285 Chapel St · Lockport, NY 14094

$84,900

3 bd · 2.0 ba · 1,512 sqft · MultiFamily public records · 80 Days on market

Built 1860 7,405 sqft lot Est $83k · at est. ↓ 6% since listing

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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
• ARV discount +6.6/15.0
• 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 investment opportunity! Priced to sell; units are both currently occupied by long time tenants. Upper unit has 1 bedroom, 1 bath. Lower unit has 2 bedrooms, 1 bath. The home sits on a spacious corner lot with no rear neighbors. Both Furnaces and hot water tanks have been replaced within the last 3 years along with the new windows on the second floor. Offers are being reviewed as received. SOLD AS IS. Don't miss out on this great opportunity!

Key facts

• Replaced furnaces
• Spacious corner lot
• New windows

Tags

• SPACIOUS CORNER LOT
• NEW WINDOWS
• REPLACED FURNACES
• REPLACED HOT WATER TANKS

Property features AI

Finance

• Financial info: Owner pays grounds care and hot water; Rent includes gardener and hot water; Two total units with separate gas and electric meters; Unit rents: one unit at $900 (month-to-month), one unit at $800 (month-to-month); Operating expenses include maintenance, professional management, trash, and water/sewer

Exterior

• Parking: Gravel parking with two or more spaces
• Utilities: Public water connected; Sewer connected; Cable available; High-speed internet available
• Home design: Two-story residential 2-unit building; Existing property condition
• Construction: Wood siding; Asphalt shingle roof; Poured foundation; Built (existing structure)
• Exterior features: Corner, rectangular lot (66 x 115); Located on a main thoroughfare

Interior

• Kitchen: Eat-in kitchens in both units
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Flooring: Carpet; Laminate; Tile; Varies
• Bathrooms: Two full bathrooms (one per unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Exterior entry walk-up basement; Carpet, laminate, tile, and varied flooring throughout
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $85k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.4% 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; 1 comparable units currently listed for rent nearby; solid renter incomes; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $587 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 $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 2.52% ✓
• Cap rate: 21.44%
• Cash-on-cash: 54.08%
• DSCR: 3.41
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $83,160
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17 Hill St	0.46mi	4/2.0 (+1)	1,542 (+2%)	13mo	$170,000	$110	60
168 Gooding St	0.32mi	4/2.0 (+1)	1,600 (+6%)	16mo	$60,000	$38	57
76 Charlotte St	0.67mi	4/2.0 (+1)	1,480 (-2%)	22mo	$82,000	$55	42

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: 53.0%
• Equity multiple: 3.36×
• Total profit: $55,984
• Equity at exit: $12,659

10-year hold

• IRR: 58.5%
• Equity multiple: 7.01×
• Total profit: $142,873
• Equity at exit: $7,341

Cash invested: $23,772 (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: 6.8×

Monthly cashflow live

• Estimated rent: $2,141 medium
• Mortgage (P&I): −$445
• Tax from tax record: −$139 /mo · $1,673/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$450
• Net cashflow: $1,071

Break-even live

Break-even rent $785

Max offer price $84,900

Occupancy floor 45%

Sensitivity live

Price	-10% $1,119	-5% $1,095	+0% $1,071	+5% $1,047	+10% $1,023
Rent	-10% $902	-5% $987	+0% $1,071	+5% $1,156	+10% $1,241
Rate	-1.0pp $1,114	-0.5pp $1,093	base $1,071	+0.5pp $1,049	+1.0pp $1,027

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,041
1× unit	2	1	$1,100
Total (2 units)			$2,141

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	24d	1	0.90mi

Listing history 17 events

1. 2026-06-18
   days on market $84,900 Active 80 DOM
2. 2026-06-17
   days on market $84,900 Active 79 DOM
3. 2026-06-16
   days on market $84,900 Active 78 DOM
4. 2026-06-15
   days on market $84,900 Active 77 DOM
5. 2026-06-13
   days on market $84,900 Active 75 DOM
6. 2026-06-13
   days on market $84,900 Active 74 DOM
7. 2026-06-10
   days on market $84,900 Active 72 DOM
8. 2026-06-09
   days on market $84,900 Active 71 DOM
9. 2026-06-08
   days on market $84,900 Active 70 DOM
10. 2026-06-07
    days on market $84,900 Active 69 DOM
11. 2026-06-05
    days on market $84,900 Active 66 DOM
12. 2026-06-03
    days on market $84,900 Active 65 DOM
13. 2026-06-02
    days on market $84,900 Active 64 DOM
14. 2026-06-01
    days on market $84,900 Active 63 DOM
15. 2026-05-31
    days on market $84,900 Active 62 DOM
16. 2026-05-01
    price $84,900
17. 2026-03-30
    listed $89,900 Active

ⓘ 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: $1,673 · $139/mo
• Projected year-2 tax: $1,673 · $139/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $25,692
• − Mortgage interest: −$4,756
• − Property taxes: −$1,673
• − Insurance: −$424
• − Repairs & maintenance: −$2,055
• − Management: −$2,055
• − Depreciation: −$2,470
• Taxable income: $12,258
• Est. tax owed @ 24.0%: −$2,942
• After-tax cash flow: $9,914/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

-5.6% since first listed

2 events — show timeline

• 2026-05-01 Price Changed $84,900 WNYREIS
• 2026-03-30 Listed $89,900 WNYREIS

Property tax history

+10.0%/yr

Latest (2025): $1,673 · -19.5% YoY. Source: county tax records.