Math proficiency: 50% ▼ -10.00%
• Reading proficiency: 59% ▲ 4.00%
• Median HH income: $56,375
• Composite: 47.09/100
• National rank: #2335
• State rank: #305 of 590 in NY

Livability — Canandaigua

• Score: 75/100
• State rank: #243
• US rank: #3822

Category grades

Amenities F Commute A+ Cost of living B Crime B- Employment C- Housing A+ Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Canandaigua, NY
• County: Ontario County · 58,989 people
• City population: 28,786
• Metro: Rochester, NY
• Population (ZIP): 28,786
• Household income: $79,778
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 737.0

Population outlook (Ontario County) Hauer SSP2

• Today (2025): 111,230 people
• By 2030: 111,401 · +0.2%
• By 2040: 109,535 · -1.5%
• By 2050: 104,895 · -5.7%
• By 2075: 92,999 · -16.4%
• By 2100: 73,723 · -33.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 5% Two or more races 5% Black 1%
• Common ancestry: Romanian 4% Iranian 4% Slovak 3%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 3% German/W. Germanic 1% Arabic 1%

Political lean MEDSL · Ontario

• 2024 margin: Toss-up / Even · D 49.4% · R 50.6%
• 2008→2024 swing: -1.0pp toward R · 2008: -0.1pp · 2024: -1.2pp
• All cycles: 2024: R+1.2 2020: R+0.0 2016: R+8.6 2012: R+1.6 2008: R+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.94%
• Current HPI: 263.755
• Rent YoY: ▲ 8.46%
• Metro: Rochester, NY
• 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

+18.9% since first listed

26 events — show timeline

• 2025-06-30 Listed $315,000 UNYREIS
• 2022-01-03 Sold (MLS) $190,000 UNYREIS
• 2021-11-01 Contingent — UNYREIS
• 2021-11-01 Contingent — UNYREIS
• 2021-09-17 Price Changed $229,000 UNYREIS
• 2021-09-17 Price Changed $229,000 UNYREIS
• 2021-08-11 Price Changed $249,000 UNYREIS
• 2021-08-11 Price Changed $249,000 UNYREIS
• 2021-08-07 Price Changed $269,000 UNYREIS
• 2021-08-07 Price Changed $269,000 UNYREIS
• 2021-07-20 Price Changed $299,000 UNYREIS
• 2021-07-20 Price Changed $299,000 UNYREIS
• 2021-07-08 Listed $329,000 UNYREIS
• 2021-07-07 Listed $329,000 UNYREIS
• 2018-06-15 Sold (MLS) $196,000 UNYREIS
• 2018-03-15 Pending — UNYREIS
• 2018-03-12 Pending — UNYREIS
• 2018-02-07 Price Changed $199,900 UNYREIS
• 2018-02-07 Price Changed $225,000 UNYREIS
• 2018-02-06 Listed $250,000 UNYREIS
• 2018-02-01 Listing Removed — UNYREIS
• 2017-06-20 Price Changed $225,000 UNYREIS
• 2017-05-08 Listed $250,000 UNYREIS
• 2017-03-30 Listing Removed — UNYREIS
• 2017-02-15 Price Changed $250,000 UNYREIS
• 2016-11-08 Listed $265,000 UNYREIS