111 Pinehurst Ave · Cheektowaga, NY 14225

$199,900

4 bd · 3.0 ba · 2,202 sqft · MultiFamily public records · 11 Days on market

Built 1930 3,485 sqft lot $91/sqft · 48% below area Est $382k · 48% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.9/10.0
• Livability +4.2/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Offers should be submitted no later than Thursday by noon, Open house Sunday May17 from 5-7pm for all 3 units, Tuesday May 19 from 5-7pm for 2 units, Wednesday between 5-7pm for 2 units. This beautifully renovated 3 apartment home is located in the Maryvale neighborhood. It offers an excellent opportunity for immediate occupancy or for generating rental income to help cover your mortgage payments. Two of the units are leased to long-term tenants. Each apartment features two bedrooms and one bathroom. The lower left unit, the larger of the 3 apartments, has been recently renovated, including new flooring, doors and door hardware, carpeting, ceiling fans, recessed lighting, and an updated bat

Key facts

• Long-term tenants
• New flooring
• Immediate occupancy

Tags

• IMMEDIATE OCCUPANCY
• GENERATING RENTAL INCOME
• LONG-TERM TENANTS
• RECENTLY RENOVATED
• NEW FLOORING
• UPDATED BATHROOM

Property features AI

Finance

• Other: Multi-unit property with 3 units; Three separate gas meters; One separate electric meter
• Financial info: Owner pays electricity and water for rental units; Operating expenses include electric and water/sewer

Exterior

• Parking: Two or more parking spaces
• Utilities: Cable available; Public water connected; Sewer connected; Circuit breaker electrical service
• Home design: Two-story building; Resale property; Facing direction not specified
• Construction: Vinyl siding; Copper plumbing; Asphalt roof; Block foundation; Built existing (year built details: existing)
• Exterior features: Corner lot; Rectangular lot

Interior

• Kitchen: Gas water heater
• Flooring: Carpet; Laminate; Varied flooring
• Bathrooms: Three full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Accessible doors; Ceiling fans; Other interior features (see remarks); Satellite dish

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $200k.

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 ($3k rent vs $200k).
• Cap rate 13.5% vs local median 3.8% in Cheektowaga — 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 84/100 on livability (#54 in NY, #811 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime C-.
• Cheektowaga-Maryvale Union Free School District (urban): math 67% / reading 73% proficiency, ranked #154 of 590 in NY (top 26%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 207 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,439/mo this rent would consume 61% of the median local household income ($67k/yr) (locally 991% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y 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 $40k; list at $200k implies a 400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $199,900

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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?
5. 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.
6. 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.
7. 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: 1.72% ✓
• Cap rate: 13.52%
• Cash-on-cash: 25.82%
• DSCR: 2.15
• GRM: 4.8

CMA / ARV

• ARV (median comp): $382,026
• List price: $199,900
• Delta: -47.67%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
190 Clover Pl	0.41mi	5/2.0 (+1)	2,156 (-2%)	10mo	$243,000	$113	60
102 Wellworth Pl	0.41mi	5/2.0 (+1)	2,400 (+9%)	7mo	$295,000	$123	51
125 Beryl Dr	0.19mi	4/2.0	1,886 (-14%)	18mo	$235,000	$125	49
17 Redwood Dr #15	0.53mi	5/2.0 (+1)	1,887 (-14%)	4mo	$300,000	$159	40
48 Awood Pl	0.56mi	4/2.0	1,920 (-13%)	17mo	$190,000	$99	35

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: 17.8%
• Equity multiple: 1.72×
• Total profit: $40,249
• Equity at exit: $29,806

10-year hold

• IRR: 26.3%
• Equity multiple: 3.31×
• Total profit: $129,067
• Equity at exit: $17,284

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 14225

• Home prices YoY: -27.3%
• Active inventory: 207
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $3,439 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$381 /mo · $4,571/yr
• Insurance: −$83
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$722
• Net cashflow: $1,138

Break-even live

Break-even rent $1,999

Max offer price $199,900

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,438
Total (3 units)			$3,439

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: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
47 Awood Pl Buffalo, NY	3.0	1.0	1840	$1,500	$0.82	2d	1	0.54mi
758 S Huth Rd Buffalo, NY	5.0	2.0	2235	$2,800	$1.25	44d	1	1.10mi

Listing history 4 events

1. 2026-05-11
   listed $199,900 Active 1435-char remark
2. 2023-10-12
   historical
3. 2023-09-29
   listed $159,900 Active
4. 2000-06-22
   soldstatus $40,000

ⓘ 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: $4,571 · $381/mo
• Projected year-2 tax: $4,571 · $381/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 78% 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: $41,268
• − Mortgage interest: −$11,198
• − Property taxes: −$4,571
• − Insurance: −$1,797
• − Repairs & maintenance: −$3,301
• − Management: −$3,301
• − Depreciation: −$5,815
• Taxable income: $11,284
• Est. tax owed @ 24.0%: −$2,708
• After-tax cash flow: $10,946/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: Cheektowaga-Maryvale Union Free School District
• NCES district ID: 3618600
• Math proficiency: 67% ▲ 11.00%
• Reading proficiency: 73% ▲ 23.00%
• Median HH income: $46,537
• Composite: 59.02/100
• National rank: #960
• State rank: #154 of 590 in NY

Livability — Cheektowaga

• Score: 84/100
• State rank: #54
• US rank: #811

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cheektowaga, NY
• County: Erie County · 714,559 people
• City population: 55,470
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 33,620
• Household income: $67,237
• Rent vs Own: 27.1% rent · 72.9% own
• Severe rent burden: 991.0

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 (74%)
• Race & ethnicity: White 74% Black 13% Two or more races 7% Hispanic / Latino 4% Asian 3%
• Common ancestry: Romanian 21% Lithuanian 3% Iranian 1%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 92% English-only · Other Indo-European 2% Spanish 2% 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: ▼ -120.26%
• Current HPI: 320.6248
• 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

+399.8% since first listed

5 events — show timeline

• 2026-05-22 Pending — WNYREIS
• 2026-05-11 Listed $199,900 WNYREIS
• 2023-10-12 Listing Removed — WNYREIS
• 2023-09-29 Listed $159,900 WNYREIS
• 2000-06-22 Sold (Public Records) $40,000 Public Records

Property tax history

+5.0%/yr

Latest (2025): $4,571 · +2.5% YoY. Source: county tax records.