51 Federal St · Rochester, NY 14609

$199,900

8 bd · 4.0 ba · 5,988 sqft · MultiFamily public records · 7 Days on market

Built 1910 4,362 sqft lot Est $305k · 35% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

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 MLS

Another Rockin' Rochester Property. .. LAST DEAL DIED in 11th hour! A second chance to buy this four family in the Beechwood neighborhood, on the border of the very popular N Winton Village neighborhood. Property is "as is", but so much potential! It sits across the street from the RTS bus garage (great neighbors). It has four three bedroom units. The C of O expired a few years ago. There is a list of violations attached to this listing. Worth the work! GAI of $33,600. All tenants on month to month leases. Separate utilities. Current rents are really low for the size of these units and the area.

Key facts

• Renovated kitchens
• Renovated baths
• New flooring

Tags

• RENOVATED KITCHENS
• RENOVATED BATHS
• NEW CABINETRY
• NEW COUNTERTOPS
• NEW APPLIANCES
• NEW FLOORING

Property features AI

Finance

• Financial info: Owner pays grounds care, trash collection, and water; Rent includes common area maintenance, gardener, trash collection, and water; Operating expenses include insurance, structure maintenance, general maintenance, professional management, and water/sewer

Exterior

• Parking: On-street parking
• Utilities: Electricity connected (circuit breakers); High-speed internet available; Sewer connected; Public water connected
• Home design: Two-story building; Existing structure
• Construction: Wood siding; Copper and PEX plumbing; Asphalt roof; Stone foundation
• Exterior features: Partial fencing; Covered porch; Porch; Fence; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Oven/range in each unit; Refrigerator in each unit
• Bedrooms: Four 2-bedroom units (each unit listed as 2 bedrooms)
• Flooring: Carpet; Laminate; Luxury vinyl; Tile; Varies
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Gas heating; Forced air
• Interior features: Entrance foyer; Storm windows; Thermal windows
• Laundry & utility: Washer hookup; Gas water heater

🏷️ Possibly a rental listed for sale. The $199,900 price doesn't fit this home's estimated sale value (~$305,388) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $4k ($48k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $200k).
• Cap rate 30.5% vs local median 9.3% in Rochester — 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 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: 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.
• Zoned schools: School 28-Henry Hudson (math 12% / reading 27%, grade F, #1,992 of 2,108 statewide, top 95%, 616 students, 93% FRL); East Lower School (math 2% / reading 22%, grade F, #715 of 729 statewide, top 98%, 304 students, 86% FRL); Edison Career And Technology High School (math 44% / reading 50%, grade D-, #1,007 of 1,100 statewide, top 93%, 1,233 students, 91% FRL).
• Market conditions: Rents rising fast (+7.9%/yr); 199 active listings in the ZIP; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $6,773/mo this rent would consume 126% of the median local household income ($65k/yr) (locally 2183% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 15y 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.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 1910 — 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: 3.39% ✓
• Cap rate: 30.48%
• Cash-on-cash: 86.38%
• DSCR: 4.84
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $305,388
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
106 Grand Ave #104	0.40mi	8/4.0	5,964 (-0%)	18mo	$206,000	$35	65
70 Grand Ave	0.45mi	8/4.0	6,624 (+11%)	5mo	$340,000	$51	57

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 · 7.89% rent growth · sell at horizon

5-year hold

• IRR: 92.3%
• Equity multiple: 5.63×
• Total profit: $259,259
• Equity at exit: $29,806

10-year hold

• IRR: 96.2%
• Equity multiple: 13.78×
• Total profit: $715,245
• Equity at exit: $17,284

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 14609

• Home prices YoY: -30.4%
• Rents YoY: 7.9%
• Active inventory: 199
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $6,773 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$190 /mo · $2,279/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,422
• Net cashflow: $4,029

Break-even live

Break-even rent $1,673

Max offer price $199,900

Occupancy floor 36%

Sensitivity live

Price	-10% $4,142	-5% $4,086	+0% $4,029	+5% $3,973	+10% $3,916
Rent	-10% $3,494	-5% $3,762	+0% $4,029	+5% $4,297	+10% $4,564
Rate	-1.0pp $4,130	-0.5pp $4,080	base $4,029	+0.5pp $3,977	+1.0pp $3,925

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,772
Total (4 units)			$6,773

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: —

Listing history 17 events

1. 2026-06-03
   statusdays on market $199,900 Pending 7 DOM
2. 2026-06-03
   days on market $199,900 Active 6 DOM
3. 2026-06-01
   days on market $199,900 Active 5 DOM
4. 2026-05-31
   days on market $199,900 Active 4 DOM
5. 2026-05-27
   listed $199,900 Active
6. 2023-04-05
   soldstatus $223,200
7. 2021-07-28
   soldstatus $85,000 Closed Sale or Rented 612-char remark

   Show marketing remark (612 chars)

   Another Rockin' Rochester Property. .. LAST DEAL DIED in 11th hour! A second chance to buy this four family in the Beechwood neighborhood, on the border of the very popular N Winton Village neighborhood. Property is "as is", but so much potential! It sits across the street from the RTS bus garage (great neighbors). It has four three bedroom units. The C of O expired a few years ago. There is a list of violations attached to this listing. Worth the work! GAI of $33,600. All tenants on month to month leases. Separate utilities. Current rents are really low for the size of these units and the area.

8. 2021-06-04
   status Pending Sale 612-char remark

   Show marketing remark (612 chars)

   Another Rockin' Rochester Property. .. LAST DEAL DIED in 11th hour! A second chance to buy this four family in the Beechwood neighborhood, on the border of the very popular N Winton Village neighborhood. Property is "as is", but so much potential! It sits across the street from the RTS bus garage (great neighbors). It has four three bedroom units. The C of O expired a few years ago. There is a list of violations attached to this listing. Worth the work! GAI of $33,600. All tenants on month to month leases. Separate utilities. Current rents are really low for the size of these units and the area.

9. 2021-05-23
   status Active 612-char remark

   Show marketing remark (612 chars)

   Another Rockin' Rochester Property. .. LAST DEAL DIED in 11th hour! A second chance to buy this four family in the Beechwood neighborhood, on the border of the very popular N Winton Village neighborhood. Property is "as is", but so much potential! It sits across the street from the RTS bus garage (great neighbors). It has four three bedroom units. The C of O expired a few years ago. There is a list of violations attached to this listing. Worth the work! GAI of $33,600. All tenants on month to month leases. Separate utilities. Current rents are really low for the size of these units and the area.

10. 2021-04-07
    status Pending Sale 612-char remark

    Show marketing remark (612 chars)

    Another Rockin' Rochester Property. .. LAST DEAL DIED in 11th hour! A second chance to buy this four family in the Beechwood neighborhood, on the border of the very popular N Winton Village neighborhood. Property is "as is", but so much potential! It sits across the street from the RTS bus garage (great neighbors). It has four three bedroom units. The C of O expired a few years ago. There is a list of violations attached to this listing. Worth the work! GAI of $33,600. All tenants on month to month leases. Separate utilities. Current rents are really low for the size of these units and the area.

11. 2021-04-03
    listed $85,000 Active 612-char remark

    Show marketing remark (612 chars)

    Another Rockin' Rochester Property. .. LAST DEAL DIED in 11th hour! A second chance to buy this four family in the Beechwood neighborhood, on the border of the very popular N Winton Village neighborhood. Property is "as is", but so much potential! It sits across the street from the RTS bus garage (great neighbors). It has four three bedroom units. The C of O expired a few years ago. There is a list of violations attached to this listing. Worth the work! GAI of $33,600. All tenants on month to month leases. Separate utilities. Current rents are really low for the size of these units and the area.

12. 2013-10-16
    soldstatus $68,000 261-char remark

    Show marketing remark (261 chars)

    This 20 room, 4-family has totally separate & modern utilites including a house electric meter. The roof appears to be OK. This house just needs better management and it could be a real CASH COW! The 2 upper units have 3 bedrooms but 2 of them are tandem.

13. 2013-10-16
    soldstatus $68,000

    Show marketing remark (261 chars)

    This 20 room, 4-family has totally separate & modern utilites including a house electric meter. The roof appears to be OK. This house just needs better management and it could be a real CASH COW! The 2 upper units have 3 bedrooms but 2 of them are tandem.

14. 2013-07-10
    listed $69,900 261-char remark

    Show marketing remark (261 chars)

    This 20 room, 4-family has totally separate & modern utilites including a house electric meter. The roof appears to be OK. This house just needs better management and it could be a real CASH COW! The 2 upper units have 3 bedrooms but 2 of them are tandem.

15. 2011-11-03
    soldstatus $59,400
16. 2011-10-28
    soldstatus $59,400
17. 2011-03-31
    listed $64,900

ⓘ 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: $2,279 · $190/mo
• Projected year-2 tax: $2,829 · $236/mo
• Expected delta: +$549/yr (+$46/mo · 24.1%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $81,276
• − Mortgage interest: −$11,198
• − Property taxes: −$2,279
• − Insurance: −$1,000
• − Repairs & maintenance: −$6,502
• − Management: −$6,502
• − Depreciation: −$5,815
• Taxable income: $47,980
• Est. tax owed @ 24.0%: −$11,515
• After-tax cash flow: $36,834/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: 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): 40,274
• Household income: $64,603
• Rent vs Own: 36.1% rent · 63.9% own
• Severe rent burden: 2183.0

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 0.69)
• Race & ethnicity: White 44% Black 28% Hispanic / Latino 20% Two or more races 10% Asian 2%
• Hispanic origin (detail): Puerto Rican 15% Cuban 1% Dominican 1%
• Common ancestry: Romanian 4% Lithuanian 2% Iranian 1%
• Foreign-born: 8% · Canada
• Languages at home: 81% English-only · Spanish 14% Russian/Polish/Slavic 2% Other Indo-European 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: ▼ -143.57%
• Current HPI: 328.7053
• Rent YoY: ▲ 7.89%
• 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

+208.0% since first listed

13 events — show timeline

• 2026-05-27 Listed $199,900 UNYREIS
• 2023-04-05 Sold (Public Records) $223,200 Public Records
• 2021-07-28 Sold (MLS) $85,000 UNYREIS
• 2021-06-04 Pending — UNYREIS
• 2021-05-23 Relisted — UNYREIS
• 2021-04-07 Pending — UNYREIS
• 2021-04-03 Listed $85,000 UNYREIS
• 2013-10-16 Sold (Public Records) $68,000 Public Records
• 2013-10-16 Sold (MLS) $68,000 UNYREIS
• 2013-07-10 Listed $69,900 UNYREIS
• 2011-11-03 Sold (MLS) $59,400 UNYREIS
• 2011-10-28 Sold (Public Records) $59,400 Public Records
• 2011-03-31 Listed $64,900 UNYREIS

Property tax history

+6.2%/yr

Latest (2025): $2,279 · +0.0% YoY. Source: county tax records.