406 - 408 Shannon St · Schenectady, NY 12306

$222,900

4 bd · 2.0 ba · 1,820 sqft · MultiFamily · 24 Days on market

Built 1910 Fair condition 3,920 sqft lot $122/sqft · 35% below area Est $344k · 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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Good for owner occupied or investment. Two family located in the Bellevue section of Schenectady. Two bedrooms in each flat. Eat in Kitchen. Floor plan allows for formal dining area, or large living room. First floor offers laundry area in the flat. Second floor offers enclosed front and back porches. Off street parking. Separate utilities. Both flats, 2-year-old furnaces, newer hot water tank. Need 24 hour notice Please call listing agent: Phyllis Hall [phone] for scheduling of showings.

Key facts

• Enclosed back porch
• Bellevue section
• Laundry area

Tags

• BELLEVUE SECTION
• EAT IN KITCHEN
• FORMAL DINING AREA
• LAUNDRY AREA
• ENCLOSED FRONT PORCH
• ENCLOSED BACK PORCH

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $223k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $529/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $223k).
• Recommended offer: $220k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 6.3% in Schenectady — 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 78/100 on livability (#167 in NY, #2,597 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, cost of living A; Watch: schools C-, employment D+, crime F.
• Schenectady City School District (urban): math 38% / reading 34% proficiency, ranked #556 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 181 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• At $3,288/mo this rent would consume 47% of the median local household income ($83k/yr) (locally 629% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Schenectady County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $62k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $219,556 (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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1910 — 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. 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: 1.48% ✓
• Cap rate: 11.98%
• Cash-on-cash: 20.33%
• DSCR: 1.90
• GRM: 5.6

CMA / ARV

• ARV (median comp): $343,720
• List price: $222,900
• Delta: -35.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
417 Shannon St	0.03mi	4/2.0	1,900 (+4%)	9mo	$244,000	$128	83
2336 Turner Ave	0.11mi	4/3.0	1,932 (+6%)	7mo	$190,000	$98	75
2332 Turner Ave	0.10mi	5/3.0 (+1)	1,932 (+6%)	2mo	$255,000	$132	75
802 Harrison Ave	0.25mi	4/2.0	1,728 (-5%)	12mo	$295,000	$171	70
2330 Fairlee St	0.14mi	5/2.0 (+1)	1,656 (-9%)	6mo	$300,000	$181	68
1810 Campbell Ave	0.45mi	4/2.0	1,820 (0%)	14mo	$255,999	$141	67
420 Marengo St	0.48mi	5/2.0 (+1)	1,820 (0%)	6mo	$309,000	$170	67
2820 Broadway	0.45mi	3/2.0 (-1)	1,800 (-1%)	7mo	$254,000	$141	66
1909 Euclid Ave	0.43mi	4/2.0	1,650 (-9%)	12mo	$231,500	$140	54
2026 Wabash Ave	0.36mi	4/2.0	2,068 (+14%)	8mo	$273,000	$132	54
425 Arthur St	0.16mi	5/3.0 (+1)	2,090 (+15%)	20mo	$260,000	$124	42
1491 Broadway	0.74mi	5/2.0 (+1)	2,072 (+14%)	12mo	$44,575	$22	27

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.6%
• Equity multiple: 1.50×
• Total profit: $31,258
• Equity at exit: $33,235

10-year hold

• IRR: 21.5%
• Equity multiple: 2.83×
• Total profit: $114,116
• Equity at exit: $19,272

Cash invested: $62,412 (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 12306

• Home prices YoY: -23.8%
• Active inventory: 181
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $3,288 high
• Mortgage (P&I): −$1,169
• Tax est. 1.5%: −$279 /mo · $3,344/yr
• Insurance: −$93
• HOA: −$0
• Vacancy / Maint / Mgmt: −$690
• Net cashflow: $1,057

Break-even live

Break-even rent $1,950

Max offer price $222,900

Occupancy floor 63%

Sensitivity live

Price	-10% $1,211	-5% $1,134	+0% $1,057	+5% $980	+10% $903
Rent	-10% $797	-5% $927	+0% $1,057	+5% $1,187	+10% $1,317
Rate	-1.0pp $1,169	-0.5pp $1,114	base $1,057	+0.5pp $999	+1.0pp $941

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,288
Total (2 units)			$3,288

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: $55,725
• Closing costs: $6,687
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2030 Euclid Ave Schenectady, NY	3.0	1.0	1300	$2,000	$1.54	19d	1	0.34mi
2007 Campbell Ave Schenectady, NY	3.0	1.0	1272	$1,600	$1.26	14d	1	0.34mi
909 Vischer Ave Schenectady, NY	3.0	1.5	1512	$1,995	$1.32	14d	1	0.43mi
1346 10th Ave Schenectady, NY	4.0	2.0	2350	$2,499	$1.06	14d	1	1.18mi

Listing history 5 events

1. 2026-05-12
   status Active 509-char remark

   Show marketing remark (509 chars)

   Good for owner occupied or investment. Two family located in the Bellevue section of Schenectady. Two bedrooms in each flat. Eat in Kitchen. Floor plan allows for formal dining area, or large living room. First floor offers laundry area in the flat. Second floor offers enclosed front and back porches. Off street parking. Separate utilities. Both flats, 2-year-old furnaces, newer hot water tank. Need 24 hour notice Please call listing agent: Phyllis Hall [phone] for scheduling of showings.

2. 2025-11-26
   status Pending 509-char remark

   Show marketing remark (509 chars)

   Good for owner occupied or investment. Two family located in the Bellevue section of Schenectady. Two bedrooms in each flat. Eat in Kitchen. Floor plan allows for formal dining area, or large living room. First floor offers laundry area in the flat. Second floor offers enclosed front and back porches. Off street parking. Separate utilities. Both flats, 2-year-old furnaces, newer hot water tank. Need 24 hour notice Please call listing agent: Phyllis Hall [phone] for scheduling of showings.

3. 2025-11-14
   status Active 509-char remark

   Show marketing remark (509 chars)

   Good for owner occupied or investment. Two family located in the Bellevue section of Schenectady. Two bedrooms in each flat. Eat in Kitchen. Floor plan allows for formal dining area, or large living room. First floor offers laundry area in the flat. Second floor offers enclosed front and back porches. Off street parking. Separate utilities. Both flats, 2-year-old furnaces, newer hot water tank. Need 24 hour notice Please call listing agent: Phyllis Hall [phone] for scheduling of showings.

4. 2025-11-11
   historical 509-char remark

   Show marketing remark (509 chars)

   Good for owner occupied or investment. Two family located in the Bellevue section of Schenectady. Two bedrooms in each flat. Eat in Kitchen. Floor plan allows for formal dining area, or large living room. First floor offers laundry area in the flat. Second floor offers enclosed front and back porches. Off street parking. Separate utilities. Both flats, 2-year-old furnaces, newer hot water tank. Need 24 hour notice Please call listing agent: Phyllis Hall [phone] for scheduling of showings.

5. 2025-11-10
   listed $222,900 Active 509-char remark

   Show marketing remark (509 chars)

   Good for owner occupied or investment. Two family located in the Bellevue section of Schenectady. Two bedrooms in each flat. Eat in Kitchen. Floor plan allows for formal dining area, or large living room. First floor offers laundry area in the flat. Second floor offers enclosed front and back porches. Off street parking. Separate utilities. Both flats, 2-year-old furnaces, newer hot water tank. Need 24 hour notice Please call listing agent: Phyllis Hall [phone] for scheduling of showings.

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,456
• − Mortgage interest: −$12,486
• − Property taxes: −$3,344
• − Insurance: −$1,114
• − Repairs & maintenance: −$3,156
• − Management: −$3,156
• − Depreciation: −$6,484
• Taxable income: $9,715
• Est. tax owed @ 24.0%: −$2,332
• After-tax cash flow: $10,354/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

Fair 45/100 Moderate rehab

This two-family home requires moderate renovations to update the kitchen and bathrooms, and repair the exterior siding. The property has potential for increased value with these improvements.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate bathroom fixtures — dated and in need of replacement
• Minor exterior siding — moderate wear

Value-add opportunities

• Both update kitchen cabinets and countertops — modernizing the kitchen would appeal to both buyers and renters
• Both replace bathroom fixtures — modernizing the bathrooms would appeal to both buyers and renters
• Both repair and paint exterior siding — improving the exterior would increase curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of replacement	Moderate	$3,000–15,000
exterior siding · moderate wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both update kitchen cabinets and countertops — modernizing the kitchen would appeal to both buyers and renters ↑
• Both replace bathroom fixtures — modernizing the bathrooms would appeal to both buyers and renters ↑
• Both repair and paint exterior siding — improving the exterior would increase curb appeal and property value ↑

ⓘ 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: Schenectady City School District
• NCES district ID: 3626010
• Math proficiency: 38% ▲ 12.00%
• Reading proficiency: 34% ▲ 2.00%
• Median HH income: $39,453
• Composite: 30.2/100
• National rank: #6309
• State rank: #556 of 590 in NY

Livability — Schenectady

• Score: 78/100
• State rank: #167
• US rank: #2597

Category grades

Amenities B- 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: Schenectady, NY
• County: Schenectady County · 141,369 people
• City population: 141,369
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 27,865
• Household income: $83,202
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 629.0

Population outlook (Schenectady County) Hauer SSP2

• Today (2025): 155,046 people
• By 2030: 154,322 · -0.5%
• By 2040: 151,796 · -2.1%
• By 2050: 148,621 · -4.1%
• By 2075: 141,229 · -8.9%
• By 2100: 126,014 · -18.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Two or more races 8% Black 7% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Puerto Rican 4% Dominican 1%
• Common ancestry: Romanian 7% Lithuanian 5% Iranian 3%
• Foreign-born: 6% · Canada
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Schenectady

• 2024 margin: D (+10.8) · D 55.4% · R 44.6%
• 2008→2024 swing: -1.8pp toward R · 2008: 12.7pp · 2024: 10.8pp
• All cycles: 2024: D+10.8 2020: D+15.7 2016: D+5.8 2012: D+15.4 2008: D+12.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.35%
• Current HPI: 292.1229
• Rent YoY: —
• Metro: Albany-Schenectady-Troy, 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

5 events — show timeline

• 2026-05-12 Relisted — Global MLS
• 2025-11-26 Pending — Global MLS
• 2025-11-14 Relisted — Global MLS
• 2025-11-11 Listing Removed — Global MLS
• 2025-11-10 Listed $222,900 Global MLS