87 Locust St · Lockport, NY 14094

$40,000

3 bd · 3.0 ba · 2,208 sqft · MultiFamily public records · 129 Days on market

Built 1880 3,049 sqft lot

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• 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 MLS

Calling all fixer uppers & flippers. Great opportunity with these two or three units. Featuring new roof, and electric. Number of the rooms is approximate. Make an offer and take advantage of low inventory. Selling AS-IS, cash only. Bring the flashlight and use caution when walking the property.

Key facts

• 3,049 sq ft lot
• Built 1880
• Listed 129 days

Property features AI

Finance

• Other: Owner/tenant payment responsibilities referenced in remarks; Rent includes referenced in remarks
• Financial info: Three total units in the building; Three separate gas meters; Two separate electric meters; Operating expense details referenced in remarks

Exterior

• Parking: No driveway; on-street parking
• Utilities: Electricity connected; Public water connected; Sewer connected
• Home design: Two-story multi-unit building; Existing structure
• Construction: Wood siding exterior; Asphalt roof; Stone foundation; Built (existing) — year not specified
• Exterior features: Rectangular residential lot with city street frontage

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: Three rental units: one 1-bedroom unit and two 2-bedroom units
• Flooring: Hardwood; Varies by area/unit
• Bathrooms: Three full bathrooms (one in each unit)
• Heating & cooling: Gas forced air heating
• Interior features: Hardwood and varied flooring throughout; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $40k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 85.0% vs local median 4.5% in Lockport — 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 76/100 on livability (#232 in NY, #3,669 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute D+, crime F, employment D-.
• Lockport City School District (town): math 44% / reading 49% proficiency, ranked #452 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.7%/yr); 357 active listings in the ZIP; solid renter incomes; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $3,739/mo this rent would consume 59% of the median local household income ($75k/yr) (locally 1112% 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 $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Niagara County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $10k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $33k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 9.35% ✓
• Cap rate: 85.03%
• Cash-on-cash: 281.20%
• DSCR: 13.51
• GRM: 0.9

CMA / ARV

• ARV (on-the-fly): $152,352
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35 Pound St	0.61mi	3/2.5	2,163 (-2%)	9mo	$150,000	$69	59
179 Lock St	0.60mi	4/2.0 (+1)	2,275 (+3%)	11mo	$200,000	$88	49
14 Cave St	0.49mi	4/2.0 (+1)	2,056 (-7%)	11mo	$95,000	$46	48
129 Lock St	0.50mi	4/2.0 (+1)	2,492 (+13%)	0mo	$96,000	$39	46
267 Chestnut St	0.62mi	4/2.0 (+1)	2,016 (-9%)	9mo	$221,450	$110	40

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 · 3.67% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 15.58×
• Total profit: $163,303
• Equity at exit: $5,964

10-year hold

• IRR: —
• Equity multiple: 33.89×
• Total profit: $368,359
• Equity at exit: $3,458

Cash invested: $11,200 (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 14094

• Rents YoY: 3.7%
• Active inventory: 357
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $3,739 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$103 /mo · $1,234/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$785
• Net cashflow: $2,625

Break-even live

Break-even rent $417

Max offer price $40,000

Occupancy floor 25%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.5	$3,738
Total (3 units)			$3,739

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-05-14
   status Pending
2. 2026-03-26
   status Active
3. 2026-01-22
   status Pending
4. 2025-12-23
   price $40,000
5. 2025-11-23
   price $45,000
6. 2025-11-03
   listed $50,000 Active
7. 2024-08-07
   historical
8. 2024-04-23
   price $55,000
9. 2024-03-01
   price $50,000
10. 2024-02-12
    price $69,000
11. 2024-02-09
    listed $85,000 Active
12. 2023-06-26
    soldstatus $33,000 Closed Sale or Rented 302-char remark

    Show marketing remark (302 chars)

    Calling all fixer uppers & flippers. Great opportunity with these two or three units. Featuring new roof, and electric. Number of the rooms is approximate. Make an offer and take advantage of low inventory. Selling AS-IS, cash only. Bring the flashlight and use caution when walking the property.

13. 2023-06-26
    soldstatus $33,000

    Show marketing remark (302 chars)

    Calling all fixer uppers & flippers. Great opportunity with these two or three units. Featuring new roof, and electric. Number of the rooms is approximate. Make an offer and take advantage of low inventory. Selling AS-IS, cash only. Bring the flashlight and use caution when walking the property.

14. 2023-03-08
    status Pending Sale 302-char remark

    Show marketing remark (302 chars)

    Calling all fixer uppers & flippers. Great opportunity with these two or three units. Featuring new roof, and electric. Number of the rooms is approximate. Make an offer and take advantage of low inventory. Selling AS-IS, cash only. Bring the flashlight and use caution when walking the property.

15. 2023-02-19
    listed $29,900 Active 302-char remark

    Show marketing remark (302 chars)

    Calling all fixer uppers & flippers. Great opportunity with these two or three units. Featuring new roof, and electric. Number of the rooms is approximate. Make an offer and take advantage of low inventory. Selling AS-IS, cash only. Bring the flashlight and use caution when walking the property.

16. 2023-01-07
    historical
17. 2022-09-07
    listed $44,900 Active
18. 2008-09-10
    soldstatus $61,000
19. 2007-07-27
    soldstatus $760,000

ⓘ 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: $1,234 · $103/mo
• Projected year-2 tax: $1,234 · $103/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 2/10 Low 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,868
• − Mortgage interest: −$2,241
• − Property taxes: −$1,234
• − Insurance: −$200
• − Repairs & maintenance: −$3,589
• − Management: −$3,589
• − Depreciation: −$1,164
• Taxable income: $32,851
• Est. tax owed @ 24.0%: −$7,884
• After-tax cash flow: $23,610/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: Lockport City School District
• NCES district ID: 3617670
• Math proficiency: 44% ▼ -7.00%
• Reading proficiency: 49% ▲ 3.00%
• Median HH income: $43,793
• Composite: 39.28/100
• National rank: #3997
• State rank: #452 of 590 in NY

Livability — Lockport

• Score: 76/100
• State rank: #232
• US rank: #3669

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lockport, NY
• County: Niagara County · 157,377 people
• City population: 50,153
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 50,153
• Household income: $75,427
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 1112.0

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: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 6% Hispanic / Latino 3%
• Common ancestry: Romanian 9% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -262.57%
• Current HPI: 303.6109
• Rent YoY: ▲ 3.67%
• 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

-94.7% since first listed

19 events — show timeline

• 2026-05-14 Pending — WNYREIS
• 2026-03-26 Relisted — WNYREIS
• 2026-01-22 Pending — WNYREIS
• 2025-12-23 Price Changed $40,000 WNYREIS
• 2025-11-23 Price Changed $45,000 WNYREIS
• 2025-11-03 Listed $50,000 WNYREIS
• 2024-08-07 Listing Removed — WNYREIS
• 2024-04-23 Price Changed $55,000 WNYREIS
• 2024-03-01 Price Changed $50,000 WNYREIS
• 2024-02-12 Price Changed $69,000 WNYREIS
• 2024-02-09 Listed $85,000 WNYREIS
• 2023-06-26 Sold (Public Records) $33,000 Public Records
• 2023-06-26 Sold (MLS) $33,000 WNYREIS
• 2023-03-08 Pending — WNYREIS
• 2023-02-19 Listed $29,900 WNYREIS
• 2023-01-07 Listing Removed — WNYREIS
• 2022-09-07 Listed $44,900 WNYREIS
• 2008-09-10 Sold (Public Records) $61,000 Public Records
• 2007-07-27 Sold (Public Records) $760,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $1,234 · -34.9% YoY. Source: county tax records.