609 Bluff Ave · Schenectady, NY 12303

$239,900

4 bd · 2.0 ba · 1,556 sqft · MultiFamily public records · 51 Days on market

Built 1900 6,534 sqft lot $154/sqft · at area comps Est $245k · at est.

---

Why this score? — see what drove the C+ 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
• DSCR +9.0/10.0
• ARV discount +8.5/15.0
• 1% rule +7.3/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Excellent Opportunity to own a 2 Family House in the thriving City of Schenectady. Great Owner Occupied or Investment. Turn this distressed City of Schenectady Owned Property into a beautiful place to call home. 2 Bedrooms over 2 Bedrooms. Off Street Parking. Big Backyard Space. Close to Downtown, Shopping, Restaurants, Bus Line and more. Taxes will be determined by the Tax Assessor. ***$38,500 is the reserve amount that should be liquid and/or accessible to the Buyer to begin repairs in addition to the purchase offer amount.***

Key facts

• New kitchens
• Completely renovated
• New bathrooms

Tags

• COMPLETELY RENOVATED
• NEW KITCHENS
• NEW BATHROOMS
• OFF-STREET PARKING
• HUGE LOT
• POSSIBILITY FOR EXPANSION

Property features AI

Finance

• Other: Lot size approximately 0.15 acres (6,534 sq ft)
• Financial info: Two-unit multifamily property

Exterior

• Parking: Off-street paved driveway parking for 4 vehicles
• Utilities: Public water; Public sewer
• Home design: Duplex; Living area approximately 1,556; Lot dimensions approximately 35 x 183
• Construction: Vinyl siding; Shingle (asphalt) roof
• Exterior features: Patio; Garden

Interior

• Bedrooms: Each unit has 2 bedrooms (Unit 1: 2 bedrooms, Unit 2: 2 bedrooms)
• Flooring: Vinyl flooring
• Bathrooms: Two full bathrooms total (one full bath on the 1st level and one full bath on the 2nd level); Each unit has 1 full bath
• Heating & cooling: Forced-air heating; Natural gas heating
• Interior features: Vinyl flooring; Full basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $630 ($8k/yr) — positive. Per door: $315/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $233k (3.0% 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: 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.
• Market conditions: 164 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 $67k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 27y 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 $18k; list at $240k implies a 1233% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $232,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.23% ✓
• Cap rate: 9.44%
• Cash-on-cash: 11.25%
• DSCR: 1.50
• GRM: 6.8

CMA / ARV

• ARV (median comp): $245,395
• List price: $239,900
• Delta: -2.24%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1320 4th Ave	0.24mi	4/2.0	1,564 (+0%)	4mo	$242,250	$155	85
1226 2nd Ave	0.11mi	4/2.0	1,660 (+7%)	10mo	$115,000	$69	75
1417 3rd Ave	0.28mi	5/3.0 (+1)	1,600 (+3%)	2mo	$175,000	$109	71
760 Bailey St	0.31mi	4/2.0	1,536 (-1%)	15mo	$190,000	$124	71
1015-1017 Second Ave	0.07mi	5/2.0 (+1)	1,440 (-8%)	14mo	$185,000	$128	68
892 Maplewood Ave	0.55mi	4/2.0	1,510 (-3%)	11mo	$200,000	$132	60
1218 9th Ave	0.67mi	4/2.0	1,496 (-4%)	6mo	$192,000	$128	58
1210 1st Ave	0.08mi	5/2.0 (+1)	1,386 (-11%)	19mo	$50,000	$36	57
1071-1073 Cutler St	0.50mi	5/2.0 (+1)	1,480 (-5%)	13mo	$140,000	$95	53
1909 Euclid Ave	0.68mi	4/2.0	1,650 (+6%)	12mo	$231,500	$140	48
1267 Webster St	0.64mi	4/2.0	1,685 (+8%)	10mo	$153,000	$91	48
838 Holland Rd	0.49mi	4/2.0	1,734 (+11%)	15mo	$230,000	$133	45

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: 0.5%
• Equity multiple: 1.02×
• Total profit: $1,307
• Equity at exit: $35,770

10-year hold

• IRR: 10.2%
• Equity multiple: 1.79×
• Total profit: $53,067
• Equity at exit: $20,742

Cash invested: $67,172 (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: 164
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $2,945 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$339 /mo · $4,065/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$618
• Net cashflow: $630

Break-even live

Break-even rent $2,148

Max offer price $239,900

Occupancy floor 74%

Sensitivity live

Price	-10% $766	-5% $698	+0% $630	+5% $562	+10% $494
Rent	-10% $397	-5% $513	+0% $630	+5% $746	+10% $862
Rate	-1.0pp $751	-0.5pp $691	base $630	+0.5pp $568	+1.0pp $504

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,946
Total (2 units)			$2,945

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
918 Delamont Ave Schenectady, NY	3.0	1.0	1192	$1,600	$1.34	24d	1	0.65mi
2007 Campbell Ave Schenectady, NY	3.0	1.0	1272	$1,600	$1.26	15d	1	0.76mi
117 Washington Ave Schenectady, NY	2.0–4.0	1.0–2.0	1033	$2,163	$2.09	15d	9	0.77mi
2030 Euclid Ave Schenectady, NY	3.0	1.0	1300	$2,000	$1.54	20d	1	0.81mi
909 Vischer Ave Schenectady, NY	3.0	1.5	1512	$1,995	$1.32	15d	1	1.26mi
611 Cramer Ave Schenectady, NY	3.0	1.0	1100	$2,295	$2.09	15d	1	1.39mi
1037 University Pl Unit 2 Schenectady, NY	3.0	1.0	1200	$1,600	$1.33	44d	1	1.46mi

Listing history 33 events

1. 2026-06-21
   days on market $239,900 Active 51 DOM
2. 2026-06-18
   days on market $239,900 Active 48 DOM
3. 2026-06-17
   days on market $239,900 Active 47 DOM
4. 2026-06-16
   days on market $239,900 Active 46 DOM
5. 2026-06-15
   days on market $239,900 Active 45 DOM
6. 2026-06-14
   days on market $239,900 Active 43 DOM
7. 2026-06-13
   pricedays on market $239,900 Active 42 DOM
8. 2026-06-10
   days on market $244,900 Active 40 DOM
9. 2026-06-09
   days on market $244,900 Active 39 DOM
10. 2026-06-08
    days on market $244,900 Active 38 DOM
11. 2026-06-07
    days on market $244,900 Active 37 DOM
12. 2026-06-03
    pricedays on market $244,900 Active 33 DOM
13. 2026-06-02
    days on market $249,900 Active 32 DOM
14. 2026-06-01
    days on market $249,900 Active 31 DOM
15. 2026-05-31
    days on market $249,900 Active 30 DOM
16. 2026-05-31
    days on market $249,900 Active 29 DOM
17. 2026-05-01
    listed $249,900 Active 540-char remark
18. 2026-04-17
    price $254,900
19. 2026-03-23
    price $259,900
20. 2026-03-07
    status Active
21. 2026-02-13
    status Pending
22. 2026-02-13
    historical
23. 2026-01-28
    listed $264,900 Active
24. 2025-04-23
    soldstatus $18,000 Closed

    Show marketing remark (543 chars)

    Excellent Opportunity to own a 2 Family House in the thriving City of Schenectady. Great Owner Occupied or Investment. Turn this distressed City of Schenectady Owned Property into a beautiful place to call home. 2 Bedrooms over 2 Bedrooms. Off Street Parking. Big Backyard Space. Close to Downtown, Shopping, Restaurants, Bus Line and more. Taxes will be determined by the Tax Assessor. ***$38,500 is the reserve amount that should be liquid and/or accessible to the Buyer to begin repairs in addition to the purchase offer amount.***

25. 2024-10-24
    status Pending

    Show marketing remark (543 chars)

    Excellent Opportunity to own a 2 Family House in the thriving City of Schenectady. Great Owner Occupied or Investment. Turn this distressed City of Schenectady Owned Property into a beautiful place to call home. 2 Bedrooms over 2 Bedrooms. Off Street Parking. Big Backyard Space. Close to Downtown, Shopping, Restaurants, Bus Line and more. Taxes will be determined by the Tax Assessor. ***$38,500 is the reserve amount that should be liquid and/or accessible to the Buyer to begin repairs in addition to the purchase offer amount.***

26. 2024-09-23
    listed $30,000 Active

    Show marketing remark (543 chars)

    Excellent Opportunity to own a 2 Family House in the thriving City of Schenectady. Great Owner Occupied or Investment. Turn this distressed City of Schenectady Owned Property into a beautiful place to call home. 2 Bedrooms over 2 Bedrooms. Off Street Parking. Big Backyard Space. Close to Downtown, Shopping, Restaurants, Bus Line and more. Taxes will be determined by the Tax Assessor. ***$38,500 is the reserve amount that should be liquid and/or accessible to the Buyer to begin repairs in addition to the purchase offer amount.***

27. 2015-02-27
    soldstatus $500
28. 2014-08-12
    soldstatus $500
29. 1999-11-15
    soldstatus $50,000
30. 1999-07-16
    soldstatus $13,500
31. 1999-06-28
    soldstatus $13,500
32. 1999-06-01
    historical
33. 1999-04-13
    listed $15,999

ⓘ 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: $4,065 · $339/mo
• Projected year-2 tax: $4,065 · $339/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 4/10 Moderate 7 d/yr ≥96°F today · 16 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: $35,340
• − Mortgage interest: −$13,438
• − Property taxes: −$4,065
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,827
• − Management: −$2,827
• − Depreciation: −$6,979
• Taxable income: $4,004
• Est. tax owed @ 24.0%: −$961
• After-tax cash flow: $6,597/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

+1399.5% since first listed

19 events — show timeline

• 2026-06-12 Price Changed $239,900 Global MLS
• 2026-06-03 Price Changed $244,900 Global MLS
• 2026-05-01 Listed $249,900 Global MLS
• 2026-04-17 Price Changed $254,900 Global MLS
• 2026-03-23 Price Changed $259,900 Global MLS
• 2026-03-07 Relisted — Global MLS
• 2026-02-13 Pending — Global MLS
• 2026-02-13 Listing Removed — Global MLS
• 2026-01-28 Listed $264,900 Global MLS
• 2025-04-23 Sold (MLS) $18,000 Global MLS
• 2024-10-24 Pending — Global MLS
• 2024-09-23 Listed $30,000 Global MLS
• 2015-02-27 Sold (Public Records) $500 Public Records
• 2014-08-12 Sold (Public Records) $500 Public Records
• 1999-11-15 Sold (Public Records) $50,000 Public Records
• 1999-07-16 Sold (MLS) $13,500 Global MLS
• 1999-06-28 Sold (Public Records) $13,500 Public Records
• 1999-06-01 Listing Removed — Global MLS
• 1999-04-13 Listed $15,999 Global MLS

Property tax history

+0.3%/yr

Latest (2025): $4,065 · +274.7% YoY. Source: county tax records.