97 Elm St

Schenectady, NY 12304

$400,000D+

6 bd · 2.0 ba · 2,366 sqft · Built 1900 · MultiFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,201/mo
• Mortgage (P&I): −$2,098
• Tax + insurance: −$626
• HOA: −$0
• Vac / Maint / Mgmt: −$882
• Net cashflow: $595/mo
• Annual: $7,140/yr
• Cap rate: 8.08%
• Cash-on-cash: 6.38%
• DSCR: 1.28
• 1% rule: 1.05%
• Cash to close: $112,000

Investor read

• This is a 6-bed/2.0-bath multifamily listed at $400k.
• 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).
• Only 13 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 $12k of value loss. Plan a longer hold.
• 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: 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.
• Zoned schools: Howe Elementary School (math 44% / reading 54%, grade D, #1,085 of 2,108 statewide, top 56%, 363 students, 69% FRL); Mont Pleasant Middle School (math 2% / reading 27%, grade F, #704 of 729 statewide, top 98%, 671 students, 81% FRL); Schenectady High School (math 75% / reading 90%, grade A, #446 of 1,100 statewide, top 41%, 2,743 students, 71% FRL).
• Zoned-school proficiency averages 49% at this address vs 36% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Schenectady City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 107 active listings in the ZIP; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• Schenectady County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $38k; list at $400k implies a 953% gain — meaningful room to come down on a strong offer.
• 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.

Questions for listing agent

• Built in 1900 — 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.
• 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?
• 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?
• 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.