156 Avenue D #154 · Rochester, NY 14621

$119,900

4 bd · 3.0 ba · 2,640 sqft · MultiFamily public records · 29 Days on market

Built 1920 5,005 sqft lot Est $111k · 8% over

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Why this score? — see what drove the D 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 +15.0/30.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.7/5.0
• ARV discount +3.8/15.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 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: 3 units. confirmed

Listing remarks

Classic three family in the 14621 Area. With a vacant unit this is certainly a value-add situation for any seasoned Investor. Owner not providing Certificate of Occupancy, being sold as-is. Tenant occupied, please do not disturb under any circumstances. Minimum of 48 Hours for all showings as tenants need to be notified.

Key facts

• 5,005 sq ft lot
• Built 1920
• Listed 29 days

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $3k ($42k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 41.1% 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 (+8.9%/yr); 114 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $5,356/mo this rent would consume 182% of the median local household income ($35k/yr) (locally 2756% 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 $829 of loan paydown is wiped out by about $4k 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 + 8.0% rent growth), your $34k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $81k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,101 (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 1920 — 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. 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?
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 4.47% ✓
• Cap rate: 41.06%
• Cash-on-cash: 124.17%
• DSCR: 6.52
• GRM: 1.9

CMA / ARV

• ARV (on-the-fly): $110,880
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
156 Avenue D #154	0.00mi	4/3.0	2,640 (0%)	0mo	$122,777	$47	100
431-433 Hollenbeck St #2	0.49mi	4/2.0	2,625 (-1%)	6mo	$161,777	$62	67
56 Avenue C #54	0.17mi	5/3.0 (+1)	2,448 (-7%)	15mo	$76,000	$31	63
360 Remington St	0.51mi	5/3.0 (+1)	2,688 (+2%)	10mo	$90,000	$33	60
513-517 Conkey Ave	0.24mi	5/3.0 (+1)	2,559 (-3%)	24mo	$145,000	$57	59
9 Fien St	0.64mi	4/2.0	2,709 (+3%)	14mo	$95,000	$35	50
163 Conkey Ave	0.27mi	4/2.0	2,256 (-14%)	13mo	$94,000	$42	48
170-172 Hollenbeck St St	0.24mi	5/2.0 (+1)	2,250 (-15%)	19mo	$115,000	$51	39
12 Fairview	0.75mi	4/2.0	2,690 (+2%)	23mo	$112,500	$42	39
65 Strong St	0.57mi	5/2.0 (+1)	2,395 (-9%)	14mo	$125,000	$52	37
950 Saint Paul St	0.52mi	5/3.0 (+1)	2,967 (+12%)	17mo	$120,000	$40	36

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.86×
• Total profit: $230,159
• Equity at exit: $17,877

10-year hold

• IRR: —
• Equity multiple: 19.30×
• Total profit: $614,287
• Equity at exit: $10,367

Cash invested: $33,572 (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 14621

• Home prices YoY: -4.0%
• Rents YoY: 8.9%
• Active inventory: 114
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $5,356 high
• Mortgage (P&I): −$629
• Tax from tax record: −$79 /mo · $945/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,125
• Net cashflow: $3,474

Break-even live

Break-even rent $959

Max offer price $119,900

Occupancy floor 30%

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$5,355
Total (3 units)			$5,356

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
98 Pierpont St Rochester, NY	3.0	1.0	1973	$1,295	$0.66	43d	1	0.85mi
327 Glenwood Ave Rochester, NY	3.0	1.0	2012	$1,690	$0.84	2d	1	0.99mi
235 Flower City Park Rochester, NY	3.0	1.0	2000	$1,360	$0.68	43d	1	1.03mi

Listing history 5 events

1. 2026-03-03
   status Pending
2. 2026-02-02
   listed $119,900 Active
3. 2022-07-08
   soldstatus $81,000
4. 2013-11-08
   soldstatus $69,000
5. 2007-03-16
   soldstatus $41,500

ⓘ 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: $945 · $79/mo
• Projected year-2 tax: $1,486 · $124/mo
• Expected delta: +$541/yr (+$45/mo · 57.2%)

ⓘ 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 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: $64,272
• − Mortgage interest: −$6,716
• − Property taxes: −$945
• − Insurance: −$600
• − Repairs & maintenance: −$5,142
• − Management: −$5,142
• − Depreciation: −$3,488
• Taxable income: $42,240
• Est. tax owed @ 24.0%: −$10,138
• After-tax cash flow: $31,548/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: 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): 32,381
• Household income: $35,383
• Rent vs Own: 64.6% rent · 35.4% own
• Severe rent burden: 2756.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 40% Black 40% White 14% Two or more races 12% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 32% Dominican 3%
• Common ancestry: Romanian 1% Lithuanian 1% Serbian 1%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 65% English-only · Spanish 30% Other Asian/Pacific 2% French/Haitian/Cajun 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: ▼ -10.66%
• Current HPI: 254.1805
• Rent YoY: ▲ 8.88%
• 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

+188.9% since first listed

5 events — show timeline

• 2026-03-03 Pending — UNYREIS
• 2026-02-02 Listed $119,900 UNYREIS
• 2022-07-08 Sold (Public Records) $81,000 Public Records
• 2013-11-08 Sold (Public Records) $69,000 Public Records
• 2007-03-16 Sold (Public Records) $41,500 Public Records

Property tax history

+0.8%/yr

Latest (2025): $945 · +0.0% YoY. Source: county tax records.