Mark Updegraff acquired 166 Humboldt Street for $76,000 through Monroe County's January 2023 tax-foreclosure auction. The recorded tax deed shows nominal consideration of $1—a common recording treatment that does not represent the winning auction bid.

The 1940 bungalow was only 720 square feet, but the project was never approached as a cosmetic flip. Mark originally planned a high-quality short-term rental that could also give his parents a comfortable place to stay when they visited Rochester. As that plan became less practical, the property's role changed—but the construction standard did not.

Down to the studs

The interior was removed to the framing. Because the walls were open, the project also required hurricane straps and current-code improvements that would never have been part of a quick surface renovation. The work was completed under City of Rochester permits during 2024 and 2025.

  • Tear-off roof and replacement windows
  • New insulation, drywall, electrical, plumbing, and HVAC work
  • New flooring, kitchen, bathroom, and appliances
  • Finished basement laundry room
  • Quartz counters, oversized island, and designer lighting
  • Tiled fireplace wall and fully tiled bathroom
Open kitchen with quartz island and tiled fireplace wall
Open kitchen and tiled fireplace wall
Kitchen range set into an oversized quartz island
Oversized island and range
Renovated bathroom with tile shower and blue vanity
Fully rebuilt bathroom
Living area looking toward the completed kitchen
Living space after the full rebuild
Finished basement laundry room
Basement laundry room

The sale did not justify the investment

The finished property was listed for $149,900 in April 2025 and again in April 2026. Offers approached $200,000, but Mark's all-in basis was approximately $237,000. That gap was the consequence of building for durability and personal use rather than minimizing cost for resale.

The hold decisionA completed renovation does not require a sale. When the market would not recognize enough of the work, Mark kept the house and leased it at a strong rate rather than accepting a loss simply to force an exit.

The result: a better rental asset

The home now has an executed lease at $1,750 per month from June 1, 2026 through May 31, 2027. That is above the automated rental range shown in the property record, illustrating why finished condition and direct leasing evidence can matter more than a broad estimate.

The project is not a clean flip-success story. It is a more useful one: a plan changed, the resale market did not support the owner's basis, and a fully rebuilt property found a viable long-term use. Good real estate decisions are often about choosing the best option still available—not pretending the original plan worked exactly as forecast.

What this case study demonstrates

  • Acquisition price is only the beginning. A low basis does not make rehabilitation scope or capital risk disappear.
  • Construction quality affects exit flexibility. Building beyond a flip standard increased cost, but it also produced a differentiated rental.
  • Market feedback should change the plan. Near-$200,000 offers were meaningful, but they did not require a sale below the owner's basis.
  • Verified operating evidence matters. The signed lease provides a stronger rent signal than a generalized automated estimate.
Source note

Property facts and listing history were checked against Realist and the New York State MLS. The executed rent and lease dates were verified in Updegraff Management's Buildium records. The $76,000 acquisition price is corroborated by property-history data matched to the address and February 16, 2023 settlement date; the county-recorded tax deed lists nominal $1 consideration rather than the auction bid.

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