71 Saint John St · Lancaster, NY 14086

$349,900

6 bd · 3.0 ba · 5,157 sqft · MultiFamily public records · 9 Days on market

Built 1940 5,227 sqft lot $68/sqft · 28% below area Est $485k · 28% 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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Schools +5.2/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• 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: 3 units. confirmed

Listing remarks

Exceptional investment or owner-occupant opportunity in the highly sought-after Village of Lancaster! This spacious 3-unit property offers over 5,000 sq ft of living space, strong income potential, and even room to expand with the possibility of a 4th unit. Unit 1 has been fully remodeled from top to bottom and features a modern, open-concept layout with 3 bedrooms and 1 full bath. Updates include a completely renovated kitchen and bathroom, new flooring, updated windows, and fully updated plumbing and electrical-truly turnkey. The boiler and hot water tank for Unit 1 were replaced in 2010. This unit is vacant and ready for an owner-occupant or new tenant. Unit 2 offers 4 bedrooms and 1 ful

Key facts

• 3 unit property
• Fully remodeled
• Renovated bathroom

Tags

• 3 UNIT PROPERTY
• FULLY REMODELED
• MODERN OPEN CONCEPT LAYOUT
• RENOVATED KITCHEN
• RENOVATED BATHROOM
• UPDATED WINDOWS

Property features AI

Finance

• Financial info: Owner pays water; water included in rent; Operating expenses include insurance, maintenance (structure and general), and water/sewer

Exterior

• Parking: Paved parking with two or more spaces; Detached garage providing 1 garage space
• Utilities: Electricity connected; Water connected (public); Sewer connected
• Home design: Multi-family property with 3 total units; 2 stories
• Construction: Block, concrete and vinyl siding construction; Asphalt and flat roof; Poured foundation; Existing (resale) property
• Exterior features: Rectangular residential lot; Near public transit; City street frontage

Interior

• Kitchen: Eat-in kitchens in some units; Oven/range; Dishwasher (in select units); Refrigerator (in select units); Microwave (in one unit)
• Bedrooms: Unit mix includes 1-bed, 3-bed and 4-bed units (bedroom counts listed per unit)
• Flooring: Carpet; Hardwood; Luxury vinyl; Tile; Varies by unit
• Bathrooms: Three full bathrooms total (full baths listed per unit)
• Heating & cooling: Gas heating; Baseboard heat; Wall furnaces
• Interior features: Accessible bedroom; Bedroom on main level; Full walk-out basement with sump pump
• Laundry & utility: Laundry in unit for some units; Washer hookup available; Washer and dryer present in at least one unit; Gas water heater

🏷️ Possibly a rental listed for sale. The $349,900 price doesn't fit this home's estimated sale value (~$484,622) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $440/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $350k).
• Cap rate 10.8% vs local median 2.9% in Lancaster — 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 78/100 on livability (#164 in NY, #2,566 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Lancaster Central School District (suburban): math 57% / reading 61% proficiency, ranked #234 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 152 active listings in the ZIP; solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $5,134/mo this rent would consume 62% of the median local household income ($99k/yr) (locally 513% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $349,900

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 1940 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
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: 1.47% ✓
• Cap rate: 10.82%
• Cash-on-cash: 16.16%
• DSCR: 1.72
• GRM: 5.7

CMA / ARV

• ARV (median comp): $484,622
• List price: $349,900
• Delta: -27.80%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
428 Penora St	0.58mi	6/4.0	4,967 (-4%)	9mo	$200,000	$40	55

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.2%
• Equity multiple: 1.28×
• Total profit: $27,626
• Equity at exit: $52,171

10-year hold

• IRR: 16.6%
• Equity multiple: 2.36×
• Total profit: $133,396
• Equity at exit: $30,253

Cash invested: $97,972 (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 14086

• Home prices YoY: -30.5%
• Active inventory: 152
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $5,134 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$755 /mo · $9,065/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,078
• Net cashflow: $1,320

Break-even live

Break-even rent $3,463

Max offer price $349,900

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$5,133
Total (3 units)			$5,134

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-14
   status Pending 1802-char remark
2. 2026-05-05
   listed $349,900 Active 1802-char remark
3. 2020-03-17
   status Under Contract- Do Not Show
4. 2020-03-14
   historical
5. 2020-03-11
   price $219,900
6. 2020-01-06
   price $259,900
7. 2019-09-17
   listed $279,900 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: $9,065 · $755/mo
• Projected year-2 tax: $9,065 · $755/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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 2/10 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,608
• − Mortgage interest: −$19,600
• − Property taxes: −$9,065
• − Insurance: −$1,750
• − Repairs & maintenance: −$4,929
• − Management: −$4,929
• − Depreciation: −$10,179
• Taxable income: $11,157
• Est. tax owed @ 24.0%: −$2,678
• After-tax cash flow: $13,159/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: Lancaster Central School District
• NCES district ID: 3616680
• Math proficiency: 57% ▼ -13.00%
• Reading proficiency: 61% ▲ 2.00%
• Median HH income: $64,668
• Composite: 51.64/100
• National rank: #1700
• State rank: #234 of 590 in NY

Livability — Lancaster

• Score: 78/100
• State rank: #164
• US rank: #2566

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lancaster, NY
• County: Erie County · 714,559 people
• City population: 35,635
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 35,635
• Household income: $99,499
• Rent vs Own: 16.5% rent · 83.5% own
• Severe rent burden: 513.0

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 (95%)
• Race & ethnicity: White 95% Two or more races 2% Black 1% Hispanic / Latino 1%
• Common ancestry: Romanian 28% Lithuanian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Russian/Polish/Slavic 1% Other Indo-European 1% 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: ▼ -133.14%
• Current HPI: 302.7484
• 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

+25.0% since first listed

7 events — show timeline

• 2026-05-14 Pending — WNYREIS
• 2026-05-05 Listed $349,900 WNYREIS
• 2020-03-17 Pending — WNYREIS
• 2020-03-14 Listing Removed — WNYREIS
• 2020-03-11 Price Changed $219,900 WNYREIS
• 2020-01-06 Price Changed $259,900 WNYREIS
• 2019-09-17 Listed $279,900 WNYREIS

Property tax history

+7.7%/yr

Latest (2025): $9,065 · +2.6% YoY. Source: county tax records.