Score
0Rochester, NY
362 Wilkins St
10K
2 beds
1 baths
978 sqft
2 bd • 1 ba • 978 sf
This analysis was generated on 2/7/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$10,000
Price/Sq.Ft
$10
Year Built
1902
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
• Extremely Low Purchase Price: At $10,000, the property is significantly below the median home price in Rochester, offering a potentially lucrative investment opportunity for those willing to undertake extensive renovations. The price per square foot is $10.22, far below market value.
• Minimal Climate Risks: The property has minimal flood, fire, and wind risks (1/10), reducing potential insurance costs and environmental concerns.
• Connected to City Utilities: The property is connected to city sewer and water, simplifying future renovations and reducing the need for costly infrastructure upgrades.
• Proximity to City Amenities: Despite its challenges, the property is located within Rochester, providing access to city amenities, transportation, and services.
The Bad
• Extensive Damage: The property has sustained fire damage, mold contamination, and damage from squatters, requiring significant repairs and remediation. The listing explicitly states it is a "diamond in the rough" and "not for the faint of heart."
• No Certificate of Occupancy (C of O): The property lacks a current C of O, meaning it is not legally habitable. Obtaining a C of O requires bringing the property up to code, which can be a lengthy and expensive process.
• Unknown Utilities and Systems: The listing notes "Gas, Other, See Remarks, None" for utilities and systems, indicating uncertainty about their condition and functionality. Comprehensive inspections are needed to assess the extent of repairs needed.
• Poor School District: The property is located within a school district with low ratings (2/10), which may deter families with children.
• Negative Property History: The property has a history of price reductions and failed sales, suggesting underlying issues that may concern potential buyers. The property has been on the market for 24 days.
The Ugly
• High Renovation Costs: Repairing fire damage, remediating mold, and addressing structural issues can be extremely expensive. Renovation costs could easily exceed the purchase price by a factor of 5-10x, depending on the extent of the damage.
• Uncertain Timeline: Obtaining permits, completing renovations, and securing a Certificate of Occupancy can be a lengthy and unpredictable process. Delays can add to holding costs and impact the return on investment.
• Potential for Hidden Problems: Older homes often have hidden problems, such as asbestos, lead paint, or outdated electrical systems, which can add to renovation costs and complexity.
• Neighborhood Concerns: While not explicitly stated, the property's history of squatters and the surrounding neighborhood's median income ($30,296) suggest potential safety concerns and limited appreciation potential.
• "Homemade Water Feature": The listing mentions a "homemade water feature" in the basement, which is likely indicative of significant water damage or plumbing issues.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
• Seasoned Real Estate Investors: Suited for those comfortable with high-risk, high-reward projects. The low purchase price allows for a potentially high return on investment after significant renovations. Investors familiar with Rochester's market and renovation costs will be best positioned to evaluate the property's potential.
• Contractors or Individuals Skilled in Home Renovation: The property's extensive damage necessitates hands-on expertise in various construction trades, including fire damage repair, mold remediation, plumbing, and electrical work.
• Buyers with Cash or Alternative Financing Options: Traditional mortgage financing is unlikely due to the property's condition. Buyers should have access to cash, hard money loans, or other financing options suitable for distressed properties.
• Individuals Seeking a Project: This property is ideal for those looking for a significant renovation project, with the understanding that it will require substantial time, effort, and financial resources.
Not For
• First-Time Homebuyers: The property's extensive damage and complex renovation requirements make it unsuitable for inexperienced buyers. Navigating fire damage repair, mold remediation, and obtaining a Certificate of Occupancy can be overwhelming.
• Buyers Seeking Move-In Ready Homes: The property requires significant renovations before it can be habitable. Buyers needing immediate housing should avoid this property.
• Buyers with Limited Budgets: The low purchase price is misleading, as substantial funds are needed for renovations. Buyers with limited financial resources may struggle to complete the necessary repairs and could face financial hardship.
• Individuals Unfamiliar with Rochester's Real Estate Market: Understanding local building codes, permitting processes, and contractor costs is essential for successful renovation projects. Buyers unfamiliar with the Rochester market may encounter unexpected challenges.
Demographics
Area Median Income
$30,296
Property History
Price History
Ownership Timeline
$17,500Cash Purchase
Jul 21, 2023Jonathan Vega VelezBig Apple Taxi Solutions Llc
Warranty Deed
Non-Residential Arm's Length Transactions
$15,000Cash Purchase
Oct 24, 2019Juan J RodriguezJonathan Vega Velez
Warranty Deed
Standard Sale (Purchase/Resales)
$14,000Cash Purchase
Nov 19, 2014James L WestJuan J Rodriguez
Warranty Deed
Standard Sale (Purchase/Resales)
$13,500Cash Purchase
Jan 11, 2009Maria RamosJames L West
Warranty Deed
Standard Sale (Purchase/Resales)
Property Taxes
$0
2023 Tax Assessment
Assessed Value$25,200
Tax Rate0.00%
Sunlight Analysis
Visualize how sunlight affects this property throughout the day and year.
Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
3.3/10
Below AverageMiddle
3.0/10
Below AverageFinancials
Monthly Costs
Market Rent (2 bed)
Get a detailed estimate on Zillow$1,186
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$10,000
Price/sqft
$10
Layout
2 bd•1 ba
Days on market
24 daysat time of analysis
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$71,000
85.9%
Your price is 85.9% below average
Median Price
$70,000
85.7%
Based on 6 recent sales
Price per Sq.Ft
$78
86.9%
Your price is 86.9% below average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 416 Roycroft Drive, Rochester, NY 14621 | $30,500 | 888 | 3 | 1 | $34235.9% | 12/1/2024 |
| 265 Saint Casimir Street, Rochester, NY 14621 | $115,000 | 830 | 2 | 1 | $1391255.1% | 11/20/2024 |
| 515 Hollenbeck Street, Rochester, NY 14621 | $60,000 | 840 | 3 | 1 | $71598.6% | 10/22/2024 |
| 57 Milan Street, Rochester, NY 14621 | $115,500 | 1,097 | 3 | 1 | $105929.7% | 10/4/2024 |
| 43 Ernst Street, Rochester, NY 14621 | $70,000 | 819 | 2 | 1 | $85735.9% | 10/15/2024 |
| 112 Bernard Street, Rochester, NY 14621 | $35,000 | 984 | 2 | 1 | $36247.9% | 8/15/2024 |
416 Roycroft Drive, Rochester, NY 14621
Price: $30,500
Sq.Ft: 888
Beds/Baths: 3/1
$/Sq.Ft:
$34235.9%
Sale Date: 12/1/2024
265 Saint Casimir Street, Rochester, NY 14621
Price: $115,000
Sq.Ft: 830
Beds/Baths: 2/1
$/Sq.Ft:
$1391255.1%
Sale Date: 11/20/2024
515 Hollenbeck Street, Rochester, NY 14621
Price: $60,000
Sq.Ft: 840
Beds/Baths: 3/1
$/Sq.Ft:
$71598.6%
Sale Date: 10/22/2024
57 Milan Street, Rochester, NY 14621
Price: $115,500
Sq.Ft: 1,097
Beds/Baths: 3/1
$/Sq.Ft:
$105929.7%
Sale Date: 10/4/2024
43 Ernst Street, Rochester, NY 14621
Price: $70,000
Sq.Ft: 819
Beds/Baths: 2/1
$/Sq.Ft:
$85735.9%
Sale Date: 10/15/2024
112 Bernard Street, Rochester, NY 14621
Price: $35,000
Sq.Ft: 984
Beds/Baths: 2/1
$/Sq.Ft:
$36247.9%
Sale Date: 8/15/2024
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