29 Mcclellan St · Schenectady, NY 12304

$340,000

5 bd · 3.0 ba · 2,804 sqft · MultiFamily public records · 192 Days on market

Built 1910 6,534 sqft lot $121/sqft · 17% below area Est $411k · 17% 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 +26.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +7.7/10.0
• 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 (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

CALL ALL INVESTORS! This well-kept three family property located in highly a sought-after neighborhood in Schenectady offers strong income potential. The first floor features a large 4-bedroom, 1 bath unit, while the second-floor hosts two separates 1-bedroom, 1-bath units, perfect for steady rental returns. This property is conveniently located near bus lines, schools and shopping.

Key facts

• 6,534 sq ft lot
• Parking
• Built 1910

Tags

• STRONG INCOME POTENTIAL
• SOUGHT-AFTER NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $340k.

Deal economics

• At list price, monthly cash flow is $885 ($11k/yr) — positive. Per door: $295/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $340k).
• Recommended offer: $299k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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; 2 comparable units currently listed for rent nearby; 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 $95k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 192 days — a 12% lower offer ($299k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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 $295k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $299,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 192 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 1910 — 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: 1.27% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.16%
• DSCR: 1.50
• GRM: 6.6

CMA / ARV

• ARV (median comp): $411,067
• List price: $340,000
• Delta: -17.29%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16 Hawk St	0.35mi	6/2.0 (+1)	2,584 (-8%)	0mo	$370,000	$143	62
25 Steuben St	0.49mi	6/3.0 (+1)	2,640 (-6%)	1mo	$265,000	$100	61
309 Mcclellan St	0.29mi	6/2.0 (+1)	2,572 (-8%)	6mo	$312,000	$121	59
223-25 Furman St	0.24mi	5/4.0	2,500 (-11%)	10mo	$335,000	$134	58
152 Elmer Ave	0.47mi	5/2.0	2,568 (-8%)	5mo	$290,000	$113	56
222 Duane Ave	0.61mi	6/2.0 (+1)	2,700 (-4%)	1mo	$329,900	$122	56
450 N Brandywine Ave	0.42mi	6/2.0 (+1)	2,706 (-4%)	12mo	$285,000	$105	56
154 Elmer Ave	0.46mi	4/2.0 (-1)	2,568 (-8%)	5mo	$276,000	$107	52
1013 Delamont Ave	0.60mi	6/2.0 (+1)	2,576 (-8%)	1mo	$111,500	$43	48
434 Division St	0.44mi	5/2.0	2,400 (-14%)	7mo	$170,000	$71	46
1 Chestnut St	0.62mi	6/3.0 (+1)	2,406 (-14%)	2mo	$290,000	$121	41
1318 Poplar St	0.42mi	6/2.0 (+1)	2,408 (-14%)	10mo	$310,000	$129	40

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $1,453
• Equity at exit: $50,695

10-year hold

• IRR: 10.1%
• Equity multiple: 1.78×
• Total profit: $74,550
• Equity at exit: $29,397

Cash invested: $95,200 (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: 19.7×

Monthly cashflow live

• Estimated rent: $4,310 high
• Mortgage (P&I): −$1,783
• Tax from tax record: −$595 /mo · $7,141/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$905
• Net cashflow: $885

Break-even live

Break-even rent $3,190

Max offer price $340,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,311
Total (3 units)			$4,310

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: $85,000
• Closing costs: $10,200
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1347 Union St Schenectady, NY	4.0	1.5	2188	$3,750	$1.71	44d	1	0.73mi
1346 10th Ave Schenectady, NY	4.0	2.0	2350	$2,499	$1.06	14d	1	1.36mi

Listing history 12 events

1. 2026-03-31
   price $340,000 395-char remark

   Show marketing remark (395 chars)

   CALL ALL INVESTORS! This well-kept three family property located in highly a sought-after neighborhood in Schenectady offers strong income potential. The first floor features a large 4-bedroom, 1 bath unit, while the second-floor hosts two separates 1-bedroom, 1-bath units, perfect for steady rental returns. This property is conveniently located near bus lines, schools and shopping.

2. 2026-01-06
   price $349,500 395-char remark

   Show marketing remark (395 chars)

   CALL ALL INVESTORS! This well-kept three family property located in highly a sought-after neighborhood in Schenectady offers strong income potential. The first floor features a large 4-bedroom, 1 bath unit, while the second-floor hosts two separates 1-bedroom, 1-bath units, perfect for steady rental returns. This property is conveniently located near bus lines, schools and shopping.

3. 2025-11-16
   listed $355,000 Active 395-char remark

   Show marketing remark (395 chars)

   CALL ALL INVESTORS! This well-kept three family property located in highly a sought-after neighborhood in Schenectady offers strong income potential. The first floor features a large 4-bedroom, 1 bath unit, while the second-floor hosts two separates 1-bedroom, 1-bath units, perfect for steady rental returns. This property is conveniently located near bus lines, schools and shopping.

4. 2025-04-11
   soldstatus $295,000
5. 2025-01-14
   historical $1,500
6. 2025-01-10
   listed $1,500
7. 2024-12-20
   soldstatus $295,000 Closed 606-char remark

   Show marketing remark (606 chars)

   This 3-unit property boasts great rental income potential and has been well-maintained with recent upgrades including 3 new hot air furnaces, new water heaters, and 3 new electrical panels. But that's not all—this property is part of a larger portfolio of five buildings, presenting an incredible investment opportunity. The portfolio includes a mix of residential and commercial properties, all situated in highly desirable locations. Whether you're looking to expand your real estate holdings or seeking a solid investment with excellent growth potential, this portfolio offers diversity and value.

8. 2024-09-17
   status Pending 606-char remark

   Show marketing remark (606 chars)

   This 3-unit property boasts great rental income potential and has been well-maintained with recent upgrades including 3 new hot air furnaces, new water heaters, and 3 new electrical panels. But that's not all—this property is part of a larger portfolio of five buildings, presenting an incredible investment opportunity. The portfolio includes a mix of residential and commercial properties, all situated in highly desirable locations. Whether you're looking to expand your real estate holdings or seeking a solid investment with excellent growth potential, this portfolio offers diversity and value.

9. 2024-08-09
   listed $319,900 Active 606-char remark

   Show marketing remark (606 chars)

   This 3-unit property boasts great rental income potential and has been well-maintained with recent upgrades including 3 new hot air furnaces, new water heaters, and 3 new electrical panels. But that's not all—this property is part of a larger portfolio of five buildings, presenting an incredible investment opportunity. The portfolio includes a mix of residential and commercial properties, all situated in highly desirable locations. Whether you're looking to expand your real estate holdings or seeking a solid investment with excellent growth potential, this portfolio offers diversity and value.

10. 2023-11-23
    historical
11. 2023-05-22
    listed $329,900 Active
12. 2002-06-28
    soldstatus $35,000

ⓘ 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: $7,141 · $595/mo
• Projected year-2 tax: $7,141 · $595/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 · 17 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: $51,720
• − Mortgage interest: −$19,045
• − Property taxes: −$7,141
• − Insurance: −$1,700
• − Repairs & maintenance: −$4,138
• − Management: −$4,138
• − Depreciation: −$9,891
• Taxable income: $5,668
• Est. tax owed @ 24.0%: −$1,360
• After-tax cash flow: $9,262/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

+871.4% since first listed

12 events — show timeline

• 2026-03-31 Price Changed $340,000 Global MLS
• 2026-01-06 Price Changed $349,500 Global MLS
• 2025-11-16 Listed $355,000 Global MLS
• 2025-04-11 Sold (Public Records) $295,000 Public Records
• 2025-01-14 Rental Removed $1,500 GLOBALMLS
• 2025-01-10 Listed for Rent $1,500 GLOBALMLS
• 2024-12-20 Sold (MLS) $295,000 Global MLS
• 2024-09-17 Pending — Global MLS
• 2024-08-09 Listed $319,900 Global MLS
• 2023-11-23 Listing Removed — Global MLS
• 2023-05-22 Listed $329,900 Global MLS
• 2002-06-28 Sold (Public Records) $35,000 Public Records

Property tax history

+0.9%/yr

Latest (2025): $7,141 · +4.1% YoY. Source: county tax records.