1540 Whitney Ave · Niagara Falls, NY 14301

$99,000

6 bd · 3.0 ba · 2,550 sqft · MultiFamily public records

Built 1925 3,927 sqft lot Est $97k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +6.5/15.0
• Rent growth +4.7/5.0
• Livability +3.0/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Large 2-Family house each with 3 bedrooms. Natural woodwork, hardwood floors, detached 2 car garage, circuit breakers, newer roof, separate utilities and more. Property management in place. Sold as-is.

Key facts

• 3,927 sq ft lot
• 2 garage spots
• Built 1925

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $99k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $716/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $99k).
• Cap rate 23.7% vs local median 7.7% in Niagara Falls — 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 60/100 on livability (#956 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Niagara Falls City School District (urban): math 26% / reading 34% proficiency, ranked #578 of 590 in NY (top 98%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.8%/yr); 164 active listings in the ZIP; lower-income renter base — watch delinquency; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,701/mo this rent would consume 94% of the median local household income ($35k/yr) (locally 954% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $11k of equity ($684 loan paydown + $10k appreciation (10.0% local appreciation)).
• Niagara County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $28k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 15y 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 $48k; list at $99k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,000

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. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 2.73% ✓
• Cap rate: 23.66%
• Cash-on-cash: 62.01%
• DSCR: 3.76
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $96,900
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1113 Whitney Ave	0.33mi	7/3.0 (+1)	2,504 (-2%)	8mo	$48,000	$19	70
1813 South Ave	0.37mi	6/2.0	2,436 (-4%)	6mo	$137,940	$57	66
1145 Willow Ave	0.26mi	6/2.0	2,304 (-10%)	3mo	$53,300	$23	66
1882 Niagara Ave	0.57mi	5/2.5 (-1)	2,527 (-1%)	0mo	$155,000	$61	65
1023 15th St	0.15mi	5/4.0 (-1)	2,304 (-10%)	5mo	$190,000	$82	64
1000 19th St	0.25mi	6/2.5	2,804 (+10%)	7mo	$65,000	$23	64
626 23rd St	0.61mi	5/3.0 (-1)	2,600 (+2%)	6mo	$125,000	$48	58
2225 Whitney Ave	0.38mi	6/2.0	2,200 (-14%)	3mo	$125,000	$57	53
632 Elmwood Ave	0.68mi	6/2.0	2,677 (+5%)	4mo	$95,000	$35	53
1635 South Ave	0.33mi	5/2.0 (-1)	2,208 (-13%)	2mo	$85,000	$38	51
2401 Whitney Ave	0.47mi	6/2.0	2,168 (-15%)	2mo	$40,000	$18	48
631 Elmwood Ave	0.69mi	6/5.0	2,784 (+9%)	9mo	$90,000	$32	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 78.1%
• Equity multiple: 6.75×
• Total profit: $159,477
• Equity at exit: $89,187

10-year hold

• IRR: 74.0%
• Equity multiple: 16.63×
• Total profit: $433,353
• Equity at exit: $192,335

Cash invested: $27,720 (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 14301

• Home prices YoY: 6.2%
• Rents YoY: 8.8%
• Active inventory: 164
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $2,701 high
• Mortgage (P&I): −$519
• Tax from tax record: −$141 /mo · $1,691/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$567
• Net cashflow: $1,432

Break-even live

Break-even rent $888

Max offer price $99,000

Occupancy floor 42%

Sensitivity live

Price	-10% $1,488	-5% $1,460	+0% $1,432	+5% $1,404	+10% $1,376
Rent	-10% $1,219	-5% $1,326	+0% $1,432	+5% $1,539	+10% $1,646
Rate	-1.0pp $1,482	-0.5pp $1,458	base $1,432	+0.5pp $1,407	+1.0pp $1,381

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,700
Total (2 units)			$2,701

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-03-18
   listed $99,000
2. 2026-03-18
   historical
3. 2025-11-25
   historical
4. 2025-10-28
   price $99,000
5. 2025-10-14
   listed $79,990 Active
6. 2019-06-06
   soldstatus $48,000 Closed Sale or Rented 201-char remark

   Show marketing remark (201 chars)

   Large 2-Family house each with 3 bedrooms. Natural woodwork, hardwood floors, detached 2 car garage, circuit breakers, newer roof, separate utilities and more. Property management in place. Sold as-is.

7. 2019-04-15
   status Pending Sale 201-char remark

   Show marketing remark (201 chars)

   Large 2-Family house each with 3 bedrooms. Natural woodwork, hardwood floors, detached 2 car garage, circuit breakers, newer roof, separate utilities and more. Property management in place. Sold as-is.

8. 2019-04-10
   status Under Contract- Do Not Show 201-char remark

   Show marketing remark (201 chars)

   Large 2-Family house each with 3 bedrooms. Natural woodwork, hardwood floors, detached 2 car garage, circuit breakers, newer roof, separate utilities and more. Property management in place. Sold as-is.

9. 2019-03-28
   listed $52,500 Active 201-char remark

   Show marketing remark (201 chars)

   Large 2-Family house each with 3 bedrooms. Natural woodwork, hardwood floors, detached 2 car garage, circuit breakers, newer roof, separate utilities and more. Property management in place. Sold as-is.

10. 2017-05-02
    historical
11. 2016-11-02
    listed $49,900 Active
12. 2015-05-12
    soldstatus $81,050
13. 2015-02-26
    soldstatus $42,000
14. 2014-12-09
    soldstatus $24,000
15. 2012-06-28
    soldstatus $27,000
16. 2012-06-28
    soldstatus $27,000
17. 2011-12-16
    listed $29,000
18. 2007-10-18
    soldstatus $26,500
19. 2003-08-08
    soldstatus $17,000
20. 1994-09-14
    soldstatus $23,000

ⓘ 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: $1,691 · $141/mo
• Projected year-2 tax: $1,691 · $141/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 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,412
• − Mortgage interest: −$5,546
• − Property taxes: −$1,691
• − Insurance: −$495
• − Repairs & maintenance: −$2,593
• − Management: −$2,593
• − Depreciation: −$2,880
• Taxable income: $16,615
• Est. tax owed @ 24.0%: −$3,987
• After-tax cash flow: $13,202/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: Niagara Falls City School District
• NCES district ID: 3620820
• Math proficiency: 26% ▼ -10.00%
• Reading proficiency: 34% ▲ 3.00%
• Median HH income: $32,488
• Composite: 24.5/100
• National rank: #7655
• State rank: #578 of 590 in NY

Livability — Niagara Falls

• Score: 60/100
• State rank: #956
• US rank: #18749

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Niagara Falls, NY
• County: Niagara County · 157,377 people
• City population: 62,983
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 10,923
• Household income: $34,549
• Rent vs Own: 54.1% rent · 45.9% own
• Severe rent burden: 954.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 59% Black 25% Two or more races 8% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 3% Cuban 2%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China, Dominican Republic
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 3% Chinese 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: ▲ 15.41%
• Current HPI: 266.1457
• Rent YoY: ▲ 8.79%
• 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

+330.4% since first listed

20 events — show timeline

• 2026-03-18 Listing Removed — WNYREIS
• 2026-03-18 Listed $99,000 WNYREIS
• 2025-11-25 Listing Removed — WNYREIS
• 2025-10-28 Price Changed $99,000 WNYREIS
• 2025-10-14 Listed $79,990 WNYREIS
• 2019-06-06 Sold (MLS) $48,000 WNYREIS
• 2019-04-15 Pending — WNYREIS
• 2019-04-10 Pending — WNYREIS
• 2019-03-28 Listed $52,500 WNYREIS
• 2017-05-02 Listing Removed — WNYREIS
• 2016-11-02 Listed $49,900 WNYREIS
• 2015-05-12 Sold (Public Records) $81,050 Public Records
• 2015-02-26 Sold (Public Records) $42,000 Public Records
• 2014-12-09 Sold (Public Records) $24,000 Public Records
• 2012-06-28 Sold (Public Records) $27,000 Public Records
• 2012-06-28 Sold (MLS) $27,000 WNYREIS
• 2011-12-16 Listed $29,000 WNYREIS
• 2007-10-18 Sold (Public Records) $26,500 Public Records
• 2003-08-08 Sold (Public Records) $17,000 Public Records
• 1994-09-14 Sold (Public Records) $23,000 Public Records

Property tax history

+9.3%/yr

Latest (2025): $1,691 · +12.8% YoY. Source: county tax records.