481 Meigs St · Rochester, NY 14607

$249,900

4 bd · 3.0 ba · 2,192 sqft · MultiFamily public records · 9 Days on market

Built 1900 5,600 sqft lot $114/sqft · 50% below area Est $497k · 50% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• 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: 3 units. confirmed

Listing remarks

Welcome to 481 Meigs Street (14607)! This classic three-family home offers excellent potential for long-term investment income. Located in the heart of Rochester’s highly desirable Pearl–Meigs–Monroe neighborhood, you’ll enjoy close proximity to local dining, shopping, and entertainment. The upper is a 1 bed, 1 bath unit is currently rented for $1,050/mo. The lower unit, also rented for $1,050 per month, is a 2 bed, 1 bath unit. The Studio is a short term rental and rented through Air BNB. Bookings are through June, but not beyond. This Studio comes fully furnished making it completely turnkey averaging 1260/mo. Additional features include a basement with coin-operat

Key facts

• Newer furnaces
• Three family home
• Newer roof

Tags

• THREE FAMILY HOME
• COIN OPERATED LAUNDRY
• NEWER ROOF
• NEWER FURNACES
• FRESHLY PAINTED EXTERIOR
• HARDWOOD FLOORS

Property features AI

Finance

• Financial info: Property configured as 3 units with separate gas and electric meters (3 each); Owner pays trash collection and water; Operating expenses include water and sewer

Exterior

• Parking: Attached/accessible garage with 3 spaces; Two or more parking spaces; see remarks
• Utilities: Public water connected; Sewer connected
• Home design: 2-story building; Existing/resale property; Wood siding exterior
• Construction: Wood siding construction
• Exterior features: Rectangular residential lot; Near public transit; City street frontage; Lot dimensions approximately 40 x 140

Interior

• Bedrooms: Total of 3 dwelling units (bedroom counts per unit not provided)
• Flooring: Hardwood flooring; Tile flooring; Varied flooring types across units
• Bathrooms: Three full bathrooms (total across property)
• Heating & cooling: Gas, forced air heating
• Interior features: Full basement; Hardwood and tile flooring; varies by unit; Gas water heater

🏷️ Possibly a rental listed for sale. The $249,900 price doesn't fit this home's estimated sale value (~$496,826) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2×1bd/1ba + 1×2bd/1ba units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $446/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Cap rate 12.7% 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 (+4.6%/yr); 56 active listings in the ZIP; 14 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).
• At $3,742/mo this rent would consume 75% of the median local household income ($60k/yr) (locally 2034% 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 $7k 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 + 4.6% rent growth), your $70k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $140k; list at $250k implies a 78% 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 $249,900

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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.50% ✓
• Cap rate: 12.71%
• Cash-on-cash: 22.93%
• DSCR: 2.02
• GRM: 5.6

CMA / ARV

• ARV (median comp): $496,826
• List price: $249,900
• Delta: -49.70%
• 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
20 Boardman St	0.29mi	4/3.0	2,174 (-1%)	10mo	$310,000	$143	77
39 Edmonds St	0.09mi	4/2.0	2,125 (-3%)	15mo	$273,000	$128	74
525 Averill Ave	0.09mi	3/3.0 (-1)	1,975 (-10%)	1mo	$250,000	$127	74
46 Boardman St	0.27mi	4/2.0	2,208 (+1%)	12mo	$242,500	$110	72
262 Pearl St	0.06mi	3/2.0 (-1)	2,394 (+9%)	10mo	$244,500	$102	64
467-469 Pearl St	0.22mi	3/3.0 (-1)	1,920 (-12%)	9mo	$295,000	$154	57
1110 Clinton Ave S	0.57mi	3/3.0 (-1)	2,126 (-3%)	8mo	$310,275	$146	56
11-13 Raymond St	0.64mi	4/2.0	2,214 (+1%)	14mo	$230,500	$104	53
134 Benton St	0.51mi	5/3.0 (+1)	2,064 (-6%)	11mo	$255,000	$124	53
122-124 Gregory St	0.68mi	4/2.0	2,253 (+3%)	9mo	$350,000	$155	52
49 Rowley St	0.25mi	4/2.0	2,432 (+11%)	18mo	$325,000	$134	51
95 Wilmington St	0.55mi	4/2.0	2,001 (-9%)	11mo	$232,000	$116	46

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 · 4.6% rent growth · sell at horizon

5-year hold

• IRR: 17.6%
• Equity multiple: 1.73×
• Total profit: $50,756
• Equity at exit: $37,261

10-year hold

• IRR: 27.1%
• Equity multiple: 3.57×
• Total profit: $179,737
• Equity at exit: $21,607

Cash invested: $69,972 (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 14607

• Home prices YoY: -10.7%
• Rents YoY: 4.6%
• Active inventory: 56
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $3,742 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$205 /mo · $2,457/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$786
• Net cashflow: $1,337

Break-even live

Break-even rent $2,050

Max offer price $249,900

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,412
1× unit	2	1	$1,329
Total (3 units)			$3,742

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
507 Meigs St Rochester, NY	3.0	1.0	1577	$1,650	$1.05	43d	1	0.05mi
42 Wilcox St Rochester, NY	3.0	1.0	2184	$1,695	$0.78	44d	1	0.36mi
256 Oxford St Unit 1 Rochester, NY	3.0	1.0	2050	$3,000	$1.46	14d	1	0.63mi
106 Gregory St Rochester, NY	3.0	1.5	1680	$1,995	$1.19	23d	1	0.72mi
34 Shepard St Rochester, NY	4.0	1.5	2347	$800	$0.34	43d	1	0.74mi
733 University Ave #3 Rochester, NY	3.0	1.5	1400	$1,850	$1.32	43d	1	0.95mi
260 E Main St Rochester, NY	3.0	1.0–2.0	1144	$2,999	$2.62	3d	14	1.00mi
36 Morningside Park Rochester, NY	4.0	1.0	1446	$2,400	$1.66	3d	1	1.01mi
95 Parkwood Ave Rochester, NY	5.0	2.5	2000	$3,900	$1.95	11d	1	1.09mi
214 Culver Rd Apt 2 Rochester, NY	3.0	1.0	1700	$2,400	$1.41	14d	1	1.13mi
57 Calumet St Rochester, NY	3.0	3.0	2500	$2,250	$0.90	14d	1	1.26mi
1 Champeney Ter Rochester, NY	3.0	1.0	1936	$1,650	$0.85	14d	1	1.28mi
188 Laney Rd Rochester, NY	3.0	1.5	1604	$2,350	$1.47	2d	1	1.37mi
95 Elmwood Ter Rochester, NY	1.0–3.0	1.0–1.5	1107	$2,255	$2.04	2d	19	1.46mi

Listing history 4 events

1. 2026-05-14
   status Pending 1161-char remark
2. 2026-05-05
   listed $249,900 Active 1161-char remark
3. 2017-05-26
   soldstatus $140,000
4. 2017-02-08
   soldstatus $180,000

ⓘ 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: $2,457 · $205/mo
• Projected year-2 tax: $3,340 · $278/mo
• Expected delta: +$883/yr (+$74/mo · 35.9%)

ⓘ 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,904
• − Mortgage interest: −$13,998
• − Property taxes: −$2,457
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,592
• − Management: −$3,592
• − Depreciation: −$7,270
• Taxable income: $12,745
• Est. tax owed @ 24.0%: −$3,059
• After-tax cash flow: $12,983/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): 17,891
• Household income: $59,787
• Rent vs Own: 81.7% rent · 18.3% own
• Severe rent burden: 2034.0

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: Predominantly White (78%)
• Race & ethnicity: White 78% Black 8% Two or more races 7% Hispanic / Latino 6% Asian 2%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Romanian 5% Slovak 4% Scotch-Irish 2%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 90% English-only · Spanish 5% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -35.72%
• Current HPI: 297.8107
• Rent YoY: ▲ 4.60%
• 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

+38.8% since first listed

4 events — show timeline

• 2026-05-14 Pending — UNYREIS
• 2026-05-05 Listed $249,900 UNYREIS
• 2017-05-26 Sold (Public Records) $140,000 Public Records
• 2017-02-08 Sold (Public Records) $180,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $2,457 · -7.8% YoY. Source: county tax records.