21 Manitou St · Rochester, NY 14621

$112,900

2 bd · 2.0 ba · 1,379 sqft · MultiFamily public records · 92 Days on market

Built 1920 3,345 sqft lot $82/sqft · 14% below area Est $131k · 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 +29.7/30.0
• ARV discount +13.8/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Rent growth +4.7/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to 21 Manitou St, a fully renovated 4-bedroom, 2-bath home offering over 1,300 sq ft of living space. The interior has been redone and features updated flooring and fresh finishes throughout. The first floor offers a full bathroom, a large open living area with decorative wood ceiling accents that can function as both a living and dining space, naturally separated by different flooring. The updated kitchen is designed for both functionality and beauty, with a brand new granite countertop (brand new dishwasher comes with the property), The dining room can also serve as a first-floor bedroom for someone who prefers to avoid stairs. Upstairs has 4 bedrooms and a full bath. The property also includes a second-floor balcony, vinyl windows private backyard, driveway, and detached garage. Conveniently located just minutes from RGH with quick access to Route 104, commuting is easy.

Key facts

• Fully renovated
• Second-floor balcony
• Private backyard

Tags

• FULLY RENOVATED
• UPDATED FLOORING
• GRANITE COUNTERTOP
• SECOND-FLOOR BALCONY
• PRIVATE BACKYARD
• QUICK ACCESS TO ROUTE 104

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $113k.

Deal economics

• At list price, monthly cash flow is $410 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $113k).
• Recommended offer: $103k (9.0% below list) — sets the bar for market timing.

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; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• At $1,468/mo this rent would consume 50% 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 $781 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 + 8.0% rent growth), your $32k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 15y 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 $49k; list at $113k implies a 130% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $102,739 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.30% ✓
• Cap rate: 10.65%
• Cash-on-cash: 15.57%
• DSCR: 1.69
• GRM: 6.4

CMA / ARV

• ARV (median comp): $131,128
• List price: $112,900
• Delta: -13.90%
• 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
177 Fernwood Ave	0.03mi	2/2.0	1,444 (+5%)	8mo	$129,900	$90	84
71 Crombie St	0.33mi	3/2.0 (+1)	1,445 (+5%)	3mo	$122,000	$84	70
411 Bay St	0.44mi	3/2.0 (+1)	1,322 (-4%)	12mo	$90,000	$68	57
176 Furlong St	0.61mi	2/2.0	1,340 (-3%)	24mo	$80,000	$60	47
35 Cummings St	0.60mi	3/2.0 (+1)	1,200 (-13%)	21mo	$80,000	$67	28

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: 11.7%
• Equity multiple: 1.49×
• Total profit: $15,594
• Equity at exit: $16,834

10-year hold

• IRR: 24.3%
• Equity multiple: 3.61×
• Total profit: $82,552
• Equity at exit: $9,762

Cash invested: $31,612 (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: 6.4×

Monthly cashflow live

• Estimated rent: $1,468 high
• Mortgage (P&I): −$592
• Tax from tax record: −$111 /mo · $1,329/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $410

Break-even live

Break-even rent $949

Max offer price $112,900

Occupancy floor 67%

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: $28,225
• Closing costs: $3,387
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25 Trust St Rochester, NY	3.0	1.5	1003	$1,600	$1.60	3d	1	0.24mi
811 Portland Ave Rochester, NY	2.0	1.0	1616	$1,300	$0.80	14d	1	0.30mi
127 Carter St #125 Rochester, NY	2.0	1.0	1320	$1,400	$1.06	44d	1	0.34mi
171 Mohawk St Rochester, NY	3.0	2.0	1054	$1,775	$1.68	44d	1	0.54mi
176 Roycroft Dr Rochester, NY	3.0	1.0	1169	$950	$0.81	10d	1	0.57mi
86-88 Baycliff Dr Unit 86 Rochester, NY	2.0	1.0	900	$1,030	$1.14	21d	1	0.57mi
— Rochester, NY	2.0	1.0	896	$1,100	$1.23	14d	1	0.65mi
222 Ellison St Rochester, NY	2.0	1.0	971	$1,000	$1.03	14d	1	0.67mi
326 Northland Ave Rochester, NY	3.0	1.0	1168	$1,500	$1.28	3d	1	0.69mi
1890 Clifford Ave Rochester, NY	3.0	1.0	936	$1,800	$1.92	23d	1	0.70mi
100 Fairbanks St Rochester, NY	2.0	1.0	1456	$1,100	$0.76	44d	1	0.86mi
126 Parsells Ave Rochester, NY	3.0	1.0	1574	$1,800	$1.14	44d	1	0.90mi
126 Parsells Ave Rochester, NY	3.0	1.0	1574	$1,800	$1.14	21d	1	0.90mi
239 Weyl St Rochester, NY	3.0	1.0	1208	$1,600	$1.32	19d	1	0.93mi
32 Portland Pkwy Rochester, NY	2.0	1.0	652	$1,485	$2.28	3d	8	0.97mi
95 Onondaga Rd Rochester, NY	1.0–2.0	1.0	825	$1,630	$1.98	3d	1	1.08mi
459-461 Parsells Ave Rochester, NY	2.0	1.0	1053	$1,450	$1.38	23d	1	1.23mi
420 Rosewood Ter Rochester, NY	3.0	1.0	1246	$1,300	$1.04	3d	1	1.25mi
36 Charwood Cir Irondequoit, NY	1.0–2.0	1.0–1.5	930	$2,005	$2.16	3d	9	1.32mi
36 Charwood Cir Irondequoit, NY	2.0	1.0–1.5	1000	$1,675	$1.68	44d	3	1.32mi
395 Alexander St Unit UN12 Rochester, NY	2.0	1.5	1226	$2,200	$1.79	14d	1	1.33mi
1159 Culver Rd Unit A2 UP Rochester, NY	3.0	1.0	1313	$1,500	$1.14	44d	1	1.33mi
182 Laurelton Rd Unit 182 Rochester, NY	2.0	1.5	1000	$1,600	$1.60	10d	1	1.35mi
421 University Ave Rochester, NY	1.0	1.0	1200	$1,850	$1.54	14d	1	1.38mi
152 Gibbs St Rochester, NY	1.0–2.0	1.0	950	$1,875	$1.97	14d	3	1.43mi
128 Gibbs St Unit 136 Rochester, NY	2.0	1.0	900	$1,795	$1.99	10d	1	1.46mi
128 Gibbs St Unit 130 Rochester, NY	2.0	1.0	1000	$1,875	$1.88	10d	1	1.46mi

Listing history 25 events

1. 2026-06-18
   days on market $112,900 Active 92 DOM
2. 2026-06-17
   days on market $112,900 Active 91 DOM
3. 2026-06-16
   days on market $112,900 Active 90 DOM
4. 2026-06-15
   days on market $112,900 Active 89 DOM
5. 2026-06-13
   days on market $112,900 Active 87 DOM
6. 2026-06-13
   days on market $112,900 Active 86 DOM
7. 2026-06-10
   days on market $112,900 Active 84 DOM
8. 2026-06-09
   days on market $112,900 Active 83 DOM
9. 2026-06-09
   days on market $112,900 Active 82 DOM
10. 2026-06-07
    days on market $112,900 Active 81 DOM
11. 2026-06-05
    days on market $112,900 Active 78 DOM
12. 2026-06-03
    days on market $112,900 Active 77 DOM
13. 2026-06-03
    days on market $112,900 Active 76 DOM
14. 2026-06-01
    days on market $112,900 Active 75 DOM
15. 2026-05-31
    days on market $112,900 Active 74 DOM
16. 2026-03-18
    listed $112,900 Active 896-char remark

    Show marketing remark (896 chars)

    Welcome to 21 Manitou St, a fully renovated 4-bedroom, 2-bath home offering over 1,300 sq ft of living space. The interior has been redone and features updated flooring and fresh finishes throughout. The first floor offers a full bathroom, a large open living area with decorative wood ceiling accents that can function as both a living and dining space, naturally separated by different flooring. The updated kitchen is designed for both functionality and beauty, with a brand new granite countertop (brand new dishwasher comes with the property), The dining room can also serve as a first-floor bedroom for someone who prefers to avoid stairs. Upstairs has 4 bedrooms and a full bath. The property also includes a second-floor balcony, vinyl windows private backyard, driveway, and detached garage. Conveniently located just minutes from RGH with quick access to Route 104, commuting is easy.

17. 2025-07-16
    historical
18. 2025-05-21
    listed $128,900 Active
19. 2024-10-15
    historical
20. 2024-08-07
    listed $132,900 Active
21. 2011-10-21
    soldstatus $49,000
22. 2011-10-21
    soldstatus $48,000
23. 2011-09-21
    listed $49,000
24. 2011-06-28
    soldstatus $18,000
25. 2011-03-21
    listed $23,500

ⓘ 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: $1,329 · $111/mo
• Projected year-2 tax: $1,619 · $135/mo
• Expected delta: +$289/yr (+$24/mo · 21.8%)

ⓘ 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: $17,621
• − Mortgage interest: −$6,324
• − Property taxes: −$1,329
• − Insurance: −$564
• − Repairs & maintenance: −$1,410
• − Management: −$1,410
• − Depreciation: −$3,284
• Taxable income: $3,299
• Est. tax owed @ 24.0%: −$792
• After-tax cash flow: $4,130/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

+380.4% since first listed

10 events — show timeline

• 2026-03-18 Listed $112,900 UNYREIS
• 2025-07-16 Listing Removed — UNYREIS
• 2025-05-21 Listed $128,900 UNYREIS
• 2024-10-15 Listing Removed — UNYREIS
• 2024-08-07 Listed $132,900 UNYREIS
• 2011-10-21 Sold (Public Records) $48,000 Public Records
• 2011-10-21 Sold (MLS) $49,000 UNYREIS
• 2011-09-21 Listed $49,000 UNYREIS
• 2011-06-28 Sold (MLS) $18,000 UNYREIS
• 2011-03-21 Listed $23,500 UNYREIS

Property tax history

+4.2%/yr

Latest (2025): $1,329 · +0.0% YoY. Source: county tax records.