1123 Portland Ave · Rochester, NY 14621

$174,900

4 bd · 2.0 ba · 1,650 sqft · MultiFamily public records · 40 Days on market

Built 1910 4,875 sqft lot $106/sqft · 12% below area Est $199k · 12% 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 +12.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 2 units. confirmed

Listing remarks MLS

This two-family home offers a fantastic investment or owner-occupant opportunity. Each unit features a comfortable layout with 2 bedrooms and 1 full bathroom. The lower unit showcases warm, inviting hardwood floors, a beautiful original-style tin ceiling that adds unique character, and direct access to a cozy porch. This unit is currently occupied by long-term tenants, offering stability and consistent rental history. Upstairs, the apartment has been recently refreshed with fresh paint throughout, brand new carpeting, and an updated bathroom floor, creating a clean and comfortable living space ready for its next occupant. With thoughtful updates and appealing features in both units, this property is a must-see. Don't miss out! PAST DELAYED NEGOTIATIONS!

Key facts

• Fresh paint
• Cozy porch
• Hardwood floors

Tags

• HARDWOOD FLOORS
• ORIGINAL-STYLE TIN CEILING
• COZY PORCH
• FRESH PAINT
• BRAND NEW CARPETING
• UPDATED BATHROOM FLOOR

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $514/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.3% 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 (+8.9%/yr); 114 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $2,673/mo this rent would consume 91% 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 $1k of loan paydown is wiped out by about $5k 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 $49k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $35k; list at $175k implies a 400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,653 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 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 1910 — 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. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.53% ✓
• Cap rate: 13.35%
• Cash-on-cash: 25.19%
• DSCR: 2.12
• GRM: 5.5

CMA / ARV

• ARV (median comp): $198,592
• List price: $174,900
• Delta: -11.93%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1509 Norton St	0.15mi	4/2.0	1,888 (+14%)	10mo	$140,000	$74	61
415 Fernwood Ave	0.63mi	4/2.0	1,636 (-1%)	14mo	$163,000	$100	57
72 Holbrooke St	0.46mi	4/2.0	1,580 (-4%)	20mo	$89,900	$57	55
87 Newcomb St	0.65mi	4/2.0	1,760 (+7%)	6mo	$152,000	$86	54
971 Norton St	0.63mi	3/2.0 (-1)	1,710 (+4%)	14mo	$150,000	$88	48
15 Patt St	0.60mi	5/2.0 (+1)	1,751 (+6%)	23mo	$105,000	$60	37
546 Bernard St	0.68mi	4/2.5	1,876 (+14%)	20mo	$140,000	$75	26

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: 23.9%
• Equity multiple: 2.05×
• Total profit: $51,223
• Equity at exit: $26,078

10-year hold

• IRR: 34.7%
• Equity multiple: 4.94×
• Total profit: $193,060
• Equity at exit: $15,122

Cash invested: $48,972 (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: 10.9×

Monthly cashflow live

• Estimated rent: $2,673 high
• Mortgage (P&I): −$917
• Tax from tax record: −$94 /mo · $1,123/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$561
• Net cashflow: $1,028

Break-even live

Break-even rent $1,372

Max offer price $174,900

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,672
Total (2 units)			$2,673

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
171 Mohawk St Rochester, NY	3.0	2.0	1054	$1,775	$1.68	43d	1	0.27mi
207 Lux St Rochester, NY	4.0	1.5	1728	$2,150	$1.24	10d	1	0.34mi
117 Northaven Ter Rochester, NY	4.0	2.0	1460	$1,975	$1.35	10d	1	0.34mi
59 Clark Ave Rochester, NY	4.0	1.0	1728	$1,800	$1.04	2d	1	0.51mi
176 Roycroft Dr Rochester, NY	3.0	1.0	1169	$950	$0.81	10d	1	0.59mi
326 Northland Ave Rochester, NY	3.0	1.0	1168	$1,500	$1.28	2d	1	0.61mi
47 Priscilla St Rochester, NY	4.0	1.5	1250	$1,900	$1.52	21d	1	0.75mi
239 Weyl St Rochester, NY	3.0	1.0	1208	$1,600	$1.32	19d	1	0.90mi
52 Frances St Rochester, NY	4.0	1.0	1256	$1,595	$1.27	43d	1	0.98mi
149 Brookdale Park Rochester, NY	4.0	1.5	1543	$2,950	$1.91	21d	1	1.10mi
147 5th St Rochester, NY	4.0	1.0	1289	$1,950	$1.51	21d	1	1.14mi
2450 Culver Rd Rochester, NY	3.0	1.5	1380	$2,400	$1.74	3d	1	1.23mi
126 Parsells Ave Rochester, NY	3.0	1.0	1574	$1,800	$1.14	43d	1	1.45mi
126 Parsells Ave Rochester, NY	3.0	1.0	1574	$1,800	$1.14	21d	1	1.45mi

Listing history 3 events

1. 2026-05-19
   historical Active Under Contract 764-char remark

   Show marketing remark (764 chars)

   This two-family home offers a fantastic investment or owner-occupant opportunity. Each unit features a comfortable layout with 2 bedrooms and 1 full bathroom. The lower unit showcases warm, inviting hardwood floors, a beautiful original-style tin ceiling that adds unique character, and direct access to a cozy porch. This unit is currently occupied by long-term tenants, offering stability and consistent rental history. Upstairs, the apartment has been recently refreshed with fresh paint throughout, brand new carpeting, and an updated bathroom floor, creating a clean and comfortable living space ready for its next occupant. With thoughtful updates and appealing features in both units, this property is a must-see. Don't miss out! PAST DELAYED NEGOTIATIONS!

2. 2026-04-18
   listed $174,900 Active 764-char remark

   Show marketing remark (764 chars)

   This two-family home offers a fantastic investment or owner-occupant opportunity. Each unit features a comfortable layout with 2 bedrooms and 1 full bathroom. The lower unit showcases warm, inviting hardwood floors, a beautiful original-style tin ceiling that adds unique character, and direct access to a cozy porch. This unit is currently occupied by long-term tenants, offering stability and consistent rental history. Upstairs, the apartment has been recently refreshed with fresh paint throughout, brand new carpeting, and an updated bathroom floor, creating a clean and comfortable living space ready for its next occupant. With thoughtful updates and appealing features in both units, this property is a must-see. Don't miss out! PAST DELAYED NEGOTIATIONS!

3. 2004-04-23
   soldstatus $35,000

ⓘ 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: $1,123 · $94/mo
• Projected year-2 tax: $2,039 · $170/mo
• Expected delta: +$916/yr (+$76/mo · 81.6%)

ⓘ 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: $32,076
• − Mortgage interest: −$9,797
• − Property taxes: −$1,123
• − Insurance: −$874
• − Repairs & maintenance: −$2,566
• − Management: −$2,566
• − Depreciation: −$5,088
• Taxable income: $10,061
• Est. tax owed @ 24.0%: −$2,415
• After-tax cash flow: $9,922/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

+399.7% since first listed

3 events — show timeline

• 2026-05-19 Contingent — UNYREIS
• 2026-04-18 Listed $174,900 UNYREIS
• 2004-04-23 Sold (Public Records) $35,000 Public Records

Property tax history

+0.7%/yr

Latest (2025): $1,123 · +0.0% YoY. Source: county tax records.