124 Gray St · Rochester, NY 14609

$117,000

2 bd · 2.0 ba · 1,268 sqft · SingleFamily public records · 104 Days on market

Built 1900 3,500 sqft lot $92/sqft · 35% below area Est $181k · 35% 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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Rent growth +4.5/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming Cape Cod in Rochester – Ideal for Investors or Homeowners! Discover the potential of 124 Gray St, a delightful 3-bedroom, 1-bath Cape Cod located in Rochester neighborhood. Previously was tenant-occupied with a month-to-month lease at $940 (includes water, sewer, and garbage), now vacant. This property offers immediate income for investors. The home features efficient gas forced air heating and a gas water heater, ensuring comfort and convenience. With public water and sewer services, essential utilities are readily managed. This home presents a fantastic opportunity to own a well-located property with steady rental income or to move in and customize to your liking. Don't miss out on this versatile Rochester gem! On street parking no private driveway.

Key facts

• Gas water heater
• Public sewer
• Street parking

Tags

• GAS FORCED AIR HEATING
• GAS WATER HEATER
• PUBLIC WATER
• PUBLIC SEWER
• STREET PARKING

🏷️ Possibly a rental listed for sale. The $117,000 price doesn't fit this home's estimated sale value (~$181,347) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $117k.

Deal economics

• At list price, monthly cash flow is $441 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $117k).
• Recommended offer: $106k (9.0% below list) — sets the bar for market timing.

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 (+7.9%/yr); 199 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $809 of loan paydown is wiped out by about $4k 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 + 7.9% rent growth), your $33k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $75k; list at $117k implies a 56% 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 $106,470 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.31% ✓
• Cap rate: 10.82%
• Cash-on-cash: 16.15%
• DSCR: 1.72
• GRM: 6.4

CMA / ARV

• ARV (median comp): $181,347
• List price: $117,000
• Delta: -35.48%
• 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
50 Bennett Ave	0.18mi	3/1.0 (+1)	1,224 (-4%)	4mo	$134,000	$109	73
109 Crossfield Rd	0.56mi	3/1.5 (+1)	1,279 (+1%)	4mo	$157,000	$123	62
227 Newcomb St	0.52mi	3/2.0 (+1)	1,372 (+8%)	1mo	$225,000	$164	56
1646 Norton St	0.29mi	3/1.5 (+1)	1,450 (+14%)	0mo	$135,000	$93	55
45 Newcomb St	0.73mi	3/1.0 (+1)	1,233 (-3%)	3mo	$110,000	$89	50
82 Willmont St	0.57mi	2/1.0	1,100 (-13%)	1mo	$155,000	$141	46
1824 Clifford Ave	0.70mi	3/1.0 (+1)	1,188 (-6%)	2mo	$62,500	$53	46
1822 Clifford Ave	0.70mi	3/1.0 (+1)	1,188 (-6%)	3mo	$95,000	$80	46
166 Lyceum St	0.51mi	3/1.0 (+1)	1,110 (-12%)	3mo	$140,000	$126	44
107 Arbutus St	0.60mi	3/2.0 (+1)	1,420 (+12%)	4mo	$127,500	$90	44
241 Knapp Ave	0.46mi	3/1.0 (+1)	1,088 (-14%)	4mo	$175,000	$161	43
223 Cummings St	0.73mi	3/1.0 (+1)	1,144 (-10%)	4mo	$90,000	$79	38

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 · 7.89% rent growth · sell at horizon

5-year hold

• IRR: 12.4%
• Equity multiple: 1.52×
• Total profit: $17,031
• Equity at exit: $17,445

10-year hold

• IRR: 24.8%
• Equity multiple: 3.65×
• Total profit: $86,889
• Equity at exit: $10,116

Cash invested: $32,760 (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 14609

• Home prices YoY: -30.4%
• Rents YoY: 7.9%
• Active inventory: 199
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,531 high
• Mortgage (P&I): −$614
• Tax from tax record: −$106 /mo · $1,277/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $441

Break-even live

Break-even rent $973

Max offer price $117,000

Occupancy floor 66%

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: $29,250
• Closing costs: $3,510
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
326 Northland Ave Rochester, NY	3.0	1.0	1168	$1,500	$1.28	2d	1	0.28mi
— Rochester, NY	2.0	1.0	896	$1,100	$1.23	14d	1	0.52mi
32 Portland Pkwy Rochester, NY	2.0	1.0	652	$1,485	$2.28	2d	8	0.56mi
95 Onondaga Rd Rochester, NY	1.0–2.0	1.0	825	$1,630	$1.98	2d	1	0.63mi
1890 Clifford Ave Rochester, NY	3.0	1.0	936	$1,800	$1.92	23d	1	0.69mi
36 Charwood Cir Irondequoit, NY	1.0–2.0	1.0–1.5	930	$2,005	$2.16	2d	9	0.70mi
36 Charwood Cir Irondequoit, NY	2.0	1.0–1.5	1000	$1,675	$1.68	43d	3	0.70mi
2450 Culver Rd Rochester, NY	3.0	1.5	1380	$2,400	$1.74	3d	1	0.73mi
2519 Culver Rd Rochester, NY	1.0–2.0	1.0	800	$1,395	$1.74	10d	4	0.73mi
171 Mohawk St Rochester, NY	3.0	2.0	1054	$1,775	$1.68	43d	1	0.81mi
811 Portland Ave Rochester, NY	2.0	1.0	1616	$1,300	$0.80	14d	1	0.83mi
222 Ellison St Rochester, NY	2.0	1.0	971	$1,000	$1.03	14d	1	0.90mi
86-88 Baycliff Dr Unit 86 Rochester, NY	2.0	1.0	900	$1,030	$1.14	21d	1	0.91mi
25 Trust St Rochester, NY	3.0	1.5	1003	$1,600	$1.60	3d	1	1.07mi
127 Carter St #125 Rochester, NY	2.0	1.0	1320	$1,400	$1.06	43d	1	1.08mi
100 Hulda Park Rochester, NY	1.0–2.0	1.0–1.5	3759	$782	$0.21	21d	1	1.08mi
176 Roycroft Dr Rochester, NY	3.0	1.0	1169	$950	$0.81	10d	1	1.11mi
182 Laurelton Rd Unit 182 Rochester, NY	2.0	1.5	1000	$1,600	$1.60	10d	1	1.17mi
2 Kings Ct Way Rochester, NY	1.0–2.0	1.0–1.5	999	$1,615	$1.62	2d	8	1.26mi
420 Rosewood Ter Rochester, NY	3.0	1.0	1246	$1,300	$1.04	3d	1	1.31mi
126 Parsells Ave Rochester, NY	3.0	1.0	1574	$1,800	$1.14	43d	1	1.40mi
126 Parsells Ave Rochester, NY	3.0	1.0	1574	$1,800	$1.14	21d	1	1.40mi
100 Fairbanks St Rochester, NY	2.0	1.0	1456	$1,100	$0.76	44d	1	1.40mi
1159 Culver Rd Unit A2 UP Rochester, NY	3.0	1.0	1313	$1,500	$1.14	43d	1	1.44mi
459-461 Parsells Ave Rochester, NY	2.0	1.0	1053	$1,450	$1.38	23d	1	1.45mi
239 Weyl St Rochester, NY	3.0	1.0	1208	$1,600	$1.32	19d	1	1.45mi

Listing history 27 events

1. 2026-06-18
   days on market $117,000 Active 104 DOM
2. 2026-06-17
   days on market $117,000 Active 103 DOM
3. 2026-06-16
   days on market $117,000 Active 102 DOM
4. 2026-06-15
   days on market $117,000 Active 101 DOM
5. 2026-06-13
   days on market $117,000 Active 99 DOM
6. 2026-06-13
   days on market $117,000 Active 98 DOM
7. 2026-06-10
   days on market $117,000 Active 96 DOM
8. 2026-06-09
   days on market $117,000 Active 95 DOM
9. 2026-06-09
   days on market $117,000 Active 94 DOM
10. 2026-06-07
    days on market $117,000 Active 93 DOM
11. 2026-06-05
    days on market $117,000 Active 90 DOM
12. 2026-06-03
    days on market $117,000 Active 89 DOM
13. 2026-06-03
    days on market $117,000 Active 88 DOM
14. 2026-06-01
    days on market $117,000 Active 87 DOM
15. 2026-05-31
    days on market $117,000 Active 86 DOM
16. 2026-03-06
    listed $117,000 Active 776-char remark

    Show marketing remark (776 chars)

    Charming Cape Cod in Rochester – Ideal for Investors or Homeowners! Discover the potential of 124 Gray St, a delightful 3-bedroom, 1-bath Cape Cod located in Rochester neighborhood. Previously was tenant-occupied with a month-to-month lease at $940 (includes water, sewer, and garbage), now vacant. This property offers immediate income for investors. The home features efficient gas forced air heating and a gas water heater, ensuring comfort and convenience. With public water and sewer services, essential utilities are readily managed. This home presents a fantastic opportunity to own a well-located property with steady rental income or to move in and customize to your liking. Don't miss out on this versatile Rochester gem! On street parking no private driveway.

17. 2026-02-11
    historical
18. 2026-01-21
    historical
19. 2026-01-14
    historical
20. 2025-08-26
    listed $117,000 Active
21. 2025-08-22
    historical
22. 2025-06-03
    listed $125,000 Active
23. 2022-07-28
    soldstatus $75,000
24. 2016-02-03
    soldstatus $100,000
25. 2013-06-05
    soldstatus $44,900
26. 1994-03-28
    soldstatus $48,500
27. 1993-06-30
    soldstatus $27,610

ⓘ 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: $1,277 · $106/mo
• Projected year-2 tax: $1,627 · $136/mo
• Expected delta: +$350/yr (+$29/mo · 27.4%)

ⓘ 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: $18,375
• − Mortgage interest: −$6,554
• − Property taxes: −$1,277
• − Insurance: −$585
• − Repairs & maintenance: −$1,470
• − Management: −$1,470
• − Depreciation: −$3,404
• Taxable income: $3,616
• Est. tax owed @ 24.0%: −$868
• After-tax cash flow: $4,424/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): 40,274
• Household income: $64,603
• Rent vs Own: 36.1% rent · 63.9% own
• Severe rent burden: 2183.0

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 0.69)
• Race & ethnicity: White 44% Black 28% Hispanic / Latino 20% Two or more races 10% Asian 2%
• Hispanic origin (detail): Puerto Rican 15% Cuban 1% Dominican 1%
• Common ancestry: Romanian 4% Lithuanian 2% Iranian 1%
• Foreign-born: 8% · Canada
• Languages at home: 81% English-only · Spanish 14% Russian/Polish/Slavic 2% Other Indo-European 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: ▼ -143.57%
• Current HPI: 328.7053
• Rent YoY: ▲ 7.89%
• 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

+323.8% since first listed

12 events — show timeline

• 2026-03-06 Listed $117,000 UNYREIS
• 2026-02-11 Listing Removed — UNYREIS
• 2026-01-21 Listing Removed — UNYREIS
• 2026-01-14 Listing Removed — UNYREIS
• 2025-08-26 Listed $117,000 UNYREIS
• 2025-08-22 Listing Removed — UNYREIS
• 2025-06-03 Listed $125,000 UNYREIS
• 2022-07-28 Sold (Public Records) $75,000 Public Records
• 2016-02-03 Sold (Public Records) $100,000 Public Records
• 2013-06-05 Sold (Public Records) $44,900 Public Records
• 1994-03-28 Sold (Public Records) $48,500 Public Records
• 1993-06-30 Sold (Public Records) $27,610 Public Records

Property tax history

+4.1%/yr

Latest (2025): $1,277 · +0.0% YoY. Source: county tax records.