1405 State St · Schenectady, NY 12304

$325,000

24 bd · 16.0 ba · 4,704 sqft · MultiFamily public records · 11 Days on market

Built 1984 3,484 sqft lot $69/sqft · 23% below area Est $283k · 15% over

---

Why this score? — see what drove the C+ 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
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.8/15.0
• 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

Prime Investment Opportunity: This rock solid, four unit multifamily property is a cash flowing gem perfect for investors or owner occupants looking to live for free while tenants pay the mortgage. The building features three stable, long-term tenants with recent rent increases who would love to stay ensuring immediate, reliable income. One vacant unit ready for move-in or top market rent. Boasting a roof only four years old and separate utility meters, the spacious units are filled with original charm, featuring hardwood flooring, beautiful built-ins, updated tile bathrooms, and a massive walk-up attic with incredible potential for a future value add as additional living space. Situated on

Key facts

• Hardwood flooring
• 3,484 sq ft lot
• Built 1984

Tags

• FOUR UNIT MULTIFAMILY PROPERTY
• STABLE LONG TERM TENANTS
• VACANT UNIT READY FOR MOVE IN
• ROOF ONLY FOUR YEARS OLD
• SEPARATE UTILITY METERS
• HARDWOOD FLOORING

Property features AI

Finance

• Financial info: Four-unit multi-family property; Tenants pay internet, electricity, and gas; Owner pays water and sewer

Exterior

• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer
• Home design: Quadruplex; 3,136 living area (total for the building); Main road frontage about 35 feet
• Construction: Vinyl siding; Shingle roof; Full unfinished basement
• Exterior features: Rear porch; Deck; Front porch; Other exterior features

Interior

• Bedrooms: Unit mix includes four units: three 2-bedroom units and one 1-bedroom unit
• Flooring: Tile and ceramic tile; Hardwood; Laminate
• Bathrooms: Four full bathrooms (two on the first floor, two on the second floor)
• Heating & cooling: Hot water heating; Natural gas
• Interior features: High-speed internet available; Built-in features; Crown molding; Bay windows

What this means for you Summary

Snapshot

• This is a 2×1bd/1.0ba + 2×2bd/1.0ba units multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $605/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $325k).
• Cap rate 15.2% 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: 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: Paige Elementary School (math 17% / reading 27%, grade F, #1,923 of 2,108 statewide, top 92%, 420 students, 69% FRL); Schenectady High School (math 75% / reading 90%, grade A, #446 of 1,100 statewide, top 41%, 2,743 students, 71% FRL) — zoned schools at 70% FRL track the district average.
• Zoned-school proficiency averages 52% at this address vs 36% district-wide (+16 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: 107 active listings in the ZIP; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 $91k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 21y 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 $130k; list at $325k implies a 151% gain — meaningful room to come down on a strong offer.

Recommended offer $325,000

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.90% ✓
• Cap rate: 15.22%
• Cash-on-cash: 31.89%
• DSCR: 2.42
• GRM: 4.4

CMA / ARV

• ARV (median comp): $282,701
• List price: $325,000
• Delta: 14.96%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 26.9%
• Equity multiple: 2.12×
• Total profit: $101,590
• Equity at exit: $48,459

10-year hold

• IRR: 34.5%
• Equity multiple: 4.16×
• Total profit: $287,710
• Equity at exit: $28,100

Cash invested: $91,000 (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 12304

• Home prices YoY: -25.5%
• Active inventory: 107
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $6,173 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$618 /mo · $7,422/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,296
• Net cashflow: $2,418

Break-even live

Break-even rent $3,112

Max offer price $325,000

Occupancy floor 56%

Sensitivity live

Price	-10% $2,602	-5% $2,510	+0% $2,418	+5% $2,326	+10% $2,234
Rent	-10% $1,931	-5% $2,175	+0% $2,418	+5% $2,662	+10% $2,906
Rate	-1.0pp $2,582	-0.5pp $2,501	base $2,418	+0.5pp $2,334	+1.0pp $2,249

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,054
▸ 2× units	2	1	$3,120
Total (4 units)			$6,173

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $325,000 Active 11 DOM
2. 2026-06-18
   days on market $325,000 Active 8 DOM
3. 2026-06-17
   days on market $325,000 Active 7 DOM
4. 2026-06-16
   days on market $325,000 Active 6 DOM
5. 2026-06-15
   days on market $325,000 Active 5 DOM
6. 2026-06-14
   days on market $325,000 Active 3 DOM
7. 2026-06-13
   days on marketlisting id $325,000 Active 2 DOM
8. 2026-06-01
   days on market $325,000 Active 102 DOM
9. 2026-05-31
   days on market $325,000 Active 101 DOM
10. 2026-05-31
    days on market $325,000 Active 100 DOM
11. 2026-04-17
    price $325,000 1045-char remark
12. 2026-02-19
    listed $350,000 Active 1045-char remark
13. 2006-01-09
    soldstatus $129,500
14. 2005-11-11
    soldstatus $129,500 256-char remark
15. 2005-08-23
    historical 256-char remark
16. 2005-08-01
    listed $119,900 256-char remark

ⓘ 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: $7,422 · $618/mo
• Projected year-2 tax: $7,422 · $618/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 ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $74,076
• − Mortgage interest: −$18,205
• − Property taxes: −$7,422
• − Insurance: −$1,625
• − Repairs & maintenance: −$5,926
• − Management: −$5,926
• − Depreciation: −$9,455
• Taxable income: $25,517
• Est. tax owed @ 24.0%: −$6,124
• After-tax cash flow: $22,897/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): 22,027

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 52% Black 17% Two or more races 13% Asian 10% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Dominican 2%
• Common ancestry: Lithuanian 6% Romanian 4% Iranian 1%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 89% English-only · Other Indo-European 5% Spanish 4% 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: ▼ -113.18%
• Current HPI: 331.0288
• 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

+171.1% since first listed

8 events — show timeline

• 2026-06-10 Listed $325,000 Global MLS
• 2026-06-01 Listing Removed — Global MLS
• 2026-04-17 Price Changed $325,000 Global MLS
• 2026-02-19 Listed $350,000 Global MLS
• 2006-01-09 Sold (Public Records) $129,500 Public Records
• 2005-11-11 Sold (MLS) $129,500 Global MLS
• 2005-08-23 Listing Removed — Global MLS
• 2005-08-01 Listed $119,900 Global MLS

Property tax history

-0.6%/yr

Latest (2025): $7,422 · +0.6% YoY. Source: county tax records.