1032 Exchange St · Rochester, NY 14608

$199,900

4 bd · 3.0 ba · 1,200 sqft · MultiFamily · 10 Days on market

Built 1950 Average condition 0.25 ac lot

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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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• Appreciation +6.8/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.8/5.0
• Schools +1.9/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Investment opportunity in Rochester’s rapidly evolving Plymouth-Exchange neighborhood! 1032-1034 Exchange St. is a tenant-occupied duplex offering strong rental appeal, flexible layout potential, and immediate income opportunity in one of the city’s most centrally located corridors. Each unit features 2 bedrooms, with one apartment offering 1 full bath and the other featuring 2 full baths — a rare setup that adds extra functionality and tenant appeal. Inside, both units showcase a surprisingly modern and creative aesthetic that stands out from the typical duplex inventory. Rich wood cabinetry, contemporary finishes, updated baths, and bold multi-tone hardwood flooring crea

Key facts

• Rich wood cabinetry
• Updated baths
• 0.25 acre lot

Tags

• TENANT OCCUPIED DUPLEX
• FLEXIBLE LAYOUT POTENTIAL
• IMMEDIATE INCOME OPPORTUNITY
• RICH WOOD CABINETRY
• CONTEMPORARY FINISHES
• UPDATED BATHS

Property features AI

Finance

• Other: Two-unit property with separate gas and electric meters for each unit
• Financial info: Owner pays trash collection and water; Rent includes trash collection and water; Operating expenses include trash and water/sewer (multi-unit)

Exterior

• Parking: Paved parking with two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: Single-story building; Resale property; Wood siding
• Construction: Wood siding construction; Existing structure
• Exterior features: Deck; Open porch

Interior

• Flooring: Carpet; Hardwood; Tile; Varies
• Bathrooms: Three full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Varied flooring including carpet, hardwood and tile; Partially finished full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $200k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $971 ($12k/yr) — positive. Per door: $486/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Cap rate 12.1% vs local median 9.3% in Rochester — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 76/100 on livability (#222 in NY, #3,482 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime F, employment F.
• Rochester City School District (urban): math 21% / reading 26% proficiency, ranked #589 of 590 in NY (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.6%/yr); 51 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $2,978/mo this rent would consume 88% of the median local household income ($41k/yr) (locally 1300% 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 $9k of equity ($1k loan paydown + $7k appreciation (3.7% local appreciation)).
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.7% appreciation + 6.6% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,900

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 1950 — 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. 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?
6. 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?
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: 1.49% ✓
• Cap rate: 12.12%
• Cash-on-cash: 20.82%
• DSCR: 1.93
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.69% appreciation · 6.61% rent growth · sell at horizon

5-year hold

• IRR: 31.1%
• Equity multiple: 2.87×
• Total profit: $104,593
• Equity at exit: $97,762

10-year hold

• IRR: 32.7%
• Equity multiple: 6.29×
• Total profit: $296,253
• Equity at exit: $157,098

Cash invested: $55,972 (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 14608

• Home prices YoY: 1.3%
• Rents YoY: 6.6%
• Active inventory: 51
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,978 high
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$625
• Net cashflow: $971

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,978
Total (2 units)			$2,978

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
686 Seward St Rochester, NY	3.0	1.5	1166	$1,600	$1.37	43d	1	0.43mi
367 Hawley St Rochester, NY	4.0	1.5	1210	$1,395	$1.15	43d	1	0.50mi
193 Reynolds St Rochester, NY	3.0	1.5	1342	$1,800	$1.34	21d	1	0.58mi
192 Bartlett St Unit 192 Rochester, NY	3.0	1.0	1099	$1,295	$1.18	14d	1	0.59mi
478 Tremont St Rochester, NY	3.0	2.0	1424	$1,500	$1.05	43d	1	0.81mi
59 Gold St Rochester, NY	3.0	1.5	1264	$2,000	$1.58	43d	1	0.87mi
839 Elmwood Ave Rochester, NY	3.0	1.0	1500	$2,600	$1.73	23d	1	0.94mi
256 Gregory St Rochester, NY	3.0	1.0	1150	$1,700	$1.48	43d	1	0.96mi
127 Congress Ave Rochester, NY	3.0	1.0	1200	$1,595	$1.33	43d	1	1.04mi
190 Warwick Ave Rochester, NY	3.0	1.5	1240	$1,400	$1.13	43d	1	1.08mi
30 Flanders St Rochester, NY	3.0	1.5	1170	$1,650	$1.41	14d	1	1.18mi
485 Sawyer St Rochester, NY	3.0	1.0	1400	$1,900	$1.36	2d	1	1.19mi
485 Sawyer St Unit 1 Rochester, NY	3.0	1.0	1400	$1,900	$1.36	43d	1	1.19mi
416 Gregory St Unit Down Rochester, NY	3.0	1.0	1374	$1,995	$1.45	23d	1	1.19mi
355 Caroline St Rochester, NY	3.0	1.0	1143	$1,650	$1.44	21d	1	1.29mi
175 Lattimore Rd Rochester, NY	3.0	1.0	1480	$2,265	$1.53	14d	1	1.30mi
444-450 Brooks Ave Unit 446 Rochester, NY	4.0	2.0	1150	$3,100	$2.70	10d	1	1.30mi
102 Virginia Ave Rochester, NY	4.0	1.5	1453	$2,150	$1.48	2d	1	1.30mi
132 Anthony St Rochester, NY	3.0	1.0	1260	$1,500	$1.19	3d	1	1.32mi
73 Somerset St Rochester, NY	4.0	1.0	1000	$1,750	$1.75	43d	1	1.38mi
271 Pearl St Unit 273 Rochester, NY	3.0	1.0	1200	$1,795	$1.50	3d	1	1.39mi
51 Elmerston Rd Rochester, NY	3.0	2.0	1374	$2,400	$1.75	2d	1	1.46mi

Listing history 2 events

1. 2026-05-22
   historical Active Under Contract
2. 2026-05-18
   listed $199,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,736
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,859
• − Management: −$2,859
• − Depreciation: −$5,815
• Taxable income: $9,007
• Est. tax owed @ 24.0%: −$2,162
• After-tax cash flow: $9,492/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.

Condition & rehab AI · 12 photos

Average 55/100 Moderate rehab

This property presents an opportunity for moderate renovations to increase its value. The kitchen and bathrooms are in need of updates, and the HVAC system should be considered for an upgrade.

Repairs flagged

• Moderate kitchen cabinets — visible wear and tear
• Moderate bathroom fixtures — dated and worn
• Moderate HVAC system — likely outdated and inefficient

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen can significantly increase both resale and rental value
• Both bathroom updates — modernizing bathrooms can also boost both resale and rental value
• Both HVAC upgrade — an efficient HVAC system can improve comfort and energy efficiency, enhancing both resale and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · visible wear and tear	Moderate	$3,000–15,000
bathroom fixtures · dated and worn	Moderate	$3,000–15,000
HVAC system · likely outdated and inefficient	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen can significantly increase both resale and rental value ↑
• Both bathroom updates — modernizing bathrooms can also boost both resale and rental value ↑
• Both HVAC upgrade — an efficient HVAC system can improve comfort and energy efficiency, enhancing both resale and rental appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Rochester City School District
• NCES district ID: 3624750
• Math proficiency: 21% ▬ 0.00%
• Reading proficiency: 26% ▲ 4.00%
• Median HH income: $30,923
• Composite: 18.98/100
• National rank: #8850
• State rank: #589 of 590 in NY

Livability — Rochester

• Score: 76/100
• State rank: #222
• US rank: #3482

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, NY
• County: Monroe County · 674,131 people
• City population: 432,803
• Metro: Rochester, NY
• Population (ZIP): 12,792
• Household income: $40,646
• Rent vs Own: 78.0% rent · 22.0% own
• Severe rent burden: 1300.0

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 759,460 people
• By 2030: 757,154 · -0.3%
• By 2040: 740,644 · -2.5%
• By 2050: 714,443 · -5.9%
• By 2075: 645,883 · -15.0%
• By 2100: 547,084 · -28.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Black 50% White 25% Two or more races 13% Hispanic / Latino 12% Asian 4%
• Hispanic origin (detail): Puerto Rican 10%
• Common ancestry: Lithuanian 1% Romanian 1% Iranian 1%
• Foreign-born: 8% · Canada, India
• Languages at home: 85% English-only · Spanish 8% Other Indo-European 3% French/Haitian/Cajun 1%

Political lean MEDSL · Monroe

• 2024 margin: D (+19.1) · D 59.5% · R 40.5%
• 2008→2024 swing: +1.4pp toward D · 2008: 17.7pp · 2024: 19.1pp
• All cycles: 2024: D+19.1 2020: D+21.0 2016: D+14.1 2012: D+17.4 2008: D+17.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.69%
• Current HPI: 280.2411
• Rent YoY: ▲ 6.61%
• 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

2 events — show timeline

• 2026-05-22 Contingent — UNYREIS
• 2026-05-18 Listed $199,900 UNYREIS