424 13th St · Niagara Falls, NY 14303

$59,999

3 bd · 2.0 ba · 2,043 sqft · MultiFamily public records · 357 Days on market

Built 1915 4,290 sqft lot $29/sqft · 72% below area

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +2.3/10.0

Multi-family units

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

Listing remarks MLS

Introducing this shell house duplex, strategically situated in the heart of the Airbnb zone. With over 2000 square feet of raw potential, this property presents an abundance of space awaiting transformation. With some tender loving care, the possibilities for this blank canvas are limitless. Don't let this opportunity slip away

Key facts

• Airbnb zone
• Blank canvas
• 4,290 sq ft lot

Tags

• AIRBNB ZONE
• BLANK CANVAS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $744/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 36.1% vs local median 7.6% 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: 74 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,536/mo this rent would consume 67% of the median local household income ($46k/yr) (locally 230% 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 $415 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 $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 357 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $60k implies a 173% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $52,799 (12.0% below list)

Questions for the listing agent

1. It's been on market 357 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 4.23% ✓
• Cap rate: 36.05%
• Cash-on-cash: 106.29%
• DSCR: 5.73
• GRM: 2.0

CMA / ARV

• ARV (median comp): $214,178
• List price: $59,999
• Delta: -71.99%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
424 13th St	0.00mi	3/2.0	2,043 (0%)	21mo	$22,000	$11	82
346 Portage Rd	0.19mi	3/2.0	1,940 (-5%)	4mo	$142,500	$73	80
519 Tronolone Pl	0.17mi	4/3.0 (+1)	2,000 (-2%)	11mo	$142,500	$71	71
443 13th St	0.05mi	4/2.0 (+1)	1,868 (-9%)	22mo	$105,000	$56	60
1166 Haeberle Ave	0.43mi	4/2.0 (+1)	1,932 (-5%)	13mo	$110,000	$57	55
2219 Cudaback Ave	0.65mi	4/2.0 (+1)	2,000 (-2%)	8mo	$80,000	$40	55
609 24th St	0.75mi	4/2.0 (+1)	2,000 (-2%)	4mo	$140,000	$70	53
1968 Cudaback Ave	0.58mi	4/3.0 (+1)	1,848 (-10%)	8mo	$20,000	$11	41
2419 Orleans Ave	0.72mi	4/3.0 (+1)	2,160 (+6%)	19mo	$162,500	$75	32
412 23rd St	0.60mi	4/2.0 (+1)	1,840 (-10%)	24mo	$94,900	$52	31
2421 Welch Ave	0.74mi	4/2.0 (+1)	1,760 (-14%)	11mo	$170,000	$97	28

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: —
• Equity multiple: 6.07×
• Total profit: $85,154
• Equity at exit: $8,946

10-year hold

• IRR: —
• Equity multiple: 12.70×
• Total profit: $196,596
• Equity at exit: $5,188

Cash invested: $16,800 (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 14303

• Home prices YoY: -1.7%
• Active inventory: 74
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $2,536 high
• Mortgage (P&I): −$315
• Tax from tax record: −$176 /mo · $2,109/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$533
• Net cashflow: $1,488

Break-even live

Break-even rent $652

Max offer price $59,999

Occupancy floor 36%

Sensitivity live

Price	-10% $1,522	-5% $1,505	+0% $1,488	+5% $1,471	+10% $1,454
Rent	-10% $1,288	-5% $1,388	+0% $1,488	+5% $1,588	+10% $1,688
Rate	-1.0pp $1,518	-0.5pp $1,503	base $1,488	+0.5pp $1,473	+1.0pp $1,457

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,536
Total (2 units)			$2,536

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	0.49mi
2020 Forest Ave Niagara Falls, NY	4.0	2.0	1600	$1,500	$0.94	18d	1	0.76mi
1312 Ontario Ave Niagara Falls, NY	2.0	1.0	1956	$1,200	$0.61	44d	1	1.30mi

Listing history 14 events

1. 2026-06-10
   days on market $59,999 Active 357 DOM
2. 2026-06-09
   days on market $59,999 Active 356 DOM
3. 2026-06-08
   days on market $59,999 Active 355 DOM
4. 2026-06-07
   days on market $59,999 Active 354 DOM
5. 2026-06-03
   days on market $59,999 Active 350 DOM
6. 2026-06-02
   days on market $59,999 Active 349 DOM
7. 2026-06-01
   days on market $59,999 Active 348 DOM
8. 2026-05-31
   days on market $59,999 Active 347 DOM
9. 2025-10-08
   price $59,999 329-char remark

   Show marketing remark (329 chars)

   Introducing this shell house duplex, strategically situated in the heart of the Airbnb zone. With over 2000 square feet of raw potential, this property presents an abundance of space awaiting transformation. With some tender loving care, the possibilities for this blank canvas are limitless. Don't let this opportunity slip away

10. 2025-06-18
    listed $65,000 Active 329-char remark

    Show marketing remark (329 chars)

    Introducing this shell house duplex, strategically situated in the heart of the Airbnb zone. With over 2000 square feet of raw potential, this property presents an abundance of space awaiting transformation. With some tender loving care, the possibilities for this blank canvas are limitless. Don't let this opportunity slip away

11. 2024-09-19
    soldstatus $22,000 Closed 329-char remark

    Show marketing remark (329 chars)

    Introducing this shell house duplex, strategically situated in the heart of the Airbnb zone. With over 2000 square feet of raw potential, this property presents an abundance of space awaiting transformation. With some tender loving care, the possibilities for this blank canvas are limitless. Don't let this opportunity slip away

12. 2024-05-13
    status Pending 329-char remark

    Show marketing remark (329 chars)

    Introducing this shell house duplex, strategically situated in the heart of the Airbnb zone. With over 2000 square feet of raw potential, this property presents an abundance of space awaiting transformation. With some tender loving care, the possibilities for this blank canvas are limitless. Don't let this opportunity slip away

13. 2024-05-09
    listed $34,999 Active 329-char remark

    Show marketing remark (329 chars)

    Introducing this shell house duplex, strategically situated in the heart of the Airbnb zone. With over 2000 square feet of raw potential, this property presents an abundance of space awaiting transformation. With some tender loving care, the possibilities for this blank canvas are limitless. Don't let this opportunity slip away

14. 2012-04-04
    soldstatus $30,000

ⓘ 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: $2,109 · $176/mo
• Projected year-2 tax: $2,109 · $176/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: $30,432
• − Mortgage interest: −$3,361
• − Property taxes: −$2,109
• − Insurance: −$300
• − Repairs & maintenance: −$2,435
• − Management: −$2,435
• − Depreciation: −$1,745
• Taxable income: $18,048
• Est. tax owed @ 24.0%: −$4,331
• After-tax cash flow: $13,525/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): 6,156
• Household income: $45,646
• Rent vs Own: 55.7% rent · 44.3% own
• Severe rent burden: 230.0

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 0.68)
• Race & ethnicity: White 53% Two or more races 18% Hispanic / Latino 15% Black 12% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 6%
• Common ancestry: Romanian 12% Lithuanian 2% Iranian 1%
• Foreign-born: 3%
• Languages at home: 93% English-only · Other Indo-European 3% Spanish 3% Russian/Polish/Slavic 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: ▼ -5.37%
• Current HPI: 311.8094
• 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

+100.0% since first listed

6 events — show timeline

• 2025-10-08 Price Changed $59,999 WNYREIS
• 2025-06-18 Listed $65,000 WNYREIS
• 2024-09-19 Sold (MLS) $22,000 WNYREIS
• 2024-05-13 Pending — WNYREIS
• 2024-05-09 Listed $34,999 WNYREIS
• 2012-04-04 Sold (Public Records) $30,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $2,109 · +15.4% YoY. Source: county tax records.