56 Nicholson St · Rochester, NY 14620

$99,900

4 bd · 1.0 ba · 1,386 sqft · SingleFamily public records · 7 Days on market

Built 1890 3,526 sqft lot $72/sqft · 60% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

LOOKING FOR A PROJECT?! Opportunity is knocking in the heart of the South Wedge! This home is packed with potential and perfectly positioned in one of Rochester’s most desirable and walkable neighborhoods - close to Highland Park, Highland & Strong Hospital, and some of the city’s best dining and nightlife. Inside, you’ll find a spacious and functional floor plan featuring 4 bedrooms, a large bathroom, and expansive living spaces looking for your personal touch. A generously sized first-floor bedroom offers flexibility, while upstairs you’ll find the additional 3 large bedrooms. Original hardwood floors and trim run throughout the home—just waiting to be

Key facts

• 3,526 sq ft lot
• Parking
• Built 1890

Property features AI

Finance

• Other: Rectangular residential lot (approx. 32 x 107 feet)

Exterior

• Parking: No garage; Driveway
• Utilities: Electricity connected; Public water connected; Sewer connected
• Home design: Two-story house; Resale property
• Construction: Wood siding; Spray foam insulation; Architectural shingle roof; Stone foundation; Existing construction
• Exterior features: Fully fenced yard; See remarks

Interior

• Kitchen: Eat-in kitchen; Walk-in pantry
• Bedrooms: One bedroom on the main level
• Flooring: Hardwood; Varies
• Bathrooms: One full bathroom
• Heating & cooling: Gas forced-air heating
• Interior features: Separate/formal dining room; Eat-in kitchen; Walk-in pantry; Natural woodwork; Has basement (full)
• Laundry & utility: Laundry in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $910 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 17.2% 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 (+1.2%/yr); 74 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• This rent runs 39% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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 + 1.2% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,900

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.02% ✓
• Cap rate: 17.22%
• Cash-on-cash: 39.04%
• DSCR: 2.74
• GRM: 4.1

CMA / ARV

• ARV (median comp): $247,634
• List price: $99,900
• Delta: -59.66%
• 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
185 Caroline St	0.15mi	3/1.0 (-1)	1,334 (-4%)	1mo	$242,005	$181	81
24 Goebel Pl	0.15mi	3/2.0 (-1)	1,430 (+3%)	3mo	$248,000	$173	76
262 Linden St	0.27mi	4/1.0	1,532 (+10%)	5mo	$175,000	$114	65
755 Goodman St S	0.32mi	3/1.0 (-1)	1,220 (-12%)	1mo	$153,500	$126	59
61 Allmeroth St	0.48mi	3/1.0 (-1)	1,289 (-7%)	3mo	$244,000	$189	59
38 Hamilton St	0.44mi	3/1.0 (-1)	1,290 (-7%)	6mo	$210,000	$163	58
521 Benton St	0.65mi	3/1.0 (-1)	1,440 (+4%)	1mo	$250,000	$174	57
461 Benton St	0.57mi	4/1.5	1,500 (+8%)	1mo	$270,000	$180	57
24 Bloomfield Pl	0.41mi	3/2.0 (-1)	1,241 (-10%)	1mo	$215,000	$173	54
383 Benton St	0.48mi	3/1.5 (-1)	1,257 (-9%)	5mo	$255,000	$203	51
890 South Goodman St	0.41mi	4/2.0	1,586 (+14%)	4mo	$215,000	$136	50
56 Alpine St	0.59mi	3/1.5 (-1)	1,232 (-11%)	6mo	$375,000	$304	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 · 1.2% rent growth · sell at horizon

5-year hold

• IRR: 33.2%
• Equity multiple: 2.37×
• Total profit: $38,201
• Equity at exit: $14,895

10-year hold

• IRR: 39.2%
• Equity multiple: 4.35×
• Total profit: $93,782
• Equity at exit: $8,638

Cash invested: $27,972 (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 14620

• Home prices YoY: -20.1%
• Rents YoY: 1.2%
• Active inventory: 74
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $2,019 high
• Mortgage (P&I): −$524
• Tax from tax record: −$120 /mo · $1,439/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$424
• Net cashflow: $910

Break-even live

Break-even rent $868

Max offer price $99,900

Occupancy floor 50%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
416 Gregory St Unit Down Rochester, NY	3.0	1.0	1374	$1,995	$1.45	23d	1	0.17mi
256 Gregory St Rochester, NY	3.0	1.0	1150	$1,700	$1.48	43d	1	0.19mi
355 Caroline St Rochester, NY	3.0	1.0	1143	$1,650	$1.44	21d	1	0.30mi
271 Pearl St Unit 273 Rochester, NY	3.0	1.0	1200	$1,795	$1.50	3d	1	0.34mi
507 Meigs St Rochester, NY	3.0	1.0	1577	$1,650	$1.05	43d	1	0.36mi
106 Gregory St Rochester, NY	3.0	1.5	1680	$1,995	$1.19	23d	1	0.39mi
261 Henrietta St Rochester, NY	3.0	1.0	1200	$1,600	$1.33	10d	1	0.68mi
948 Monroe Ave Rochester, NY	3.0	1.0	1200	$1,850	$1.54	10d	1	0.93mi
948 Monroe Ave Rochester, NY	3.0	1.0	1200	$1,850	$1.54	2d	1	0.93mi
188 Laney Rd Rochester, NY	3.0	1.5	1604	$2,350	$1.47	2d	1	1.03mi
1600 Elmwood Ave Rochester, NY	3.0	1.0–2.0	824	$2,089	$2.54	18d	1	1.10mi
260 E Main St Rochester, NY	3.0	1.0–2.0	1144	$2,999	$2.62	3d	14	1.17mi
95 Elmwood Ter Rochester, NY	1.0–3.0	1.0–1.5	1107	$2,255	$2.04	2d	19	1.20mi
59 Gold St Rochester, NY	3.0	1.5	1264	$2,000	$1.58	43d	1	1.23mi
193 Reynolds St Rochester, NY	3.0	1.5	1342	$1,800	$1.34	21d	1	1.26mi
249 1/2 Columbia Ave #249 Rochester, NY	3.0	1.0	1600	$1,300	$0.81	14d	1	1.28mi
839 Elmwood Ave Rochester, NY	3.0	1.0	1500	$2,600	$1.73	23d	1	1.34mi
733 University Ave #3 Rochester, NY	3.0	1.5	1400	$1,850	$1.32	43d	1	1.36mi
36 Morningside Park Rochester, NY	4.0	1.0	1446	$2,400	$1.66	3d	1	1.36mi
478 Tremont St Rochester, NY	3.0	2.0	1424	$1,500	$1.05	43d	1	1.42mi
214 Culver Rd Apt 2 Rochester, NY	3.0	1.0	1700	$2,400	$1.41	14d	1	1.47mi
192 Bartlett St Unit 192 Rochester, NY	3.0	1.0	1099	$1,295	$1.18	14d	1	1.49mi
367 Hawley St Rochester, NY	4.0	1.5	1210	$1,395	$1.15	43d	1	1.49mi

Listing history 2 events

1. 2026-05-15
   status Pending 1240-char remark
2. 2026-05-07
   listed $99,900 Active 1240-char remark

ⓘ 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: $1,439 · $120/mo
• Projected year-2 tax: $1,563 · $130/mo
• Expected delta: +$125/yr (+$10/mo · 8.7%)

ⓘ 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 ≥96°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: $24,233
• − Mortgage interest: −$5,596
• − Property taxes: −$1,439
• − Insurance: −$500
• − Repairs & maintenance: −$1,939
• − Management: −$1,939
• − Depreciation: −$2,906
• Taxable income: $9,915
• Est. tax owed @ 24.0%: −$2,380
• After-tax cash flow: $8,540/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): 23,769
• Household income: $61,783
• Rent vs Own: 70.8% rent · 29.2% own
• Severe rent burden: 2013.0

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 (68%)
• Race & ethnicity: White 68% Black 12% Asian 9% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 2%
• Foreign-born: 13% · China, Canada, South Korea
• Languages at home: 85% English-only · Chinese 4% Spanish 4% Other Indo-European 3%

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: ▼ -84.77%
• Current HPI: 337.6917
• Rent YoY: ▲ 1.20%
• 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

2 events — show timeline

• 2026-05-15 Pending — UNYREIS
• 2026-05-07 Listed $99,900 UNYREIS

Property tax history

+5.3%/yr

Latest (2025): $1,439 · +7.9% YoY. Source: county tax records.