66 Stephenson Ave · West Seneca, NY 14224

$179,900

5 bd · 2.0 ba · 2,200 sqft · MultiFamily public records · 13 Days on market

Built 1913 7,410 sqft lot Est $207k · 13% 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 +13.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• 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: 2 units. confirmed

Listing remarks

Opportunity to build equity at 66 Stephenson. This 2 family in West Seneca schools has a ton of potential! Lower unit was gutted and renovated 15 years ago with new wiring, drywall, kitchen and bathroom. Tall ceilings and hardwood floors. Second floor needs a full renovation. Full basement and attic. Double lot, detached garage (built in 2002). Cash or Rehab loan only!

Key facts

• New drywall
• New kitchen
• New wiring

Tags

• GUTTED AND RENOVATED
• NEW WIRING
• NEW DRYWALL
• NEW KITCHEN
• NEW BATHROOM
• TALL CEILINGS

Property features AI

Finance

• Financial info: Property configured as 2 total units; Owner pays trash and water for rental units; Operating expenses include trash and water

Exterior

• Parking: Concrete driveway; Attached garage with garage door opener; Two or more parking spaces (2-car garage)
• Utilities: Public water connected; Sewer connected; Cable available; High-speed internet available; Circuit breaker electrical system
• Home design: Two-story multifamily building; Resale property
• Construction: Vinyl siding; Asphalt roof; Block foundation; Existing structure
• Exterior features: City street frontage; Rectangular residential lot (approx. 60 x 123); Near public transit

Interior

• Kitchen: Eat-in kitchen (in one unit); Formal dining room (in one unit); Gas water heater
• Bedrooms: One unit with 3 bedrooms; One unit with 2 bedrooms
• Flooring: Hardwood; Varies
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas heating; Wall furnace
• Interior features: Hardwood and varied flooring throughout; Full basement; Fireplace (1)
• Laundry & utility: Separate gas and electric meters for units (2 each)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $721 ($9k/yr) — positive. Per door: $361/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Cap rate 11.1% vs local median 3.7% in West Seneca — 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 79/100 on livability (#130 in NY, #2,089 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A-; Watch: amenities D, commute F.
• West Seneca Central School District (suburban): math 49% / reading 55% proficiency, ranked #336 of 590 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 201 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

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 + 3.0% rent growth), your $50k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $179,900

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 1913 — 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. 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: 1.50% ✓
• Cap rate: 11.10%
• Cash-on-cash: 17.18%
• DSCR: 1.76
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $206,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
30 Chamberlin Dr	0.19mi	5/2.0	2,208 (+0%)	5mo	$239,800	$109	86
154 Chamberlin Dr	0.25mi	5/2.0	2,182 (-1%)	2mo	$242,400	$111	85
46 Kirkwood Dr	0.07mi	4/2.0 (-1)	2,128 (-3%)	5mo	$198,700	$93	82
146 Chamberlin Dr	0.24mi	4/2.0 (-1)	2,187 (-1%)	8mo	$290,000	$133	77
18 Stephenson Ave	0.09mi	6/2.0 (+1)	1,978 (-10%)	2mo	$226,000	$114	72
96 Wildwood Pl	0.27mi	6/2.0 (+1)	2,288 (+4%)	8mo	$90,000	$39	69
61 Bellwood Ave	0.39mi	6/2.0 (+1)	2,134 (-3%)	9mo	$260,000	$122	64
14 Winegar Pl	0.21mi	5/2.5	2,469 (+12%)	5mo	$187,000	$76	64
71 Buffum St	0.69mi	5/2.0	2,136 (-3%)	6mo	$160,000	$75	58
260 Indian Church Rd	0.59mi	6/2.0 (+1)	2,488 (+13%)	4mo	$217,000	$87	43
46 Paxford Pl	0.67mi	4/2.0 (-1)	1,918 (-13%)	7mo	$179,900	$94	37
26 Teresa Pl	0.69mi	6/2.0 (+1)	2,484 (+13%)	10mo	$210,000	$85	33

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: 8.5%
• Equity multiple: 1.34×
• Total profit: $16,917
• Equity at exit: $26,824

10-year hold

• IRR: 17.8%
• Equity multiple: 2.48×
• Total profit: $74,443
• Equity at exit: $15,554

Cash invested: $50,372 (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 14224

• Active inventory: 201
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,693 high
• Mortgage (P&I): −$943
• Tax from tax record: −$388 /mo · $4,656/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$566
• Net cashflow: $721

Break-even live

Break-even rent $1,780

Max offer price $179,900

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,692
Total (2 units)			$2,693

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $179,900 Active 13 DOM
2. 2026-06-17
   days on market $179,900 Active 12 DOM
3. 2026-06-16
   days on market $179,900 Active 11 DOM
4. 2026-06-15
   days on market $179,900 Active 10 DOM
5. 2026-06-13
   days on market $179,900 Active 8 DOM
6. 2026-06-10
   days on market $179,900 Active 5 DOM
7. 2026-06-09
   days on market $179,900 Active 4 DOM
8. 2026-06-08
   days on market $179,900 Active 3 DOM
9. 2026-06-07
   remarks 371-char remark
10. 2026-06-07
    listed $179,900 Active 2 DOM

ⓘ 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: $4,656 · $388/mo
• Projected year-2 tax: $4,656 · $388/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 · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,316
• − Mortgage interest: −$10,077
• − Property taxes: −$4,656
• − Insurance: −$900
• − Repairs & maintenance: −$2,585
• − Management: −$2,585
• − Depreciation: −$5,233
• Taxable income: $6,279
• Est. tax owed @ 24.0%: −$1,507
• After-tax cash flow: $7,146/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: West Seneca Central School District
• NCES district ID: 3630780
• Math proficiency: 49% ▼ -15.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $54,231
• Composite: 44.83/100
• National rank: #2735
• State rank: #336 of 590 in NY

Livability — West Seneca

• Score: 79/100
• State rank: #130
• US rank: #2089

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Seneca, NY
• City population: 440,021
• Population (ZIP): 41,101

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 4% Two or more races 3% Black 2%
• Common ancestry: Romanian 22% Lithuanian 2% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% 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: ▼ -211.03%
• Current HPI: 303.7523
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-06-05 Listed $179,900 WNYREIS

Property tax history

+2.8%/yr

Latest (2025): $4,656 · +4.1% YoY. Source: county tax records.