320 Germania Ave · Schenectady, NY 12307

$170,000

6 bd · 2.0 ba · 2,184 sqft · MultiFamily public records · 67 Days on market

Built 1890 3,049 sqft lot Est $264k · 36% under

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Why this score? — see what drove the A 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Investors or weekend warriors take notice. Large two-family handy-man special. Bring your imagination and a flash light. City of Schenectady owned property will be sold as is. Good Condition

Key facts

• 3,049 sq ft lot
• Built 1890
• Listed 67 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $846 ($10k/yr) — positive. Per door: $423/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Recommended offer: $160k (6.0% below list) — sets the bar for market timing.

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: 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.
• Zoned schools: Schenectady High School (math 75% / reading 90%, grade A, #446 of 1,100 statewide, top 41%, 2,743 students, 71% FRL).
• Zoned-school proficiency averages 82% at this address vs 36% district-wide (+46 pts) — the actual schools serving this property are materially stronger than the Schenectady City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 33 active listings in the ZIP; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $17k appreciation (10.0% local appreciation)).
• Schenectady County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $9k; list at $170k implies a 1789% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.3% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $159,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.80% ✓
• Cap rate: 12.26%
• Cash-on-cash: 21.32%
• DSCR: 1.95
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $264,264
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
634 Hamilton St	0.10mi	5/2.0 (-1)	2,024 (-7%)	0mo	$210,000	$104	78
5 Barney St	0.21mi	6/2.0	2,280 (+4%)	9mo	$250,000	$110	75
762 Eastern Ave	0.58mi	6/2.0	2,205 (+1%)	3mo	$269,900	$122	69
5 Hawk St	0.59mi	6/2.0	2,294 (+5%)	1mo	$325,000	$142	63
21 Hawk St	0.61mi	6/2.0	2,294 (+5%)	1mo	$334,750	$146	63
1 Chestnut St	0.32mi	6/3.0	2,406 (+10%)	2mo	$290,000	$121	62
20 Hawk St	0.58mi	6/2.0	2,142 (-2%)	11mo	$285,000	$133	61
16 Paulding St	0.64mi	6/2.0	2,078 (-5%)	5mo	$205,000	$99	58
913-915 Bridge St	0.55mi	5/2.0 (-1)	2,056 (-6%)	10mo	$315,000	$153	51
12 Paulding St	0.64mi	5/2.0 (-1)	2,112 (-3%)	11mo	$190,000	$90	51
515 South Ave	0.69mi	5/3.0 (-1)	2,070 (-5%)	6mo	$172,000	$83	45
1038 Bridge St	0.54mi	6/2.0	2,460 (+13%)	11mo	$175,000	$71	45

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 40.3%
• Equity multiple: 4.08×
• Total profit: $146,749
• Equity at exit: $153,149

10-year hold

• IRR: 34.8%
• Equity multiple: 9.20×
• Total profit: $390,370
• Equity at exit: $330,273

Cash invested: $47,600 (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 12307

• Home prices YoY: 3.3%
• Active inventory: 33
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $3,065 high
• Mortgage (P&I): −$891
• Tax from tax record: −$613 /mo · $7,359/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$644
• Net cashflow: $846

Break-even live

Break-even rent $1,994

Max offer price $170,000

Occupancy floor 67%

Sensitivity live

Price	-10% $942	-5% $894	+0% $846	+5% $798	+10% $750
Rent	-10% $604	-5% $725	+0% $846	+5% $967	+10% $1,088
Rate	-1.0pp $931	-0.5pp $889	base $846	+0.5pp $802	+1.0pp $757

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,066
Total (2 units)			$3,065

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2025-12-05
   status Pending
2. 2025-11-15
   price $170,000
3. 2025-10-09
   listed $180,000 Active
4. 2025-10-07
   soldstatus Closed
5. 2025-09-27
   listed $180,000 Active
6. 2020-03-03
   soldstatus $9,000 Closed (Final Sale) 192-char remark

   Show marketing remark (192 chars)

   Investors or weekend warriors take notice. Large two-family handy-man special. Bring your imagination and a flash light. City of Schenectady owned property will be sold as is. Good Condition

7. 2019-07-29
   status Pend (Under Cntr) 192-char remark

   Show marketing remark (192 chars)

   Investors or weekend warriors take notice. Large two-family handy-man special. Bring your imagination and a flash light. City of Schenectady owned property will be sold as is. Good Condition

8. 2019-03-15
   price $24,000 192-char remark

   Show marketing remark (192 chars)

   Investors or weekend warriors take notice. Large two-family handy-man special. Bring your imagination and a flash light. City of Schenectady owned property will be sold as is. Good Condition

9. 2019-03-15
   status Price Change 192-char remark

   Show marketing remark (192 chars)

   Investors or weekend warriors take notice. Large two-family handy-man special. Bring your imagination and a flash light. City of Schenectady owned property will be sold as is. Good Condition

10. 2019-03-06
    historical 192-char remark

    Show marketing remark (192 chars)

    Investors or weekend warriors take notice. Large two-family handy-man special. Bring your imagination and a flash light. City of Schenectady owned property will be sold as is. Good Condition

11. 2019-01-09
    price $38,000 192-char remark

    Show marketing remark (192 chars)

    Investors or weekend warriors take notice. Large two-family handy-man special. Bring your imagination and a flash light. City of Schenectady owned property will be sold as is. Good Condition

12. 2018-09-05
    listed $45,000 New 192-char remark

    Show marketing remark (192 chars)

    Investors or weekend warriors take notice. Large two-family handy-man special. Bring your imagination and a flash light. City of Schenectady owned property will be sold as is. Good Condition

13. 2016-11-07
    soldstatus $500
14. 2015-02-27
    soldstatus $500
15. 2014-08-12
    soldstatus $500
16. 2007-09-28
    soldstatus $33,900
17. 2007-09-17
    soldstatus $33,900 47-char remark

    Show marketing remark (47 chars)

    2 FAMILY 3BR/1BA IN EACH UNIT -- Fair Condition

18. 2007-07-20
    historical 47-char remark

    Show marketing remark (47 chars)

    2 FAMILY 3BR/1BA IN EACH UNIT -- Fair Condition

19. 2007-07-19
    listed $33,900 47-char remark

    Show marketing remark (47 chars)

    2 FAMILY 3BR/1BA IN EACH UNIT -- Fair Condition

ⓘ 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: $7,359 · $613/mo
• Projected year-2 tax: $7,359 · $613/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 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: $36,780
• − Mortgage interest: −$9,523
• − Property taxes: −$7,359
• − Insurance: −$850
• − Repairs & maintenance: −$2,942
• − Management: −$2,942
• − Depreciation: −$4,945
• Taxable income: $8,219
• Est. tax owed @ 24.0%: −$1,972
• After-tax cash flow: $8,177/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: 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
• City population: 141,369
• Population (ZIP): 7,977

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: Highly diverse neighborhood (Simpson 0.81)
• Race & ethnicity: Black 28% Hispanic / Latino 25% White 19% Two or more races 16% Asian 11% Native American 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 14% Dominican 3%
• Common ancestry: Lithuanian 3% Ukrainian 3% Romanian 1%
• Foreign-born: 32% · Canada, Jamaica, South Korea
• Languages at home: 79% English-only · Spanish 12% Arabic 2% 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: ▲ 12.60%
• Current HPI: 398.0252
• Rent YoY: —
• Metro: —
• 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

+401.5% since first listed

19 events — show timeline

• 2025-12-05 Pending — Global MLS
• 2025-11-15 Price Changed $170,000 Global MLS
• 2025-10-09 Listed $180,000 Global MLS
• 2025-10-07 Sold (MLS) — Global MLS
• 2025-09-27 Listed $180,000 Global MLS
• 2020-03-03 Sold (MLS) $9,000 Global MLS
• 2019-07-29 Pending — Global MLS
• 2019-03-15 Price Changed $24,000 Global MLS
• 2019-03-15 Relisted — Global MLS
• 2019-03-06 Listing Removed — Global MLS
• 2019-01-09 Price Changed $38,000 Global MLS
• 2018-09-05 Listed $45,000 Global MLS
• 2016-11-07 Sold (Public Records) $500 Public Records
• 2015-02-27 Sold (Public Records) $500 Public Records
• 2014-08-12 Sold (Public Records) $500 Public Records
• 2007-09-28 Sold (Public Records) $33,900 Public Records
• 2007-09-17 Sold (MLS) $33,900 Global MLS
• 2007-07-20 Listing Removed — Global MLS
• 2007-07-19 Listed $33,900 Global MLS

Property tax history

+12.0%/yr

Latest (2025): $7,359 · +7.9% YoY. Source: county tax records.