1648 Cleveland Ave · Niagara Falls, NY 14305

$118,888

4 bd · 2.0 ba · 1,356 sqft · MultiFamily public records · 72 Days on market

Built 1910 $88/sqft · 8% below area Est $130k · 8% under

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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
• ARV discount +11.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• 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 MLS

Welcome to 1648 Cleveland Avenue, a classic two-story, two-family home perfectly positioned for both comfortable living and smart investing. This home offers an excellent opportunity for owner occupants or investors alike. Live in the spacious 2-bedroom lower unit while generating rental income from the separate 2-bedroom upper unit. The home features a convenient layout with private entrances for each level, making it ideal for multi-generational living or supplemental income. Step outside to enjoy the perks of this prime location as you're just a short walk to public transportation, Hyde Park, and a variety of shopping and dining options. The expansive backyard provides plenty of space for a gardener's canvas or outdoor enjoyment. No need to worry about parking as the private driveway comfortably fits two cars for off-street parking. Please note, property is being sold "as is" and tax records indicate a garage but there is no garage. This property is currently owner occupied and therefore there is no income to show.

Key facts

• Off street parking
• Private entrances
• Two family home

Tags

• TWO FAMILY HOME
• PRIVATE ENTRANCES
• EXPANSIVE BACKYARD
• OFF STREET PARKING
• PRIME LOCATION

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $119k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $588/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $119k).
• Recommended offer: $112k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.2% vs local median 7.5% 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: crime F, amenities F, commute 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.
• Zoned schools: Harry F Abate Elementary School (math 16% / reading 32%, grade F, #1,909 of 2,108 statewide, top 91%, 695 students, 82% FRL); Gaskill Preparatory School (math 10% / reading 22%, grade F, #702 of 729 statewide, top 96%, 500 students, 78% FRL); Niagara Falls High School (math 75% / reading 92%, grade A, #409 of 1,100 statewide, top 39%, 2,139 students, 71% FRL).
• Market conditions: 142 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,540/mo this rent would consume 60% of the median local household income ($51k/yr) (locally 1095% 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 $822 of loan paydown is wiped out by about $4k 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 + 3.0% rent growth), your $33k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 2 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 $35k; list at $119k implies a 241% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,754 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 2.14% ✓
• Cap rate: 18.16%
• Cash-on-cash: 42.37%
• DSCR: 2.89
• GRM: 3.9

CMA / ARV

• ARV (median comp): $129,901
• List price: $118,888
• Delta: -8.48%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1888 Weston Ave	0.25mi	4/2.0	1,512 (+12%)	4mo	$30,000	$20	66
2630 North Ave	0.60mi	4/2.0	1,362 (+0%)	9mo	$150,000	$110	64
2234 Willow Ave	0.41mi	3/2.0 (-1)	1,386 (+2%)	11mo	$105,000	$76	63
1208 17th St	0.47mi	3/2.0 (-1)	1,378 (+2%)	12mo	$92,500	$67	60
1840 Jerauld Ave	0.29mi	4/2.0	1,518 (+12%)	10mo	$80,500	$53	58
1519 Whitney Ave	0.46mi	3/2.0 (-1)	1,408 (+4%)	12mo	$110,000	$78	57
1816 Willow Ave	0.30mi	4/2.0	1,496 (+10%)	15mo	$110,000	$74	56
2260 Weston Ave	0.37mi	3/2.0 (-1)	1,540 (+14%)	3mo	$135,000	$88	52
746 17th St	0.73mi	4/2.0	1,475 (+9%)	1mo	$72,000	$49	51
2236 Linwood Ave	0.38mi	3/2.0 (-1)	1,544 (+14%)	8mo	$163,000	$106	48
1119 15th St	0.52mi	4/2.0	1,496 (+10%)	15mo	$128,000	$86	46
2906 Michigan Ave	0.72mi	3/2.0 (-1)	1,320 (-3%)	23mo	$80,000	$61	38

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: 39.1%
• Equity multiple: 2.67×
• Total profit: $55,631
• Equity at exit: $17,727

10-year hold

• IRR: 45.5%
• Equity multiple: 5.36×
• Total profit: $145,006
• Equity at exit: $10,279

Cash invested: $33,289 (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 14305

• Home prices YoY: -10.9%
• Active inventory: 142
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,540 high
• Mortgage (P&I): −$623
• Tax from tax record: −$158 /mo · $1,900/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$533
• Net cashflow: $1,175

Break-even live

Break-even rent $1,052

Max offer price $118,888

Occupancy floor 49%

Sensitivity live

Price	-10% $1,243	-5% $1,209	+0% $1,175	+5% $1,142	+10% $1,108
Rent	-10% $975	-5% $1,075	+0% $1,175	+5% $1,276	+10% $1,376
Rate	-1.0pp $1,235	-0.5pp $1,205	base $1,175	+0.5pp $1,144	+1.0pp $1,113

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,540
Total (2 units)			$2,540

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: $29,722
• Closing costs: $3,567
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1001 17th St Niagara Falls, NY	3.0	1.0	1152	$1,800	$1.56	25d	1	0.59mi
2020 Forest Ave Niagara Falls, NY	4.0	2.0	1600	$1,500	$0.94	18d	1	0.64mi
784 15th St Niagara Falls, NY	3.0	1.5	1380	$1,350	$0.98	5d	1	0.66mi
754 15th St Niagara Falls, NY	3.0	1.0	990	$1,100	$1.11	25d	1	0.73mi
642 Ashland Ave Niagara Falls, NY	3.0	1.0	1238	$1,100	$0.89	5d	1	0.96mi
3025 Macklem Ave Niagara Falls, NY	4.0	1.5	1750	$2,200	$1.26	45d	1	1.00mi
724 Augustus Pl Niagara Falls, NY	4.0	1.0	1200	$1,500	$1.25	45d	1	1.09mi
1427 Fort Ave Unit 2 Niagara Falls, NY	3.0	1.0	1058	$950	$0.90	45d	1	1.20mi
420 25th St Niagara Falls, NY	3.0	1.0	1101	$1,500	$1.36	45d	1	1.32mi
2727 Monroe Ave Niagara Falls, NY	3.0	1.0	960	$1,500	$1.56	12d	1	1.40mi

Listing history 19 events

1. 2026-06-21
   days on market $118,888 Active 72 DOM
2. 2026-06-18
   days on market $118,888 Active 69 DOM
3. 2026-06-17
   days on market $118,888 Active 68 DOM
4. 2026-06-16
   days on market $118,888 Active 67 DOM
5. 2026-06-15
   days on market $118,888 Active 66 DOM
6. 2026-06-13
   days on market $118,888 Active 64 DOM
7. 2026-06-13
   days on market $118,888 Active 63 DOM
8. 2026-06-10
   days on market $118,888 Active 61 DOM
9. 2026-06-09
   days on market $118,888 Active 60 DOM
10. 2026-06-08
    days on market $118,888 Active 59 DOM
11. 2026-06-07
    days on market $118,888 Active 58 DOM
12. 2026-06-03
    days on market $118,888 Active 54 DOM
13. 2026-06-02
    days on market $118,888 Active 53 DOM
14. 2026-06-01
    days on market $118,888 Active 52 DOM
15. 2026-05-31
    days on market $118,888 Active 51 DOM
16. 2026-04-10
    listed $118,888 Active 1043-char remark

    Show marketing remark (1043 chars)

    Welcome to 1648 Cleveland Avenue, a classic two-story, two-family home perfectly positioned for both comfortable living and smart investing. This home offers an excellent opportunity for owner occupants or investors alike. Live in the spacious 2-bedroom lower unit while generating rental income from the separate 2-bedroom upper unit. The home features a convenient layout with private entrances for each level, making it ideal for multi-generational living or supplemental income. Step outside to enjoy the perks of this prime location as you're just a short walk to public transportation, Hyde Park, and a variety of shopping and dining options. The expansive backyard provides plenty of space for a gardener's canvas or outdoor enjoyment. No need to worry about parking as the private driveway comfortably fits two cars for off-street parking. Please note, property is being sold "as is" and tax records indicate a garage but there is no garage. This property is currently owner occupied and therefore there is no income to show.

17. 2017-06-30
    soldstatus $34,900 Closed Sale or Rented 63-char remark

    Show marketing remark (63 chars)

    Vinyl sided 2 family with separate utilities is priced to sell!

18. 2017-04-13
    status Pending Sale 63-char remark

    Show marketing remark (63 chars)

    Vinyl sided 2 family with separate utilities is priced to sell!

19. 2016-11-04
    listed $34,900 Active 63-char remark

    Show marketing remark (63 chars)

    Vinyl sided 2 family with separate utilities is priced to sell!

ⓘ 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: $1,900 · $158/mo
• Projected year-2 tax: $1,955 · $163/mo
• Expected delta: +$54/yr (+$5/mo · 2.9%)

ⓘ 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 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: $30,480
• − Mortgage interest: −$6,660
• − Property taxes: −$1,900
• − Insurance: −$594
• − Repairs & maintenance: −$2,438
• − Management: −$2,438
• − Depreciation: −$3,459
• Taxable income: $12,990
• Est. tax owed @ 24.0%: −$3,118
• After-tax cash flow: $10,985/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): 16,696
• Household income: $51,004
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 1095.0

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 0.63)
• Race & ethnicity: White 55% Black 24% Two or more races 13% Hispanic / Latino 8% Asian 1% Native American 1%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 2%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 4% 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: ▼ -43.08%
• Current HPI: 350.8741
• 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

+240.7% since first listed

4 events — show timeline

• 2026-04-10 Listed $118,888 WNYREIS
• 2017-06-30 Sold (MLS) $34,900 WNYREIS
• 2017-04-13 Pending — WNYREIS
• 2016-11-04 Listed $34,900 WNYREIS

Property tax history

+22.9%/yr

Latest (2025): $1,900 · +15.0% YoY. Source: county tax records.