1606 Foster Ave · Schenectady, NY 12308

$315,000

5 bd · 3.0 ba · 2,160 sqft · MultiFamily public records · 197 Days on market

Built 1900 3,049 sqft lot $146/sqft · 9% below area Est $348k · 9% 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 +29.0/30.0
• ARV discount +11.7/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• 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: 3 units. confirmed

Listing remarks MLS

3-Family Building updates made throughout the current ownership. Features 3 bedrooms Apartment first floor, 2 Bedrooms Apartment second floor. 1 Bedroom Apartment second floor. Tenant Pays Separate Utilities. Easy access to show. Call to view.

Key facts

• 3,049 sq ft lot
• Built 1900
• Listed 197 days

What this means for you Summary

Snapshot

• This is a 2×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $315k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $359/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $315k).
• Recommended offer: $277k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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: schools C-, 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.
• Market conditions: 78 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• At $4,279/mo this rent would consume 81% of the median local household income ($63k/yr) (locally 1016% 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 $2k of loan paydown is wiped out by about $9k 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 $88k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 197 days — a 12% lower offer ($277k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 30y 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 $100k; list at $315k implies a 215% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $277,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 197 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.36% ✓
• Cap rate: 10.40%
• Cash-on-cash: 14.66%
• DSCR: 1.65
• GRM: 6.1

CMA / ARV

• ARV (median comp): $347,508
• List price: $315,000
• Delta: -9.35%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1588 Foster Ave	0.02mi	6/2.0 (+1)	2,200 (+2%)	6mo	$315,000	$143	82
1695 Foster Ave	0.15mi	6/2.0 (+1)	2,208 (+2%)	6mo	$244,000	$111	75
1540 Foster Ave	0.11mi	6/2.0 (+1)	2,024 (-6%)	7mo	$214,650	$106	70
1712 Foster Ave	0.17mi	6/2.0 (+1)	2,332 (+8%)	2mo	$280,000	$120	68
515 South Ave	0.56mi	5/3.0	2,070 (-4%)	6mo	$172,000	$83	62
1610 Avenue A	0.23mi	6/3.0 (+1)	2,442 (+13%)	5mo	$268,000	$110	59
1708 Avenue A	0.30mi	6/2.0 (+1)	2,390 (+11%)	4mo	$320,000	$134	56
762 Eastern Ave	0.69mi	6/2.0 (+1)	2,205 (+2%)	3mo	$269,900	$122	53
1755 Avenue B	0.38mi	6/2.0 (+1)	2,400 (+11%)	6mo	$325,000	$135	50
1039 Wendell Ave	0.68mi	4/2.0 (-1)	1,984 (-8%)	4mo	$220,000	$111	42
2139 Foster Ave	0.68mi	4/2.0 (-1)	2,400 (+11%)	2mo	$315,000	$131	39
206 Front St	0.69mi	4/2.0 (-1)	1,880 (-13%)	2mo	$299,000	$159	35

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: 5.2%
• Equity multiple: 1.20×
• Total profit: $17,725
• Equity at exit: $46,968

10-year hold

• IRR: 14.6%
• Equity multiple: 2.18×
• Total profit: $104,380
• 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 12308

• Home prices YoY: -14.6%
• Active inventory: 78
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $4,279 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$520 /mo · $6,237/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$899
• Net cashflow: $1,078

Break-even live

Break-even rent $2,915

Max offer price $315,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,970
1× unit	1	1	$1,309
Total (3 units)			$4,279

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: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
509 Nott St Unit 507 Schenectady, NY	4.0	1.0	1400	$1,695	$1.21	44d	1	0.19mi
1687 Avenue A Schenectady, NY	4.0	1.0	1672	$2,300	$1.38	44d	1	0.25mi
1747 Oneida St Schenectady, NY	4.0	2.0	1620	$2,700	$1.67	14d	1	0.80mi
1347 Union St Schenectady, NY	4.0	1.5	2188	$3,750	$1.71	44d	1	1.09mi

Listing history 28 events

1. 2026-06-18
   days on market $315,000 Active 197 DOM
2. 2026-06-17
   days on market $315,000 Active 196 DOM
3. 2026-06-16
   days on market $315,000 Active 195 DOM
4. 2026-06-15
   days on market $315,000 Active 194 DOM
5. 2026-06-14
   days on market $315,000 Active 192 DOM
6. 2026-06-13
   days on market $315,000 Active 191 DOM
7. 2026-06-10
   days on market $315,000 Active 189 DOM
8. 2026-06-09
   days on market $315,000 Active 188 DOM
9. 2026-06-08
   days on market $315,000 Active 187 DOM
10. 2026-06-07
    pricedays on market $315,000 Active 186 DOM
11. 2026-06-03
    days on market $325,000 Active 182 DOM
12. 2026-06-02
    days on market $325,000 Active 181 DOM
13. 2026-06-01
    days on market $325,000 Active 180 DOM
14. 2026-05-31
    days on market $325,000 Active 179 DOM
15. 2026-05-31
    days on market $325,000 Active 178 DOM
16. 2025-12-03
    listed $325,000 Active 243-char remark

    Show marketing remark (243 chars)

    3-Family Building updates made throughout the current ownership. Features 3 bedrooms Apartment first floor, 2 Bedrooms Apartment second floor. 1 Bedroom Apartment second floor. Tenant Pays Separate Utilities. Easy access to show. Call to view.

17. 2022-03-15
    soldstatus $100,000
18. 2022-03-01
    listed $100,000 Active 18-char remark

    Show marketing remark (18 chars)

    SOLD BEFORE PRINT!

19. 2018-06-01
    historical
20. 2017-10-31
    listed $74,900 New
21. 2017-10-31
    historical
22. 2017-04-20
    listed $79,900 New
23. 2009-05-01
    historical
24. 2008-09-15
    listed $79,900
25. 2002-09-06
    soldstatus $30,000
26. 2002-08-30
    soldstatus $30,000
27. 2002-07-07
    historical
28. 1996-10-15
    listed $34,900

ⓘ 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: $6,237 · $520/mo
• Projected year-2 tax: $6,237 · $520/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 4/10 Moderate 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $51,348
• − Mortgage interest: −$17,645
• − Property taxes: −$6,237
• − Insurance: −$1,575
• − Repairs & maintenance: −$4,108
• − Management: −$4,108
• − Depreciation: −$9,164
• Taxable income: $8,512
• Est. tax owed @ 24.0%: −$2,043
• After-tax cash flow: $10,887/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
• County: Schenectady County · 141,369 people
• City population: 141,369
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 15,511
• Household income: $63,434
• Rent vs Own: 55.0% rent · 45.0% own
• Severe rent burden: 1016.0

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 0.63)
• Race & ethnicity: White 57% Black 17% Hispanic / Latino 13% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 8%
• Common ancestry: Lithuanian 4% Romanian 4% Slovak 3%
• Foreign-born: 10% · Canada
• Languages at home: 89% English-only · Spanish 5% Other Indo-European 2% Arabic 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: ▼ -59.17%
• Current HPI: 344.8675
• Rent YoY: —
• Metro: Albany-Schenectady-Troy, 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

+831.2% since first listed

13 events — show timeline

• 2025-12-03 Listed $325,000 Global MLS
• 2022-03-15 Sold (Public Records) $100,000 Public Records
• 2022-03-01 Listed $100,000 Global MLS
• 2018-06-01 Listing Removed — Global MLS
• 2017-10-31 Listed $74,900 Global MLS
• 2017-10-31 Listing Removed — Global MLS
• 2017-04-20 Listed $79,900 Global MLS
• 2009-05-01 Listing Removed — Global MLS
• 2008-09-15 Listed $79,900 Global MLS
• 2002-09-06 Sold (MLS) $30,000 Global MLS
• 2002-08-30 Sold (Public Records) $30,000 Public Records
• 2002-07-07 Listing Removed — Global MLS
• 1996-10-15 Listed $34,900 Global MLS

Property tax history

+1.2%/yr

Latest (2025): $6,237 · +4.6% YoY. Source: county tax records.