543 22nd St · Niagara Falls, NY 14301

$180,000

6 bd · 3.0 ba · 2,312 sqft · MultiFamily public records · 1 Days on market

Built 1925 4,960 sqft lot

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Why this score? — see what drove the A- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Money maker! Rare find, brick, 3 unit. Rents are $1,975/month. Two 2-bedroom units and one 1-bedroom unit on the third floor. Priced right!

Key facts

• Quiet side street
• Fire escape
• Spacious living room

Tags

• LEGAL THREE-FAMILY HOME
• FIRE ESCAPE
• QUIET SIDE STREET
• NEAR PUBLIC TRANSPORTATION
• SPACIOUS LIVING ROOM
• DEDICATED DINING AREA

Property features AI

Finance

• Other: Separate electric meters for each unit (3); Single shared gas meter
• Financial info: Owner pays heat and water; Rent includes heat and water; Operating expenses include maintenance; Three-unit building (total units: 3)

Exterior

• Parking: 2-car garage; Garage with two or more spaces
• Security: Fire escape
• Utilities: Public water (connected); Sewer connected; Electric with fuses
• Home design: 2-story multi-family building; Resale property
• Construction: Brick construction; Asphalt shingle roof; Stone foundation; Built as existing (year built details: existing)
• Exterior features: Fully fenced yard; Covered porch; Rectangular lot; Near public transit

Interior

• Kitchen: Eat-in kitchen (in some units)
• Bedrooms: Three 2-bedroom units (one unit is leased; another unit is month-to-month)
• Flooring: Laminate; Vinyl; Varied flooring between units
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Fire escape; Covered porch
• Laundry & utility: Common area laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $511/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $180k).
• Cap rate 16.5% 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; lower-income renter base — watch delinquency; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $3,590/mo this rent would consume 125% 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 $19k 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 $50k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 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 $115k; list at $180k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $180,000

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 1925 — 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: 1.99% ✓
• Cap rate: 16.52%
• Cash-on-cash: 36.51%
• DSCR: 2.62
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $110,976
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2230 Grand Ave	0.25mi	6/3.0	2,348 (+2%)	11mo	$165,000	$70	76
2219 Walnut Ave	0.04mi	6/3.0	2,023 (-12%)	4mo	$62,500	$31	74
444 20th St	0.24mi	5/3.0 (-1)	2,385 (+3%)	6mo	$25,000	$10	73
559 22nd St	0.03mi	7/3.0 (+1)	2,520 (+9%)	10mo	$38,000	$15	70
2460 Grand Ave	0.32mi	6/2.0	2,162 (-6%)	0mo	$175,000	$81	70
626 23rd St	0.11mi	5/3.0 (-1)	2,600 (+12%)	6mo	$125,000	$48	64
2225 Whitney Ave	0.54mi	6/2.0	2,200 (-5%)	3mo	$125,000	$57	60
2401 Whitney Ave	0.55mi	6/2.0	2,168 (-6%)	2mo	$40,000	$18	58
1023 15th St	0.61mi	5/4.0 (-1)	2,304 (-0%)	5mo	$190,000	$82	58
1825 Pierce Ave	0.62mi	6/2.0	2,288 (-1%)	10mo	$110,000	$48	57
417 18th St	0.34mi	6/2.0	2,080 (-10%)	10mo	$166,000	$80	55
214 22nd St	0.49mi	7/3.0 (+1)	2,070 (-10%)	8mo	$87,000	$42	48

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: 55.8%
• Equity multiple: 5.26×
• Total profit: $214,764
• Equity at exit: $162,158

10-year hold

• IRR: 51.5%
• Equity multiple: 12.96×
• Total profit: $602,819
• Equity at exit: $349,700

Cash invested: $50,400 (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: 12.5×

Monthly cashflow live

• Estimated rent: $3,590 high
• Mortgage (P&I): −$944
• Tax from tax record: −$284 /mo · $3,404/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$754
• Net cashflow: $1,533

Break-even live

Break-even rent $1,649

Max offer price $180,000

Occupancy floor 52%

Sensitivity live

Price	-10% $1,635	-5% $1,584	+0% $1,533	+5% $1,483	+10% $1,432
Rent	-10% $1,250	-5% $1,392	+0% $1,533	+5% $1,675	+10% $1,817
Rate	-1.0pp $1,624	-0.5pp $1,579	base $1,533	+0.5pp $1,487	+1.0pp $1,439

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,591
Total (3 units)			$3,590

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-18
   remarks 660-char remark
2. 2026-06-18
   listed $180,000 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: $3,404 · $284/mo
• Projected year-2 tax: $3,404 · $284/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: $43,080
• − Mortgage interest: −$10,083
• − Property taxes: −$3,404
• − Insurance: −$900
• − Repairs & maintenance: −$3,446
• − Management: −$3,446
• − Depreciation: −$5,236
• Taxable income: $16,564
• Est. tax owed @ 24.0%: −$3,975
• After-tax cash flow: $14,426/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

+200.5% since first listed

10 events — show timeline

• 2026-06-18 Listed $180,000 WNYREIS
• 2025-05-30 Listing Removed — WNYREIS
• 2025-03-31 Listed $184,900 WNYREIS
• 2021-11-22 Sold (MLS) $115,000 WNYREIS
• 2021-09-29 Pending — WNYREIS
• 2021-09-23 Listed $99,900 WNYREIS
• 2015-03-30 Sold (Public Records) $55,000 Public Records
• 2015-03-30 Sold (MLS) $55,000 WNYREIS
• 2014-04-21 Listed $59,900 WNYREIS
• 2013-06-26 Listed $59,900 WNYREIS

Property tax history

+5.8%/yr

Latest (2025): $3,404 · +7.8% YoY. Source: county tax records.