35 Orchard St · Lockport, NY 14094

$114,900

5 bd · 2.0 ba · 2,004 sqft · MultiFamily public records · 98 Days on market

Built 1890 Fair condition 3,920 sqft lot Garage $57/sqft · 39% below area Est $190k · 39% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.9/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Great investor or owner occupant 3/2 double. Large covered front porch has newer pressure treated decking & stairs to separate entrances. Long term tenants are happy to stay. Both units have HDWD flooring & formal dining rooms. Separate utilities, good mechanics & roof. Off street parking, 2 car garage. Showings can be scheduled for Mondays only between 1:00-7:00. Use side entrance for lower, left front entrance for upper. being sold as is, the seller will not do any repairs.

Key facts

• Separate utilities
• Hdwd flooring
• Formal dining rooms

Tags

• LARGE COVERED FRONT PORCH
• NEWER PRESSURE TREATED DECKING
• SEPARATE ENTRANCES
• HDWD FLOORING
• FORMAL DINING ROOMS
• SEPARATE UTILITIES

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $115k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $115k).
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• Cap rate 31.1% vs local median 3.0% in Lockport — 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 (#232 in NY, #3,669 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute D+, crime F, employment D-.
• Lockport City School District (town): math 44% / reading 49% proficiency, ranked #452 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.7%/yr); 589 active listings in the ZIP; solid renter incomes; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $4,142/mo this rent would consume 66% of the median local household income ($75k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Niagara County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $28k; list at $115k implies a 318% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $104,559 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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.
10. 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.
11. 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: 3.60% ✓
• Cap rate: 31.13%
• Cash-on-cash: 88.71%
• DSCR: 4.95
• GRM: 2.3

CMA / ARV

• ARV (median comp): $189,671
• List price: $114,900
• Delta: -39.42%
• 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
227 Genesee St	0.11mi	4/2.0 (-1)	2,004 (0%)	1mo	$77,000	$38	89
35 South St	0.07mi	5/3.0	2,070 (+3%)	17mo	$162,000	$78	73
87 Locust St	0.10mi	5/3.0	2,208 (+10%)	3mo	$20,000	$9	72
59 Ontario St	0.41mi	4/2.0 (-1)	2,076 (+4%)	2mo	$170,000	$82	68
275 Genesee St	0.20mi	5/2.0	1,826 (-9%)	10mo	$100,000	$55	68
133 Hawley St	0.50mi	4/2.0 (-1)	1,960 (-2%)	2mo	$110,000	$56	67
235 Niagara St	0.71mi	5/2.0	2,016 (+1%)	3mo	$185,400	$92	63
107 Spalding St	0.30mi	4/2.0 (-1)	1,836 (-8%)	9mo	$134,000	$73	59
14 Cave St	0.59mi	4/2.0 (-1)	2,056 (+3%)	14mo	$95,000	$46	52
267 Chestnut St	0.72mi	4/2.0 (-1)	2,016 (+1%)	12mo	$221,450	$110	50
114 Elmwood Ave	0.44mi	4/3.0 (-1)	1,764 (-12%)	10mo	$130,000	$74	42
179 Lock St	0.66mi	4/2.0 (-1)	2,275 (+14%)	14mo	$200,000	$88	30

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 · 3.67% rent growth · sell at horizon

5-year hold

• IRR: 90.1%
• Equity multiple: 5.22×
• Total profit: $135,793
• Equity at exit: $17,132

10-year hold

• IRR: 93.2%
• Equity multiple: 11.12×
• Total profit: $325,492
• Equity at exit: $9,934

Cash invested: $32,172 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 9 active · 13 under contract
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $155,700 ($77/sqft)
• Median days on market: 51 d
• This list price: 11% of active listings are priced below it
• ARV vs active asking: +23.3% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 14094

• Rents YoY: 3.7%
• Active inventory: 589
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $4,142 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$243 /mo · $2,921/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$870
• Net cashflow: $2,378

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.5	$4,143
Total (3 units)			$4,142

Break-even live

Break-even rent $1,131

Max offer price $114,900

Occupancy floor 38%

Sensitivity live

Price	-10% $2,443	-5% $2,411	+0% $2,378	+5% $2,346	+10% $2,313
Rent	-10% $2,051	-5% $2,215	+0% $2,378	+5% $2,542	+10% $2,706
Rate	-1.0pp $2,436	-0.5pp $2,408	base $2,378	+0.5pp $2,349	+1.0pp $2,318

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: $28,725
• Closing costs: $3,447
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
47 Waterman St Unit 3 Lockport, NY	2.0	1.0	1100	$1,150	$1.05	119d	1	0.06mi
42 Waterman St Lockport, NY	2.0	1.0	—	$950	—	99d	1	0.06mi
35 South St Lockport, NY	2.0	1.0	—	$900	—	10d	1	0.07mi
83 South St Lockport, NY	2.0	1.0	—	$950	—	62d	1	0.13mi
321 Washburn St Unit 1 Lockport, NY	3.0	1.0	—	$1,150	—	63d	1	0.24mi
327 High St Lockport, NY	1.0–2.0	1.0–2.0	690	$1,920	$2.78	0d	1	0.34mi
11 Beattie Ave Lockport, NY	3.0	1.0	1230	$1,800	$1.46	82d	1	0.51mi
189 West Ave Unit 1 Lockport, NY	2.0	1.0	—	$1,130	—	6d	1	0.63mi
480 South St Lockport, NY	2.0	1.0	960	$1,200	$1.25	0d	2	0.84mi
80 Charlotte St Unit 1 Lockport, NY	2.0	1.0	—	$975	—	97d	1	0.94mi
321 Beattie Ave Unit 3 Lockport, NY	2.0	1.0	—	$1,025	—	119d	1	0.99mi
4 Mc Cue Ave Unit Upper Lockport, NY	3.0	1.0	960	$1,100	$1.15	62d	1	1.01mi
53 Dayton St Lockport, NY	3.0	1.0	930	$1,150	$1.24	107d	1	1.11mi
574 S Transit St Lockport, NY	1.0–2.0	1.0	850	$1,055	$1.24	87d	1	1.14mi
6 Tudor Ln Lockport, NY	2.0	1.0	850	$1,150	$1.35	0d	1	1.19mi

Property features AI

Finance

• Financial info: Two-unit multi-family with separate gas and electric meters for each unitUnit rents: one unit at $750 (month-to-month), one unit at $800 (leased through May 31, 2027)Owner pays trash collection and water; rent includes trash collection and waterOperating expense details: see remarks

Exterior

• Parking: Detached or on-site gravel parking with two garage spacesAdditional two or more parking spaces
• Utilities: Cable availableHigh-speed internet availablePublic water connectedSewer connectedCircuit breaker electrical service
• Home design: Two-story buildingExisting constructionResale property
• Construction: Vinyl sidingArchitectural shingle roofStone foundationBuilt (existing structure)
• Exterior features: Covered porch

Interior

• Kitchen: Oven/RangeRefrigerator
• Bedrooms: One unit with 2 bedroomsOne unit with 3 bedrooms
• Flooring: Ceramic tileHardwoodVinylVaried flooring
• Bathrooms: Two full bathrooms total (one full bath in each unit)
• Heating & cooling: Gas hot water heating
• Interior features: Partial basementFormal dining roomLiving roomCovered porch
• Laundry & utility: Gas water heater

Listing history 50 events

1. 2026-09-24
   days on market $114,900 Active 98 DOM
2. 2026-09-23
   days on market $114,900 Active 97 DOM
3. 2026-09-22
   days on market $114,900 Active 96 DOM
4. 2026-09-21
   days on market $114,900 Active 95 DOM
5. 2026-09-20
   days on market $114,900 Active 94 DOM
6. 2026-09-19
   days on market $114,900 Active 93 DOM
7. 2026-09-18
   days on market $114,900 Active 92 DOM
8. 2026-09-17
   days on market $114,900 Active 91 DOM
9. 2026-09-16
   days on market $114,900 Active 90 DOM
10. 2026-09-15
    days on market $114,900 Active 89 DOM
11. 2026-09-14
    days on market $114,900 Active 88 DOM
12. 2026-09-13
    days on market $114,900 Active 87 DOM
13. 2026-09-12
    pricedays on market $114,900 Active 86 DOM
14. 2026-09-11
    days on market $119,900 Active 85 DOM
15. 2026-09-05
    days on market $119,900 Active 79 DOM
16. 2026-09-04
    days on market $119,900 Active 78 DOM
17. 2026-09-03
    days on market $119,900 Active 77 DOM
18. 2026-08-31
    days on market $119,900 Active 74 DOM
19. 2026-08-29
    days on market $119,900 Active 72 DOM
20. 2026-08-28
    days on market $119,900 Active 71 DOM
21. 2026-08-27
    days on market $119,900 Active 70 DOM
22. 2026-08-26
    days on market $119,900 Active 69 DOM
23. 2026-08-25
    days on market $119,900 Active 68 DOM
24. 2026-08-24
    days on market $119,900 Active 67 DOM
25. 2026-08-23
    days on market $119,900 Active 66 DOM
26. 2026-08-22
    days on market $119,900 Active 65 DOM
27. 2026-08-21
    days on market $119,900 Active 64 DOM
28. 2026-08-20
    days on market $119,900 Active 63 DOM
29. 2026-08-19
    days on market $119,900 Active 62 DOM
30. 2026-08-18
    price $119,900 Active 61 DOM
31. 2026-08-18
    days on market $129,900 Active 61 DOM
32. 2026-08-17
    days on market $129,900 Active 60 DOM
33. 2026-08-16
    days on market $129,900 Active 59 DOM
34. 2026-08-15
    days on market $129,900 Active 58 DOM
35. 2026-08-14
    days on market $129,900 Active 57 DOM
36. 2026-08-13
    days on market $129,900 Active 56 DOM
37. 2026-08-12
    days on market $129,900 Active 55 DOM
38. 2026-08-11
    days on market $129,900 Active 54 DOM
39. 2026-08-10
    days on market $129,900 Active 53 DOM
40. 2026-08-09
    days on market $129,900 Active 52 DOM
41. 2026-08-08
    days on market $129,900 Active 51 DOM
42. 2026-08-07
    days on market $129,900 Active 50 DOM
43. 2026-08-06
    days on market $129,900 Active 49 DOM
44. 2026-08-05
    days on market $129,900 Active 48 DOM
45. 2026-08-04
    days on market $129,900 Active 47 DOM
46. 2026-08-03
    days on market $129,900 Active 46 DOM
47. 2026-07-31
    days on market $129,900 Active 43 DOM
48. 2026-07-30
    days on market $129,900 Active 42 DOM
49. 2026-07-30
    days on market $129,900 Active 41 DOM
50. 2026-07-28
    days on market $129,900 Active 40 DOM

ⓘ 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: $2,921 · $243/mo
• Projected year-2 tax: $2,921 · $243/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,704
• − Mortgage interest: −$6,436
• − Property taxes: −$2,921
• − Insurance: −$574
• − Repairs & maintenance: −$3,976
• − Management: −$3,976
• − Depreciation: −$3,343
• Taxable income: $28,477
• Est. tax owed @ 24.0%: −$6,834
• After-tax cash flow: $21,705/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

Fair 45/100 Moderate rehab Est. rehab $50,100–$90,180 screening

This multi-family home requires moderate renovations, focusing on exterior siding and interior painting to improve its condition and appeal.

Components & finishes AI

Roof asphalt shingle · good

Deferred maintenance Est. $2,000–$8,000 screening

• Minor Roof (roof) — No visible signs of damage or wear on the roof.
• Minor Windows (windows) — No visible signs of damage or wear on the windows.
• Minor Electrical (electrical) — No visible signs of damage or wear on the electrical components.
• Minor Plumbing (plumbing) — No visible signs of damage or wear on the plumbing.

Repairs flagged

• Major exterior siding — Weathered and peeling
• Major interior walls/paint — Needs fresh paint

Value-add opportunities

• Resale paint exterior siding — Fresh paint enhances curb appeal ↑
• Rental paint interior walls — Fresh paint improves tenant satisfaction ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 69/100

Zoned Schools

Elementary Regan Intermediate School B NY #663/2,108 Nat'l #5,891/41,679 High Lockport High School B+ NY #659/1,100 Nat'l #1,751/17,239

Schools (NCES district)

• District: Lockport City School District
• NCES district ID: 3617670
• Math proficiency: 44% ▼ -7.00%
• Reading proficiency: 49% ▲ 3.00%
• Median HH income: $43,793
• Composite: 39.28/100
• National rank: #3997
• State rank: #452 of 590 in NY

B Composite livability gradescore 76/100

Livability — Lockport

• Score: 76/100
• State rank: #232
• US rank: #3669

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lockport, NY
• County: Niagara County · 204,149 people
• City population: 50,153
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 50,153
• Household income: $75,427
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 10% of renters

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Population outlook (Niagara County) Hauer SSP2

• Today (2025): 204,149 people
• By 2030: 197,900 · -3.1%
• By 2040: 182,239 · -10.7%
• By 2050: 165,198 · -19.1%
• By 2075: 129,416 · -36.6%
• By 2100: 96,222 · -52.9%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 6% Hispanic / Latino 3%
• Common ancestry: Romanian 9% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% Russian/Polish/Slavic 1% Other Indo-European 1%

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Political lean MEDSL · Niagara

• 2024 margin: R (+14.9) · D 42.5% · R 57.5%
• 2008→2024 swing: -15.9pp toward R · 2008: 1.0pp · 2024: -14.9pp
• All cycles: 2024: R+14.9 2020: R+9.7 2016: R+19.0 2012: D+0.6 2008: D+1.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -262.57%
• Current HPI: 303.6109
• Rent YoY: ▲ 3.67%
• Metro: Buffalo-Cheektowaga, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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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

Property features AI

Finance

• Financial info: Two-unit multi-family with separate gas and electric meters for each unitUnit rents: one unit at $750 (month-to-month), one unit at $800 (leased through May 31, 2027)Owner pays trash collection and water; rent includes trash collection and waterOperating expense details: see remarks

Exterior

• Parking: Detached or on-site gravel parking with two garage spacesAdditional two or more parking spaces
• Utilities: Cable availableHigh-speed internet availablePublic water connectedSewer connectedCircuit breaker electrical service
• Home design: Two-story buildingExisting constructionResale property
• Construction: Vinyl sidingArchitectural shingle roofStone foundationBuilt (existing structure)
• Exterior features: Covered porch

Interior

• Kitchen: Oven/RangeRefrigerator
• Bedrooms: One unit with 2 bedroomsOne unit with 3 bedrooms
• Flooring: Ceramic tileHardwoodVinylVaried flooring
• Bathrooms: Two full bathrooms total (one full bath in each unit)
• Heating & cooling: Gas hot water heating
• Interior features: Partial basementFormal dining roomLiving roomCovered porch
• Laundry & utility: Gas water heater

Price history

+372.4% since first listed

3 events — show timeline

• 2026-06-18 Listed $129,900 WNYREIS
• 2009-02-11 Sold (Public Records) $27,500 Public Records
• 2009-02-11 Sold (Public Records) $27,500 Public Records

Property tax history

+9.3%/yr

Latest (2025): $2,921 · +2.4% YoY. Source: county tax records.