35 Orchard St · Lockport, NY 14094

$129,900

5 bd · 2.0 ba · 2,004 sqft · MultiFamily public records · 1 Days on market

Built 1890 3,920 sqft lot Est $146k · 11% under

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Why this score? — see what drove the B+ 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 +12.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 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.

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

Property features AI

Finance

• Financial info: Two-unit multi-family with separate gas and electric meters for each unit; Unit 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 water; Operating expense details: see remarks

Exterior

• Parking: Detached or on-site gravel parking with two garage spaces; Additional two or more parking spaces
• Utilities: Cable available; High-speed internet available; Public water connected; Sewer connected; Circuit breaker electrical service
• Home design: Two-story building; Existing construction; Resale property
• Construction: Vinyl siding; Architectural shingle roof; Stone foundation; Built (existing structure)
• Exterior features: Covered porch

Interior

• Kitchen: Oven/Range; Refrigerator
• Bedrooms: One unit with 2 bedrooms; One unit with 3 bedrooms
• Flooring: Ceramic tile; Hardwood; Vinyl; Varied flooring
• Bathrooms: Two full bathrooms total (one full bath in each unit)
• Heating & cooling: Gas hot water heating
• Interior features: Partial basement; Formal dining room; Living room; Covered porch
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $130k).
• Cap rate 27.9% vs local median 4.5% 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); 357 active listings in the ZIP; solid renter incomes; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $4,202/mo this rent would consume 67% of the median local household income ($75k/yr) (locally 1112% of renters already pay >50% of income on rent) — 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 $898 of loan paydown is wiped out by about $4k 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 $36k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $28k; list at $130k implies a 372% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,900

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 3.23% ✓
• Cap rate: 27.92%
• Cash-on-cash: 77.23%
• DSCR: 4.44
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $146,292
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35 South St	0.07mi	5/3.0	2,070 (+3%)	14mo	$162,000	$78	76
87 Locust St	0.10mi	5/3.0	2,208 (+10%)	0mo	$20,000	$9	74
275 Genesee St	0.20mi	5/2.0	1,826 (-9%)	7mo	$100,000	$55	70
45 South St	0.08mi	6/3.0 (+1)	2,102 (+5%)	20mo	$100,000	$48	62
107 Spalding St	0.30mi	4/2.0 (-1)	1,836 (-8%)	6mo	$134,000	$73	62
14 Cave St	0.59mi	4/2.0 (-1)	2,056 (+3%)	11mo	$95,000	$46	54
267 Chestnut St	0.72mi	4/2.0 (-1)	2,016 (+1%)	9mo	$221,450	$110	53
114 Elmwood Ave	0.44mi	4/3.0 (-1)	1,764 (-12%)	7mo	$130,000	$74	45
192 Erie St	0.45mi	4/2.0 (-1)	1,872 (-7%)	22mo	$84,900	$45	45
179 Lock St	0.66mi	4/2.0 (-1)	2,275 (+14%)	11mo	$200,000	$88	32

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: 78.0%
• Equity multiple: 4.60×
• Total profit: $131,003
• Equity at exit: $19,369

10-year hold

• IRR: 81.8%
• Equity multiple: 9.75×
• Total profit: $318,371
• Equity at exit: $11,231

Cash invested: $36,372 (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 14094

• Rents YoY: 3.7%
• Active inventory: 357
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $4,202 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$243 /mo · $2,921/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$882
• Net cashflow: $2,341

Break-even live

Break-even rent $1,239

Max offer price $129,900

Occupancy floor 39%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.5	$4,203
Total (3 units)			$4,202

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-18
   remarks 432-char remark
2. 2026-06-18
   listed $129,900 Active 1 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: $50,424
• − Mortgage interest: −$7,276
• − Property taxes: −$2,921
• − Insurance: −$650
• − Repairs & maintenance: −$4,034
• − Management: −$4,034
• − Depreciation: −$3,779
• Taxable income: $27,730
• Est. tax owed @ 24.0%: −$6,655
• After-tax cash flow: $21,435/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.

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

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 · 157,377 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: 1112.0

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%

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%

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

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

+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.