618 Garson Ave · Rochester, NY 14609

$199,900

16 bd · 16.0 ba · 2,736 sqft · MultiFamily public records · 1 Days on market

Built 1972

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Well maintained 1970s built 4-family, great for owner occupant or investor! All units are 1 bedrooms with built-in A/C units. Seller has a new roof that was done September 2025, newer thermopane windows throughout, newer driveway for 6+ cars, partial vinyl sided, coin-op laundry on site and extra storage closets. Delayed Showings until Thursday, June 18 at 5pm. Delayed negotiations, Sunday, June 21 at noon. Offers due Sunday by 12pm. Make offers good for 24 hours please. 3 time slots will be available through ShowingTime. Thursday, June 18, 5-6pm Friday, June 19, 5-6pm Saturday, June 21, 12-1:30pm

Key facts

• Newer driveway
• Coin-op laundry
• New roof

Tags

• NEW ROOF
• NEWER THERMOPANE WINDOWS
• NEWER DRIVEWAY
• COIN-OP LAUNDRY
• EXTRA STORAGE CLOSETS

Property features AI

Finance

• Other: Owner pays heat and snow removal; rent includes heat and snow removal; Separate meters: 1 gas meter, 5 electric meters
• Financial info: Property contains 4 total units; Operating expenses include accounting, insurance, legal, maintenance, trash, and water/sewer; Units are month-to-month

Exterior

• Parking: Paved parking with two or more spaces
• Utilities: Cable available; Public water (connected); Sewer connected
• Home design: 2-story building; Resale property
• Construction: Composite siding; Vinyl siding; Asphalt roof; Existing structure (year built: existing)
• Exterior features: Fence; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Oven/range; Refrigerator; Eat-in kitchens in units
• Bedrooms: Four 1-bedroom units (each unit listed as 1 bedroom)
• Flooring: Carpet; Varies
• Bathrooms: Four full bathrooms (one in each unit)
• Heating & cooling: Gas heating with baseboard; Wall air-conditioning units
• Interior features: Thermal windows; Partial fencing
• Laundry & utility: Washer included in one unit; Gas water heater

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $5k ($64k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $200k).
• Cap rate 38.4% 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: 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 (+7.9%/yr); 199 active listings in the ZIP; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $8,331/mo this rent would consume 155% 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 ~1 year — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

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 1972 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 4.17% ✓
• Cap rate: 38.39%
• Cash-on-cash: 114.62%
• DSCR: 6.10
• GRM: 2.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.89% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.27×
• Total profit: $351,151
• Equity at exit: $29,806

10-year hold

• IRR: —
• Equity multiple: 17.79×
• Total profit: $939,675
• 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: 8.0×

Monthly cashflow live

• Estimated rent: $8,331 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$104 /mo · $1,246/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,750
• Net cashflow: $5,346

Break-even live

Break-even rent $1,564

Max offer price $199,900

Occupancy floor 31%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$8,332
Total (4 units)			$8,331

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 2 events

1. 2026-06-17
   remarks 606-char remark
2. 2026-06-17
   listed $199,900 Active 1 DOM

ⓘ 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: $1,246 · $104/mo
• Projected year-2 tax: $2,312 · $193/mo
• Expected delta: +$1,066/yr (+$89/mo · 85.6%)

ⓘ 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 · 14 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: $99,972
• − Mortgage interest: −$11,198
• − Property taxes: −$1,246
• − Insurance: −$1,000
• − Repairs & maintenance: −$7,998
• − Management: −$7,998
• − Depreciation: −$5,815
• Taxable income: $64,718
• Est. tax owed @ 24.0%: −$15,532
• After-tax cash flow: $48,621/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

1 event — show timeline

• 2026-06-17 Listed $199,900 UNYREIS

Property tax history

+0.7%/yr

Latest (2025): $1,246 · -18.2% YoY. Source: county tax records.