233 Olmstead Ave · Depew, NY 14043

$154,900

3 bd · 2.0 ba · 1,456 sqft · MultiFamily public records · 25 Days on market

Built 1901 3,401 sqft lot $106/sqft · 58% below area

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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
• Rent growth +3.9/5.0
• Schools +3.8/10.0
• Livability +3.6/5.0
• 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: 2 units. confirmed

Listing remarks

Opportunity Knocks! Located in Depew school district on a neighborhood street this two unit is ready for a refresh. Are you looking for your first home that can bring in some additional income with the upper 1 Bedroom apartment and/or a project that will pay you back for your sweat equity? This is the place for investors or owner occupants! The highlights ---brand new tear off roof completed in 2025!! Glass block basement windows, 2 car garage, and a deep lot! The lower unit contains two Bedrooms complete with classic built-ins and walk through closet, galley style kitchen with an eat in dining area, full bath, access to basement with a wet bar and laundry. The upper unit contains one be

Key facts

• Walk through closet
• Deep lot
• Classic built-ins

Tags

• BRAND NEW TEAR OFF ROOF
• GLASS BLOCK BASEMENT WINDOWS
• DEEP LOT
• CLASSIC BUILT-INS
• WALK THROUGH CLOSET
• GALLEY STYLE KITCHEN

Property features AI

Finance

• Other: Zoned Residential 2-Unit; Two total units with separate gas meters for each unit and a single electric meter
• Financial info: Operating expenses include electric, insurance, maintenance, snow removal, trash, and water/sewer

Exterior

• Parking: Detached or attached garage with concrete driveway; 2-car garage
• Utilities: Cable available; Public water (connected); Sewer connected
• Home design: 2-story multi-family (2-unit) residence; Vinyl siding; Resale property
• Construction: Stone foundation; Vinyl siding exterior; Existing construction
• Exterior features: Enclosed porch; Open porch; Rectangular residential lot; City street frontage

Interior

• Kitchen: Eat-in kitchen (in one unit); Kitchen with dining area (in the other unit)
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Flooring: Hardwood; Tile; Vinyl; Varies
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Wet bar
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $600/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $155k).
• Recommended offer: $153k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.6% vs local median 3.7% in Depew — 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 71/100 on livability (#408 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-, health & safety A-; Watch: crime F, amenities F, commute F.
• Depew Union Free School District (suburban): math 39% / reading 50% proficiency, ranked #461 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.8%/yr); 124 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,124/mo this rent would consume 51% of the median local household income ($74k/yr) (locally 854% 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 $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $43k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $72k; list at $155k implies a 117% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $152,576 (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 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 2.02% ✓
• Cap rate: 15.59%
• Cash-on-cash: 33.20%
• DSCR: 2.48
• GRM: 4.1

CMA / ARV

• ARV (median comp): $370,220
• List price: $154,900
• Delta: -58.16%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
241 Olmstead Ave	0.02mi	2/2.0 (-1)	1,460 (+0%)	18mo	$205,000	$140	79
368 Olmstead Ave	0.26mi	3/2.0	1,364 (-6%)	3mo	$243,000	$178	75
85 Ellicott Pl	0.32mi	4/2.0 (+1)	1,584 (+9%)	6mo	$90,000	$57	60
151 Sawyer Ave	0.61mi	3/2.0	1,500 (+3%)	18mo	$174,000	$116	52
23 Muskingum St	0.70mi	4/2.0 (+1)	1,496 (+3%)	8mo	$145,500	$97	51

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 · 5.75% rent growth · sell at horizon

5-year hold

• IRR: 31.8%
• Equity multiple: 2.39×
• Total profit: $60,385
• Equity at exit: $23,096

10-year hold

• IRR: 40.6%
• Equity multiple: 5.39×
• Total profit: $190,250
• Equity at exit: $13,393

Cash invested: $43,372 (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 14043

• Home prices YoY: -34.2%
• Rents YoY: 5.8%
• Active inventory: 124
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $3,124 medium
• Mortgage (P&I): −$812
• Tax from tax record: −$391 /mo · $4,692/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$656
• Net cashflow: $1,200

Break-even live

Break-even rent $1,605

Max offer price $154,900

Occupancy floor 57%

Sensitivity live

Price	-10% $1,288	-5% $1,244	+0% $1,200	+5% $1,156	+10% $1,112
Rent	-10% $953	-5% $1,077	+0% $1,200	+5% $1,324	+10% $1,447
Rate	-1.0pp $1,278	-0.5pp $1,240	base $1,200	+0.5pp $1,160	+1.0pp $1,119

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,124
Total (2 units)			$3,124

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
136 Sawyer Ave Unit 2 Depew, NY	2.0	1.0	1000	$1,350	$1.35	44d	1	0.65mi
Cowing St Lancaster, NY	3.0	1.0	1450	$1,400	$0.97	44d	1	0.73mi
6386 Transit Rd Depew, NY	1.0–2.0	1.0–2.0	1023	$2,397	$2.34	2d	62	1.24mi

Listing history 8 events

1. 2026-06-07
   statusdays on market $154,900 Pending 25 DOM
2. 2026-06-03
   days on market $154,900 Active 24 DOM
3. 2026-06-02
   days on market $154,900 Active 23 DOM
4. 2026-06-01
   days on market $154,900 Active 22 DOM
5. 2026-05-31
   days on market $154,900 Active 21 DOM
6. 2026-05-10
   listed $169,900 Active 832-char remark
7. 2002-07-23
   soldstatus $71,500
8. 1994-10-27
   soldstatus $75,000

ⓘ 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: $4,692 · $391/mo
• Projected year-2 tax: $4,692 · $391/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 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: $37,488
• − Mortgage interest: −$8,677
• − Property taxes: −$4,692
• − Insurance: −$774
• − Repairs & maintenance: −$2,999
• − Management: −$2,999
• − Depreciation: −$4,506
• Taxable income: $12,840
• Est. tax owed @ 24.0%: −$3,082
• After-tax cash flow: $11,320/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: Depew Union Free School District
• NCES district ID: 3609030
• Math proficiency: 39% ▼ -19.00%
• Reading proficiency: 50% ▼ -1.00%
• Median HH income: $51,488
• Composite: 38.33/100
• National rank: #4224
• State rank: #461 of 590 in NY

Livability — Depew

• Score: 71/100
• State rank: #408
• US rank: #7016

Category grades

Amenities F Commute F Cost of living A- 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: Depew, NY
• County: Erie County · 714,559 people
• City population: 25,098
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 25,098
• Household income: $74,112
• Rent vs Own: 27.9% rent · 72.1% own
• Severe rent burden: 854.0

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 (91%)
• Race & ethnicity: White 91% Hispanic / Latino 3% Two or more races 3% Black 2% Asian 1%
• Common ancestry: Romanian 30% Lithuanian 2% Slovak 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Arabic 3% Russian/Polish/Slavic 2% Spanish 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: ▼ -152.13%
• Current HPI: 292.1082
• Rent YoY: ▲ 5.75%
• 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

+106.5% since first listed

5 events — show timeline

• 2026-06-04 Pending — WNYREIS
• 2026-05-26 Price Changed $154,900 WNYREIS
• 2026-05-10 Listed $169,900 WNYREIS
• 2002-07-23 Sold (Public Records) $71,500 Public Records
• 1994-10-27 Sold (Public Records) $75,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $4,692 · +5.6% YoY. Source: county tax records.