365 Elmwood Rd · Grandyle Village, NY 14072

$359,900

3 bd · 2.5 ba · 2,168 sqft · MultiFamily public records · 80 Days on market

Built 1954 6,900 sqft lot $166/sqft · 24% below area Est $475k · 24% under

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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).

• ARV discount +15.0/15.0
• Cash flow +6.8/30.0
• Schools +5.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• DSCR +1.0/10.0
• 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 MLS

Welcome to this beautifully updated 4-bedroom, 3-bath home offering space, style, and peace of mind with major improvements already completed. Thoughtfully renovated throughout, this move-in ready property blends modern updates with functional living. The open-concept first floor creates a bright and inviting layout, perfect for both everyday living and entertaining. The home features updated flooring, newer doors and windows, and modern appliances, giving it a fresh, cohesive feel. Upstairs, the second floor has been completely rebuilt down to the studs, showcasing quality craftsmanship and modern finishes. The extra-extra large primary suite is a true retreat, featuring a private bathroom and a generous walk-in closet. The added convenience of a second-laundry located just off the primary bedroom. Three additional bedrooms are all great in size and offer plenty of storage space. An attached 2.5-car garage adds convenience and extra room for storage, tools, or hobbies. Major mechanical and structural updates include a newer roof, updated driveway, tankless hot water system, updated AC and heating, improved insulation, and electrical upgrades—providing efficiency and reliability for years to come. Permits are available for the completed work, offering added confidence and transparency. This is a rare opportunity to own a fully updated home with space, upgrades, and layout already done—just move in and enjoy!

Key facts

• Completely rebuilt
• Modern appliances
• Newer doors

Tags

• UPDATED FLOORING
• NEWER DOORS
• NEWER WINDOWS
• MODERN APPLIANCES
• COMPLETELY REBUILT
• QUALITY CRAFTSMANSHIP

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $-564 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $260k (27.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $242k (32.9% below list).
• Recommended offer: $242k (32.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#416 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A-; Watch: crime C-, amenities F, commute F.
• Grand Island Central School District (suburban): math 54% / reading 57% proficiency, ranked #263 of 590 in NY (top 45%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: 129 active listings in the ZIP; high-income renter base; 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 $11k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($338k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $20k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $360k implies a 1025% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $241,501 (32.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 0.67% ✗
• Cap rate: 4.41%
• Cash-on-cash: -6.71%
• DSCR: 0.70
• GRM: 12.4

CMA / ARV

• ARV (median comp): $474,820
• List price: $359,900
• Delta: -24.20%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -27.9%
• Equity multiple: 0.07×
• Total profit: $-94,186
• Equity at exit: $53,662

10-year hold

• IRR: -26.6%
• Equity multiple: -0.27×
• Total profit: $-128,125
• Equity at exit: $31,118

Cash invested: $100,772 (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 14072

• Active inventory: 129
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $2,415 medium
• Mortgage (P&I): −$1,887
• Tax from tax record: −$434 /mo · $5,209/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $-564

Break-even live

Break-even rent $3,128

Max offer price $260,345

Occupancy floor —

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-15
   days on market $359,900 Active 80 DOM
2. 2026-06-13
   days on market $359,900 Active 78 DOM
3. 2026-06-13
   days on market $359,900 Active 77 DOM
4. 2026-06-10
   days on market $359,900 Active 75 DOM
5. 2026-06-09
   days on market $359,900 Active 74 DOM
6. 2026-06-08
   days on market $359,900 Active 73 DOM
7. 2026-06-07
   days on market $359,900 Active 72 DOM
8. 2026-06-03
   days on market $359,900 Active 68 DOM
9. 2026-06-02
   days on market $359,900 Active 67 DOM
10. 2026-06-01
    pricedays on market $359,900 Active 66 DOM
11. 2026-05-31
    days on market $379,900 Active 65 DOM
12. 2026-03-27
    listed $379,900 Active 1443-char remark

    Show marketing remark (1443 chars)

    Welcome to this beautifully updated 4-bedroom, 3-bath home offering space, style, and peace of mind with major improvements already completed. Thoughtfully renovated throughout, this move-in ready property blends modern updates with functional living. The open-concept first floor creates a bright and inviting layout, perfect for both everyday living and entertaining. The home features updated flooring, newer doors and windows, and modern appliances, giving it a fresh, cohesive feel. Upstairs, the second floor has been completely rebuilt down to the studs, showcasing quality craftsmanship and modern finishes. The extra-extra large primary suite is a true retreat, featuring a private bathroom and a generous walk-in closet. The added convenience of a second-laundry located just off the primary bedroom. Three additional bedrooms are all great in size and offer plenty of storage space. An attached 2.5-car garage adds convenience and extra room for storage, tools, or hobbies. Major mechanical and structural updates include a newer roof, updated driveway, tankless hot water system, updated AC and heating, improved insulation, and electrical upgrades—providing efficiency and reliability for years to come. Permits are available for the completed work, offering added confidence and transparency. This is a rare opportunity to own a fully updated home with space, upgrades, and layout already done—just move in and enjoy!

13. 2022-03-04
    price $2,900
14. 2019-05-22
    soldstatus $32,000 Closed Sale or Rented 215-char remark

    Show marketing remark (215 chars)

    Investor alert! 2/1 double with two car garage. Could easily be maximized into a 2/2 double. Possibly a large single with massive master suite. Possibilities are endless. Bring your imagination this won't last long!

15. 2019-03-18
    status Pending Sale 215-char remark

    Show marketing remark (215 chars)

    Investor alert! 2/1 double with two car garage. Could easily be maximized into a 2/2 double. Possibly a large single with massive master suite. Possibilities are endless. Bring your imagination this won't last long!

16. 2019-03-04
    status Under Contract- Do Not Show 215-char remark

    Show marketing remark (215 chars)

    Investor alert! 2/1 double with two car garage. Could easily be maximized into a 2/2 double. Possibly a large single with massive master suite. Possibilities are endless. Bring your imagination this won't last long!

17. 2019-02-27
    historical Continue to Show- Under Contract 215-char remark

    Show marketing remark (215 chars)

    Investor alert! 2/1 double with two car garage. Could easily be maximized into a 2/2 double. Possibly a large single with massive master suite. Possibilities are endless. Bring your imagination this won't last long!

18. 2018-12-14
    price $39,900 215-char remark

    Show marketing remark (215 chars)

    Investor alert! 2/1 double with two car garage. Could easily be maximized into a 2/2 double. Possibly a large single with massive master suite. Possibilities are endless. Bring your imagination this won't last long!

19. 2018-10-17
    price $44,900 215-char remark

    Show marketing remark (215 chars)

    Investor alert! 2/1 double with two car garage. Could easily be maximized into a 2/2 double. Possibly a large single with massive master suite. Possibilities are endless. Bring your imagination this won't last long!

20. 2018-09-12
    listed $49,900 Active 215-char remark

    Show marketing remark (215 chars)

    Investor alert! 2/1 double with two car garage. Could easily be maximized into a 2/2 double. Possibly a large single with massive master suite. Possibilities are endless. Bring your imagination this won't last long!

ⓘ 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: $5,209 · $434/mo
• Projected year-2 tax: $5,646 · $470/mo
• Expected delta: +$437/yr (+$36/mo · 8.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,980
• − Mortgage interest: −$20,160
• − Property taxes: −$5,209
• − Insurance: −$1,800
• − Repairs & maintenance: −$2,318
• − Management: −$2,318
• − Depreciation: −$10,470
• Taxable loss: −$13,295
• Est. tax savings @ 24.0%: +$3,191
• After-tax cash flow: $-3,572/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: Grand Island Central School District
• NCES district ID: 3607020
• Math proficiency: 54% ▼ -15.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $77,014
• Composite: 49.92/100
• National rank: #1938
• State rank: #263 of 590 in NY

Livability — Grandyle Village

• Score: 71/100
• State rank: #416
• US rank: #7220

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grandyle Village, NY
• County: Erie County · 714,559 people
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 21,488
• Household income: $115,991
• Rent vs Own: 18.4% rent · 81.6% own
• Severe rent burden: 283.0

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 (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 3% Black 2% Asian 2%
• Common ancestry: Romanian 16% Lithuanian 3% Slovak 3%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2% Arabic 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: ▼ -218.87%
• Current HPI: 332.5322
• Rent YoY: —
• 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

+661.3% since first listed

9 events — show timeline

• 2026-03-27 Listed $379,900 WNYREIS
• 2022-03-04 Price Changed $2,900 RENT.
• 2019-05-22 Sold (MLS) $32,000 WNYREIS
• 2019-03-18 Pending — WNYREIS
• 2019-03-04 Pending — WNYREIS
• 2019-02-27 Contingent — WNYREIS
• 2018-12-14 Price Changed $39,900 WNYREIS
• 2018-10-17 Price Changed $44,900 WNYREIS
• 2018-09-12 Listed $49,900 WNYREIS

Property tax history

+7.5%/yr

Latest (2025): $5,209 · +145.3% YoY. Source: county tax records.