179 Callodine Ave · Eggertsville, NY 14226

$499,000

9 bd · 3.0 ba · 3,358 sqft · MultiFamily public records · 38 Days on market

Built 1925 3,360 sqft lot

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Why this score? — see what drove the C 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 +19.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +5.8/10.0
• Schools +5.3/10.0
• Rent growth +4.8/5.0
• Livability +4.2/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Great investment!! 3 Unit 4-3-2 Attached Garage. Close to University, shopping, transportation. Great Rents! Low Maintenance!!

Key facts

• Attached garage
• New hot water tank
• Fully furnished

Tags

• ATTACHED GARAGE
• FULLY FURNISHED
• NEW HOT WATER TANK

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $499k.

Deal economics

• At list price, monthly cash flow is $551 ($7k/yr) — positive. Per door: $184/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $499k).
• Recommended offer: $484k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 4.5% in Eggertsville — 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 85/100 on livability (#34 in NY, #534 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime C-, amenities C-.
• Amherst Central School District (suburban): math 53% / reading 68% proficiency, ranked #209 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+9.0%/yr); 143 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $5,395/mo this rent would consume 77% of the median local household income ($84k/yr) (locally 856% 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 $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $140k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($484k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y 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 $381k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $484,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.08% ✓
• Cap rate: 7.62%
• Cash-on-cash: 4.73%
• DSCR: 1.21
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -3.1%
• Equity multiple: 0.88×
• Total profit: $-17,005
• Equity at exit: $74,403

10-year hold

• IRR: 11.8%
• Equity multiple: 2.15×
• Total profit: $161,143
• Equity at exit: $43,144

Cash invested: $139,720 (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 14226

• Rents YoY: 9.0%
• Active inventory: 143
• Price-to-rent: 23.1×

Monthly cashflow live

• Estimated rent: $5,395 high
• Mortgage (P&I): −$2,617
• Tax from tax record: −$886 /mo · $10,635/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,133
• Net cashflow: $551

Break-even live

Break-even rent $4,697

Max offer price $499,000

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$5,394
Total (3 units)			$5,395

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: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19 Heath St Buffalo, NY	8.0	2.0	2382	$5,600	$2.35	1d	1	0.92mi

Listing history 6 events

1. 2025-10-03
   status Pending
2. 2025-08-26
   listed $499,000 Active
3. 2022-03-17
   soldstatus $381,000
4. 2013-04-26
   soldstatus $156,000 126-char remark

   Show marketing remark (126 chars)

   Great investment!! 3 Unit 4-3-2 Attached Garage. Close to University, shopping, transportation. Great Rents! Low Maintenance!!

5. 2013-04-18
   soldstatus $156,000
6. 2013-01-10
   listed $149,900 126-char remark

   Show marketing remark (126 chars)

   Great investment!! 3 Unit 4-3-2 Attached Garage. Close to University, shopping, transportation. Great Rents! Low Maintenance!!

ⓘ 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: $10,635 · $886/mo
• Projected year-2 tax: $10,635 · $886/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 1/10 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: $64,740
• − Mortgage interest: −$27,952
• − Property taxes: −$10,635
• − Insurance: −$2,495
• − Repairs & maintenance: −$5,179
• − Management: −$5,179
• − Depreciation: −$14,516
• Taxable loss: −$1,216
• Est. tax savings @ 24.0%: +$292
• After-tax cash flow: $6,905/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: Amherst Central School District
• NCES district ID: 3602920
• Math proficiency: 53% ▼ -16.00%
• Reading proficiency: 68% ▲ 4.00%
• Median HH income: $68,551
• Composite: 53.21/100
• National rank: #1502
• State rank: #209 of 590 in NY

Livability — Eggertsville

• Score: 85/100
• State rank: #34
• US rank: #534

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eggertsville, NY
• County: Erie County · 714,559 people
• City population: 29,482
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 29,159
• Household income: $84,325
• Rent vs Own: 29.0% rent · 71.0% own
• Severe rent burden: 856.0

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 10% Asian 7% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Romanian 7% Lithuanian 2% Slovak 1%
• Foreign-born: 13% · Canada, China, India
• Languages at home: 87% English-only · Other Indo-European 4% 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: ▼ -270.71%
• Current HPI: 331.1929
• Rent YoY: ▲ 9.01%
• 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

+232.9% since first listed

6 events — show timeline

• 2025-10-03 Pending — WNYREIS
• 2025-08-26 Listed $499,000 WNYREIS
• 2022-03-17 Sold (Public Records) $381,000 Public Records
• 2013-04-26 Sold (MLS) $156,000 WNYREIS
• 2013-04-18 Sold (Public Records) $156,000 Public Records
• 2013-01-10 Listed $149,900 WNYREIS

Property tax history

+6.4%/yr

Latest (2025): $10,635 · +7.8% YoY. Source: county tax records.