639 18th St · Niagara Falls, NY 14301

$199,900

6 bd · 3.0 ba · 2,304 sqft · MultiFamily public records · 20 Days on market

Built 1920 4,290 sqft lot

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Why this score? — see what drove the A- 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 +7.5/15.0
• 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: 3 units. confirmed

Listing remarks MLS

Brick Money maker 3 unit close to Pine Ave business district and all the amenities Pine Ave offers. Needs TLC but at this price it's a winner.

Key facts

• Near schools
• Three separate units
• Off-street parking

Tags

• THREE SEPARATE UNITS
• COVERED REAR PORCH
• INDIVIDUAL HEATING SYSTEMS
• SEPARATE HOT WATER TANKS
• OFF-STREET PARKING
• NEAR SCHOOLS

Property features AI

Finance

• Financial info: Property contains 3 units with separate gas and electric meters (3 each); Operating expense details: see remarks; Owner pays: other (see remarks); Rent includes: see remarks

Exterior

• Parking: Common parking with two or more spaces; 1-car garage
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected
• Home design: Brick construction; Flat roof; 2 stories; Resale property; City street frontage; Rectangular lot near public transit
• Construction: Brick construction; Flat roof; Existing structure
• Exterior features: Balcony; Covered balcony/porch; Patio; Partial fencing; Fence

Interior

• Bedrooms: 3 units total (multifamily)
• Flooring: Carpet; Laminate; Vinyl; Varies
• Bathrooms: Three full bathrooms (total)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Varied flooring including carpet, laminate and vinyl
• Laundry & utility: Washer hookup available; Gas water heater

What this means for you Summary

Snapshot

• This is a 1×1bd/1.0ba + 2×2bd/1.0ba units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $498/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $200k).
• Recommended offer: $197k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.3% vs local median 7.7% 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: schools F, crime F, amenities 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.
• Market conditions: Rents rising fast (+8.8%/yr); 164 active listings in the ZIP; lower-income renter base — watch delinquency; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $3,506/mo this rent would consume 122% of the median local household income ($35k/yr) (locally 954% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k 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 $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y 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.
• Current owner paid $31k; list at $200k implies a 545% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $196,901 (1.5% below list)

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 1920 — 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 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?
6. 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?
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: 1.75% ✓
• Cap rate: 15.26%
• Cash-on-cash: 32.02%
• DSCR: 2.42
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $96,768
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1023 15th St	0.36mi	5/4.0 (-1)	2,304 (0%)	5mo	$190,000	$82	70
444 20th St	0.34mi	5/3.0 (-1)	2,385 (+4%)	6mo	$25,000	$10	68
2460 Grand Ave	0.46mi	6/2.0	2,162 (-6%)	0mo	$175,000	$81	64
2219 Walnut Ave	0.26mi	6/3.0	2,023 (-12%)	4mo	$62,500	$31	64
2225 Whitney Ave	0.48mi	6/2.0	2,200 (-4%)	3mo	$125,000	$57	64
1145 Willow Ave	0.66mi	6/2.0	2,304 (0%)	3mo	$53,300	$23	63
2401 Whitney Ave	0.53mi	6/2.0	2,168 (-6%)	2mo	$40,000	$18	60
559 22nd St	0.25mi	7/3.0 (+1)	2,520 (+9%)	10mo	$38,000	$15	60
626 23rd St	0.27mi	5/3.0 (-1)	2,600 (+13%)	6mo	$125,000	$48	56
1113 Whitney Ave	0.62mi	7/3.0 (+1)	2,504 (+9%)	8mo	$48,000	$19	44
214 22nd St	0.64mi	7/3.0 (+1)	2,070 (-10%)	8mo	$87,000	$42	41
1811 Weston Ave	0.72mi	5/3.0 (-1)	1,998 (-13%)	6mo	$140,000	$70	34

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: 51.8%
• Equity multiple: 4.98×
• Total profit: $222,504
• Equity at exit: $180,086

10-year hold

• IRR: 47.4%
• Equity multiple: 12.19×
• Total profit: $626,317
• Equity at exit: $388,362

Cash invested: $55,972 (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 14301

• Home prices YoY: 6.2%
• Rents YoY: 8.8%
• Active inventory: 164
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $3,506 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$145 /mo · $1,737/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$736
• Net cashflow: $1,493

Break-even live

Break-even rent $1,616

Max offer price $199,900

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,141
▸ 2× units	2	1	$2,364
Total (3 units)			$3,506

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $199,900 Active 20 DOM
2. 2026-06-17
   days on market $199,900 Active 19 DOM
3. 2026-06-16
   days on market $199,900 Active 18 DOM
4. 2026-06-15
   days on market $199,900 Active 17 DOM
5. 2026-06-13
   days on market $199,900 Active 15 DOM
6. 2026-06-13
   days on market $199,900 Active 14 DOM
7. 2026-06-10
   days on market $199,900 Active 12 DOM
8. 2026-06-09
   days on market $199,900 Active 11 DOM
9. 2026-06-08
   days on market $199,900 Active 10 DOM
10. 2026-06-07
    days on market $199,900 Active 9 DOM
11. 2026-06-03
    days on market $199,900 Active 5 DOM
12. 2026-06-02
    days on market $199,900 Active 4 DOM
13. 2026-06-01
    days on market $199,900 Active 3 DOM
14. 2026-05-31
    days on market $199,900 Active 2 DOM
15. 2026-05-29
    listed $199,900 Active
16. 2022-11-30
    historical
17. 2021-05-26
    listed $279,900 Active
18. 2017-05-05
    soldstatus $31,000 Closed Sale or Rented 143-char remark

    Show marketing remark (143 chars)

    Brick Money maker 3 unit close to Pine Ave business district and all the amenities Pine Ave offers. Needs TLC but at this price it's a winner.

19. 2017-02-13
    historical Under Contract- Do Not Show 143-char remark

    Show marketing remark (143 chars)

    Brick Money maker 3 unit close to Pine Ave business district and all the amenities Pine Ave offers. Needs TLC but at this price it's a winner.

20. 2016-10-08
    listed $39,900 Active 143-char remark

    Show marketing remark (143 chars)

    Brick Money maker 3 unit close to Pine Ave business district and all the amenities Pine Ave offers. Needs TLC but at this price it's a winner.

21. 2016-08-11
    historical
22. 2016-04-11
    listed $45,000 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: $1,737 · $145/mo
• Projected year-2 tax: $2,558 · $213/mo
• Expected delta: +$821/yr (+$68/mo · 47.3%)

ⓘ 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 3/10 Moderate 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: $42,072
• − Mortgage interest: −$11,198
• − Property taxes: −$1,737
• − Insurance: −$1,000
• − Repairs & maintenance: −$3,366
• − Management: −$3,366
• − Depreciation: −$5,815
• Taxable income: $15,591
• Est. tax owed @ 24.0%: −$3,742
• After-tax cash flow: $14,179/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

+344.2% since first listed

8 events — show timeline

• 2026-05-29 Listed $199,900 WNYREIS
• 2022-11-30 Listing Removed — WNYREIS
• 2021-05-26 Listed $279,900 WNYREIS
• 2017-05-05 Sold (MLS) $31,000 WNYREIS
• 2017-02-13 Contingent — WNYREIS
• 2016-10-08 Listed $39,900 WNYREIS
• 2016-08-11 Listing Removed — WNYREIS
• 2016-04-11 Listed $45,000 WNYREIS

Property tax history

+5.8%/yr

Latest (2025): $1,737 · +5.5% YoY. Source: county tax records.