1009 Forest Rd · Schenectady, NY 12303

$239,900

4 bd · 2.0 ba · 1,556 sqft · MultiFamily public records · 1 Days on market

Built 1900 2,613 sqft lot Est $193k · 24% 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 +23.4/30.0
• DSCR +7.5/10.0
• 1% rule +7.0/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Bank Owned -Kitchens baths and plumbing needs rehab,some freeze damage, sold AS IS. wood floors, walk up attic, rear porches, newer siding and roof. Potential to bring cash flow. VACANT and easy to show anytime, bring flashlights! Fair Condition

Key facts

• 2,613 sq ft lot
• Built 1900

Tags

• WALKING DISTANCE TO SCHOOL
• WALKING DISTANCE TO STORES
• WALKING DISTANCE TO BUS STOP

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex; Living area approximately 1,556; Lot about 0.06 acre
• Construction: Vinyl siding; Built with a full foundation
• Exterior features: Other exterior features

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms
• Bathrooms: 2 full bathrooms (one on 1st level, one on 2nd level); Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Full unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $442 ($5k/yr) — positive. Per door: $221/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Cap rate 8.5% 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: 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: 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 82% at this address vs 36% district-wide (+46 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.
• Market conditions: 164 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• This rent runs 41% of the median local income ($84k/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 $7k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 22y 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 $28k; list at $240k implies a 757% 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 $239,900

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 1900 — 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. 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?
6. 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?
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: 1.20% ✓
• Cap rate: 8.50%
• Cash-on-cash: 7.89%
• DSCR: 1.35
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $192,944
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1320 4th Ave	0.39mi	4/2.0	1,564 (+0%)	4mo	$242,250	$155	78
892 Maplewood Ave	0.29mi	4/2.0	1,510 (-3%)	11mo	$200,000	$132	73
1218 9th Ave	0.52mi	4/2.0	1,496 (-4%)	6mo	$192,000	$128	65
1226 2nd Ave	0.39mi	4/2.0	1,660 (+7%)	10mo	$115,000	$69	62
1417 3rd Ave	0.50mi	5/3.0 (+1)	1,600 (+3%)	2mo	$175,000	$109	62
1007 Strong St	0.53mi	4/2.0	1,600 (+3%)	12mo	$181,000	$113	60
760 Bailey St	0.57mi	4/2.0	1,536 (-1%)	15mo	$190,000	$124	59
1015-1017 Second Ave	0.27mi	5/2.0 (+1)	1,440 (-8%)	14mo	$185,000	$128	59
1267 Webster St	0.52mi	4/2.0	1,685 (+8%)	10mo	$153,000	$91	54
1041 Strong St	0.61mi	4/2.0	1,400 (-10%)	4mo	$160,000	$114	51
1071-1073 Cutler St	0.54mi	5/2.0 (+1)	1,480 (-5%)	13mo	$140,000	$95	51
1355 Chrisler Ave	0.52mi	3/2.0 (-1)	1,661 (+7%)	14mo	$254,900	$153	48

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: -4.2%
• Equity multiple: 0.84×
• Total profit: $-10,585
• Equity at exit: $35,770

10-year hold

• IRR: 5.5%
• Equity multiple: 1.41×
• Total profit: $27,642
• Equity at exit: $20,742

Cash invested: $67,172 (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 12303

• Active inventory: 164
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $2,889 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$483 /mo · $5,791/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$607
• Net cashflow: $442

Break-even live

Break-even rent $2,330

Max offer price $239,900

Occupancy floor 80%

Sensitivity live

Price	-10% $578	-5% $510	+0% $442	+5% $374	+10% $306
Rent	-10% $213	-5% $328	+0% $442	+5% $556	+10% $670
Rate	-1.0pp $563	-0.5pp $503	base $442	+0.5pp $380	+1.0pp $316

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,888
Total (2 units)			$2,889

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
918 Delamont Ave Schenectady, NY	3.0	1.0	1192	$1,600	$1.34	24d	1	0.41mi
117 Washington Ave Schenectady, NY	2.0–4.0	1.0–2.0	1033	$2,163	$2.09	15d	9	0.92mi
2030 Euclid Ave Schenectady, NY	3.0	1.0	1300	$2,000	$1.54	20d	1	1.04mi
2007 Campbell Ave Schenectady, NY	3.0	1.0	1272	$1,600	$1.26	15d	1	1.04mi
1037 University Pl Unit 2 Schenectady, NY	3.0	1.0	1200	$1,600	$1.33	44d	1	1.30mi
909 Vischer Ave Schenectady, NY	3.0	1.5	1512	$1,995	$1.32	15d	1	1.45mi

Listing history 7 events

1. 2026-05-12
   status Pending
2. 2026-05-10
   listed $239,900 Active
3. 2008-09-23
   soldstatus $28,000 245-char remark

   Show marketing remark (245 chars)

   Bank Owned -Kitchens baths and plumbing needs rehab,some freeze damage, sold AS IS. wood floors, walk up attic, rear porches, newer siding and roof. Potential to bring cash flow. VACANT and easy to show anytime, bring flashlights! Fair Condition

4. 2008-09-03
   historical 245-char remark

   Show marketing remark (245 chars)

   Bank Owned -Kitchens baths and plumbing needs rehab,some freeze damage, sold AS IS. wood floors, walk up attic, rear porches, newer siding and roof. Potential to bring cash flow. VACANT and easy to show anytime, bring flashlights! Fair Condition

5. 2008-03-10
   listed $28,000 245-char remark

   Show marketing remark (245 chars)

   Bank Owned -Kitchens baths and plumbing needs rehab,some freeze damage, sold AS IS. wood floors, walk up attic, rear porches, newer siding and roof. Potential to bring cash flow. VACANT and easy to show anytime, bring flashlights! Fair Condition

6. 2004-12-30
   soldstatus $46,000 120-char remark

   Show marketing remark (120 chars)

   2 FAMILY. 2 BEDROOMS. FORMAL DINING RM. VINYL SIDED. NEWER ROOF. CLOSE TO SHOPPING, BUS AND SCHOOLS. Very Good Condition

7. 2004-10-07
   listed $54,900 120-char remark

   Show marketing remark (120 chars)

   2 FAMILY. 2 BEDROOMS. FORMAL DINING RM. VINYL SIDED. NEWER ROOF. CLOSE TO SHOPPING, BUS AND SCHOOLS. Very Good Condition

ⓘ 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: $5,791 · $483/mo
• Projected year-2 tax: $5,791 · $483/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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°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: $34,668
• − Mortgage interest: −$13,438
• − Property taxes: −$5,791
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,773
• − Management: −$2,773
• − Depreciation: −$6,979
• Taxable income: $1,714
• Est. tax owed @ 24.0%: −$411
• After-tax cash flow: $4,889/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): 29,360
• Household income: $84,375
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 1318.0

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: Predominantly White (66%)
• Race & ethnicity: White 66% Two or more races 11% Black 10% Hispanic / Latino 9% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5%
• Common ancestry: Romanian 6% Lithuanian 3% Iranian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 2% Chinese 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: ▼ -151.01%
• Current HPI: 280.3886
• 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

+337.0% since first listed

7 events — show timeline

• 2026-05-12 Pending — Global MLS
• 2026-05-10 Listed $239,900 Global MLS
• 2008-09-23 Sold (MLS) $28,000 Global MLS
• 2008-09-03 Listing Removed — Global MLS
• 2008-03-10 Listed $28,000 Global MLS
• 2004-12-30 Sold (MLS) $46,000 Global MLS
• 2004-10-07 Listed $54,900 Global MLS

Property tax history

+0.7%/yr

Latest (2025): $5,791 · +3.5% YoY. Source: county tax records.