221-227 Spencer St · Rochester, NY 14608

$279,900

None bd · None ba · 6,251 sqft · MultiFamily public records · 27 Days on market

Built 1920 6,098 sqft lot $45/sqft · 19% above area Est $236k · 19% 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
• Appreciation +6.8/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0

Multi-family units

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

221 Spencer Street, Rochester, NY presents an opportunity to acquire a 5-unit multifamily asset in Rochester’s Edgerton neighborhood, offered at $299,900. This income-producing property features four 2-bedroom apartments and one 1-bedroom apartment, with all utilities separately metered for streamlined management and expense control. Currently generating $4,375 per month in gross rental income, the property offers immediate cash flow with a defined rent roll in place. The Certificate of Occupancy transfers with the sale and is valid through December 2028. Annual operating expenses are reported at approximately $5,403 for taxes, $3,500 for insurance, $632 for water, and $832 for refuse. Please allow 48 hours for showing requests to notify tenants. Please provide a proof of funds statement or a bank term sheet for financing before showings. Showings are weekdays 10 to 3.

Key facts

• Immediate cash flow
• Multifamily asset
• 6,098 sq ft lot

Tags

• MULTIFAMILY ASSET
• INCOME PRODUCING PROPERTY
• UTILITIES SEPARATELY METERED
• IMMEDIATE CASH FLOW
• CERTIFICATE OF OCCUPANCY
• OPERATIONAL STABILITY

What this means for you Summary

Snapshot

• This is a 4×2bd/1ba + 1×1bd/1ba units multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $5k ($60k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $280k).
• Recommended offer: $276k (1.5% below list) — sets the bar for market timing.
• Cap rate 27.8% 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: 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; lower-income renter base — watch delinquency; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $8,556/mo this rent would consume 253% 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 $12k of equity ($2k loan paydown + $10k 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 $78k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $166k; list at $280k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $275,701 (1.5% below list)

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. 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: 3.06% ✓
• Cap rate: 27.85%
• Cash-on-cash: 76.98%
• DSCR: 4.43
• GRM: 2.7

CMA / ARV

• ARV (median comp): $235,891
• List price: $279,900
• Delta: 18.66%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
856-858 Plymouth Ave N #856	0.19mi	8/4.0	6,906 (+10%)	4mo	$254,400	$37	71
1099 Saint Paul St	0.73mi	4/—	6,739 (+8%)	14mo	$300,000	$45	41
35 Myrtle Hill Park	0.51mi	4/—	7,100 (+14%)	22mo	$119,000	$17	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 85.5%
• Equity multiple: 6.06×
• Total profit: $396,499
• Equity at exit: $136,886

10-year hold

• IRR: 85.6%
• Equity multiple: 13.84×
• Total profit: $1,006,078
• Equity at exit: $219,969

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 14608

• Home prices YoY: 1.3%
• Rents YoY: 6.6%
• Active inventory: 51
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $8,556 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$147 /mo · $1,768/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,797
• Net cashflow: $5,027

Break-even live

Break-even rent $2,192

Max offer price $279,900

Occupancy floor 36%

Sensitivity live

Price	-10% $5,186	-5% $5,107	+0% $5,027	+5% $4,948	+10% $4,869
Rent	-10% $4,352	-5% $4,690	+0% $5,027	+5% $5,365	+10% $5,703
Rate	-1.0pp $5,168	-0.5pp $5,099	base $5,027	+0.5pp $4,955	+1.0pp $4,881

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,984
1× unit	1	1	$1,571
Total (5 units)			$8,556

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: —

Listing history 6 events

1. 2026-05-17
   status Pending 887-char remark

   Show marketing remark (887 chars)

   221 Spencer Street, Rochester, NY presents an opportunity to acquire a 5-unit multifamily asset in Rochester’s Edgerton neighborhood, offered at $299,900. This income-producing property features four 2-bedroom apartments and one 1-bedroom apartment, with all utilities separately metered for streamlined management and expense control. Currently generating $4,375 per month in gross rental income, the property offers immediate cash flow with a defined rent roll in place. The Certificate of Occupancy transfers with the sale and is valid through December 2028. Annual operating expenses are reported at approximately $5,403 for taxes, $3,500 for insurance, $632 for water, and $832 for refuse. Please allow 48 hours for showing requests to notify tenants. Please provide a proof of funds statement or a bank term sheet for financing before showings. Showings are weekdays 10 to 3.

2. 2026-05-05
   price $279,900 887-char remark

   Show marketing remark (887 chars)

   221 Spencer Street, Rochester, NY presents an opportunity to acquire a 5-unit multifamily asset in Rochester’s Edgerton neighborhood, offered at $299,900. This income-producing property features four 2-bedroom apartments and one 1-bedroom apartment, with all utilities separately metered for streamlined management and expense control. Currently generating $4,375 per month in gross rental income, the property offers immediate cash flow with a defined rent roll in place. The Certificate of Occupancy transfers with the sale and is valid through December 2028. Annual operating expenses are reported at approximately $5,403 for taxes, $3,500 for insurance, $632 for water, and $832 for refuse. Please allow 48 hours for showing requests to notify tenants. Please provide a proof of funds statement or a bank term sheet for financing before showings. Showings are weekdays 10 to 3.

3. 2026-04-20
   listed $299,900 Active 887-char remark

   Show marketing remark (887 chars)

   221 Spencer Street, Rochester, NY presents an opportunity to acquire a 5-unit multifamily asset in Rochester’s Edgerton neighborhood, offered at $299,900. This income-producing property features four 2-bedroom apartments and one 1-bedroom apartment, with all utilities separately metered for streamlined management and expense control. Currently generating $4,375 per month in gross rental income, the property offers immediate cash flow with a defined rent roll in place. The Certificate of Occupancy transfers with the sale and is valid through December 2028. Annual operating expenses are reported at approximately $5,403 for taxes, $3,500 for insurance, $632 for water, and $832 for refuse. Please allow 48 hours for showing requests to notify tenants. Please provide a proof of funds statement or a bank term sheet for financing before showings. Showings are weekdays 10 to 3.

4. 2025-04-14
   soldstatus $165,745
5. 2018-10-03
   soldstatus $110,000
6. 2013-11-08
   soldstatus $90,000

ⓘ 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: $1,768 · $147/mo
• Projected year-2 tax: $3,249 · $271/mo
• Expected delta: +$1,481/yr (+$123/mo · 83.8%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone 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: $102,672
• − Mortgage interest: −$15,679
• − Property taxes: −$1,768
• − Insurance: −$1,400
• − Repairs & maintenance: −$8,214
• − Management: −$8,214
• − Depreciation: −$8,143
• Taxable income: $59,256
• Est. tax owed @ 24.0%: −$14,221
• After-tax cash flow: $46,108/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): 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

+211.0% since first listed

6 events — show timeline

• 2026-05-17 Pending — UNYREIS
• 2026-05-05 Price Changed $279,900 UNYREIS
• 2026-04-20 Listed $299,900 UNYREIS
• 2025-04-14 Sold (Public Records) $165,745 Public Records
• 2018-10-03 Sold (Public Records) $110,000 Public Records
• 2013-11-08 Sold (Public Records) $90,000 Public Records

Property tax history

+1.5%/yr

Latest (2025): $1,768 · +0.0% YoY. Source: county tax records.