$18,300 in annual rent on a $97,000 Rochester duplex. What do you actually keep?

I went back through some of our Rochester multifamily listings. Three examples show why I want to see more than the asking price and monthly rent before deciding whether something looks interesting.

I'm leaving the addresses out. These are MLS figures, not audited operating results.

1. The duplex with an 18.9% gross yield

This property sold for $97,000. Listed rents totaled $1,525 a month, or $18,300 annually.

That gets your attention.

But the listing also reported:

• Operating expenses: $9,951

• Property taxes: $3,901

• Net operating income: $4,448

Those figures reconcile when taxes are deducted separately from the operating expense amount. The reported NOI works out to about 4.6% of the sale price, before financing.

What about utilities? The MLS showed separate gas, electric and heat. Water, lawn maintenance, snow removal and refuse were included in rent. It didn't provide the full expense breakdown, so I wouldn't attribute the whole difference to utilities.

The gross rent looked strong. The reported amount left over told a different story—and we still hadn’t established a budget for future capital work.

2. The duplex with $2,200 a month in potential rent

Another listing was asking $149,900, with estimated rents totaling $2,200 a month.

Annualize that and you get $26,400—about a 17.6% gross yield.

The detail that matters: both apartments were vacant. Those were estimated market rents.

Before treating that number as income, I’d want to establish what it takes to get the units ready, whether those rents are achievable, how long leasing will take, and what the building costs to carry in the meantime.

A rent estimate can be useful. It doesn’t pay the bills during lease-up.

3. The four-unit where taxes took 30% of scheduled rent

A South Wedge four-unit sold for $452,500. Listed rents totaled $53,760 annually, roughly an 11.9% gross yield.

Listed annual taxes were $16,358.

That leaves $37,402 before insurance, repairs, management, vacancy and any other operating costs. That remaining amount is not NOI.

The listing also described updated roof, windows, siding and HVAC. Those details deserve attention, along with their age and condition. Replacement costs can materially change how two buildings compare.

None of these examples, by themselves, proves a property was a good or bad purchase.

They show where the questions start.

Who pays each bill? What is actually being collected? What do the leases and payment records show? What needs replacing? What does management cost—even if you’re doing it yourself? How does that particular block affect leasing and achievable rent?

Rochester multifamily can offer compelling opportunities. But gross yield isn’t a cap rate, and an occupied apartment doesn’t establish reliable collections.

The useful number is what remains after you account for how that specific building operates.

What expense or assumption most often changes your view of a deal once you get into the details?