1821 Broadway · Schenectady, NY 12306

$159,900

6 bd · 2.0 ba · 2,128 sqft · MultiFamily public records · 9 Days on market

Built 1910 30,150 ac lot Est $281k · 43% under

---

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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

City Owned Property, Please use caution when viewing. Great investment property. Poor Condition

Key facts

• 30150 acre lot
• Built 1910
• Listed 9 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $716/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $160k).
• Cap rate 17.0% 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: 184 active listings in the ZIP; solid renter incomes; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• At $3,749/mo this rent would consume 54% of the median local household income ($83k/yr) (locally 629% 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.
• 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 $45k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 17y 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.

Risks & watch-outs

• Watch-outs: property tax is 4.7% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $159,900

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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.34% ✓
• Cap rate: 17.04%
• Cash-on-cash: 38.37%
• DSCR: 2.71
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $280,896
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1942 Euclid Ave	0.10mi	6/2.0	2,220 (+4%)	11mo	$265,000	$119	78
1933 Wabash Ave	0.13mi	6/2.0	2,320 (+9%)	2mo	$275,000	$119	77
467-469 Cedar St	0.30mi	6/2.0	2,024 (-5%)	2mo	$285,000	$141	76
425 Fourth St	0.09mi	6/3.0	2,320 (+9%)	8mo	$285,000	$123	70
2021 Wabash Ave	0.18mi	6/2.0	2,316 (+9%)	11mo	$260,000	$112	68
471-473 Harrison Ave	0.43mi	6/2.0	2,232 (+5%)	9mo	$330,000	$148	64
1491 Broadway	0.36mi	5/2.0 (-1)	2,072 (-3%)	12mo	$44,575	$22	64
2406 Campbell Ave	0.52mi	6/2.0	2,276 (+7%)	10mo	$330,000	$145	55
2332 Turner Ave	0.46mi	5/3.0 (-1)	1,932 (-9%)	2mo	$255,000	$132	53
2420 Guilderland Ave	0.62mi	6/2.0	1,892 (-11%)	11mo	$310,000	$164	44
2217-2219 Guilderland Ave	0.43mi	7/3.0 (+1)	2,400 (+13%)	9mo	$385,000	$160	42
2606 Campbell Ave Ave	0.65mi	6/2.0	2,416 (+14%)	6mo	$285,000	$118	42

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: 34.6%
• Equity multiple: 2.46×
• Total profit: $65,590
• Equity at exit: $23,842

10-year hold

• IRR: 41.5%
• Equity multiple: 4.93×
• Total profit: $175,819
• Equity at exit: $13,825

Cash invested: $44,772 (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 12306

• Home prices YoY: -23.8%
• Active inventory: 184
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $3,749 high
• Mortgage (P&I): −$839
• Tax from tax record: −$625 /mo · $7,499/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$787
• Net cashflow: $1,432

Break-even live

Break-even rent $1,937

Max offer price $159,900

Occupancy floor 57%

Sensitivity live

Price	-10% $1,967	-5% $1,477	+0% $1,432	+5% $1,386	+10% $1,341
Rent	-10% $1,135	-5% $1,284	+0% $1,432	+5% $1,580	+10% $1,728
Rate	-1.0pp $1,512	-0.5pp $1,472	base $1,432	+0.5pp $1,390	+1.0pp $1,348

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,748
Total (2 units)			$3,749

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2024-11-07
   soldstatus $285,000
2. 2023-03-29
   status Pending
3. 2022-07-05
   status Pending
4. 2022-06-26
   listed $159,900 Active
5. 2019-06-07
   soldstatus $35,000 Closed (Final Sale) 95-char remark

   Show marketing remark (95 chars)

   City Owned Property, Please use caution when viewing. Great investment property. Poor Condition

6. 2019-03-28
   status Pend (Under Cntr) 95-char remark

   Show marketing remark (95 chars)

   City Owned Property, Please use caution when viewing. Great investment property. Poor Condition

7. 2019-01-09
   price $55,000 95-char remark

   Show marketing remark (95 chars)

   City Owned Property, Please use caution when viewing. Great investment property. Poor Condition

8. 2018-11-05
   listed $50,000 New 95-char remark

   Show marketing remark (95 chars)

   City Owned Property, Please use caution when viewing. Great investment property. Poor Condition

9. 2016-05-31
   historical
10. 2015-06-23
    historical
11. 2015-05-01
    listed $39,900
12. 2010-01-14
    soldstatus $45,000
13. 2009-12-02
    historical
14. 2009-10-19
    listed $49,900
15. 2001-12-03
    soldstatus $44,000

ⓘ 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: $7,499 · $625/mo
• Projected year-2 tax: $7,499 · $625/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: $44,988
• − Mortgage interest: −$8,957
• − Property taxes: −$7,499
• − Insurance: −$800
• − Repairs & maintenance: −$3,599
• − Management: −$3,599
• − Depreciation: −$4,652
• Taxable income: $15,883
• Est. tax owed @ 24.0%: −$3,812
• After-tax cash flow: $13,368/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): 27,865
• Household income: $83,202
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 629.0

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 (78%)
• Race & ethnicity: White 78% Two or more races 8% Black 7% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Puerto Rican 4% Dominican 1%
• Common ancestry: Romanian 7% Lithuanian 5% Iranian 3%
• Foreign-born: 6% · Canada
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1% Other Asian/Pacific 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: ▼ -91.35%
• Current HPI: 292.1229
• 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

+547.7% since first listed

15 events — show timeline

• 2024-11-07 Sold (Public Records) $285,000 Public Records
• 2023-03-29 Pending — Global MLS
• 2022-07-05 Pending — Global MLS
• 2022-06-26 Listed $159,900 Global MLS
• 2019-06-07 Sold (MLS) $35,000 Global MLS
• 2019-03-28 Pending — Global MLS
• 2019-01-09 Price Changed $55,000 Global MLS
• 2018-11-05 Listed $50,000 Global MLS
• 2016-05-31 Listing Removed — Global MLS
• 2015-06-23 Listing Removed — Global MLS
• 2015-05-01 Listed $39,900 Global MLS
• 2010-01-14 Sold (MLS) $45,000 Global MLS
• 2009-12-02 Listing Removed — Global MLS
• 2009-10-19 Listed $49,900 Global MLS
• 2001-12-03 Sold (Public Records) $44,000 Public Records

Property tax history

+2.4%/yr

Latest (2025): $7,499 · +2.8% YoY. Source: county tax records.