829 Merchants Rd · Rochester, NY 14609

$199,900

3 bd · 2.0 ba · 1,986 sqft · MultiFamily public records · 16 Days on market

Built 1920 6,098 sqft lot $101/sqft · 43% below area Est $352k · 43% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Rent growth +4.5/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• 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

Immaculate 2-unit in the heart of the Culver-Merchants neighborhood! Very well maintained duplex with a tear-off roof (2023), brand new boiler & hot water tank in one unit (2026). Maintenance-free siding and VERY long term tenants in place (12+ years and 20+ years!) who take immaculate care of the property! Can be sold with 28 Croydon MLS#: R1675053 Delayed negotiations begin 5/4/26 @ 5pm.

Key facts

• Hot water tank
• Brand new boiler
• 6,098 sq ft lot

Tags

• BRAND NEW BOILER
• HOT WATER TANK
• MAINTENANCE-FREE SIDING

Property features AI

Finance

• Financial info: Owner pays water; rent includes water; Building has 2 total units and separate gas and electric meters for each unit; Operating expenses include maintenance and water; Both units are month-to-month

Exterior

• Parking: Paved parking with two or more spaces
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected
• Home design: 2-story residential building; Residential 2-unit zoning; Existing construction
• Construction: Stone foundation; Stone and vinyl siding exterior; Architectural shingle roof; Copper and PEX plumbing
• Exterior features: Deck; Open porch; Fully fenced yard; Lot near public transit; Rectangular lot

Interior

• Kitchen: Unit 1: Eat-in kitchen; Unit 2: Eat-in kitchen; Unit 2 appliances include dishwasher, oven/range, refrigerator, microwave; Unit 1 appliances include oven/range, refrigerator
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Carpet; Hardwood; Laminate; Tile; Varies by area
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Gas heating with forced air and radiant components
• Interior features: Full basement; Varied flooring including carpet, hardwood, laminate and tile
• Laundry & utility: Unit 1: Laundry in unit (washer and dryer listed in unit description); Common area laundry (building-level); Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $988 ($12k/yr) — positive. Per door: $494/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $197k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.2% 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: schools D+, 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.
• Market conditions: Rents rising fast (+7.9%/yr); 199 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $2,891/mo this rent would consume 54% of the median local household income ($65k/yr) (locally 2183% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• 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 + 7.9% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $168k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $196,901 (1.5% below list)

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 1920 — 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: 1.45% ✓
• Cap rate: 12.23%
• Cash-on-cash: 21.19%
• DSCR: 1.94
• GRM: 5.8

CMA / ARV

• ARV (median comp): $351,850
• List price: $199,900
• Delta: -43.19%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1432-1434 Culver Rd	0.17mi	4/2.0 (+1)	1,962 (-1%)	21mo	$170,000	$87	68
28 Sodus St	0.47mi	4/2.0 (+1)	1,980 (-0%)	15mo	$301,000	$152	60
30-32 Salisbury St	0.45mi	4/2.0 (+1)	1,968 (-1%)	18mo	$180,000	$91	58
992 Bay St	0.41mi	4/2.0 (+1)	1,920 (-3%)	16mo	$152,000	$79	57
349 Hazelwood	0.39mi	4/2.0 (+1)	1,800 (-9%)	6mo	$166,000	$92	57
78-80 Longview Ter	0.36mi	4/2.0 (+1)	2,009 (+1%)	24mo	$175,000	$87	56
409 Melville St	0.39mi	4/2.5 (+1)	1,755 (-12%)	7mo	$129,000	$74	50
986 Bay St	0.42mi	4/2.0 (+1)	1,785 (-10%)	16mo	$156,000	$87	45
86 Spencer Rd	0.14mi	4/3.5 (+1)	2,192 (+10%)	24mo	$305,000	$139	45
625 Shelford Rd	0.65mi	2/3.0 (-1)	2,114 (+6%)	6mo	$225,000	$106	45

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 · 7.89% rent growth · sell at horizon

5-year hold

• IRR: 18.9%
• Equity multiple: 1.81×
• Total profit: $45,472
• Equity at exit: $29,806

10-year hold

• IRR: 30.4%
• Equity multiple: 4.37×
• Total profit: $188,391
• Equity at exit: $17,284

Cash invested: $55,972 (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 14609

• Home prices YoY: -30.4%
• Rents YoY: 7.9%
• Active inventory: 199
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $2,891 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$164 /mo · $1,968/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$607
• Net cashflow: $988

Break-even live

Break-even rent $1,640

Max offer price $199,900

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,892
Total (2 units)			$2,891

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
420 Rosewood Ter Rochester, NY	3.0	1.0	1246	$1,300	$1.04	3d	1	0.22mi
1159 Culver Rd Unit A2 UP Rochester, NY	3.0	1.0	1313	$1,500	$1.14	43d	1	0.26mi
1079 Garson Ave Rochester, NY	3.0	1.5	1273	$2,100	$1.65	10d	1	0.41mi
176 Merwin Ave Rochester, NY	4.0	1.5	1750	$2,200	$1.26	43d	1	0.72mi
195 Parsells Ave Rochester, NY	4.0	1.0	1413	$1,265	$0.90	3d	1	0.78mi
126 Parsells Ave Rochester, NY	3.0	1.0	1574	$1,800	$1.14	43d	1	0.87mi
126 Parsells Ave Rochester, NY	3.0	1.0	1574	$1,800	$1.14	21d	1	0.87mi
1788 Clifford Ave Rochester, NY	3.0	1.0	2404	$1,850	$0.77	3d	1	0.88mi
1786 Clifford Ave Rochester, NY	3.0	1.0	2404	$1,850	$0.77	3d	1	0.88mi
52 Frances St Rochester, NY	4.0	1.0	1256	$1,595	$1.27	43d	1	1.07mi
47 Priscilla St Rochester, NY	4.0	1.5	1250	$1,900	$1.52	21d	1	1.19mi
147 5th St Rochester, NY	4.0	1.0	1289	$1,950	$1.51	21d	1	1.26mi
933 University Ave Rochester, NY	1.0–2.0	1.0–2.0	1295	$3,815	$2.94	2d	12	1.44mi
1600 East Ave Rochester, NY	3.0	1.0–2.0	944	$2,875	$3.04	2d	1	1.46mi

Listing history 3 events

1. 2026-05-09
   status Pending 402-char remark
2. 2026-04-23
   listed $199,900 Active 402-char remark
3. 2020-09-04
   soldstatus $168,000

ⓘ 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: $1,968 · $164/mo
• Projected year-2 tax: $2,673 · $223/mo
• Expected delta: +$705/yr (+$59/mo · 35.9%)

ⓘ 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 3/10 Moderate
• 🌡 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: $34,692
• − Mortgage interest: −$11,198
• − Property taxes: −$1,968
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,775
• − Management: −$2,775
• − Depreciation: −$5,815
• Taxable income: $9,161
• Est. tax owed @ 24.0%: −$2,199
• After-tax cash flow: $9,661/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
• County: Monroe County · 674,131 people
• City population: 432,803
• Metro: Rochester, NY
• Population (ZIP): 40,274
• Household income: $64,603
• Rent vs Own: 36.1% rent · 63.9% own
• Severe rent burden: 2183.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 44% Black 28% Hispanic / Latino 20% Two or more races 10% Asian 2%
• Hispanic origin (detail): Puerto Rican 15% Cuban 1% Dominican 1%
• Common ancestry: Romanian 4% Lithuanian 2% Iranian 1%
• Foreign-born: 8% · Canada
• Languages at home: 81% English-only · Spanish 14% Russian/Polish/Slavic 2% Other Indo-European 1%

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: ▼ -143.57%
• Current HPI: 328.7053
• Rent YoY: ▲ 7.89%
• 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

+19.0% since first listed

3 events — show timeline

• 2026-05-09 Pending — UNYREIS
• 2026-04-23 Listed $199,900 UNYREIS
• 2020-09-04 Sold (Public Records) $168,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $1,968 · -3.3% YoY. Source: county tax records.