23 Costar St #23 · Rochester, NY 14608

$75,000

5 bd · 1.5 ba · 1,773 sqft · Condo public records · 5 Days on market

Built 1900

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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
• ARV discount +7.5/15.0
• Appreciation +6.8/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0

Listing remarks MLS

IDEAL INVESTMENT PROPERTY! DON'T MISS OUT ON THIS MONEY MAKING OPPORTUNITY! 5 Rooms rented at $440.00 each. Owner pays expenses. DDS Approved current C/O until 2020. Roof and Furnace Approximately 10 years old. 48 HOURS NOTICE TO SHOW.

Key facts

• 6,098 sq ft lot
• Built 1900
• Listed 5 days

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water connected; Sewer connected
• Home design: 2-story property; Existing construction
• Construction: Composite siding; Asphalt roof; Block foundation
• Exterior features: See remarks; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: 2 main-level bedrooms
• Flooring: Carpet; Vinyl; Varies
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Gas forced-air heating
• Interior features: Separate, formal dining room; Eat-in kitchen; Bedroom on main level; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath condo listed at $75k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Cap rate 23.4% 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 5-John Williams (math 2% / reading 8%, grade F, #2,098 of 2,108 statewide, top 100%, 596 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 (+6.6%/yr); 51 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $1,944/mo this rent would consume 57% 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 $3k of equity ($519 loan paydown + $3k 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 $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 12y 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 $36k; list at $75k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.59% ✓
• Cap rate: 23.44%
• Cash-on-cash: 61.25%
• DSCR: 3.73
• GRM: 3.2

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: 70.1%
• Equity multiple: 5.16×
• Total profit: $87,390
• Equity at exit: $36,679

10-year hold

• IRR: 70.3%
• Equity multiple: 11.70×
• Total profit: $224,766
• Equity at exit: $58,941

Cash invested: $21,000 (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: 3.2×

Monthly cashflow live

• Estimated rent: $1,944 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$40 /mo · $474/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $1,072

Break-even live

Break-even rent $587

Max offer price $75,000

Occupancy floor 40%

Sensitivity live

Price	-10% $1,114	-5% $1,093	+0% $1,072	+5% $1,051	+10% $1,029
Rent	-10% $918	-5% $995	+0% $1,072	+5% $1,149	+10% $1,225
Rate	-1.0pp $1,110	-0.5pp $1,091	base $1,072	+0.5pp $1,052	+1.0pp $1,033

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
649 Jay St Rochester, NY	5.0	2.0	2144	$2,000	$0.93	5d	1	0.82mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-01
   days on market $75,000 Active 5 DOM
2. 2026-05-31
   days on market $75,000 Active 4 DOM
3. 2026-05-27
   listed $75,000 Active
4. 2021-08-09
   soldstatus $35,500
5. 2018-07-11
   soldstatus $38,000
6. 2018-07-10
   soldstatus $38,000 Closed Sale or Rented 235-char remark

   Show marketing remark (235 chars)

   IDEAL INVESTMENT PROPERTY! DON'T MISS OUT ON THIS MONEY MAKING OPPORTUNITY! 5 Rooms rented at $440.00 each. Owner pays expenses. DDS Approved current C/O until 2020. Roof and Furnace Approximately 10 years old. 48 HOURS NOTICE TO SHOW.

7. 2018-05-18
   status Under Contract- Do Not Show 235-char remark

   Show marketing remark (235 chars)

   IDEAL INVESTMENT PROPERTY! DON'T MISS OUT ON THIS MONEY MAKING OPPORTUNITY! 5 Rooms rented at $440.00 each. Owner pays expenses. DDS Approved current C/O until 2020. Roof and Furnace Approximately 10 years old. 48 HOURS NOTICE TO SHOW.

8. 2018-05-14
   listed $38,000 Active 235-char remark

   Show marketing remark (235 chars)

   IDEAL INVESTMENT PROPERTY! DON'T MISS OUT ON THIS MONEY MAKING OPPORTUNITY! 5 Rooms rented at $440.00 each. Owner pays expenses. DDS Approved current C/O until 2020. Roof and Furnace Approximately 10 years old. 48 HOURS NOTICE TO SHOW.

9. 2014-11-03
   listed $44,900
10. 1998-01-23
    soldstatus $42,500

ⓘ 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: $474 · $40/mo
• Projected year-2 tax: $871 · $73/mo
• Expected delta: +$397/yr (+$33/mo · 83.6%)

ⓘ 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: $23,330
• − Mortgage interest: −$4,201
• − Property taxes: −$474
• − Insurance: −$375
• − Repairs & maintenance: −$1,866
• − Management: −$1,866
• − Depreciation: −$2,182
• Taxable income: $12,365
• Est. tax owed @ 24.0%: −$2,968
• After-tax cash flow: $9,894/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

+76.5% since first listed

8 events — show timeline

• 2026-05-27 Listed $75,000 UNYREIS
• 2021-08-09 Sold (Public Records) $35,500 Public Records
• 2018-07-11 Sold (Public Records) $38,000 Public Records
• 2018-07-10 Sold (MLS) $38,000 UNYREIS
• 2018-05-18 Pending — UNYREIS
• 2018-05-14 Listed $38,000 UNYREIS
• 2014-11-03 Listed $44,900 UNYREIS
• 1998-01-23 Sold (Public Records) $42,500 Public Records

Property tax history

-2.9%/yr

Latest (2025): $474 · +0.0% YoY. Source: county tax records.