131 Chapin St · Canandaigua, NY 14424

$279,900

6 bd · 3.0 ba · 2,816 sqft · MultiFamily public records · 10 Days on market

Built 1920 5,227 sqft lot Est $259k · 8% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Rent growth +4.6/5.0
• ARV discount +3.9/15.0
• Livability +3.8/5.0
• 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

Excellent Owner or Investment-Look at NET operating income-almost $16,000! All apts rented mo/mo, ample storage & attic spc for 2 apts, new flooring, kitchen & windows in apt 1, new appl's in apt 2, new floors & appls in apt 3. New roof, no yard but park nearby, convenient location. Many updates, well taken care of!

Key facts

• Ample parking
• Wrap around driveway
• 5,227 sq ft lot

Tags

• FULLY FURNISHED KITCHEN
• INDEPENDENT BASEMENT ACCESS
• AMPLE PARKING
• WRAP AROUND DRIVEWAY
• WALKING DISTANCE TO SHOPS
• WALKING DISTANCE TO DINING

Property features AI

Finance

• Other: Three separate gas meters and three separate electric meters; Operating expense details: see remarks
• Financial info: Owner pays trash collection and water; Rent includes trash collection and water; Units generate rental income (example rents listed per unit)

Exterior

• Parking: Gravel parking available with two or more spaces
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected; Cable available; High-speed internet available; Gas water heater
• Home design: Multi-unit property with 3 total units; 2 stories
• Construction: Wood siding; Copper plumbing; Asphalt shingle roof; Poured foundation; Built (existing structure)
• Exterior features: Rectangular residential lot; City street frontage; Walk-up exterior basement access; Sump pump in basement

Interior

• Kitchen: Oven / Range; Refrigerator
• Bedrooms: Two 1-bedroom units (one leased, one month-to-month); One 4-bedroom unit
• Flooring: Carpet; Hardwood; Luxury vinyl; Varied flooring by unit
• Bathrooms: Three full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating; Has heating
• Interior features: Ceiling fans; Thermal windows
• Laundry & utility: Washer and Dryer in units

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $967 ($12k/yr) — positive. Per door: $322/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $280k).
• Cap rate 12.4% vs local median 3.4% in Canandaigua — 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 75/100 on livability (#243 in NY, #3,822 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, schools B+; Watch: employment C-, amenities F, health & safety D-.
• Canandaigua City School District (suburban): math 50% / reading 59% proficiency, ranked #305 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.5%/yr); 223 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 284 units permitted in Ontario County in 2024 (69 in 5+ unit buildings).
• At $4,259/mo this rent would consume 64% of the median local household income ($80k/yr) (locally 737% 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 $8k of value loss. Plan a longer hold.
• Ontario 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 + 8.0% rent growth), your $78k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 17y 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 $145k; list at $280k implies a 93% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $279,900

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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.52% ✓
• Cap rate: 12.41%
• Cash-on-cash: 21.85%
• DSCR: 1.97
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $259,072
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
73 W Gibson St	0.28mi	6/2.0	2,506 (-11%)	12mo	$230,000	$92	55
81 Chapin St	0.11mi	5/2.0 (-1)	2,394 (-15%)	18mo	$175,000	$73	46
29 Dungan St	0.55mi	6/3.0	2,992 (+6%)	24mo	$340,000	$114	44

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 11.8%
• Equity multiple: 1.50×
• Total profit: $39,074
• Equity at exit: $41,734

10-year hold

• IRR: 24.9%
• Equity multiple: 3.77×
• Total profit: $217,170
• Equity at exit: $24,201

Cash invested: $78,372 (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 14424

• Home prices YoY: -21.2%
• Rents YoY: 8.5%
• Active inventory: 223
• Price-to-rent: 16.4×

Monthly cashflow live

• Estimated rent: $4,259 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$353 /mo · $4,236/yr
• Insurance: −$117
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$894
• Net cashflow: $967

Break-even live

Break-even rent $3,035

Max offer price $279,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,260
Total (3 units)			$4,259

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
81 Pleasant St Canandaigua, NY	5.0	2.0	2132	$2,800	$1.31	2d	1	0.47mi

Listing history 7 events

1. 2026-05-01
   status Pending
2. 2026-04-21
   listed $279,900 Active
3. 2010-01-08
   soldstatus $145,000 335-char remark

   Show marketing remark (335 chars)

   Excellent Owner or Investment-Look at NET operating income-almost $16,000! All apts rented mo/mo, ample storage & attic spc for 2 apts, new flooring, kitchen & windows in apt 1, new appl's in apt 2, new floors & appls in apt 3. New roof, no yard but park nearby, convenient location. Many updates, well taken care of!

4. 2010-01-08
   soldstatus $145,000

   Show marketing remark (335 chars)

   Excellent Owner or Investment-Look at NET operating income-almost $16,000! All apts rented mo/mo, ample storage & attic spc for 2 apts, new flooring, kitchen & windows in apt 1, new appl's in apt 2, new floors & appls in apt 3. New roof, no yard but park nearby, convenient location. Many updates, well taken care of!

5. 2009-04-20
   listed $154,900 335-char remark

   Show marketing remark (335 chars)

   Excellent Owner or Investment-Look at NET operating income-almost $16,000! All apts rented mo/mo, ample storage & attic spc for 2 apts, new flooring, kitchen & windows in apt 1, new appl's in apt 2, new floors & appls in apt 3. New roof, no yard but park nearby, convenient location. Many updates, well taken care of!

6. 2006-04-20
   soldstatus $100,000
7. 1996-01-31
   soldstatus $97,000

ⓘ 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: $4,236 · $353/mo
• Projected year-2 tax: $4,483 · $374/mo
• Expected delta: +$247/yr (+$21/mo · 5.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AE · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,108
• − Mortgage interest: −$15,679
• − Property taxes: −$4,236
• − Insurance: −$6,925
• − Repairs & maintenance: −$4,089
• − Management: −$4,089
• − Depreciation: −$8,143
• Taxable income: $7,949
• Est. tax owed @ 24.0%: −$1,908
• After-tax cash flow: $9,693/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: Canandaigua City School District
• NCES district ID: 3606330
• Math proficiency: 50% ▼ -10.00%
• Reading proficiency: 59% ▲ 4.00%
• Median HH income: $56,375
• Composite: 47.09/100
• National rank: #2335
• State rank: #305 of 590 in NY

Livability — Canandaigua

• Score: 75/100
• State rank: #243
• US rank: #3822

Category grades

Amenities F Commute A+ Cost of living B Crime B- Employment C- Housing A+ Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Canandaigua, NY
• County: Ontario County · 58,989 people
• City population: 28,786
• Metro: Rochester, NY
• Population (ZIP): 28,786
• Household income: $79,778
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 737.0

Population outlook (Ontario County) Hauer SSP2

• Today (2025): 111,230 people
• By 2030: 111,401 · +0.2%
• By 2040: 109,535 · -1.5%
• By 2050: 104,895 · -5.7%
• By 2075: 92,999 · -16.4%
• By 2100: 73,723 · -33.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 5% Two or more races 5% Black 1%
• Common ancestry: Romanian 4% Iranian 4% Slovak 3%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 3% German/W. Germanic 1% Arabic 1%

Political lean MEDSL · Ontario

• 2024 margin: Toss-up / Even · D 49.4% · R 50.6%
• 2008→2024 swing: -1.0pp toward R · 2008: -0.1pp · 2024: -1.2pp
• All cycles: 2024: R+1.2 2020: R+0.0 2016: R+8.6 2012: R+1.6 2008: R+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.94%
• Current HPI: 263.755
• Rent YoY: ▲ 8.46%
• 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

+188.6% since first listed

7 events — show timeline

• 2026-05-01 Pending — UNYREIS
• 2026-04-21 Listed $279,900 UNYREIS
• 2010-01-08 Sold (Public Records) $145,000 Public Records
• 2010-01-08 Sold (MLS) $145,000 UNYREIS
• 2009-04-20 Listed $154,900 UNYREIS
• 2006-04-20 Sold (Public Records) $100,000 Public Records
• 1996-01-31 Sold (Public Records) $97,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $4,236 · -1.9% YoY. Source: county tax records.