438 Webster Ave · Rochester, NY 14609

$85,500

3 bd · 2.0 ba · 1,361 sqft · MultiFamily public records · 14 Days on market

Built 1930 4,240 sqft lot Est $99k · 14% 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 +13.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

FULLY RENTED & TURN KEY DOUBLE! Includes long term tenants, maintenance free exterior, tear-off roof, vinyl windows, & separate utilities! Lower unit is 4 room, 1BR @$480 per month. Upper unit is 4 room, 2BR @$600 per month. This 2-family home has a TREMENDOUS CASH FLOW and is PRICED TO SELL!

Key facts

• Separate utilities
• Off-street parking
• 4,240 sq ft lot

Tags

• SEPARATE UTILITIES
• OFF-STREET PARKING

Property features AI

Finance

• Financial info: Two rental units total; Unit rents: one unit at $950, the other at $600; Owner pays grounds care, trash collection, and water; Operating expenses include insurance, maintenance, professional management, trash, and water/sewer

Exterior

• Parking: Paved parking area
• Utilities: Public water connected; Sewer connected
• Home design: Two-story multi-family property; Resale condition
• Construction: Aluminum siding
• Exterior features: Paved parking; Rectangular residential lot with 40x106 dimensions; City street frontage

Interior

• Kitchen: Eat-in kitchens in both units
• Bedrooms: One 2-bedroom unit; One 1-bedroom unit
• Flooring: Carpet; Hardwood; Vinyl; Varies
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement
• Laundry & utility: Gas water heater; Separate gas meters for each unit; Separate electric meters for each unit

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $86k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $867/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $86k).
• Cap rate 30.6% 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 (+7.9%/yr); 199 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $2,898/mo this rent would consume 54% of the median local household income ($65k/yr) (locally 2183% 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 $591 of loan paydown is wiped out by about $3k 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 + 7.9% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 9y 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 $39k; list at $86k implies a 119% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,500

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 1930 — 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. 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: 3.39% ✓
• Cap rate: 30.64%
• Cash-on-cash: 86.95%
• DSCR: 4.87
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $99,353
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
411 Bay St	0.52mi	3/2.0	1,322 (-3%)	12mo	$90,000	$68	61
71 Crombie St	0.58mi	3/2.0	1,445 (+6%)	3mo	$122,000	$84	60
1119 N Goodman	0.45mi	4/2.0 (+1)	1,385 (+2%)	14mo	$89,000	$64	59
37 Forester St	0.39mi	4/2.0 (+1)	1,494 (+10%)	7mo	$82,000	$55	54
35 Cummings St	0.23mi	3/2.0	1,200 (-12%)	21mo	$80,000	$67	52
16-20 Cummings St	0.19mi	4/2.0 (+1)	1,564 (+15%)	11mo	$129,000	$82	52
482 Melville St	0.46mi	3/2.0	1,416 (+4%)	24mo	$112,000	$79	52
124 7th St	0.42mi	4/2.0 (+1)	1,232 (-10%)	10mo	$90,000	$73	51
46 Peck St	0.60mi	4/2.0 (+1)	1,526 (+12%)	11mo	$138,000	$90	38

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 · 7.89% rent growth · sell at horizon

5-year hold

• IRR: 92.9%
• Equity multiple: 5.66×
• Total profit: $111,612
• Equity at exit: $12,748

10-year hold

• IRR: 96.7%
• Equity multiple: 13.84×
• Total profit: $307,483
• Equity at exit: $7,392

Cash invested: $23,940 (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 14609

• Home prices YoY: -30.4%
• Rents YoY: 7.9%
• Active inventory: 199
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $2,898 high
• Mortgage (P&I): −$448
• Tax from tax record: −$71 /mo · $849/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$609
• Net cashflow: $1,735

Break-even live

Break-even rent $702

Max offer price $85,500

Occupancy floor 35%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,898
Total (2 units)			$2,898

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: $21,375
• Closing costs: $2,565
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
195 Parsells Ave Rochester, NY	4.0	1.0	1413	$1,265	$0.90	3d	1	0.25mi
126 Parsells Ave Rochester, NY	3.0	1.0	1574	$1,800	$1.14	43d	1	0.26mi
126 Parsells Ave Rochester, NY	3.0	1.0	1574	$1,800	$1.14	21d	1	0.26mi
222 Ellison St Rochester, NY	2.0	1.0	971	$1,000	$1.03	13d	1	0.27mi
86-88 Baycliff Dr Unit 86 Rochester, NY	2.0	1.0	900	$1,030	$1.14	21d	1	0.29mi
52 Frances St Rochester, NY	4.0	1.0	1256	$1,595	$1.27	43d	1	0.41mi
459-461 Parsells Ave Rochester, NY	2.0	1.0	1053	$1,450	$1.38	23d	1	0.41mi
420 Rosewood Ter Rochester, NY	3.0	1.0	1246	$1,300	$1.04	3d	1	0.49mi
1890 Clifford Ave Rochester, NY	3.0	1.0	936	$1,800	$1.92	23d	1	0.50mi
1159 Culver Rd Unit A2 UP Rochester, NY	3.0	1.0	1313	$1,500	$1.14	43d	1	0.54mi
147 5th St Rochester, NY	4.0	1.0	1289	$1,950	$1.51	21d	1	0.55mi
47 Priscilla St Rochester, NY	4.0	1.5	1250	$1,900	$1.52	21d	1	0.59mi
182 Laurelton Rd Unit 182 Rochester, NY	2.0	1.5	1000	$1,600	$1.60	10d	1	0.75mi
108 Bowman St Unit 1 Rochester, NY	3.0	1.0	1200	$1,600	$1.33	43d	1	0.81mi
1079 Garson Ave Rochester, NY	3.0	1.5	1273	$2,100	$1.65	10d	1	0.89mi
326 Northland Ave Rochester, NY	3.0	1.0	1168	$1,500	$1.28	2d	1	0.90mi
322 Wisconsin St Rochester, NY	2.0	1.0	1100	$1,200	$1.09	21d	1	0.93mi
25 Trust St Rochester, NY	3.0	1.5	1003	$1,600	$1.60	3d	1	0.98mi
207 Lux St Rochester, NY	4.0	1.5	1728	$2,150	$1.24	10d	1	1.04mi
733 University Ave #3 Rochester, NY	3.0	1.5	1400	$1,850	$1.32	43d	1	1.09mi
933 University Ave Rochester, NY	1.0–2.0	1.0–2.0	1295	$3,815	$2.94	2d	12	1.09mi
811 Portland Ave Rochester, NY	2.0	1.0	1616	$1,300	$0.80	14d	1	1.11mi
36 Charwood Cir Irondequoit, NY	1.0–2.0	1.0–1.5	930	$2,005	$2.16	2d	9	1.13mi
36 Charwood Cir Irondequoit, NY	2.0	1.0–1.5	1000	$1,675	$1.68	43d	3	1.13mi
127 Carter St #125 Rochester, NY	2.0	1.0	1320	$1,400	$1.06	43d	1	1.14mi
21 Rundel Park Unit 2 Rochester, NY	2.0	1.0	1250	$2,099	$1.68	18d	1	1.15mi
395 Alexander St Unit UN12 Rochester, NY	2.0	1.5	1226	$2,200	$1.79	14d	1	1.23mi
— Rochester, NY	2.0	1.0	896	$1,100	$1.23	13d	1	1.31mi
15 Vick Park B Unit A Rochester, NY	2.0	1.5	1616	$2,350	$1.45	23d	1	1.32mi
171 Mohawk St Rochester, NY	3.0	2.0	1054	$1,775	$1.68	43d	1	1.33mi
176 Merwin Ave Rochester, NY	4.0	1.5	1750	$2,200	$1.26	43d	1	1.36mi
474 East Ave Rochester, NY	1.0–2.0	1.0–2.0	1125	$2,800	$2.49	23d	1	1.36mi
59 Clark Ave Rochester, NY	4.0	1.0	1728	$1,800	$1.04	2d	1	1.38mi
176 Roycroft Dr Rochester, NY	3.0	1.0	1169	$950	$0.81	10d	1	1.39mi
260 Oxford St Unit UP Rochester, NY	2.0	1.0	1850	$2,600	$1.41	43d	1	1.46mi
— Rochester, NY	3.0	1.0	1025	$1,450	$1.41	43d	1	1.48mi

Listing history 17 events

1. 2026-06-10
   status $85,500 Pending 14 DOM
2. 2026-06-09
   days on market $85,500 Active 14 DOM
3. 2026-06-09
   days on market $85,500 Active 13 DOM
4. 2026-06-07
   days on market $85,500 Active 12 DOM
5. 2026-06-05
   days on market $85,500 Active 9 DOM
6. 2026-06-03
   days on market $85,500 Active 8 DOM
7. 2026-06-03
   days on market $85,500 Active 7 DOM
8. 2026-06-01
   days on market $85,500 Active 6 DOM
9. 2026-05-31
   days on market $85,500 Active 5 DOM
10. 2026-05-26
    listed $85,500 Active
11. 2026-05-01
    historical $950
12. 2026-04-18
    listed $950
13. 2017-11-16
    soldstatus $39,000
14. 2017-11-15
    soldstatus $39,000 Closed Sale or Rented 304-char remark

    Show marketing remark (304 chars)

    FULLY RENTED & TURN KEY DOUBLE! Includes long term tenants, maintenance free exterior, tear-off roof, vinyl windows, & separate utilities! Lower unit is 4 room, 1BR @$480 per month. Upper unit is 4 room, 2BR @$600 per month. This 2-family home has a TREMENDOUS CASH FLOW and is PRICED TO SELL!

15. 2017-10-04
    status Pending Sale 304-char remark

    Show marketing remark (304 chars)

    FULLY RENTED & TURN KEY DOUBLE! Includes long term tenants, maintenance free exterior, tear-off roof, vinyl windows, & separate utilities! Lower unit is 4 room, 1BR @$480 per month. Upper unit is 4 room, 2BR @$600 per month. This 2-family home has a TREMENDOUS CASH FLOW and is PRICED TO SELL!

16. 2017-08-09
    price $44,900 304-char remark

    Show marketing remark (304 chars)

    FULLY RENTED & TURN KEY DOUBLE! Includes long term tenants, maintenance free exterior, tear-off roof, vinyl windows, & separate utilities! Lower unit is 4 room, 1BR @$480 per month. Upper unit is 4 room, 2BR @$600 per month. This 2-family home has a TREMENDOUS CASH FLOW and is PRICED TO SELL!

17. 2017-06-13
    listed $49,900 Active 304-char remark

    Show marketing remark (304 chars)

    FULLY RENTED & TURN KEY DOUBLE! Includes long term tenants, maintenance free exterior, tear-off roof, vinyl windows, & separate utilities! Lower unit is 4 room, 1BR @$480 per month. Upper unit is 4 room, 2BR @$600 per month. This 2-family home has a TREMENDOUS CASH FLOW and is PRICED TO SELL!

ⓘ 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: $849 · $71/mo
• Projected year-2 tax: $1,147 · $96/mo
• Expected delta: +$298/yr (+$25/mo · 35.1%)

ⓘ 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: $34,776
• − Mortgage interest: −$4,789
• − Property taxes: −$849
• − Insurance: −$428
• − Repairs & maintenance: −$2,782
• − Management: −$2,782
• − Depreciation: −$2,487
• Taxable income: $20,659
• Est. tax owed @ 24.0%: −$4,958
• After-tax cash flow: $15,858/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): 40,274
• Household income: $64,603
• Rent vs Own: 36.1% rent · 63.9% own
• Severe rent burden: 2183.0

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 0.69)
• Race & ethnicity: White 44% Black 28% Hispanic / Latino 20% Two or more races 10% Asian 2%
• Hispanic origin (detail): Puerto Rican 15% Cuban 1% Dominican 1%
• Common ancestry: Romanian 4% Lithuanian 2% Iranian 1%
• Foreign-born: 8% · Canada
• Languages at home: 81% English-only · Spanish 14% Russian/Polish/Slavic 2% Other Indo-European 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: ▼ -143.57%
• Current HPI: 328.7053
• Rent YoY: ▲ 7.89%
• 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

+71.3% since first listed

8 events — show timeline

• 2026-05-26 Listed $85,500 UNYREIS
• 2026-05-01 Rental Removed $950 RENTEC
• 2026-04-18 Listed for Rent $950 RENTEC
• 2017-11-16 Sold (Public Records) $39,000 Public Records
• 2017-11-15 Sold (MLS) $39,000 UNYREIS
• 2017-10-04 Pending — UNYREIS
• 2017-08-09 Price Changed $44,900 UNYREIS
• 2017-06-13 Listed $49,900 UNYREIS

Property tax history

+1.9%/yr

Latest (2025): $849 · +0.0% YoY. Source: county tax records.