68 Pleasant Ave · Lancaster, NY 14086

$49,900

3 bd · 1.0 ba · 1,863 sqft · SingleFamily public records · 18 Days on market

Built 1860 4,300 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Listing remarks

Looking for that summer project?? Here you go! This 3 bedroom, 2 full bathroom single family home could be turned into a two-unit for extra income. Located in the Village of Lancaster - within walking distance to all the village amenities. Check this one out today!

Key facts

• Walking distance
• Two-unit
• Village amenities

Tags

• TWO-UNIT
• WALKING DISTANCE
• VILLAGE AMENITIES

Property features AI

Exterior

• Parking: Detached garage; One garage space
• Utilities: Public water connected; Sewer connected
• Home design: Two-story house; Existing construction
• Construction: Aluminum siding; Fiber cement siding; Asphalt roof; Stone foundation
• Exterior features: Gravel driveway; Rectangular lot (approx. 107 x 41)

Interior

• Bedrooms: One main-level bedroom
• Flooring: Hardwood; Laminate; Varies
• Bathrooms: Two full bathrooms; One bathroom on the main level
• Heating & cooling: Gas forced-air heating
• Interior features: Separate/formal dining room; Bedroom on main level; Partial basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• Cap rate 34.0% 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,151 (1.5% below list)

Questions for the listing agent

1. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.80% ✓
• Cap rate: 34.04%
• Cash-on-cash: 99.09%
• DSCR: 5.41
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $307,395
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
41 School St	0.14mi	3/1.5	1,824 (-2%)	2mo	$280,000	$154	86
60 Court St	0.29mi	4/2.0 (+1)	1,820 (-2%)	6mo	$300,000	$165	69
50 Cambria St	0.30mi	3/2.0	1,800 (-3%)	10mo	$330,000	$183	68
27 Saint Joseph St	0.33mi	4/1.0 (+1)	1,738 (-7%)	6mo	$300,000	$173	64
27 Lombardy St	0.47mi	3/1.5	1,712 (-8%)	2mo	$242,500	$142	61
23 N Aurora St	0.33mi	3/2.0	1,760 (-6%)	16mo	$238,000	$135	58
15 Holland Ave	0.28mi	3/2.5	1,658 (-11%)	7mo	$310,000	$187	57
23 Saint John St	0.46mi	3/1.5	1,656 (-11%)	8mo	$210,000	$127	52
17 Court St	0.40mi	3/1.0	1,610 (-14%)	10mo	$311,000	$193	51
9 Kurtz Ave	0.60mi	3/1.5	1,731 (-7%)	10mo	$275,000	$159	50
59 W Drullard Ave	0.70mi	4/2.5 (+1)	1,968 (+6%)	2mo	$310,000	$158	45
5 Rose St	0.65mi	4/3.0 (+1)	2,052 (+10%)	10mo	$500,000	$244	31

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: —
• Equity multiple: 5.68×
• Total profit: $65,422
• Equity at exit: $7,440

10-year hold

• IRR: —
• Equity multiple: 11.86×
• Total profit: $151,700
• Equity at exit: $4,314

Cash invested: $13,972 (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: 2.2×

Monthly cashflow live

• Estimated rent: $1,897 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $1,154

Break-even live

Break-even rent $437

Max offer price $49,900

Occupancy floor 34%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
Cowing St Lancaster, NY	3.0	1.0	1450	$1,400	$0.97	43d	1	0.79mi
3 Steinfeldt Rd Lancaster, NY	3.0	1.5	1241	$1,750	$1.41	44d	1	0.99mi
5828 Broadway St Lancaster, NY	1.0–3.0	1.0–2.0	1102	$2,126	$1.93	1d	1	1.30mi
5849 Broadway Unit 8 Lancaster, NY	3.0	3.0	2300	$2,495	$1.08	1d	1	1.43mi

Listing history 9 events

1. 2026-06-18
   days on market $49,900 Active 18 DOM
2. 2026-06-17
   days on market $49,900 Active 17 DOM
3. 2026-06-16
   days on market $49,900 Active 16 DOM
4. 2026-06-15
   days on market $49,900 Active 15 DOM
5. 2026-06-13
   days on market $49,900 Active 13 DOM
6. 2026-06-13
   statusdays on market $49,900 Active 12 DOM
7. 2026-05-31
   status $49,900 Pending 10 DOM
8. 2026-05-31
   days on market $49,900 Active 10 DOM
9. 2026-05-21
   listed $49,900 Active

ⓘ 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 (unshaded) · 0% 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: $22,763
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$250
• − Repairs & maintenance: −$1,821
• − Management: −$1,821
• − Depreciation: −$1,452
• Taxable income: $13,876
• Est. tax owed @ 24.0%: −$3,330
• After-tax cash flow: $10,514/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

1 event — show timeline

• 2026-05-21 Listed $49,900 WNYREIS

Property tax history

+4.6%/yr

Latest (2025): $2,812 · +0.6% YoY. Source: county tax records.