5869 Broadway St · Lancaster, NY 14086

$349,900

6 bd · 2.0 ba · 2,093 sqft · MultiFamily public records · 7 Days on market

Built 1896 0.87 ac lot $167/sqft · 15% above area Est $334k · at est.

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Why this score? — see what drove the C 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 +23.4/30.0
• DSCR +7.5/10.0
• 1% rule +6.1/10.0
• ARV discount +5.4/15.0
• 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: 2 units. confirmed

Listing remarks MLS

Completely renovated 2-unit multi-family property in Lancaster offers strong income potential and modern upgrades throughout. Each unit features 3 bedrooms, a living room, a formal dining room, a full kitchen, and 1 full bathroom. The lower unit also includes an additional half bathroom for added convenience. Recent updates include new kitchens, new bathrooms, new flooring throughout, fresh interior paint, updated lighting fixtures, and a new HVAC system. Move-in ready condition with extensive improvements already completed. Spacious layouts in both units make this property ideal for owner-occupants or investors. Conveniently located near shopping, restaurants, and major roadways. Turnkey opportunity in a desirable suburban location. The square footage differs from the tax records, see the floor plan in the attachments. Open House March 7th & 8th (Saturday & Sunday) Between 1:00 PM – 3:00 PM

Key facts

• New kitchens
• Modern upgrades
• New flooring

Tags

• MULTI-FAMILY PROPERTY
• STRONG INCOME POTENTIAL
• MODERN UPGRADES
• NEW KITCHENS
• NEW BATHROOMS
• NEW FLOORING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.8-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $649 ($8k/yr) — positive. Per door: $324/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Cap rate 8.5% 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 $3,881/mo this rent would consume 47% 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.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $125k; list at $350k implies a 180% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

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 1896 — 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 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?
6. 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.
7. 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.
8. 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: 1.11% ✓
• Cap rate: 8.52%
• Cash-on-cash: 7.94%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

• ARV (median comp): $334,445
• List price: $349,900
• Delta: 7.61%
• Verdict: FAIR
• Comps: 11 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -4.2%
• Equity multiple: 0.84×
• Total profit: $-15,335
• Equity at exit: $52,171

10-year hold

• IRR: 5.5%
• Equity multiple: 1.41×
• Total profit: $40,071
• 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: 15.0×

Monthly cashflow live

• Estimated rent: $3,881 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$437 /mo · $5,241/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$815
• Net cashflow: $649

Break-even live

Break-even rent $3,060

Max offer price $349,900

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.8	$3,880
Total (2 units)			$3,881

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 9 events

1. 2026-06-18
   days on market $349,900 Active 7 DOM
2. 2026-06-17
   days on market $349,900 Active 6 DOM
3. 2026-06-16
   days on market $349,900 Active 5 DOM
4. 2026-06-15
   days on market $349,900 Active 4 DOM
5. 2026-06-13
   days on market $349,900 Active 2 DOM
6. 2026-06-13
   pricestatusdays on marketlisting id $349,900 Active 1 DOM
7. 2026-03-29
   price $359,900 922-char remark

   Show marketing remark (922 chars)

   Completely renovated 2-unit multi-family property in Lancaster offers strong income potential and modern upgrades throughout. Each unit features 3 bedrooms, a living room, a formal dining room, a full kitchen, and 1 full bathroom. The lower unit also includes an additional half bathroom for added convenience. Recent updates include new kitchens, new bathrooms, new flooring throughout, fresh interior paint, updated lighting fixtures, and a new HVAC system. Move-in ready condition with extensive improvements already completed. Spacious layouts in both units make this property ideal for owner-occupants or investors. Conveniently located near shopping, restaurants, and major roadways. Turnkey opportunity in a desirable suburban location. The square footage differs from the tax records, see the floor plan in the attachments. Open House March 7th & 8th (Saturday & Sunday) Between 1:00 PM – 3:00 PM

8. 2026-02-27
   listed $349,900 Active 922-char remark

   Show marketing remark (922 chars)

   Completely renovated 2-unit multi-family property in Lancaster offers strong income potential and modern upgrades throughout. Each unit features 3 bedrooms, a living room, a formal dining room, a full kitchen, and 1 full bathroom. The lower unit also includes an additional half bathroom for added convenience. Recent updates include new kitchens, new bathrooms, new flooring throughout, fresh interior paint, updated lighting fixtures, and a new HVAC system. Move-in ready condition with extensive improvements already completed. Spacious layouts in both units make this property ideal for owner-occupants or investors. Conveniently located near shopping, restaurants, and major roadways. Turnkey opportunity in a desirable suburban location. The square footage differs from the tax records, see the floor plan in the attachments. Open House March 7th & 8th (Saturday & Sunday) Between 1:00 PM – 3:00 PM

9. 2025-05-28
   soldstatus $125,000

ⓘ 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: $5,241 · $437/mo
• Projected year-2 tax: $5,577 · $465/mo
• Expected delta: +$336/yr (+$28/mo · 6.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥92°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: $46,572
• − Mortgage interest: −$19,600
• − Property taxes: −$5,241
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,726
• − Management: −$3,726
• − Depreciation: −$10,179
• Taxable income: $2,351
• Est. tax owed @ 24.0%: −$564
• After-tax cash flow: $7,218/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

• 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

+187.9% since first listed

3 events — show timeline

• 2026-03-29 Price Changed $359,900 WNYREIS
• 2026-02-27 Listed $349,900 WNYREIS
• 2025-05-28 Sold (Public Records) $125,000 Public Records

Property tax history

+1.5%/yr

Latest (2025): $5,241 · +0.7% YoY. Source: county tax records.