512 Lyell Ave · Rochester, NY 14606

$277,900

4 bd · None ba · 5,646 sqft · MultiFamily · 108 Days on market

Built 1910 6,560 sqft lot $49/sqft · 5% above area Est $264k · 5% over

---

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 +5.2/15.0
• Rent growth +4.1/5.0
• 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: 1 unit. 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

Great investment or to add to your portfolio. building with 5 apartments AND a commercial space * * * Building partially occupied need advance 48 HRS notice for showing the occupied 3 apartments * * * * * * * * * * Owner pays heat, water and trash * * * Tenants pay their own electric and gas services BILLBOARD BRINGS $1500 A YEAR 3 1BR RENT $750 EACH 1 2BR RENT $900 1 STUDIO RENT $650 COMMERCIAL SPACE RENT WAS $1200 MONTHLEY A LAUNDROMATT CLOSED and it can reopen same business again building need TLC Also listed as Com Rental B1664434 and Com Sale B1664432 Motivated sellers--all reasonable offers will be considered

Key facts

• 5 apartments
• Commercial space
• Zoned c-1

Tags

• ZONED C-1
• 5 APARTMENTS
• COMMERCIAL SPACE
• BILLBOARD BRINGS $1500

What this means for you Summary

Snapshot

• This is a 4-bed/?-bath multifamily listed at $278k.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $278k).
• Recommended offer: $253k (9.0% below list) — sets the bar for market timing.
• Cap rate 20.0% 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 (+6.3%/yr); 124 active listings in the ZIP; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $6,437/mo this rent would consume 138% of the median local household income ($56k/yr) (locally 986% 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 $8k 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 + 6.3% rent growth), your $78k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($253k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 15y ago; this cycle's ask has dropped $22k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $110k; list at $278k implies a 153% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $252,889 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.32% ✓
• Cap rate: 19.96%
• Cash-on-cash: 48.81%
• DSCR: 3.17
• GRM: 3.6

CMA / ARV

• ARV (median comp): $264,371
• List price: $277,900
• Delta: 5.12%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.28% rent growth · sell at horizon

5-year hold

• IRR: 50.1%
• Equity multiple: 3.29×
• Total profit: $178,570
• Equity at exit: $41,436

10-year hold

• IRR: 56.9%
• Equity multiple: 7.58×
• Total profit: $511,755
• Equity at exit: $24,028

Cash invested: $77,812 (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 14606

• Home prices YoY: -17.9%
• Rents YoY: 6.3%
• Active inventory: 124
• Price-to-rent: 18.5×

Monthly cashflow live

• Estimated rent: $6,437 high
• Mortgage (P&I): −$1,457
• Tax est. 1.5%: −$347 /mo · $4,168/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,352
• Net cashflow: $3,165

Break-even live

Break-even rent $2,431

Max offer price $277,900

Occupancy floor 46%

Sensitivity live

Price	-10% $3,357	-5% $3,261	+0% $3,165	+5% $3,069	+10% $2,973
Rent	-10% $2,656	-5% $2,910	+0% $3,165	+5% $3,419	+10% $3,673
Rate	-1.0pp $3,305	-0.5pp $3,235	base $3,165	+0.5pp $3,093	+1.0pp $3,019

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,759
1× unit	2	1	$1,378
1× unit	0	1	$1,301
Total (5 units)			$6,437

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: $69,475
• Closing costs: $8,337
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-18
   days on market $277,900 Active 108 DOM
2. 2026-06-17
   days on market $277,900 Active 107 DOM
3. 2026-06-16
   pricedays on market $277,900 Active 106 DOM
4. 2026-06-15
   days on market $279,900 Active 105 DOM
5. 2026-06-13
   days on market $279,900 Active 103 DOM
6. 2026-06-13
   days on market $279,900 Active 102 DOM
7. 2026-06-10
   days on market $279,900 Active 100 DOM
8. 2026-06-09
   days on market $279,900 Active 99 DOM
9. 2026-06-09
   days on market $279,900 Active 98 DOM
10. 2026-06-07
    days on market $279,900 Active 97 DOM
11. 2026-06-05
    days on market $279,900 Active 94 DOM
12. 2026-06-03
    days on market $279,900 Active 93 DOM
13. 2026-06-03
    days on market $279,900 Active 92 DOM
14. 2026-06-01
    days on market $279,900 Active 91 DOM
15. 2026-05-31
    days on market $279,900 Active 90 DOM
16. 2026-04-18
    price $289,900 649-char remark

    Show marketing remark (649 chars)

    Great investment or to add to your portfolio. building with 5 apartments AND a commercial space * * * Building partially occupied need advance 48 HRS notice for showing the occupied 3 apartments * * * * * * * * * * Owner pays heat, water and trash * * * Tenants pay their own electric and gas services BILLBOARD BRINGS $1500 A YEAR 3 1BR RENT $750 EACH 1 2BR RENT $900 1 STUDIO RENT $650 COMMERCIAL SPACE RENT WAS $1200 MONTHLEY A LAUNDROMATT CLOSED and it can reopen same business again building need TLC Also listed as Com Rental B1664434 and Com Sale B1664432 Motivated sellers--all reasonable offers will be considered

17. 2026-03-02
    listed $299,900 Active 649-char remark

    Show marketing remark (649 chars)

    Great investment or to add to your portfolio. building with 5 apartments AND a commercial space * * * Building partially occupied need advance 48 HRS notice for showing the occupied 3 apartments * * * * * * * * * * Owner pays heat, water and trash * * * Tenants pay their own electric and gas services BILLBOARD BRINGS $1500 A YEAR 3 1BR RENT $750 EACH 1 2BR RENT $900 1 STUDIO RENT $650 COMMERCIAL SPACE RENT WAS $1200 MONTHLEY A LAUNDROMATT CLOSED and it can reopen same business again building need TLC Also listed as Com Rental B1664434 and Com Sale B1664432 Motivated sellers--all reasonable offers will be considered

18. 2025-12-31
    historical
19. 2025-12-29
    price $199,000
20. 2025-12-19
    price $199,900
21. 2025-12-17
    price $199,000
22. 2025-11-28
    listed $199,900 Active
23. 2020-04-16
    soldstatus $110,000 Closed Sale or Rented
24. 2019-12-20
    status Pending Sale
25. 2019-10-07
    price $149,900
26. 2019-10-07
    status Active
27. 2019-07-22
    status Under Contract- Do Not Show
28. 2019-07-09
    status Active
29. 2019-07-02
    historical
30. 2019-05-21
    listed $194,900 Active
31. 2019-04-18
    historical
32. 2019-03-12
    status Active
33. 2019-03-06
    historical
34. 2019-02-12
    price $194,900
35. 2019-01-19
    listed $199,900 Active
36. 2011-12-09
    soldstatus $50,000
37. 2011-02-14
    listed $64,900

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

Taxation est. · year 1

• Rental income: $77,244
• − Mortgage interest: −$15,567
• − Property taxes: −$4,168
• − Insurance: −$1,390
• − Repairs & maintenance: −$6,180
• − Management: −$6,180
• − Depreciation: −$8,084
• Taxable income: $35,676
• Est. tax owed @ 24.0%: −$8,562
• After-tax cash flow: $29,414/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): 25,538
• Household income: $55,807
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 986.0

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 0.64)
• Race & ethnicity: White 51% Black 26% Hispanic / Latino 17% Two or more races 8% Asian 3%
• Hispanic origin (detail): Puerto Rican 12% Cuban 2%
• Common ancestry: Romanian 3% Lithuanian 1% Iranian 1%
• Foreign-born: 10% · Canada, Vietnam, Philippines
• Languages at home: 79% English-only · Spanish 12% Other Indo-European 3% Other Asian/Pacific 2%

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: ▼ -62.59%
• Current HPI: 287.6868
• Rent YoY: ▲ 6.28%
• 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

+346.7% since first listed

22 events — show timeline

• 2026-04-18 Price Changed $289,900 WNYREIS
• 2026-03-02 Listed $299,900 WNYREIS
• 2025-12-31 Listing Removed — UNYREIS
• 2025-12-29 Price Changed $199,000 UNYREIS
• 2025-12-19 Price Changed $199,900 UNYREIS
• 2025-12-17 Price Changed $199,000 UNYREIS
• 2025-11-28 Listed $199,900 UNYREIS
• 2020-04-16 Sold (MLS) $110,000 UNYREIS
• 2019-12-20 Pending — UNYREIS
• 2019-10-07 Price Changed $149,900 UNYREIS
• 2019-10-07 Relisted — UNYREIS
• 2019-07-22 Pending — UNYREIS
• 2019-07-09 Relisted — UNYREIS
• 2019-07-02 Listing Removed — UNYREIS
• 2019-05-21 Listed $194,900 UNYREIS
• 2019-04-18 Listing Removed — UNYREIS
• 2019-03-12 Relisted — UNYREIS
• 2019-03-06 Listing Removed — UNYREIS
• 2019-02-12 Price Changed $194,900 UNYREIS
• 2019-01-19 Listed $199,900 UNYREIS
• 2011-12-09 Sold (MLS) $50,000 UNYREIS
• 2011-02-14 Listed $64,900 UNYREIS