8 Lomasney Ave · Schenectady, NY 12308

$265,000

4 bd · 2.0 ba · 2,294 sqft · MultiFamily public records · 41 Days on market

Built 1927 5,227 sqft lot $116/sqft · 25% below area Est $352k · 25% under

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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 +19.4/30.0
• ARV discount +15.0/15.0
• 1% rule +6.2/10.0
• DSCR +6.1/10.0
• 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

Beautifully situated Two Family home located in a prime quiet neighborhood between Vale Park greenspace area and the Eastern Avenue business district. This gem of a property won't last long as it's perfect for an owner occupant with additional rental income or two stable income producing flats with close proximity to General Electric, GE vernova GE Aerospace, KAPL and the casino, as well as many other downtown establishments. Schedule you're showing now.

Key facts

• Two family home
• 5,227 sq ft lot
• Built 1927

Tags

• TWO FAMILY HOME
• PRIME QUIET NEIGHBORHOOD
• VALE PARK GREENSPACE AREA
• ADDITIONAL RENTAL INCOME
• CLOSE PROXIMITY TO GE VERNOVA
• CLOSE PROXIMITY TO KAPL

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.2-bath units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $296 ($4k/yr) — positive. Per door: $148/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Recommended offer: $257k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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.

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: schools C-, 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.
• Market conditions: 78 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• At $2,966/mo this rent would consume 56% of the median local household income ($63k/yr) (locally 1016% 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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $23k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $86k; list at $265k implies a 206% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $257,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 1927 — 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: 1.12% ✓
• Cap rate: 7.63%
• Cash-on-cash: 4.79%
• DSCR: 1.21
• GRM: 7.4

CMA / ARV

• ARV (median comp): $352,245
• List price: $265,000
• Delta: -24.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
113 Degraff St	0.24mi	4/2.0	2,172 (-5%)	4mo	$198,000	$91	77
154 Elmer Ave	0.20mi	4/2.0	2,568 (+12%)	5mo	$276,000	$107	67
12 Paulding St	0.15mi	5/2.0 (+1)	2,112 (-8%)	11mo	$190,000	$90	66
423 Division St	0.63mi	4/2.0	2,376 (+4%)	2mo	$280,000	$118	63
1039 Wendell Ave	0.25mi	4/2.0	1,984 (-14%)	4mo	$220,000	$111	63
152 Elmer Ave	0.19mi	5/2.0 (+1)	2,568 (+12%)	5mo	$290,000	$113	62
227-229 Elm St	0.72mi	4/2.0	2,375 (+4%)	1mo	$230,000	$97	60
434 Division St	0.65mi	5/2.0 (+1)	2,400 (+5%)	7mo	$170,000	$71	51
1182-1184 Glenwood Blvd	0.56mi	5/2.0 (+1)	2,544 (+11%)	2mo	$277,600	$109	50
1491 Rugby Rd	0.58mi	5/2.0 (+1)	2,472 (+8%)	8mo	$270,000	$109	48
1648 Rugby Rd	0.70mi	5/2.0 (+1)	2,172 (-5%)	11mo	$305,000	$140	44
223-25 Furman St	0.58mi	5/4.0 (+1)	2,500 (+9%)	10mo	$335,000	$134	37

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: -8.8%
• Equity multiple: 0.68×
• Total profit: $-23,912
• Equity at exit: $39,512

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $4,173
• Equity at exit: $22,912

Cash invested: $74,200 (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 12308

• Home prices YoY: -14.6%
• Active inventory: 78
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $2,966 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$547 /mo · $6,565/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$623
• Net cashflow: $296

Break-even live

Break-even rent $2,591

Max offer price $265,000

Occupancy floor 85%

Sensitivity live

Price	-10% $446	-5% $371	+0% $296	+5% $221	+10% $146
Rent	-10% $62	-5% $179	+0% $296	+5% $413	+10% $530
Rate	-1.0pp $429	-0.5pp $363	base $296	+0.5pp $227	+1.0pp $157

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.2	$2,966
Total (2 units)			$2,966

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1347 Union St Schenectady, NY	4.0	1.5	2188	$3,750	$1.71	44d	1	0.42mi
1687 Avenue A Schenectady, NY	4.0	1.0	1672	$2,300	$1.38	44d	1	0.94mi
1747 Oneida St Schenectady, NY	4.0	2.0	1620	$2,700	$1.67	15d	1	0.97mi

Listing history 24 events

1. 2026-06-18
   days on market $265,000 Active 41 DOM
2. 2026-06-17
   days on market $265,000 Active 40 DOM
3. 2026-06-16
   days on market $265,000 Active 39 DOM
4. 2026-06-15
   days on market $265,000 Active 38 DOM
5. 2026-06-14
   days on market $265,000 Active 36 DOM
6. 2026-06-13
   pricedays on market $265,000 Active 35 DOM
7. 2026-06-10
   days on market $287,900 Active 33 DOM
8. 2026-06-09
   days on market $287,900 Active 32 DOM
9. 2026-06-08
   days on market $287,900 Active 31 DOM
10. 2026-06-07
    days on market $287,900 Active 30 DOM
11. 2026-06-03
    days on market $287,900 Active 26 DOM
12. 2026-06-02
    days on market $287,900 Active 25 DOM
13. 2026-06-01
    days on market $287,900 Active 24 DOM
14. 2026-05-31
    days on market $287,900 Active 23 DOM
15. 2026-05-31
    days on market $287,900 Active 22 DOM
16. 2026-05-08
    listed $287,900 Active 460-char remark

    Show marketing remark (460 chars)

    Beautifully situated Two Family home located in a prime quiet neighborhood between Vale Park greenspace area and the Eastern Avenue business district. This gem of a property won't last long as it's perfect for an owner occupant with additional rental income or two stable income producing flats with close proximity to General Electric, GE vernova GE Aerospace, KAPL and the casino, as well as many other downtown establishments. Schedule you're showing now.

17. 2023-11-10
    historical $1,100
18. 2023-11-04
    price $1,100
19. 2023-10-11
    listed $1,300
20. 2021-04-26
    soldstatus $86,500
21. 2007-03-29
    soldstatus $106,500
22. 2007-03-16
    soldstatus $106,500 271-char remark

    Show marketing remark (271 chars)

    Beutifully maintained two family home located close to Elmer Av. School, shopping, and downtown Schdy. This home has been lovingly cared for since 1927. The upstairs unit has a fin. attic area w/ 1/2 bath and combination sitting area/BR. Taxes w/STAR. Excellent Condition

23. 2006-12-08
    historical 271-char remark

    Show marketing remark (271 chars)

    Beutifully maintained two family home located close to Elmer Av. School, shopping, and downtown Schdy. This home has been lovingly cared for since 1927. The upstairs unit has a fin. attic area w/ 1/2 bath and combination sitting area/BR. Taxes w/STAR. Excellent Condition

24. 2006-10-28
    listed $118,000 271-char remark

    Show marketing remark (271 chars)

    Beutifully maintained two family home located close to Elmer Av. School, shopping, and downtown Schdy. This home has been lovingly cared for since 1927. The upstairs unit has a fin. attic area w/ 1/2 bath and combination sitting area/BR. Taxes w/STAR. Excellent Condition

ⓘ 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: $6,565 · $547/mo
• Projected year-2 tax: $6,565 · $547/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% 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: $35,592
• − Mortgage interest: −$14,844
• − Property taxes: −$6,565
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,847
• − Management: −$2,847
• − Depreciation: −$7,709
• Taxable loss: −$545
• Est. tax savings @ 24.0%: +$131
• After-tax cash flow: $3,683/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): 15,511
• Household income: $63,434
• Rent vs Own: 55.0% rent · 45.0% own
• Severe rent burden: 1016.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 57% Black 17% Hispanic / Latino 13% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 8%
• Common ancestry: Lithuanian 4% Romanian 4% Slovak 3%
• Foreign-born: 10% · Canada
• Languages at home: 89% English-only · Spanish 5% Other Indo-European 2% Arabic 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: ▼ -59.17%
• Current HPI: 344.8675
• 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

+124.6% since first listed

10 events — show timeline

• 2026-06-12 Price Changed $265,000 Global MLS
• 2026-05-08 Listed $287,900 Global MLS
• 2023-11-10 Rental Removed $1,100 APPFOLIO
• 2023-11-04 Price Changed $1,100 APPFOLIO
• 2023-10-11 Listed for Rent $1,300 APPFOLIO
• 2021-04-26 Sold (Public Records) $86,500 Public Records
• 2007-03-29 Sold (Public Records) $106,500 Public Records
• 2007-03-16 Sold (MLS) $106,500 Global MLS
• 2006-12-08 Listing Removed — Global MLS
• 2006-10-28 Listed $118,000 Global MLS

Property tax history

+1.7%/yr

Latest (2025): $6,565 · +3.9% YoY. Source: county tax records.