1723 Broadway · Schenectady, NY 12306

$299,000

5 bd · 3.0 ba · 2,144 sqft · MultiFamily public records · 29 Days on market

Built 1900 5,227 sqft lot $139/sqft · 26% below area Est $404k · 26% under

---

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
• 1% rule +10.0/10.0
• DSCR +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
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Beautiful 3 family house, great investment property, alum. siding, close to bus line. Excellent Condition

Key facts

• 5,227 sq ft lot
• 3 parking spots
• Built 1900

Property features AI

Finance

• Financial info: Multi-family building with 3 units

Exterior

• Parking: 3 paved parking spaces
• Utilities: Public water; Public sewer
• Home design: Triplex; Below-grade finished area included
• Construction: Aluminum siding
• Exterior features: Asphalt shingle roof; Back yard with fencing; Level lot

Interior

• Bedrooms: Unit 1: 1 bedroom; Unit 2: 1 bedroom; Unit 3: 3 bedrooms
• Bathrooms: 3 full bathrooms: two on the 1st floor, one on the 2nd floor
• Heating & cooling: Baseboard heating (electric)
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $960/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $299k).
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.9% 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; 1 comparable units currently listed for rent nearby; solid renter incomes; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• At $6,458/mo this rent would consume 93% 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 $9k 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 $84k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y 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 $68k; list at $299k implies a 343% 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 $294,515 (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. Built in 1900 — 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. 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: 2.16% ✓
• Cap rate: 17.85%
• Cash-on-cash: 41.28%
• DSCR: 2.84
• GRM: 3.9

CMA / ARV

• ARV (median comp): $403,859
• List price: $299,000
• Delta: -25.96%
• 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
2119 Broadway	0.26mi	4/3.0 (-1)	2,183 (+2%)	5mo	$167,500	$77	75
425 Fourth St	0.10mi	6/3.0 (+1)	2,320 (+8%)	8mo	$285,000	$123	70
1933 Wabash Ave	0.16mi	6/2.0 (+1)	2,320 (+8%)	2mo	$275,000	$119	68
2026 Wabash Ave	0.24mi	4/2.0 (-1)	2,068 (-4%)	8mo	$273,000	$132	67
467-469 Cedar St	0.37mi	6/2.0 (+1)	2,024 (-6%)	2mo	$285,000	$141	63
1087 Davis Ter	0.49mi	4/2.0 (-1)	2,208 (+3%)	1mo	$150,000	$68	62
2332 Turner Ave	0.52mi	5/3.0	1,932 (-10%)	2mo	$255,000	$132	58
471-473 Harrison Ave	0.49mi	6/2.0 (+1)	2,232 (+4%)	9mo	$330,000	$148	53
2336 Turner Ave	0.53mi	4/3.0 (-1)	1,932 (-10%)	7mo	$190,000	$98	48
417 Shannon St	0.44mi	4/2.0 (-1)	1,900 (-11%)	9mo	$244,000	$128	44
2606 Campbell Ave Ave	0.71mi	6/2.0 (+1)	2,416 (+13%)	6mo	$285,000	$118	32
602 Lansing St	0.75mi	4/2.0 (-1)	1,856 (-13%)	7mo	$176,000	$95	28

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: 37.9%
• Equity multiple: 2.61×
• Total profit: $135,175
• Equity at exit: $44,582

10-year hold

• IRR: 44.4%
• Equity multiple: 5.24×
• Total profit: $354,690
• Equity at exit: $25,852

Cash invested: $83,720 (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: 11.6×

Monthly cashflow live

• Estimated rent: $6,458 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$529 /mo · $6,350/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,356
• Net cashflow: $2,880

Break-even live

Break-even rent $2,812

Max offer price $299,000

Occupancy floor 50%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$6,459
Total (3 units)			$6,458

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1346 10th Ave Schenectady, NY	4.0	2.0	2350	$2,499	$1.06	14d	1	0.79mi

Listing history 6 events

1. 2026-04-28
   listed $299,000 Active 162-char remark
2. 2005-07-06
   soldstatus $67,500
3. 2005-06-17
   soldstatus $67,500 105-char remark

   Show marketing remark (105 chars)

   Beautiful 3 family house, great investment property, alum. siding, close to bus line. Excellent Condition

4. 2005-03-13
   historical 105-char remark

   Show marketing remark (105 chars)

   Beautiful 3 family house, great investment property, alum. siding, close to bus line. Excellent Condition

5. 2004-12-15
   listed $75,000 105-char remark

   Show marketing remark (105 chars)

   Beautiful 3 family house, great investment property, alum. siding, close to bus line. Excellent Condition

6. 2003-02-24
   soldstatus $33,000

ⓘ 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: $6,350 · $529/mo
• Projected year-2 tax: $6,350 · $529/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 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: $77,496
• − Mortgage interest: −$16,749
• − Property taxes: −$6,350
• − Insurance: −$1,495
• − Repairs & maintenance: −$6,200
• − Management: −$6,200
• − Depreciation: −$8,698
• Taxable income: $31,805
• Est. tax owed @ 24.0%: −$7,633
• After-tax cash flow: $26,928/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
• 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

+806.1% since first listed

7 events — show timeline

• 2026-05-29 Listing Removed — Global MLS
• 2026-04-28 Listed $299,000 Global MLS
• 2005-07-06 Sold (Public Records) $67,500 Public Records
• 2005-06-17 Sold (MLS) $67,500 Global MLS
• 2005-03-13 Listing Removed — Global MLS
• 2004-12-15 Listed $75,000 Global MLS
• 2003-02-24 Sold (Public Records) $33,000 Public Records

Property tax history

+1.1%/yr

Latest (2025): $6,350 · +4.5% YoY. Source: county tax records.