188-190 Charlotte St #188 · Rochester, NY 14607

$529,900

12 bd · 4.0 ba · 6,120 sqft · MultiFamily · 39 Days on market

Built 1895 Fair condition 6,442 sqft lot $87/sqft · 27% below area Est $731k · 27% under

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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 +3.8/5.0
• Rent growth +3.7/5.0
• Condition / age +2.2/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

8.25% CAP RATE Four-family cash flowing investment opportunity in one of the city’s most sought-after neighborhoods. This fully tenant-occupied property delivers strong, reliable cash flow with over $65,000 in annual gross income. Each unit is well-maintained with established tenants in place making this a seamless addition to any investor’s portfolio. The property’s certificate of occupancy with the city was renewed in 2025, offering added peace of mind and demonstrating continued compliance and upkeep. EIGHT off street parking spaces located in the rear of the building (Access from Haag's Alley). A rare chance to acquire a stabilized, immediate income-producing propert

Key facts

• Prime location
• 6,442 sq ft lot
• 2 parking spots

Tags

• FULLY TENANT-OCCUPIED PROPERTY
• STRONG RELIABLE CASH FLOW
• WELL-MAINTAINED UNITS
• CERTIFICATE OF OCCUPANCY
• OFF STREET PARKING SPACES
• PRIME LOCATION

Property features AI

Finance

• Other: Owner pays grounds care, trash collection and water for the property; Rent includes gardener, trash collection and water where noted
• Financial info: Building contains 4 total units with separate gas and electric meters for each unit; Operating expenses include maintenance, trash, and water/sewer; Some units are leased; rents reported per unit

Exterior

• Parking: Common paved parking with two or more spaces
• Utilities: Public water connected; Sewer connected; High-speed internet available
• Home design: 3-story multi-unit building; Resale property; Vinyl siding
• Construction: Vinyl siding construction; Existing (previously built) structure
• Exterior features: Rectangular lot; Near public transit

Interior

• Kitchen: Dishwasher in at least one unit; Oven/Range in each unit; Refrigerator in each unit
• Bedrooms: Each unit has 3 bedrooms
• Flooring: Carpet; Laminate; Tile; Varies by unit
• Bathrooms: Each unit has 1 full bathroom (4 full bathrooms total in building)
• Heating & cooling: Gas forced-air heating; Has heating
• Interior features: Full dirt-floor basement; Den/Family room in each unit; Eat-in kitchen in each unit; Living room in at least one unit
• Laundry & utility: Washer and dryer in each unit; Laundry in unit

🏷️ Possibly a rental listed for sale. The $529,900 price doesn't fit this home's estimated sale value (~$730,662) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.0-bath units multifamily listed at $530k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive. Per door: $798/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $530k).
• Recommended offer: $514k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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 (+4.6%/yr); 55 active listings in the ZIP; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $8,674/mo this rent would consume 174% of the median local household income ($60k/yr) (locally 2034% 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 $4k of loan paydown is wiped out by about $16k 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 + 4.6% rent growth), your $148k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($514k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $514,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.64% ✓
• Cap rate: 13.52%
• Cash-on-cash: 25.80%
• DSCR: 2.15
• GRM: 5.1

CMA / ARV

• ARV (median comp): $730,662
• List price: $529,900
• Delta: -27.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.6% rent growth · sell at horizon

5-year hold

• IRR: 21.3%
• Equity multiple: 1.89×
• Total profit: $131,651
• Equity at exit: $79,010

10-year hold

• IRR: 30.4%
• Equity multiple: 3.95×
• Total profit: $436,970
• Equity at exit: $45,816

Cash invested: $148,372 (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 14607

• Home prices YoY: -10.7%
• Rents YoY: 4.6%
• Active inventory: 55
• Price-to-rent: 20.4×

Monthly cashflow live

• Estimated rent: $8,674 high
• Mortgage (P&I): −$2,779
• Tax est. 1.5%: −$662 /mo · $7,948/yr
• Insurance: −$221
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,822
• Net cashflow: $3,190

Break-even live

Break-even rent $4,635

Max offer price $529,900

Occupancy floor 58%

Sensitivity live

Price	-10% $3,557	-5% $3,374	+0% $3,190	+5% $3,007	+10% $2,824
Rent	-10% $2,505	-5% $2,848	+0% $3,190	+5% $3,533	+10% $3,876
Rate	-1.0pp $3,457	-0.5pp $3,325	base $3,190	+0.5pp $3,053	+1.0pp $2,913

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1	$8,676
Total (4 units)			$8,674

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: $132,475
• Closing costs: $15,897
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $529,900 Active 39 DOM
2. 2026-06-18
   days on market $529,900 Active 36 DOM
3. 2026-06-17
   days on market $529,900 Active 35 DOM
4. 2026-06-16
   days on market $529,900 Active 34 DOM
5. 2026-06-15
   days on market $529,900 Active 33 DOM
6. 2026-06-13
   days on market $529,900 Active 31 DOM
7. 2026-06-13
   days on market $529,900 Active 30 DOM
8. 2026-06-10
   days on market $529,900 Active 28 DOM
9. 2026-06-09
   days on market $529,900 Active 27 DOM
10. 2026-06-09
    days on market $529,900 Active 26 DOM
11. 2026-06-07
    days on market $529,900 Active 25 DOM
12. 2026-06-05
    days on market $529,900 Active 22 DOM
13. 2026-06-03
    days on market $529,900 Active 21 DOM
14. 2026-06-03
    days on market $529,900 Active 20 DOM
15. 2026-06-01
    days on market $529,900 Active 19 DOM
16. 2026-05-31
    days on market $529,900 Active 18 DOM
17. 2026-05-13
    listed $529,900 Active 1150-char remark

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

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 · 15 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: $104,088
• − Mortgage interest: −$29,683
• − Property taxes: −$7,948
• − Insurance: −$2,650
• − Repairs & maintenance: −$8,327
• − Management: −$8,327
• − Depreciation: −$15,415
• Taxable income: $31,738
• Est. tax owed @ 24.0%: −$7,617
• After-tax cash flow: $30,668/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab

This four-family property requires significant repairs and maintenance, including a major roof repair, exterior painting, HVAC system upgrades, and landscaping improvements. These updates will significantly increase its resale and rental value.

Repairs flagged

• Major roof — The satellite image shows signs of water damage, indicating a major repair is needed.
• Major exterior siding — The siding is peeling and the paint is chipping, indicating a major repair is needed.
• Major HVAC/mechanicals — The overall condition suggests outdated or broken systems, indicating a major repair is needed.
• Major landscaping — The landscaping is overgrown and unkempt, indicating a major repair is needed to improve curb appeal.

Value-add opportunities

• Both repair and paint the exterior — Repairs and painting the exterior will improve the curb appeal and potentially increase both resale and rental value.
• Both repair the roof — Repairing the roof will prevent further water damage and improve the overall condition of the property, increasing both resale and rental value.
• Both upgrade HVAC systems — Upgrading HVAC systems will improve comfort and energy efficiency, increasing both resale and rental value.
• Both landscape and maintain the property — A well-maintained and landscaped property will improve curb appeal and potentially increase both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The satellite image shows signs of water damage, indicating a major repair is needed.	Major	$15,000–50,000
exterior siding · The siding is peeling and the paint is chipping, indicating a major repair is needed.	Major	$15,000–50,000
HVAC/mechanicals · The overall condition suggests outdated or broken systems, indicating a major repair is needed.	Major	$15,000–50,000
landscaping · The landscaping is overgrown and unkempt, indicating a major repair is needed to improve curb appeal.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both repair and paint the exterior — Repairs and painting the exterior will improve the curb appeal and potentially increase both resale and rental value. ↑
• Both repair the roof — Repairing the roof will prevent further water damage and improve the overall condition of the property, increasing both resale and rental value. ↑
• Both upgrade HVAC systems — Upgrading HVAC systems will improve comfort and energy efficiency, increasing both resale and rental value. ↑
• Both landscape and maintain the property — A well-maintained and landscaped property will improve curb appeal and potentially increase both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 17,891
• Household income: $59,787
• Rent vs Own: 81.7% rent · 18.3% own
• Severe rent burden: 2034.0

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: Predominantly White (78%)
• Race & ethnicity: White 78% Black 8% Two or more races 7% Hispanic / Latino 6% Asian 2%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Romanian 5% Slovak 4% Scotch-Irish 2%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 90% English-only · Spanish 5% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -35.72%
• Current HPI: 297.8107
• Rent YoY: ▲ 4.60%
• 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

• 2026-05-13 Listed $529,900 UNYREIS