1142 Cutler St

Schenectady, NY 12303

$290,000C+

6 bd · 2.0 ba · 2,004 sqft · Built 1910 · MultiFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,537/mo
• Mortgage (P&I): −$1,521
• Tax + insurance: −$821
• HOA: −$0
• Vac / Maint / Mgmt: −$743
• Net cashflow: $452/mo
• Annual: $5,425/yr
• Cap rate: 8.16%
• Cash-on-cash: 6.68%
• DSCR: 1.30
• 1% rule: 1.22%
• Cash to close: $81,200

Investor read

• This is a 1×4bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $290k.
• At list price, monthly cash flow is $452 ($5k/yr) — positive. Per door: $226/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $290k).
• It's been on market 38 days — a 3% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $281k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• 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: 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.
• Zoned schools: Schenectady High School (math 75% / reading 90%, grade A, #446 of 1,100 statewide, top 41%, 2,743 students, 71% FRL).
• Zoned-school proficiency averages 82% at this address vs 36% district-wide (+46 pts) — the actual schools serving this property are materially stronger than the Schenectady City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 2.9% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 164 active listings in the ZIP; solid renter incomes; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• Schenectady County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 2y 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 $26k; list at $290k implies a 994% gain — meaningful room to come down on a strong offer.
• Cap rate 8.2% vs local median 6.3% in Schenectady — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $3,537/mo this rent would consume 50% of the median local household income ($84k/yr) (locally 1318% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.