503-505 Ridge Rd · Lackawanna, NY 14218

$249,900

6 bd · 3.0 ba · 3,276 sqft · MultiFamily · 21 Days on market

Built 1910 Poor condition 4,384 sqft lot

---

Why this score? — see what drove the D+ 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 +20.8/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +5.5/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Schools +2.0/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This is a fantastic multi-unit apartment building that is a great opportunity for owner occupancy or investment purposes. It has 3 fully rented sources of income and can be modified should you desire. There is a public parking lot directly across the street that is free and available for use. This treasure is walking distance to Our Lady of Victory National Shrine and Basilica, Botanical Gardens and expanding Waterfront. Don’t overlook this terrific opportunity.

Key facts

• New electric service
• New tear-off roof
• Finished attic

Tags

• NEW TEAR-OFF ROOF
• NEW ELECTRIC SERVICE
• FINISHED ATTIC
• HUGE PARKING LOT

Property features AI

Finance

• Other: Owner pays grounds care and water; rent includes gardener and water; Unit rent examples: 1-bedroom approx. $775, 2-bedroom approx. $995, 3-bedroom approx. $1,200; Some units are month-to-month; some leases extend into late 2026
• Financial info: 3 total rental units in the building; 4 units in the community; Separate gas meters for each of the 3 units; 4 separate electric meters; Operating expenses include insurance and maintenance (structure and general)

Exterior

• Parking: No driveway (on-street parking / parking available)
• Utilities: Public water (connected); Sewer connected; Cable available; Circuit breaker electric
• Home design: 3-story multi-unit residential building; Residential multi-use zoning; Main thoroughfare frontage; Existing property condition
• Construction: Aluminum siding; Block and concrete construction; Block foundation; Asphalt shingle roof; Copper and PEX plumbing; Built (existing structure)
• Exterior features: Deck; Partial fencing; Fence; Near public transit; Rectangular lot

Interior

• Kitchen: Oven/Range; Refrigerator; Eat-in kitchen or dining area in some units
• Bedrooms: Some units include 1 to 3 bedrooms (unit breakdown below)
• Flooring: Carpet; Ceramic tile; Hardwood; Laminate; Varies by unit
• Bathrooms: There are 3 full bathrooms in the property (unit breakdown below)
• Heating & cooling: Gas forced-air heating
• Interior features: Attic; Ceiling fan(s); Natural woodwork; Accessible bedroom; Accessible entrance; Bedroom on main level
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $250k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $344 ($4k/yr) — positive. Per door: $172/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 5.4% in Lackawanna — 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 75/100 on livability (#254 in NY, #4,026 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-, schools D+, employment D+.
• Lackawanna City School District (suburban): math 19% / reading 29% proficiency, ranked #588 of 590 in NY (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 92 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

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.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $129k; list at $250k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $246,151 (1.5% below list)

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 1.05% ✓
• Cap rate: 7.94%
• Cash-on-cash: 5.89%
• DSCR: 1.26
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $140,868
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
505 Ridge Rd #503	0.00mi	6/3.0	3,276 (0%)	24mo	$209,000	$64	80
138 Center St	0.27mi	5/4.0 (-1)	3,140 (-4%)	21mo	$135,000	$43	54
24 Michael Pl	0.23mi	5/3.0 (-1)	2,784 (-15%)	23mo	$52,000	$19	40

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.2%
• Equity multiple: 0.73×
• Total profit: $-18,572
• Equity at exit: $37,261

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $12,167
• 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 14218

• Home prices YoY: -9.2%
• Active inventory: 92
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $2,621 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$550
• Net cashflow: $344

Break-even live

Break-even rent $2,186

Max offer price $249,900

Occupancy floor 82%

Sensitivity live

Price	-10% $516	-5% $430	+0% $344	+5% $257	+10% $171
Rent	-10% $137	-5% $240	+0% $344	+5% $447	+10% $551
Rate	-1.0pp $469	-0.5pp $407	base $344	+0.5pp $279	+1.0pp $213

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$2,622
Total (2 units)			$2,621

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: —

Listing history 26 events

1. 2026-06-18
   days on market $249,900 Active 21 DOM
2. 2026-06-17
   days on market $249,900 Active 20 DOM
3. 2026-06-16
   days on market $249,900 Active 19 DOM
4. 2026-06-15
   days on market $249,900 Active 18 DOM
5. 2026-06-13
   days on market $249,900 Active 16 DOM
6. 2026-06-10
   days on market $249,900 Active 13 DOM
7. 2026-06-09
   days on market $249,900 Active 12 DOM
8. 2026-06-08
   days on market $249,900 Active 11 DOM
9. 2026-06-07
   days on market $249,900 Active 10 DOM
10. 2026-06-05
    days on market $249,900 Active 7 DOM
11. 2026-06-03
    days on market $249,900 Active 6 DOM
12. 2026-06-02
    days on market $249,900 Active 5 DOM
13. 2026-06-01
    days on market $249,900 Active 4 DOM
14. 2026-05-31
    days on market $249,900 Active 3 DOM
15. 2026-05-28
    listed $249,900 Active
16. 2022-01-06
    historical
17. 2021-12-18
    price $162,900
18. 2021-11-20
    price $164,900
19. 2021-10-21
    listed $169,900 Active
20. 2019-05-31
    soldstatus $129,000 Closed Sale or Rented 472-char remark

    Show marketing remark (472 chars)

    This is a fantastic multi-unit apartment building that is a great opportunity for owner occupancy or investment purposes. It has 3 fully rented sources of income and can be modified should you desire. There is a public parking lot directly across the street that is free and available for use. This treasure is walking distance to Our Lady of Victory National Shrine and Basilica, Botanical Gardens and expanding Waterfront. Don’t overlook this terrific opportunity.

21. 2019-04-26
    status Pending Sale 472-char remark

    Show marketing remark (472 chars)

    This is a fantastic multi-unit apartment building that is a great opportunity for owner occupancy or investment purposes. It has 3 fully rented sources of income and can be modified should you desire. There is a public parking lot directly across the street that is free and available for use. This treasure is walking distance to Our Lady of Victory National Shrine and Basilica, Botanical Gardens and expanding Waterfront. Don’t overlook this terrific opportunity.

22. 2019-04-26
    status Active 472-char remark

    Show marketing remark (472 chars)

    This is a fantastic multi-unit apartment building that is a great opportunity for owner occupancy or investment purposes. It has 3 fully rented sources of income and can be modified should you desire. There is a public parking lot directly across the street that is free and available for use. This treasure is walking distance to Our Lady of Victory National Shrine and Basilica, Botanical Gardens and expanding Waterfront. Don’t overlook this terrific opportunity.

23. 2019-04-25
    historical 472-char remark

    Show marketing remark (472 chars)

    This is a fantastic multi-unit apartment building that is a great opportunity for owner occupancy or investment purposes. It has 3 fully rented sources of income and can be modified should you desire. There is a public parking lot directly across the street that is free and available for use. This treasure is walking distance to Our Lady of Victory National Shrine and Basilica, Botanical Gardens and expanding Waterfront. Don’t overlook this terrific opportunity.

24. 2019-04-04
    status Active 472-char remark

    Show marketing remark (472 chars)

    This is a fantastic multi-unit apartment building that is a great opportunity for owner occupancy or investment purposes. It has 3 fully rented sources of income and can be modified should you desire. There is a public parking lot directly across the street that is free and available for use. This treasure is walking distance to Our Lady of Victory National Shrine and Basilica, Botanical Gardens and expanding Waterfront. Don’t overlook this terrific opportunity.

25. 2019-02-01
    status Under Contract- Do Not Show 472-char remark

    Show marketing remark (472 chars)

    This is a fantastic multi-unit apartment building that is a great opportunity for owner occupancy or investment purposes. It has 3 fully rented sources of income and can be modified should you desire. There is a public parking lot directly across the street that is free and available for use. This treasure is walking distance to Our Lady of Victory National Shrine and Basilica, Botanical Gardens and expanding Waterfront. Don’t overlook this terrific opportunity.

26. 2018-10-25
    listed $129,000 Active 472-char remark

    Show marketing remark (472 chars)

    This is a fantastic multi-unit apartment building that is a great opportunity for owner occupancy or investment purposes. It has 3 fully rented sources of income and can be modified should you desire. There is a public parking lot directly across the street that is free and available for use. This treasure is walking distance to Our Lady of Victory National Shrine and Basilica, Botanical Gardens and expanding Waterfront. Don’t overlook this terrific opportunity.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,452
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,516
• − Management: −$2,516
• − Depreciation: −$7,270
• Taxable income: $154
• Est. tax owed @ 24.0%: −$37
• After-tax cash flow: $4,086/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and updates to its exterior and interior, significantly impacting its current condition and value. Significant investment is needed to bring it up to a livable standard.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major interior walls and paint — No visible walls or paint
• Major bathrooms and kitchen — No visible areas

Value-add opportunities

• Both exterior siding repair — Improves curb appeal and value
• Both interior paint and wall repair — Enhances interior aesthetics and value
• Both bathroom and kitchen updates — Modernizes spaces and increases value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
interior walls and paint · No visible walls or paint	Major	$15,000–50,000
bathrooms and kitchen · No visible areas	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both exterior siding repair — Improves curb appeal and value ↑
• Both interior paint and wall repair — Enhances interior aesthetics and value ↑
• Both bathroom and kitchen updates — Modernizes spaces and increases value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lackawanna City School District
• NCES district ID: 3616440
• Math proficiency: 19% ▼ -10.00%
• Reading proficiency: 29% ▲ 3.00%
• Median HH income: $35,041
• Composite: 19.76/100
• National rank: #8708
• State rank: #588 of 590 in NY

Livability — Lackawanna

• Score: 75/100
• State rank: #254
• US rank: #4026

Category grades

Amenities F Commute A+ Cost of living A+ Crime C- Employment D+ Housing A+ Health & safety A- User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lackawanna, NY
• City population: 20,661
• Population (ZIP): 20,661

Population outlook (Erie County) Hauer SSP2

• Today (2025): 933,037 people
• By 2030: 935,181 · +0.2%
• By 2040: 928,531 · -0.5%
• By 2050: 905,725 · -2.9%
• By 2075: 834,037 · -10.6%
• By 2100: 708,033 · -24.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 13% Hispanic / Latino 10% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Romanian 18% Lithuanian 2% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 80% English-only · Arabic 11% Spanish 6% Russian/Polish/Slavic 1%

Political lean MEDSL · Erie

• 2024 margin: Lean D (+9.7) · D 54.8% · R 45.2%
• 2008→2024 swing: -7.9pp toward R · 2008: 17.5pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+14.7 2016: D+4.8 2012: D+15.6 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.44%
• Current HPI: 389.0188
• Rent YoY: —
• Metro: —
• 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

+93.7% since first listed

12 events — show timeline

• 2026-05-28 Listed $249,900 WNYREIS
• 2022-01-06 Listing Removed — WNYREIS
• 2021-12-18 Price Changed $162,900 WNYREIS
• 2021-11-20 Price Changed $164,900 WNYREIS
• 2021-10-21 Listed $169,900 WNYREIS
• 2019-05-31 Sold (MLS) $129,000 WNYREIS
• 2019-04-26 Pending — WNYREIS
• 2019-04-26 Relisted — WNYREIS
• 2019-04-25 Listing Removed — WNYREIS
• 2019-04-04 Relisted — WNYREIS
• 2019-02-01 Pending — WNYREIS
• 2018-10-25 Listed $129,000 WNYREIS