1617 Fourth Ave · Schenectady, NY 12303

$155,000

4 bd · 2.0 ba · 1,194 sqft · MultiFamily public records · 160 Days on market

Built 1923 0.40 ac lot $130/sqft · 37% below area Est $245k · 37% 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 +3.9/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Why rent when you can buy. This home is in need of some TLC and a little sweat; it can be a great investment with owner occupied. featuring 4 bedrooms,2 full bathrooms,2 kitchen, newer boilers and hwh only a few years old, put your personal touch and make this house an asset

Key facts

• 0.4 acre lot
• Built 1923
• Listed 160 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $796 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $155k).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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: 161 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• This rent runs 37% of the median local income ($84k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 $43k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $57k; list at $155k implies a 172% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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.
8. 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.
9. 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: 1.68% ✓
• Cap rate: 12.46%
• Cash-on-cash: 22.02%
• DSCR: 1.98
• GRM: 5.0

CMA / ARV

• ARV (median comp): $244,706
• List price: $155,000
• Delta: -36.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1411 5th Ave	0.16mi	4/2.0	1,248 (+4%)	24mo	$95,000	$76	65
1021-1023 Congress St	0.21mi	4/2.0	1,360 (+14%)	24mo	$139,000	$102	47
622 Lansing St	0.54mi	4/2.0	1,360 (+14%)	21mo	$235,000	$173	34
2138 Neil St	0.64mi	3/2.0 (-1)	1,356 (+14%)	12mo	$260,000	$192	33
2324 Williams St	0.68mi	3/2.0 (-1)	1,342 (+12%)	22mo	$200,000	$149	24

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: 14.8%
• Equity multiple: 1.59×
• Total profit: $25,760
• Equity at exit: $23,111

10-year hold

• IRR: 23.6%
• Equity multiple: 3.04×
• Total profit: $88,376
• Equity at exit: $13,402

Cash invested: $43,400 (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 12303

• Active inventory: 161
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,604 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$383 /mo · $4,600/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$547
• Net cashflow: $796

Break-even live

Break-even rent $1,596

Max offer price $155,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,604
Total (2 units)			$2,604

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 Third St Schenectady, NY	3.0	1.0	1000	$2,200	$2.20	14d	1	0.38mi
1826 Campbell Ave Schenectady, NY	3.0	1.0	1000	$1,600	$1.60	14d	1	0.41mi
1120 Pleasant St Schenectady, NY	3.0	1.0	1000	$1,500	$1.50	14d	1	0.43mi
2030 Euclid Ave Schenectady, NY	3.0	1.0	1300	$2,000	$1.54	19d	1	0.44mi
2007 Campbell Ave Schenectady, NY	3.0	1.0	1272	$1,600	$1.26	14d	1	0.52mi
918 Delamont Ave Schenectady, NY	3.0	1.0	1192	$1,600	$1.34	23d	1	1.00mi
611 Cramer Ave Schenectady, NY	3.0	1.0	1100	$2,295	$2.09	14d	1	1.00mi
117 Washington Ave Schenectady, NY	2.0–4.0	1.0–2.0	1033	$2,163	$2.09	14d	9	1.16mi

Listing history 16 events

1. 2026-05-14
   status Pending 275-char remark

   Show marketing remark (275 chars)

   Why rent when you can buy. This home is in need of some TLC and a little sweat; it can be a great investment with owner occupied. featuring 4 bedrooms,2 full bathrooms,2 kitchen, newer boilers and hwh only a few years old, put your personal touch and make this house an asset

2. 2026-04-26
   status Active 275-char remark

   Show marketing remark (275 chars)

   Why rent when you can buy. This home is in need of some TLC and a little sweat; it can be a great investment with owner occupied. featuring 4 bedrooms,2 full bathrooms,2 kitchen, newer boilers and hwh only a few years old, put your personal touch and make this house an asset

3. 2026-04-26
   price $155,000 275-char remark

   Show marketing remark (275 chars)

   Why rent when you can buy. This home is in need of some TLC and a little sweat; it can be a great investment with owner occupied. featuring 4 bedrooms,2 full bathrooms,2 kitchen, newer boilers and hwh only a few years old, put your personal touch and make this house an asset

4. 2026-04-08
   status Pending 275-char remark

   Show marketing remark (275 chars)

   Why rent when you can buy. This home is in need of some TLC and a little sweat; it can be a great investment with owner occupied. featuring 4 bedrooms,2 full bathrooms,2 kitchen, newer boilers and hwh only a few years old, put your personal touch and make this house an asset

5. 2026-03-13
   price $165,000 275-char remark

   Show marketing remark (275 chars)

   Why rent when you can buy. This home is in need of some TLC and a little sweat; it can be a great investment with owner occupied. featuring 4 bedrooms,2 full bathrooms,2 kitchen, newer boilers and hwh only a few years old, put your personal touch and make this house an asset

6. 2025-11-17
   listed $175,000 Active 275-char remark

   Show marketing remark (275 chars)

   Why rent when you can buy. This home is in need of some TLC and a little sweat; it can be a great investment with owner occupied. featuring 4 bedrooms,2 full bathrooms,2 kitchen, newer boilers and hwh only a few years old, put your personal touch and make this house an asset

7. 2025-07-12
   status Pending
8. 2025-07-12
   historical
9. 2025-07-11
   listed $160,000 Active
10. 2021-09-30
    soldstatus $57,000
11. 2021-01-05
    soldstatus $52,000
12. 2020-12-31
    soldstatus $52,000 Closed (Final Sale)
13. 2020-09-05
    status Pend (Under Cntr)
14. 2020-08-12
    listed $79,900 New
15. 1999-04-09
    soldstatus $45,000
16. 1999-04-09
    soldstatus $18,000

ⓘ 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: $4,600 · $383/mo
• Projected year-2 tax: $4,600 · $383/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 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: $31,248
• − Mortgage interest: −$8,682
• − Property taxes: −$4,600
• − Insurance: −$775
• − Repairs & maintenance: −$2,500
• − Management: −$2,500
• − Depreciation: −$4,509
• Taxable income: $7,681
• Est. tax owed @ 24.0%: −$1,844
• After-tax cash flow: $7,713/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
• County: Schenectady County · 141,369 people
• City population: 141,369
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 29,360
• Household income: $84,375
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 1318.0

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: Predominantly White (66%)
• Race & ethnicity: White 66% Two or more races 11% Black 10% Hispanic / Latino 9% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5%
• Common ancestry: Romanian 6% Lithuanian 3% Iranian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 2% Chinese 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: ▼ -151.01%
• Current HPI: 280.3886
• Rent YoY: —
• Metro: Albany-Schenectady-Troy, 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

+244.4% since first listed

16 events — show timeline

• 2026-05-14 Pending — Global MLS
• 2026-04-26 Relisted — Global MLS
• 2026-04-26 Price Changed $155,000 Global MLS
• 2026-04-08 Pending — Global MLS
• 2026-03-13 Price Changed $165,000 Global MLS
• 2025-11-17 Listed $175,000 Global MLS
• 2025-07-12 Pending — Global MLS
• 2025-07-12 Listing Removed — Global MLS
• 2025-07-11 Listed $160,000 Global MLS
• 2021-09-30 Sold (Public Records) $57,000 Public Records
• 2021-01-05 Sold (Public Records) $52,000 Public Records
• 2020-12-31 Sold (MLS) $52,000 Global MLS
• 2020-09-05 Pending — Global MLS
• 2020-08-12 Listed $79,900 Global MLS
• 1999-04-09 Sold (Public Records) $18,000 Public Records
• 1999-04-09 Sold (Public Records) $45,000 Public Records

Property tax history

+1.0%/yr

Latest (2025): $4,600 · +3.0% YoY. Source: county tax records.