21 Grove Pl · Schenectady, NY 12307

$279,000

6 bd · 2.0 ba · 2,152 sqft · MultiFamily public records · 6 Days on market

Built 1910 3,049 sqft lot Est $263k · 6% over

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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 +24.9/30.0
• Appreciation +10.0/10.0
• DSCR +8.1/10.0
• 1% rule +6.7/10.0
• ARV discount +4.7/15.0
• 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

Handyman Special - come check out this opportunity to finish this multi-family in Schenectady. In need of some updates and modernization but would make a great cash-flowing rental! This is an AS-IS Property! SELLER FINANCING IS AVAILABLE! Property is sold via an assignment of contract. Poor Condition

Key facts

• Fully renovated
• Fenced in backyard
• Low taxes

Tags

• FULLY RENOVATED
• LARGE UNITS
• FENCED IN BACKYARD
• LOW TAXES

Property features AI

Finance

• Financial info: Two total units; Tenants pay hot water, heat, internet, cable TV, electricity and gas; Owner pays trash collection and water

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex; Total living area approximately 3,168; Vinyl siding
• Construction: Shingle (asphalt) roof; Vinyl siding construction
• Exterior features: Awning-covered patio or porch; Back yard fencing; Other exterior features

Interior

• Bedrooms: Two separate 4-bedroom units (each unit has 4 bedrooms)
• Flooring: Vinyl flooring
• Bathrooms: Two full bathrooms (one on first level, one on second level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Ceramic tile baths; Insulated windows
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $279k.

Deal economics

• At list price, monthly cash flow is $599 ($7k/yr) — positive. Per door: $299/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $279k).
• Cap rate 8.9% 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: 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 $30k of equity ($2k loan paydown + $28k 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 $78k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 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 $32k; list at $279k implies a 758% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $279,000

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. Built in 1910 — 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: 1.17% ✓
• Cap rate: 8.87%
• Cash-on-cash: 9.20%
• DSCR: 1.41
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $262,544
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
762 Eastern Ave	0.31mi	6/2.0	2,205 (+2%)	3mo	$269,900	$122	79
5 Barney St	0.13mi	6/2.0	2,280 (+6%)	9mo	$250,000	$110	76
16 Paulding St	0.34mi	6/2.0	2,078 (-3%)	5mo	$205,000	$99	74
20 Hawk St	0.41mi	6/2.0	2,142 (-0%)	11mo	$285,000	$133	71
117 Prospect St	0.24mi	6/2.0	2,058 (-4%)	13mo	$272,500	$132	71
21 Hawk St	0.43mi	6/2.0	2,294 (+7%)	0mo	$334,750	$146	68
5 Hawk St	0.43mi	6/2.0	2,294 (+7%)	1mo	$325,000	$142	68
1 Chestnut St	0.15mi	6/3.0	2,406 (+12%)	2mo	$290,000	$121	68
12 Paulding St	0.34mi	5/2.0 (-1)	2,112 (-2%)	11mo	$190,000	$90	67
634 Hamilton St	0.39mi	5/2.0 (-1)	2,024 (-6%)	0mo	$210,000	$104	67
515 South Ave	0.60mi	5/3.0 (-1)	2,070 (-4%)	6mo	$172,000	$83	52
1318 Poplar St	0.61mi	6/2.0	2,408 (+12%)	10mo	$310,000	$129	44

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: 31.0%
• Equity multiple: 3.43×
• Total profit: $190,168
• Equity at exit: $251,345

10-year hold

• IRR: 26.8%
• Equity multiple: 7.79×
• Total profit: $530,192
• Equity at exit: $542,036

Cash invested: $78,120 (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: 14.2×

Monthly cashflow live

• Estimated rent: $3,270 high
• Mortgage (P&I): −$1,463
• Tax from tax record: −$405 /mo · $4,863/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$687
• Net cashflow: $599

Break-even live

Break-even rent $2,512

Max offer price $279,000

Occupancy floor 77%

Sensitivity live

Price	-10% $757	-5% $678	+0% $599	+5% $520	+10% $441
Rent	-10% $340	-5% $470	+0% $599	+5% $728	+10% $857
Rate	-1.0pp $739	-0.5pp $670	base $599	+0.5pp $526	+1.0pp $453

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1	$3,270
Total (2 units)			$3,270

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-04-29
   status Pending
2. 2026-04-23
   listed $279,000 Active
3. 2025-12-30
   historical $1,700
4. 2025-11-29
   price $1,700
5. 2025-10-22
   listed $1,800
6. 2025-09-07
   status Pending
7. 2025-09-07
   historical
8. 2025-08-20
   status Active
9. 2025-08-19
   status Pending
10. 2025-08-09
    listed $269,000 Active
11. 2021-05-05
    soldstatus $32,500
12. 2021-04-30
    soldstatus $32,500 Closed (Final Sale) 302-char remark

    Show marketing remark (302 chars)

    Handyman Special - come check out this opportunity to finish this multi-family in Schenectady. In need of some updates and modernization but would make a great cash-flowing rental! This is an AS-IS Property! SELLER FINANCING IS AVAILABLE! Property is sold via an assignment of contract. Poor Condition

13. 2021-04-19
    status Pend (Under Cntr) 302-char remark

    Show marketing remark (302 chars)

    Handyman Special - come check out this opportunity to finish this multi-family in Schenectady. In need of some updates and modernization but would make a great cash-flowing rental! This is an AS-IS Property! SELLER FINANCING IS AVAILABLE! Property is sold via an assignment of contract. Poor Condition

14. 2021-04-15
    status Back On Market 302-char remark

    Show marketing remark (302 chars)

    Handyman Special - come check out this opportunity to finish this multi-family in Schenectady. In need of some updates and modernization but would make a great cash-flowing rental! This is an AS-IS Property! SELLER FINANCING IS AVAILABLE! Property is sold via an assignment of contract. Poor Condition

15. 2021-02-19
    status Pend (Under Cntr) 302-char remark

    Show marketing remark (302 chars)

    Handyman Special - come check out this opportunity to finish this multi-family in Schenectady. In need of some updates and modernization but would make a great cash-flowing rental! This is an AS-IS Property! SELLER FINANCING IS AVAILABLE! Property is sold via an assignment of contract. Poor Condition

16. 2021-02-17
    listed $42,900 New 302-char remark

    Show marketing remark (302 chars)

    Handyman Special - come check out this opportunity to finish this multi-family in Schenectady. In need of some updates and modernization but would make a great cash-flowing rental! This is an AS-IS Property! SELLER FINANCING IS AVAILABLE! Property is sold via an assignment of contract. Poor Condition

17. 2016-01-01
    historical
18. 2015-12-31
    historical
19. 2015-09-10
    listed $44,000 Active
20. 2014-06-02
    listed $80,000
21. 2014-02-12
    historical
22. 2013-08-05
    listed $70,000
23. 2012-12-22
    historical
24. 2012-07-01
    listed $79,000
25. 2005-12-16
    soldstatus $49,628
26. 2005-12-16
    soldstatus $32,000
27. 2005-11-28
    soldstatus $32,000
28. 2005-11-15
    historical
29. 2005-11-04
    listed $33,000
30. 2000-05-05
    soldstatus $25,541

ⓘ 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: $4,863 · $405/mo
• Projected year-2 tax: $4,863 · $405/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: $39,240
• − Mortgage interest: −$15,628
• − Property taxes: −$4,863
• − Insurance: −$1,395
• − Repairs & maintenance: −$3,139
• − Management: −$3,139
• − Depreciation: −$8,116
• Taxable income: $2,959
• Est. tax owed @ 24.0%: −$710
• After-tax cash flow: $6,474/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

+992.4% since first listed

30 events — show timeline

• 2026-04-29 Pending — Global MLS
• 2026-04-23 Listed $279,000 Global MLS
• 2025-12-30 Rental Removed $1,700 GLOBALMLS
• 2025-11-29 Price Changed $1,700 GLOBALMLS
• 2025-10-22 Listed for Rent $1,800 GLOBALMLS
• 2025-09-07 Pending — Global MLS
• 2025-09-07 Listing Removed — Global MLS
• 2025-08-20 Relisted — Global MLS
• 2025-08-19 Pending — Global MLS
• 2025-08-09 Listed $269,000 Global MLS
• 2021-05-05 Sold (Public Records) $32,500 Public Records
• 2021-04-30 Sold (MLS) $32,500 Global MLS
• 2021-04-19 Pending — Global MLS
• 2021-04-15 Relisted — Global MLS
• 2021-02-19 Pending — Global MLS
• 2021-02-17 Listed $42,900 Global MLS
• 2016-01-01 Listing Removed — Global MLS
• 2015-12-31 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2015-09-10 Listed $44,000 Global MLS
• 2014-06-02 Listed $80,000 OneKey® MLS as Distributed by MLS Grid
• 2014-02-12 Listing Removed — Global MLS
• 2013-08-05 Listed $70,000 Global MLS
• 2012-12-22 Listing Removed — Global MLS
• 2012-07-01 Listed $79,000 Global MLS
• 2005-12-16 Sold (Public Records) $32,000 Public Records
• 2005-12-16 Sold (Public Records) $49,628 Public Records
• 2005-11-28 Sold (MLS) $32,000 Global MLS
• 2005-11-15 Listing Removed — Global MLS
• 2005-11-04 Listed $33,000 Global MLS
• 2000-05-05 Sold (Public Records) $25,541 Public Records

Property tax history

+0.9%/yr

Latest (2025): $4,863 · +4.0% YoY. Source: county tax records.