97 Elm St · Schenectady, NY 12304

$400,000

6 bd · 2.0 ba · 2,366 sqft · MultiFamily public records · 13 Days on market

Built 1900 Est $312k · 28% over

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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 +21.4/30.0
• DSCR +6.8/10.0
• 1% rule +5.5/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Selling as is, needs some work. Currently has a tenant in downstairs apartment. Please text if interested.

Key facts

• Built 1900
• Listed 12 days

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $595 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $400k).
• Cap rate 8.1% vs local median 6.3% in Schenectady — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 107 active listings in the ZIP; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $38k; list at $400k implies a 953% 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 $400,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.05% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.38%
• DSCR: 1.28
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $312,312
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
147 Linden St	0.11mi	6/2.0	2,308 (-2%)	5mo	$262,500	$114	87
44 Elm St	0.08mi	6/2.0	2,198 (-7%)	4mo	$290,000	$132	81
82 Robinson St	0.18mi	6/2.0	2,222 (-6%)	3mo	$170,000	$77	79
1321 State St	0.18mi	6/2.0	2,196 (-7%)	2mo	$240,000	$109	78
309 Division St	0.20mi	6/2.0	2,232 (-6%)	4mo	$275,000	$123	78
21 Hawk St	0.55mi	6/2.0	2,294 (-3%)	0mo	$334,750	$146	69
5 Hawk St	0.55mi	6/2.0	2,294 (-3%)	1mo	$325,000	$142	68
39 Fehr Ave	0.51mi	6/2.0	2,260 (-4%)	3mo	$345,050	$153	66
16 Hawk St	0.57mi	6/2.0	2,584 (+9%)	0mo	$370,000	$143	58
9 Harvard St	0.66mi	6/2.0	2,118 (-10%)	2mo	$295,000	$139	50
152 Elmer Ave	0.58mi	5/2.0 (-1)	2,568 (+8%)	5mo	$290,000	$113	50
25 Steuben St	0.73mi	6/3.0	2,640 (+12%)	1mo	$265,000	$100	42

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: -6.5%
• Equity multiple: 0.76×
• Total profit: $-26,881
• Equity at exit: $59,641

10-year hold

• IRR: 3.2%
• Equity multiple: 1.23×
• Total profit: $25,547
• Equity at exit: $34,585

Cash invested: $112,000 (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 12304

• Home prices YoY: -25.5%
• Active inventory: 107
• Price-to-rent: 23.8×

Monthly cashflow live

• Estimated rent: $4,201 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$459 /mo · $5,513/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$882
• Net cashflow: $595

Break-even live

Break-even rent $3,448

Max offer price $400,000

Occupancy floor 81%

Sensitivity live

Price	-10% $821	-5% $708	+0% $595	+5% $482	+10% $369
Rent	-10% $263	-5% $429	+0% $595	+5% $761	+10% $927
Rate	-1.0pp $796	-0.5pp $697	base $595	+0.5pp $491	+1.0pp $386

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.5	$4,200
Total (3 units)			$4,201

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-21
   days on market $400,000 Active 13 DOM
2. 2026-06-18
   days on market $400,000 Active 10 DOM
3. 2026-06-17
   days on market $400,000 Active 9 DOM
4. 2026-06-16
   days on market $400,000 Active 8 DOM
5. 2026-06-15
   days on market $400,000 Active 7 DOM
6. 2026-06-14
   days on market $400,000 Active 5 DOM
7. 2026-06-13
   days on market $400,000 Active 4 DOM
8. 2026-06-10
   days on market $400,000 Active 2 DOM
9. 2026-06-09
   remarks 106-char remark
10. 2026-06-09
    listed $400,000 Active 1 DOM

ⓘ 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: $5,513 · $459/mo
• Projected year-2 tax: $6,137 · $511/mo
• Expected delta: +$623/yr (+$52/mo · 11.3%)

ⓘ 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 3/10 Moderate 5% 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: $50,412
• − Mortgage interest: −$22,406
• − Property taxes: −$5,513
• − Insurance: −$2,000
• − Repairs & maintenance: −$4,033
• − Management: −$4,033
• − Depreciation: −$11,636
• Taxable income: $790
• Est. tax owed @ 24.0%: −$190
• After-tax cash flow: $6,951/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
• City population: 141,369
• Population (ZIP): 22,027

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 0.68)
• Race & ethnicity: White 52% Black 17% Two or more races 13% Asian 10% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Dominican 2%
• Common ancestry: Lithuanian 6% Romanian 4% Iranian 1%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 89% English-only · Other Indo-European 5% Spanish 4% Other Asian/Pacific 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: ▼ -113.18%
• Current HPI: 331.0288
• 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

+952.6% since first listed

2 events — show timeline

• 2026-06-09 Listed $400,000 FSBO.com
• 1998-01-15 Sold (Public Records) $38,000 Public Records

Property tax history

+1.0%/yr

Latest (2025): $5,513 · +3.5% YoY. Source: county tax records.