39 Kelton Ave · Schenectady, NY 12304

$419,900

30 bd · 25.0 ba · 4,160 sqft · MultiFamily public records · 155 Days on market

Built 1960 5,227 sqft lot $101/sqft · 22% below area Est $395k · 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +4.6/15.0
• 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 (5+ Unit). Listing-text estimate: 5 units. confirmed

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 MLS

Investor's Dream! Rare 5 Unit Apartment Building for sale in the thriving City of Schenectady! Just off of State Street. CASH COW! MONEY MAKER! Very good condition. Plenty of Off Street Parking. Big Garage can be rented out for additional Income. Check it out today before it's gone.

Key facts

• Off street parking
• Big garage
• 5,227 sq ft lot

Tags

• 5 UNIT APARTMENT BUILDING
• OFF STREET PARKING
• BIG GARAGE

What this means for you Summary

Snapshot

• This is a 5 × 6-bed/5.0-bath units multifamily listed at $420k.

Deal economics

• At list price, monthly cash flow is $5k ($57k/yr) — positive. Per door: $942/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $420k).
• Recommended offer: $370k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.8% 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: 106 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 $3k of loan paydown is wiped out by about $13k 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 $118k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($370k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 24y 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 $300k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $369,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% 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 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 2.36% ✓
• Cap rate: 19.76%
• Cash-on-cash: 48.09%
• DSCR: 3.14
• GRM: 3.5

CMA / ARV

• ARV (median comp): $394,822
• List price: $419,900
• Delta: 6.35%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 45.6%
• Equity multiple: 2.98×
• Total profit: $232,291
• Equity at exit: $62,608

10-year hold

• IRR: 51.4%
• Equity multiple: 6.02×
• Total profit: $589,758
• Equity at exit: $36,305

Cash invested: $117,572 (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: 106
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $9,891 medium
• Mortgage (P&I): −$2,202
• Tax from tax record: −$726 /mo · $8,709/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,077
• Net cashflow: $4,711

Break-even live

Break-even rent $3,927

Max offer price $419,900

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 5× units	6	5	$9,890
Total (5 units)			$9,891

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: $104,975
• Closing costs: $12,597
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-18
   days on market $419,900 Active 155 DOM
2. 2026-06-17
   days on market $419,900 Active 154 DOM
3. 2026-06-16
   days on market $419,900 Active 153 DOM
4. 2026-06-15
   days on market $419,900 Active 152 DOM
5. 2026-06-14
   days on market $419,900 Active 150 DOM
6. 2026-06-13
   days on market $419,900 Active 149 DOM
7. 2026-06-10
   days on market $419,900 Active 147 DOM
8. 2026-06-09
   days on market $419,900 Active 146 DOM
9. 2026-06-08
   days on market $419,900 Active 145 DOM
10. 2026-06-07
    days on market $419,900 Active 144 DOM
11. 2026-06-03
    days on market $419,900 Active 140 DOM
12. 2026-06-02
    days on market $419,900 Active 139 DOM
13. 2026-06-01
    days on market $419,900 Active 138 DOM
14. 2026-05-31
    days on market $419,900 Active 137 DOM
15. 2026-05-31
    days on market $419,900 Active 136 DOM
16. 2026-04-30
    price $419,900 291-char remark

    Show marketing remark (291 chars)

    Investor's Dream! Rare 5 Unit Apartment Building for sale in the thriving City of Schenectady! Just off of State Street. CASH COW! MONEY MAKER! Very good condition. Plenty of Off Street Parking. Big Garage can be rented out for additional Income. Check it out today before it's gone.

17. 2026-01-14
    listed $424,900 Active 291-char remark

    Show marketing remark (291 chars)

    Investor's Dream! Rare 5 Unit Apartment Building for sale in the thriving City of Schenectady! Just off of State Street. CASH COW! MONEY MAKER! Very good condition. Plenty of Off Street Parking. Big Garage can be rented out for additional Income. Check it out today before it's gone.

18. 2022-09-26
    soldstatus $300,000
19. 2022-04-21
    historical
20. 2022-02-23
    price $299,999
21. 2021-12-01
    listed $275,000 New
22. 2021-09-30
    historical
23. 2021-03-29
    listed $245,000 New
24. 2020-04-09
    soldstatus $119,000
25. 2011-02-09
    historical
26. 2010-02-08
    listed $120,000
27. 2009-09-01
    historical
28. 2009-03-10
    listed $125,000
29. 2007-10-04
    soldstatus $120,500
30. 2007-09-11
    soldstatus $120,500
31. 2007-08-02
    historical
32. 2007-07-30
    listed $129,900
33. 2005-03-18
    soldstatus $61,000
34. 2005-03-18
    soldstatus $61,000
35. 2004-02-14
    historical
36. 2003-08-21
    listed $63,000
37. 2003-01-13
    soldstatus $57,000
38. 2002-10-30
    soldstatus $57,000
39. 2002-07-19
    historical
40. 2002-04-15
    listed $59,900

ⓘ 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: $8,709 · $726/mo
• Projected year-2 tax: $8,709 · $726/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 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: $118,692
• − Mortgage interest: −$23,521
• − Property taxes: −$8,709
• − Insurance: −$2,100
• − Repairs & maintenance: −$9,495
• − Management: −$9,495
• − Depreciation: −$12,215
• Taxable income: $53,157
• Est. tax owed @ 24.0%: −$12,758
• After-tax cash flow: $43,777/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

+601.0% since first listed

25 events — show timeline

• 2026-04-30 Price Changed $419,900 Global MLS
• 2026-01-14 Listed $424,900 Global MLS
• 2022-09-26 Sold (Public Records) $300,000 Public Records
• 2022-04-21 Listing Removed — Global MLS
• 2022-02-23 Price Changed $299,999 Global MLS
• 2021-12-01 Listed $275,000 Global MLS
• 2021-09-30 Listing Removed — Global MLS
• 2021-03-29 Listed $245,000 Global MLS
• 2020-04-09 Sold (Public Records) $119,000 Public Records
• 2011-02-09 Listing Removed — Global MLS
• 2010-02-08 Listed $120,000 Global MLS
• 2009-09-01 Listing Removed — Global MLS
• 2009-03-10 Listed $125,000 Global MLS
• 2007-10-04 Sold (Public Records) $120,500 Public Records
• 2007-09-11 Sold (MLS) $120,500 Global MLS
• 2007-08-02 Listing Removed — Global MLS
• 2007-07-30 Listed $129,900 Global MLS
• 2005-03-18 Sold (Public Records) $61,000 Public Records
• 2005-03-18 Sold (MLS) $61,000 Global MLS
• 2004-02-14 Listing Removed — Global MLS
• 2003-08-21 Listed $63,000 Global MLS
• 2003-01-13 Sold (Public Records) $57,000 Public Records
• 2002-10-30 Sold (MLS) $57,000 Global MLS
• 2002-07-19 Listing Removed — Global MLS
• 2002-04-15 Listed $59,900 Global MLS

Property tax history

+1.0%/yr

Latest (2025): $8,709 · +1.5% YoY. Source: county tax records.