816 22nd St · Niagara Falls, NY 14301

$184,900

4 bd · 2.0 ba · 2,330 sqft · MultiFamily public records · 17 Days on market

Built 1915 3,300 sqft lot

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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 +28.6/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Rent growth +4.7/5.0
• Livability +3.0/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Very clean, 2 unit home with the possibility of a 3rd unit. 2023 sewer and water lines redone. Updates include: kitchens, bathrooms, furnaces, replacement windows, carpets, and paint. Large, 2.5 heated garage which was rented out separately. Great money maker or live in one and rent out the other.

Key facts

• Finished attic space
• Separate parking pad
• Detached garage

Tags

• MULTI FAMILY PROPERTY
• STRONG INCOME POTENTIAL
• FLEXIBLE LIVING ARRANGEMENTS
• FINISHED ATTIC SPACE
• DETACHED GARAGE
• SEPARATE PARKING PAD

Property features AI

Finance

• Financial info: Owner pays electricity, heat and water; Rent includes electricity, heat and water; Two-unit building with separate gas and electric meters for each unit; Operating expense details: see remarks

Exterior

• Parking: Attached garage with 2.5 spaces; Garage door opener; Two or more off-street parking spaces
• Utilities: Electricity connected; Public water connected; Sewer connected
• Home design: Two-story property; Existing construction; Resale condition; City street frontage on a main thoroughfare; Rectangular residential lot (approx. 30 x 110)
• Construction: Vinyl siding; Asphalt roof; Poured foundation; PEX plumbing
• Exterior features: Open porch; Balcony

Interior

• Flooring: Carpet; Laminate; Vinyl; Varied flooring
• Bathrooms: Two full bathrooms
• Heating & cooling: Gas forced-air heating; Window air conditioning units
• Interior features: Attic
• Laundry & utility: Washer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $607 ($7k/yr) — positive. Per door: $304/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $182k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 7.7% 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: schools F, crime F, amenities 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.
• Market conditions: Rents rising fast (+8.8%/yr); 164 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,482/mo this rent would consume 86% of the median local household income ($35k/yr) (locally 954% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Niagara County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $52k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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 $120k; list at $185k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $182,126 (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 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.34% ✓
• Cap rate: 10.23%
• Cash-on-cash: 14.08%
• DSCR: 1.63
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $116,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2455 La Salle Ave	0.33mi	4/2.0	2,152 (-8%)	3mo	$112,000	$52	70
2488 Whitney Ave	0.43mi	4/3.0	2,384 (+2%)	4mo	$85,000	$36	69
1023 15th St	0.41mi	5/4.0 (+1)	2,304 (-1%)	5mo	$190,000	$82	62
2443 Pierce Ave	0.41mi	4/2.0	2,112 (-9%)	4mo	$120,000	$57	62
609 24th St	0.26mi	4/2.0	2,000 (-14%)	4mo	$140,000	$70	61
444 20th St	0.47mi	5/3.0 (+1)	2,385 (+2%)	6mo	$25,000	$10	60
626 23rd St	0.18mi	5/3.0 (+1)	2,600 (+12%)	6mo	$125,000	$48	58
1867 Michigan Ave	0.52mi	4/2.0	2,100 (-10%)	2mo	$87,000	$41	58
1635 South Ave	0.67mi	5/2.0 (+1)	2,208 (-5%)	2mo	$85,000	$38	53
1623 Linwood Ave	0.53mi	4/2.0	1,994 (-14%)	3mo	$100,000	$50	49
2208 Weston Ave	0.61mi	4/2.0	2,016 (-14%)	1mo	$55,000	$27	48
2463 South Ave	0.69mi	4/2.0	2,016 (-14%)	3mo	$137,500	$68	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 37.2%
• Equity multiple: 3.95×
• Total profit: $152,580
• Equity at exit: $166,573

10-year hold

• IRR: 34.0%
• Equity multiple: 9.72×
• Total profit: $451,568
• Equity at exit: $359,220

Cash invested: $51,772 (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 14301

• Home prices YoY: 6.2%
• Rents YoY: 8.8%
• Active inventory: 164
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $2,482 high
• Mortgage (P&I): −$970
• Tax from tax record: −$307 /mo · $3,682/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $607

Break-even live

Break-even rent $1,713

Max offer price $184,900

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,482
Total (2 units)			$2,482

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: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2020 Forest Ave Niagara Falls, NY	4.0	2.0	1600	$1,500	$0.94	17d	1	0.09mi
1935 Niagara St Unit Upper Niagara Falls, NY	3.0	1.0	2685	$1,200	$0.45	14d	1	0.60mi

Listing history 13 events

1. 2026-06-18
   days on market $184,900 Active 17 DOM
2. 2026-06-17
   days on market $184,900 Active 16 DOM
3. 2026-06-16
   days on market $184,900 Active 15 DOM
4. 2026-06-15
   days on market $184,900 Active 14 DOM
5. 2026-06-13
   days on market $184,900 Active 12 DOM
6. 2026-06-13
   days on market $184,900 Active 11 DOM
7. 2026-06-10
   days on market $184,900 Active 9 DOM
8. 2026-06-09
   days on market $184,900 Active 8 DOM
9. 2026-06-08
   days on market $184,900 Active 7 DOM
10. 2026-06-07
    days on market $184,900 Active 6 DOM
11. 2026-06-03
    days on market $184,900 Active 2 DOM
12. 2026-06-02
    remarks 693-char remark
13. 2026-06-02
    listed $184,900 Active 1 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: $3,682 · $307/mo
• Projected year-2 tax: $3,682 · $307/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 ≥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: $29,784
• − Mortgage interest: −$10,357
• − Property taxes: −$3,682
• − Insurance: −$924
• − Repairs & maintenance: −$2,383
• − Management: −$2,383
• − Depreciation: −$5,379
• Taxable income: $4,676
• Est. tax owed @ 24.0%: −$1,122
• After-tax cash flow: $6,165/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): 10,923
• Household income: $34,549
• Rent vs Own: 54.1% rent · 45.9% own
• Severe rent burden: 954.0

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 0.58)
• Race & ethnicity: White 59% Black 25% Two or more races 8% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 3% Cuban 2%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China, Dominican Republic
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 3% Chinese 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: ▲ 15.41%
• Current HPI: 266.1457
• Rent YoY: ▲ 8.79%
• 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

+236.8% since first listed

11 events — show timeline

• 2026-06-01 Listed $184,900 WNYREIS
• 2024-04-02 Sold (Public Records) $120,000 Public Records
• 2024-03-28 Sold (MLS) $120,000 WNYREIS
• 2024-02-06 Pending — WNYREIS
• 2024-01-30 Listed $125,000 WNYREIS
• 2019-11-04 Sold (MLS) $42,240 WNYREIS
• 2019-10-10 Sold (Public Records) $42,240 Public Records
• 2019-08-15 Pending — WNYREIS
• 2019-07-30 Pending — WNYREIS
• 2019-07-15 Price Changed $49,900 WNYREIS
• 2019-07-03 Listed $54,900 WNYREIS

Property tax history

+5.8%/yr

Latest (2025): $3,682 · +9.2% YoY. Source: county tax records.