80-82 Center St · Fredonia, NY 14063

$224,900

8 bd · 3.0 ba · 2,396 sqft · MultiFamily · 7 Days on market

Built 1900 Fair condition 10,640 sqft lot $94/sqft · 26% below area Est $303k · 26% 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 +9.1/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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

This is a unique property in that there are two houses on one parcel. While it’s difficult to get a conventional mortgage for two houses on one parcel, some local banks, credit unions, or mortgage brokers offer “non-conforming” or “in-house” loans. Each house features newer windows, roof, vinyl siding and furnace. Kitchen at 82 Center has been remodeled and there are two full baths. Live in one house and let the other help with your mortgage.

Key facts

• New furnace
• Remodeled kitchen
• Newer windows

Tags

• TWO HOUSES ON ONE PARCEL
• NEWER WINDOWS
• NEW ROOF
• VINYL SIDING
• NEW FURNACE
• REMODELED KITCHEN

Property features AI

Finance

• Other: Two-unit property with separate gas and electric meters for each unit
• Financial info: Tenant pays all utilities; Operating expense details referenced in remarks

Exterior

• Parking: Two or more off-street parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: 2-story building; Resale property
• Construction: Vinyl siding; Existing construction
• Exterior features: Irregular residential lot; City street frontage; Lot dimensions approximately 86 x 123

Interior

• Flooring: Laminate flooring; Varied flooring types
• Bathrooms: 3 full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Flooring varies with laminate in areas
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $225k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $956 ($11k/yr) — positive. Per door: $478/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Cap rate 11.4% vs local median 3.3% in Fredonia — 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 81/100 on livability (#95 in NY, #1,446 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, commute A; Watch: amenities C-, employment C-, crime F.
• Fredonia Central School District (town): math 55% / reading 46% proficiency, ranked #376 of 590 in NY (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 92 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 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 $7k of value loss. Plan a longer hold.
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $224,900

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 1.41% ✓
• Cap rate: 11.40%
• Cash-on-cash: 18.22%
• DSCR: 1.81
• GRM: 5.9

CMA / ARV

• ARV (median comp): $302,971
• List price: $224,900
• Delta: -25.77%
• 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: 9.9%
• Equity multiple: 1.39×
• Total profit: $24,517
• Equity at exit: $33,533

10-year hold

• IRR: 19.0%
• Equity multiple: 2.59×
• Total profit: $99,979
• Equity at exit: $19,445

Cash invested: $62,972 (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 14063

• Home prices YoY: -23.6%
• Active inventory: 92
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $3,178 medium
• Mortgage (P&I): −$1,179
• Tax est. 1.5%: −$281 /mo · $3,374/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$667
• Net cashflow: $956

Break-even live

Break-even rent $1,967

Max offer price $224,900

Occupancy floor 65%

Sensitivity live

Price	-10% $1,112	-5% $1,034	+0% $956	+5% $879	+10% $801
Rent	-10% $705	-5% $831	+0% $956	+5% $1,082	+10% $1,207
Rate	-1.0pp $1,070	-0.5pp $1,014	base $956	+0.5pp $898	+1.0pp $839

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1.5	$3,178
Total (2 units)			$3,178

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-16
   status Pending 476-char remark
2. 2026-05-08
   listed $224,900 Active 476-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 16 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: $38,136
• − Mortgage interest: −$12,598
• − Property taxes: −$3,374
• − Insurance: −$1,124
• − Repairs & maintenance: −$3,051
• − Management: −$3,051
• − Depreciation: −$6,543
• Taxable income: $8,396
• Est. tax owed @ 24.0%: −$2,015
• After-tax cash flow: $9,462/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This multi-family property requires moderate repairs and maintenance to improve its condition and value. Key areas for improvement include exterior siding, interior walls, and landscaping. Upgrades such as painting, flooring, and landscaping can significantly enhance its resale and rental value.

Repairs flagged

• Minor exterior siding — Some discoloration and minor wear.
• Minor interior walls — Paint appears worn and could benefit from a fresh coat.
• Minor landscaping — Overgrown vegetation and lack of landscaping could benefit from some attention to improve curb appeal.

Value-add opportunities

• Resale Paint interior walls — Fresh paint can significantly improve the home's appearance and value.
• Rental Landscaping — Well-maintained landscaping can attract more tenants and improve curb appeal.
• Both Flooring replacement — Replacing carpet with hardwood or tile flooring can increase both resale and rental value.
• Both Exterior siding repair — Repairing the siding can improve the home's curb appeal and increase its value.
• Both Interior wall repair — Repairing worn walls can improve the home's appearance and increase its value.
• Both Landscaping — Well-maintained landscaping can attract more tenants and improve curb appeal, increasing both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Some discoloration and minor wear.	Minor	$500–3,000
interior walls · Paint appears worn and could benefit from a fresh coat.	Minor	$500–3,000
landscaping · Overgrown vegetation and lack of landscaping could benefit from some attention to improve curb appeal.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint can significantly improve the home's appearance and value. ↑
• Rental Landscaping — Well-maintained landscaping can attract more tenants and improve curb appeal. ↑
• Both Flooring replacement — Replacing carpet with hardwood or tile flooring can increase both resale and rental value. ↑
• Both Exterior siding repair — Repairing the siding can improve the home's curb appeal and increase its value. ↑
• Both Interior wall repair — Repairing worn walls can improve the home's appearance and increase its value. ↑
• Both Landscaping — Well-maintained landscaping can attract more tenants and improve curb appeal, increasing both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Fredonia Central School District
• NCES district ID: 3611520
• Math proficiency: 55% ▼ -8.00%
• Reading proficiency: 46% ▼ -8.00%
• Median HH income: $48,491
• Composite: 43.1/100
• National rank: #3086
• State rank: #376 of 590 in NY

Livability — Fredonia

• Score: 81/100
• State rank: #95
• US rank: #1446

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fredonia, NY
• Population (ZIP): 12,722

Population outlook (Chautauqua County) Hauer SSP2

• Today (2025): 123,454 people
• By 2030: 118,509 · -4.0%
• By 2040: 107,311 · -13.1%
• By 2050: 96,703 · -21.7%
• By 2075: 76,757 · -37.8%
• By 2100: 60,984 · -50.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 8% Two or more races 5% Black 3% Asian 2%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 14% Italian 3% Iranian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 1% Other Indo-European 1%

Political lean MEDSL · Chautauqua

• 2024 margin: Strong R (+22.0) · D 39.0% · R 61.0%
• 2008→2024 swing: -22.9pp toward R · 2008: 0.9pp · 2024: -22.0pp
• All cycles: 2024: R+22.0 2020: R+19.8 2016: R+24.6 2012: R+8.2 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.55%
• Current HPI: 253.5334
• Rent YoY: —
• Metro: —
• 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

2 events — show timeline

• 2026-05-16 Pending — UNYREIS
• 2026-05-08 Listed $224,900 UNYREIS