1507 17th St · Niagara Falls, NY 14305

$83,000

2 bd · 2.0 ba · 1,696 sqft · MultiFamily public records · 9 Days on market

Built 1867 3,600 sqft lot Est $132k · 37% 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 +15.0/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Sold Before publication

Key facts

• Close bus
• Flat roof
• Full basement

Tags

• FULL BASEMENT
• FLAT ROOF
• ACCESSIBLE TO ALL AMENITIES
• CLOSE BUS

Property features AI

Finance

• Financial info: Property contains 2 total units; Each unit has separate gas and electric meters; Unit rents: one at $800, the other at $900; Owner pays water; water is included in rent; Operating expenses include professional management

Exterior

• Parking: Two or more parking spaces
• Utilities: Public water (connected); Sewer connected
• Home design: Two-story building; Resale property
• Construction: Frame construction with vinyl siding
• Exterior features: Balcony; Deck; Rectangular residential lot; City street frontage

Interior

• Kitchen: Each unit includes an eat-in kitchen
• Bedrooms: Two 1-bedroom units (each with 1 bedroom)
• Flooring: Carpet; Vinyl; Varies
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Accessible doors; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $83k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $83k).
• Cap rate 24.7% 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: 142 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% 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 $2,494/mo this rent would consume 59% 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 $574 of loan paydown is wiped out by about $2k 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 $23k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 4y 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 $70k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1867 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,000

Questions for the listing agent

1. Built in 1867 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 3.00% ✓
• Cap rate: 24.67%
• Cash-on-cash: 65.63%
• DSCR: 3.92
• GRM: 2.8

CMA / ARV

• ARV (on-the-fly): $132,288
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1805 Weston Ave	0.17mi	2/2.0	1,610 (-5%)	1mo	$20,000	$12	83
1361 North Ave	0.46mi	3/2.0 (+1)	1,711 (+1%)	2mo	$76,000	$44	70
1970 Whitney Ave	0.29mi	3/2.0 (+1)	1,562 (-8%)	8mo	$122,000	$78	62
2236 Linwood Ave	0.34mi	3/2.0 (+1)	1,544 (-9%)	8mo	$163,000	$106	58
2260 Weston Ave	0.42mi	3/2.0 (+1)	1,540 (-9%)	3mo	$135,000	$88	57
2252 La Salle Ave	0.41mi	3/2.0 (+1)	1,635 (-4%)	17mo	$107,900	$66	56
2203 La Salle Ave	0.35mi	3/2.0 (+1)	1,594 (-6%)	18mo	$55,000	$35	54
2216 Forest Ave	0.44mi	3/2.0 (+1)	1,650 (-3%)	20mo	$160,000	$97	53

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: 64.9%
• Equity multiple: 3.91×
• Total profit: $67,616
• Equity at exit: $12,376

10-year hold

• IRR: 69.2%
• Equity multiple: 8.04×
• Total profit: $163,583
• Equity at exit: $7,176

Cash invested: $23,240 (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: 5.5×

Monthly cashflow live

• Estimated rent: $2,494 high
• Mortgage (P&I): −$435
• Tax from tax record: −$229 /mo · $2,753/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $1,271

Break-even live

Break-even rent $885

Max offer price $83,000

Occupancy floor 44%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,494
Total (2 units)			$2,494

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: $20,750
• Closing costs: $2,490
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1808 Whitney Ave Unit 3 Niagara Falls, NY	2.0	1.0	1200	$900	$0.75	44d	1	0.16mi
1001 17th St Niagara Falls, NY	3.0	1.0	1152	$1,800	$1.56	24d	1	0.32mi
784 15th St Niagara Falls, NY	3.0	1.5	1380	$1,350	$0.98	3d	1	0.40mi
1312 Ontario Ave Niagara Falls, NY	2.0	1.0	1956	$1,200	$0.61	44d	1	0.47mi
642 Ashland Ave Niagara Falls, NY	3.0	1.0	1238	$1,100	$0.89	3d	1	0.84mi
700 Pine Ave Unit 1 Niagara Falls, NY	1.0	1.0	1075	$1,075	$1.00	12d	1	0.88mi
1427 Fort Ave Unit 2 Niagara Falls, NY	3.0	1.0	1058	$950	$0.90	44d	1	0.92mi
420 25th St Niagara Falls, NY	3.0	1.0	1101	$1,500	$1.36	44d	1	1.07mi
1780 Falls St Niagara Falls, NY	2.0	1.0	1100	$1,200	$1.09	44d	1	1.09mi

Listing history 8 events

1. 2026-06-18
   days on market $83,000 Active 9 DOM
2. 2026-06-17
   days on market $83,000 Active 8 DOM
3. 2026-06-16
   days on market $83,000 Active 7 DOM
4. 2026-06-15
   days on market $83,000 Active 6 DOM
5. 2026-06-13
   days on market $83,000 Active 4 DOM
6. 2026-06-13
   days on market $83,000 Active 3 DOM
7. 2026-06-10
   remarks 565-char remark
8. 2026-06-10
   listed $83,000 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: $2,753 · $229/mo
• Projected year-2 tax: $2,753 · $229/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 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: $29,928
• − Mortgage interest: −$4,649
• − Property taxes: −$2,753
• − Insurance: −$415
• − Repairs & maintenance: −$2,394
• − Management: −$2,394
• − Depreciation: −$2,415
• Taxable income: $14,908
• Est. tax owed @ 24.0%: −$3,578
• After-tax cash flow: $11,674/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

+18.6% since first listed

9 events — show timeline

• 2026-06-09 Listed $83,000 WNYREIS
• 2024-01-18 Listing Removed — WNYREIS
• 2023-10-10 Price Changed $84,900 WNYREIS
• 2023-09-06 Price Changed $85,000 WNYREIS
• 2023-07-18 Listed $89,900 WNYREIS
• 2022-05-20 Sold (Public Records) $70,000 Public Records
• 2022-05-20 Sold (MLS) $70,000 WNYREIS
• 2022-01-27 Pending — WNYREIS
• 2022-01-26 Listed $70,000 WNYREIS

Property tax history

+10.4%/yr

Latest (2025): $2,753 · +11.4% YoY. Source: county tax records.