1348 Pierce Ave · Niagara Falls, NY 14301

$155,000

4 bd · 2.0 ba · 3,216 sqft · MultiFamily public records · 64 Days on market

Built 1928 4,092 sqft lot $48/sqft · at area comps Est $154k · at est.

---

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
• Appreciation +10.0/10.0
• ARV discount +7.1/15.0
• Rent growth +4.7/5.0
• Livability +3.0/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great investment property to add to your real estate portfolio. This brick multi family unit is located just steps to Hyde Park and close to the casino, shopping and more. The first and second unit has separate utilities and are extremely spacious featuring a large kitchen, dining room, living room and generous sized bedrooms. The furnace and hot water tanks are 2 years old.

Key facts

• 4,092 sq ft lot
• Built 1928
• Listed 64 days

Property features AI

Finance

• Financial info: Property configured as a 2-unit building with separate gas and electric meters for each unit; Unit rents indicated: one unit at $775, the other at $900; Owner pays water and trash collection; rent includes water and trash collection; Operating expense details: see remarks

Exterior

• Parking: No driveway
• Utilities: Public water connected; Sewer connected
• Home design: 2-story multifamily property; Resale condition
• Construction: Brick construction
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 33 x 124

Interior

• Kitchen: Unit 1: Dining area with kitchen; Unit 2: Eat-in kitchen with oven/range and refrigerator
• Bedrooms: One unit with 2 bedrooms; One unit with 3 bedrooms
• Flooring: Carpet; Varies by area
• Bathrooms: Two full bathrooms total (each unit has 1 full bathroom)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Carpet and varied flooring throughout
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $878 ($11k/yr) — positive. Per door: $439/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $146k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 7.5% in Niagara Falls — 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 60/100 on livability (#956 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Niagara Falls City School District (urban): math 26% / reading 34% proficiency, ranked #578 of 590 in NY (top 98%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Harry F Abate Elementary School (math 16% / reading 32%, grade F, #1,909 of 2,108 statewide, top 91%, 695 students, 82% FRL); Gaskill Preparatory School (math 10% / reading 22%, grade F, #702 of 729 statewide, top 96%, 500 students, 78% FRL); Niagara Falls High School (math 75% / reading 92%, grade A, #409 of 1,100 statewide, top 39%, 2,139 students, 71% FRL).
• Market conditions: Rents rising fast (+8.8%/yr); 164 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Niagara County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $43k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. 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: 1.53% ✓
• Cap rate: 13.09%
• Cash-on-cash: 24.28%
• DSCR: 2.08
• GRM: 5.5

CMA / ARV

• ARV (median comp): $153,713
• List price: $155,000
• Delta: 0.84%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1011 Cleveland Ave	0.44mi	4/2.0	3,078 (-4%)	18mo	$100,000	$32	58
826 Ashland Ave	0.40mi	4/4.0	3,363 (+5%)	19mo	$41,000	$12	50
823 17th St	0.35mi	5/3.0 (+1)	2,829 (-12%)	13mo	$140,000	$49	44
2483 Pierce Ave	0.74mi	4/2.0	2,832 (-12%)	21mo	$130,000	$46	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 45.3%
• Equity multiple: 4.52×
• Total profit: $152,864
• Equity at exit: $139,636

10-year hold

• IRR: 41.3%
• Equity multiple: 11.07×
• Total profit: $437,161
• Equity at exit: $301,131

Cash invested: $43,400 (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 14301

• Home prices YoY: 6.2%
• Rents YoY: 8.8%
• Active inventory: 164
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,369 high
• Mortgage (P&I): −$813
• Tax from tax record: −$116 /mo · $1,389/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$497
• Net cashflow: $878

Break-even live

Break-even rent $1,257

Max offer price $155,000

Occupancy floor 58%

Sensitivity live

Price	-10% $966	-5% $922	+0% $878	+5% $834	+10% $791
Rent	-10% $691	-5% $785	+0% $878	+5% $972	+10% $1,065
Rate	-1.0pp $956	-0.5pp $918	base $878	+0.5pp $838	+1.0pp $797

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,368
Total (2 units)			$2,369

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1935 Niagara St Unit Upper Niagara Falls, NY	3.0	1.0	2685	$1,200	$0.45	16d	1	1.02mi

Listing history 28 events

1. 2026-06-21
   days on market $155,000 Active 64 DOM
2. 2026-06-18
   days on market $155,000 Active 61 DOM
3. 2026-06-17
   pricedays on market $155,000 Active 60 DOM
4. 2026-06-16
   days on market $165,000 Active 59 DOM
5. 2026-06-15
   days on market $165,000 Active 58 DOM
6. 2026-06-13
   days on market $165,000 Active 56 DOM
7. 2026-06-13
   days on market $165,000 Active 55 DOM
8. 2026-06-10
   days on market $165,000 Active 53 DOM
9. 2026-06-09
   days on market $165,000 Active 52 DOM
10. 2026-06-08
    days on market $165,000 Active 51 DOM
11. 2026-06-07
    days on market $165,000 Active 50 DOM
12. 2026-06-03
    days on market $165,000 Active 46 DOM
13. 2026-06-02
    days on market $165,000 Active 45 DOM
14. 2026-06-01
    days on market $165,000 Active 44 DOM
15. 2026-05-31
    days on market $165,000 Active 43 DOM
16. 2026-04-17
    listed $165,000 Active 349-char remark
17. 2023-11-10
    soldstatus $105,000 Closed Sale or Rented 377-char remark

    Show marketing remark (377 chars)

    Great investment property to add to your real estate portfolio. This brick multi family unit is located just steps to Hyde Park and close to the casino, shopping and more. The first and second unit has separate utilities and are extremely spacious featuring a large kitchen, dining room, living room and generous sized bedrooms. The furnace and hot water tanks are 2 years old.

18. 2023-10-23
    status Pending Sale 377-char remark

    Show marketing remark (377 chars)

    Great investment property to add to your real estate portfolio. This brick multi family unit is located just steps to Hyde Park and close to the casino, shopping and more. The first and second unit has separate utilities and are extremely spacious featuring a large kitchen, dining room, living room and generous sized bedrooms. The furnace and hot water tanks are 2 years old.

19. 2023-09-14
    status Under Contract- Do Not Show 377-char remark

    Show marketing remark (377 chars)

    Great investment property to add to your real estate portfolio. This brick multi family unit is located just steps to Hyde Park and close to the casino, shopping and more. The first and second unit has separate utilities and are extremely spacious featuring a large kitchen, dining room, living room and generous sized bedrooms. The furnace and hot water tanks are 2 years old.

20. 2023-09-11
    price $120,000 377-char remark

    Show marketing remark (377 chars)

    Great investment property to add to your real estate portfolio. This brick multi family unit is located just steps to Hyde Park and close to the casino, shopping and more. The first and second unit has separate utilities and are extremely spacious featuring a large kitchen, dining room, living room and generous sized bedrooms. The furnace and hot water tanks are 2 years old.

21. 2023-08-23
    price $125,000 377-char remark

    Show marketing remark (377 chars)

    Great investment property to add to your real estate portfolio. This brick multi family unit is located just steps to Hyde Park and close to the casino, shopping and more. The first and second unit has separate utilities and are extremely spacious featuring a large kitchen, dining room, living room and generous sized bedrooms. The furnace and hot water tanks are 2 years old.

22. 2023-07-31
    price $129,000 377-char remark

    Show marketing remark (377 chars)

    Great investment property to add to your real estate portfolio. This brick multi family unit is located just steps to Hyde Park and close to the casino, shopping and more. The first and second unit has separate utilities and are extremely spacious featuring a large kitchen, dining room, living room and generous sized bedrooms. The furnace and hot water tanks are 2 years old.

23. 2023-07-28
    price $135,000 377-char remark

    Show marketing remark (377 chars)

    Great investment property to add to your real estate portfolio. This brick multi family unit is located just steps to Hyde Park and close to the casino, shopping and more. The first and second unit has separate utilities and are extremely spacious featuring a large kitchen, dining room, living room and generous sized bedrooms. The furnace and hot water tanks are 2 years old.

24. 2023-07-03
    status Active 377-char remark

    Show marketing remark (377 chars)

    Great investment property to add to your real estate portfolio. This brick multi family unit is located just steps to Hyde Park and close to the casino, shopping and more. The first and second unit has separate utilities and are extremely spacious featuring a large kitchen, dining room, living room and generous sized bedrooms. The furnace and hot water tanks are 2 years old.

25. 2023-06-26
    status Under Contract- Do Not Show 377-char remark

    Show marketing remark (377 chars)

    Great investment property to add to your real estate portfolio. This brick multi family unit is located just steps to Hyde Park and close to the casino, shopping and more. The first and second unit has separate utilities and are extremely spacious featuring a large kitchen, dining room, living room and generous sized bedrooms. The furnace and hot water tanks are 2 years old.

26. 2023-06-12
    price $140,000 377-char remark

    Show marketing remark (377 chars)

    Great investment property to add to your real estate portfolio. This brick multi family unit is located just steps to Hyde Park and close to the casino, shopping and more. The first and second unit has separate utilities and are extremely spacious featuring a large kitchen, dining room, living room and generous sized bedrooms. The furnace and hot water tanks are 2 years old.

27. 2023-05-15
    listed $150,000 Active 377-char remark

    Show marketing remark (377 chars)

    Great investment property to add to your real estate portfolio. This brick multi family unit is located just steps to Hyde Park and close to the casino, shopping and more. The first and second unit has separate utilities and are extremely spacious featuring a large kitchen, dining room, living room and generous sized bedrooms. The furnace and hot water tanks are 2 years old.

28. 1994-08-10
    soldstatus $41,905

ⓘ 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: $1,389 · $116/mo
• Projected year-2 tax: $2,004 · $167/mo
• Expected delta: +$615/yr (+$51/mo · 44.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥94°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: $28,428
• − Mortgage interest: −$8,682
• − Property taxes: −$1,389
• − Insurance: −$775
• − Repairs & maintenance: −$2,274
• − Management: −$2,274
• − Depreciation: −$4,509
• Taxable income: $8,524
• Est. tax owed @ 24.0%: −$2,046
• After-tax cash flow: $8,494/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: Niagara Falls City School District
• NCES district ID: 3620820
• Math proficiency: 26% ▼ -10.00%
• Reading proficiency: 34% ▲ 3.00%
• Median HH income: $32,488
• Composite: 24.5/100
• National rank: #7655
• State rank: #578 of 590 in NY

Livability — Niagara Falls

• Score: 60/100
• State rank: #956
• US rank: #18749

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Niagara Falls, NY
• County: Niagara County · 157,377 people
• City population: 62,983
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 10,923
• Household income: $34,549
• Rent vs Own: 54.1% rent · 45.9% own
• Severe rent burden: 954.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 59% Black 25% Two or more races 8% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 3% Cuban 2%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China, Dominican Republic
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 3% Chinese 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: ▲ 15.41%
• Current HPI: 266.1457
• Rent YoY: ▲ 8.79%
• 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

+269.9% since first listed

14 events — show timeline

• 2026-06-16 Price Changed $155,000 WNYREIS
• 2026-04-17 Listed $165,000 WNYREIS
• 2023-11-10 Sold (MLS) $105,000 WNYREIS
• 2023-10-23 Pending — WNYREIS
• 2023-09-14 Pending — WNYREIS
• 2023-09-11 Price Changed $120,000 WNYREIS
• 2023-08-23 Price Changed $125,000 WNYREIS
• 2023-07-31 Price Changed $129,000 WNYREIS
• 2023-07-28 Price Changed $135,000 WNYREIS
• 2023-07-03 Relisted — WNYREIS
• 2023-06-26 Pending — WNYREIS
• 2023-06-12 Price Changed $140,000 WNYREIS
• 2023-05-15 Listed $150,000 WNYREIS
• 1994-08-10 Sold (Public Records) $41,905 Public Records

Property tax history

+5.8%/yr

Latest (2025): $1,389 · +2.8% YoY. Source: county tax records.