528 Ferry Ave · Niagara Falls, NY 14301

$125,000

4 bd · 2.0 ba · 3,750 sqft · MultiFamily · 307 Days on market

Built 1901 Poor condition 2,904 sqft lot $33/sqft · 36% below area Est $195k · 36% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Rent growth +4.7/5.0
• Livability +3.0/5.0
• Schools +2.5/10.0
• Condition / age +1.0/5.0

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

Sellers will consider all offers from 125000 - 165000. Investment opportunity. Corner retail space with two apartments. the vacant lot at 524 Ferry Avenue which can be used additional parking. The first floor apartment is a one bedroom with the landlord paying all utilities along with the retail space. The upper apartment is a three bedroom with the tenant paying electric. The retail space can possibly be a third apartment if not used for retail. Located in the approve aera for short term rentals. Walking distance to all the attractions. Please submit o to listing agent. Seller has the right to refuse any and all offers. Highest and Best Please. Also listed under Commercial B1618396

Key facts

• Short term rentals
• Vacant lot
• Walking distance

Tags

• CORNER RETAIL SPACE
• VACANT LOT
• SHORT TERM RENTALS
• WALKING DISTANCE

🏷️ Possibly a rental listed for sale. The $125,000 price doesn't fit this home's estimated sale value (~$195,341) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $125k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.1% 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; 1 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 $2,384/mo this rent would consume 83% 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 $13k of equity ($864 loan paydown + $12k 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 $35k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 307 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 307 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.91% ✓
• Cap rate: 16.08%
• Cash-on-cash: 34.95%
• DSCR: 2.56
• GRM: 4.4

CMA / ARV

• ARV (median comp): $195,341
• List price: $125,000
• Delta: -36.01%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
826 Ashland Ave	0.60mi	4/4.0	3,363 (-10%)	19mo	$41,000	$12	31

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: 54.4%
• Equity multiple: 5.16×
• Total profit: $145,646
• Equity at exit: $112,610

10-year hold

• IRR: 50.1%
• Equity multiple: 12.69×
• Total profit: $409,125
• Equity at exit: $242,848

Cash invested: $35,000 (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: 9.5×

Monthly cashflow live

• Estimated rent: $2,384 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$501
• Net cashflow: $1,020

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 52%

Sensitivity live

Price	-10% $1,106	-5% $1,063	+0% $1,020	+5% $976	+10% $933
Rent	-10% $831	-5% $925	+0% $1,020	+5% $1,114	+10% $1,208
Rate	-1.0pp $1,082	-0.5pp $1,051	base $1,020	+0.5pp $987	+1.0pp $954

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,093
1× unit	3	1	$1,291
Total (2 units)			$2,384

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1935 Niagara St Unit Upper Niagara Falls, NY	3.0	1.0	2685	$1,200	$0.45	15d	1	0.95mi

Listing history 16 events

1. 2026-06-18
   days on market $125,000 Active 307 DOM
2. 2026-06-17
   days on market $125,000 Active 306 DOM
3. 2026-06-16
   days on market $125,000 Active 305 DOM
4. 2026-06-15
   days on market $125,000 Active 304 DOM
5. 2026-06-13
   days on market $125,000 Active 302 DOM
6. 2026-06-13
   days on market $125,000 Active 301 DOM
7. 2026-06-10
   days on market $125,000 Active 299 DOM
8. 2026-06-09
   days on market $125,000 Active 298 DOM
9. 2026-06-08
   days on market $125,000 Active 297 DOM
10. 2026-06-07
    days on market $125,000 Active 296 DOM
11. 2026-06-03
    days on market $125,000 Active 292 DOM
12. 2026-06-02
    days on market $125,000 Active 291 DOM
13. 2026-06-01
    days on market $125,000 Active 290 DOM
14. 2026-05-31
    days on market $125,000 Active 289 DOM
15. 2025-09-04
    price $125,000 692-char remark

    Show marketing remark (692 chars)

    Sellers will consider all offers from 125000 - 165000. Investment opportunity. Corner retail space with two apartments. the vacant lot at 524 Ferry Avenue which can be used additional parking. The first floor apartment is a one bedroom with the landlord paying all utilities along with the retail space. The upper apartment is a three bedroom with the tenant paying electric. The retail space can possibly be a third apartment if not used for retail. Located in the approve aera for short term rentals. Walking distance to all the attractions. Please submit o to listing agent. Seller has the right to refuse any and all offers. Highest and Best Please. Also listed under Commercial B1618396

16. 2025-08-15
    listed $99,000 Active 692-char remark

    Show marketing remark (692 chars)

    Sellers will consider all offers from 125000 - 165000. Investment opportunity. Corner retail space with two apartments. the vacant lot at 524 Ferry Avenue which can be used additional parking. The first floor apartment is a one bedroom with the landlord paying all utilities along with the retail space. The upper apartment is a three bedroom with the tenant paying electric. The retail space can possibly be a third apartment if not used for retail. Located in the approve aera for short term rentals. Walking distance to all the attractions. Please submit o to listing agent. Seller has the right to refuse any and all offers. Highest and Best Please. Also listed under Commercial B1618396

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $28,608
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$2,289
• − Management: −$2,289
• − Depreciation: −$3,636
• Taxable income: $10,892
• Est. tax owed @ 24.0%: −$2,614
• After-tax cash flow: $9,620/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and maintenance, including roof replacement, exterior siding repair, HVAC unit replacement, and landscaping improvements. Significant investment is needed to bring the property up to a livable condition.

Repairs flagged

• Major roof — Significant damage and potential leaks.
• Major exterior siding — Peeling paint and siding damage.
• Major flooring — Cracked and uneven pavement.
• Major interior walls — Peeling paint and potential water damage.
• Major HVAC units — Old and possibly inefficient units.
• Major landscaping — Overgrown grass and lack of landscaping.
• Major foundation — Signs of settling or structural issues.

Value-add opportunities

• Both roof replacement — Fixes the most critical issue and improves both resale and rental value.
• Both exterior siding repair — Improves curb appeal and rental value.
• Both HVAC unit replacement — Improves comfort and energy efficiency, enhancing both resale and rental value.
• Both landscaping and curb appeal — Enhances curb appeal and rental value.
• Both foundation inspection and repair — Ensures structural integrity and improves both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant damage and potential leaks.	Major	$15,000–50,000
exterior siding · Peeling paint and siding damage.	Major	$15,000–50,000
flooring · Cracked and uneven pavement.	Major	$15,000–50,000
interior walls · Peeling paint and potential water damage.	Major	$15,000–50,000
HVAC units · Old and possibly inefficient units.	Major	$15,000–50,000
landscaping · Overgrown grass and lack of landscaping.	Major	$15,000–50,000
foundation · Signs of settling or structural issues.	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both roof replacement — Fixes the most critical issue and improves both resale and rental value. ↑
• Both exterior siding repair — Improves curb appeal and rental value. ↑
• Both HVAC unit replacement — Improves comfort and energy efficiency, enhancing both resale and rental value. ↑
• Both landscaping and curb appeal — Enhances curb appeal and rental value. ↑
• Both foundation inspection and repair — Ensures structural integrity and improves both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+26.3% since first listed

2 events — show timeline

• 2025-09-04 Price Changed $125,000 WNYREIS
• 2025-08-15 Listed $99,000 WNYREIS