406 Rutger St · Utica, NY 13501

$649,000

48 bd · None ba · 6,908 sqft · MultiFamily public records · 46 Days on market

Built 1960 $94/sqft · 81% above area

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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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Investment Opportunity! Own this gorgeous 8-unit brick apartment building located in the heart of East Utica. This well-maintained property offers a large parking area and is conveniently situated close to downtown, shopping, restaurants, hospitals, schools, and other local amenities. The building is fully rented and features a diverse unit mix, including: One 3-bedroom apartment One 2-bedroom apartment Four 1-bedroom apartments Two studio apartments This income-producing property offers strong rental demand and an excellent opportunity for investors seeking a fully occupied multi-family asset in a desirable location. Can be purchased individually or as a package with (1000 Park Ave, U

Key facts

• 3 parking spots
• Built 1960
• Listed 45 days

What this means for you Summary

Snapshot

• This is a 8 × 6-bed/?-bath units multifamily listed at $649k.

Deal economics

• At list price, monthly cash flow is $8k ($92k/yr) — positive. Per door: $954/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $649k).
• Recommended offer: $630k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.4% vs local median 7.7% in Utica — 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 80/100 on livability (#104 in NY, #1,589 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D, schools D-, crime F.
• Utica City School District (urban): math 33% / reading 38% proficiency, ranked #562 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 143 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• At $14,553/mo this rent would consume 332% of the median local household income ($53k/yr) (locally 2251% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $69k of equity ($4k loan paydown + $65k appreciation (10.0% local appreciation)).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $182k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$112k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($630k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y 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.

Recommended offer $629,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% 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 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 2.24% ✓
• Cap rate: 20.41%
• Cash-on-cash: 50.42%
• DSCR: 3.24
• GRM: 3.7

CMA / ARV

• ARV (median comp): $267,553
• List price: $649,000
• Delta: 142.57%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 63.9%
• Equity multiple: 5.62×
• Total profit: $839,589
• Equity at exit: $584,671

10-year hold

• IRR: 57.5%
• Equity multiple: 12.50×
• Total profit: $2,089,711
• Equity at exit: $1,260,864

Cash invested: $181,720 (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 13501

• Home prices YoY: 5.6%
• Active inventory: 143
• Price-to-rent: 29.7×

Monthly cashflow live

• Estimated rent: $14,553 medium
• Mortgage (P&I): −$3,403
• Tax from tax record: −$188 /mo · $2,254/yr
• Insurance: −$270
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,056
• Net cashflow: $7,635

Break-even live

Break-even rent $4,888

Max offer price $649,000

Occupancy floor 43%

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

Units	Beds	Baths	Est. rent
▸ 8× units	6	—	$14,552
Total (8 units)			$14,553

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: $162,250
• Closing costs: $19,470
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $649,000 Active 46 DOM
2. 2026-06-18
   days on market $649,000 Active 45 DOM
3. 2026-06-17
   days on market $649,000 Active 44 DOM
4. 2026-06-16
   days on market $649,000 Active 43 DOM
5. 2026-06-15
   days on market $649,000 Active 42 DOM
6. 2026-06-14
   days on market $649,000 Active 40 DOM
7. 2026-06-13
   days on market $649,000 Active 39 DOM
8. 2026-06-10
   days on market $649,000 Active 37 DOM
9. 2026-06-09
   days on market $649,000 Active 36 DOM
10. 2026-06-08
    days on market $649,000 Active 35 DOM
11. 2026-06-07
    days on market $649,000 Active 34 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    days on market $649,000 Active 30 DOM
14. 2026-06-02
    days on market $649,000 Active 29 DOM
15. 2026-06-01
    days on market $649,000 Active 28 DOM
16. 2026-05-31
    days on market $649,000 Active 27 DOM
17. 2026-05-30
    days on market $649,000 Active 26 DOM
18. 2026-05-04
    listed $649,000 Active
19. 2023-07-18
    soldstatus $2,810,000
20. 2012-03-15
    historical
21. 2010-09-29
    listed $51,900
22. 2009-08-24
    soldstatus $50,000

ⓘ 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: $2,254 · $188/mo
• Projected year-2 tax: $6,611 · $551/mo
• Expected delta: +$4,357/yr (+$363/mo · 193.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $174,636
• − Mortgage interest: −$36,354
• − Property taxes: −$2,254
• − Insurance: −$3,245
• − Repairs & maintenance: −$13,971
• − Management: −$13,971
• − Depreciation: −$18,880
• Taxable income: $85,961
• Est. tax owed @ 24.0%: −$20,631
• After-tax cash flow: $70,992/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: Utica City School District
• NCES district ID: 3629370
• Math proficiency: 33% ▼ -7.00%
• Reading proficiency: 38% ▲ 2.00%
• Median HH income: $31,834
• Composite: 29.01/100
• National rank: #6613
• State rank: #562 of 590 in NY

Livability — Utica

• Score: 80/100
• State rank: #104
• US rank: #1589

Category grades

Amenities A 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: Utica, NY
• County: Oneida County · 89,710 people
• City population: 72,968
• Metro: Utica-Rome, NY
• Population (ZIP): 38,931
• Household income: $52,548
• Rent vs Own: 49.2% rent · 50.8% own
• Severe rent burden: 2251.0

Population outlook (Oneida County) Hauer SSP2

• Today (2025): 225,223 people
• By 2030: 220,384 · -2.1%
• By 2040: 209,071 · -7.2%
• By 2050: 197,920 · -12.1%
• By 2075: 175,541 · -22.1%
• By 2100: 148,491 · -34.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 49% Two or more races 15% Hispanic / Latino 14% Black 14% Asian 14%
• Hispanic origin (detail): Puerto Rican 8% Dominican 4%
• Common ancestry: American 8% Romanian 3% Lithuanian 1%
• Foreign-born: 25% · Canada, Philippines, Vietnam
• Languages at home: 62% English-only · Other Asian/Pacific 11% Russian/Polish/Slavic 10% Spanish 9%

Political lean MEDSL · Oneida

• 2024 margin: Strong R (+21.3) · D 39.4% · R 60.6%
• 2008→2024 swing: -15.2pp toward R · 2008: -6.1pp · 2024: -21.3pp
• All cycles: 2024: R+21.3 2020: R+15.5 2016: R+21.1 2012: R+5.3 2008: R+6.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 20.28%
• Current HPI: 382.3726
• Rent YoY: —
• Metro: Utica-Rome, 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

+1198.0% since first listed

5 events — show timeline

• 2026-05-04 Listed $649,000 CNYIS
• 2023-07-18 Sold (Public Records) $2,810,000 Public Records
• 2012-03-15 Listing Removed — CNYIS
• 2010-09-29 Listed $51,900 CNYIS
• 2009-08-24 Sold (Public Records) $50,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $2,254 · +5.6% YoY. Source: county tax records.