172 S Margay St · Dunkirk, NY 14048

$139,000

3 bd · 1.0 ba · 1,032 sqft · SingleFamily public records · 155 Days on market

Built 1912 8,000 sqft lot Est $111k · 25% over

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Why this score? — see what drove the F 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 +9.9/30.0
• Appreciation +7.5/10.0
• Livability +3.5/5.0
• 1% rule +3.1/10.0
• DSCR +2.8/10.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

BID DEADLINE CLOSED, NO FURTHER SHOWINGS ON THIS HOUSE:2 possibly 3 bedroom home needing rehab. Cash only or possible financing directly with the Chautauqua County Land Bank. Metal roof on both garage and house, vinyl siding with front enclosed porch. Upstairs may have to be reconfigured to accommodate 3 bedrooms as 2 are pass throughs and the 3rd is open at the top of the stairs. Do not use or go near rear door as the floor has rotted out. Mostly interior work required/needed on this home. Chautauqua County Land Bank owned properties are offered below fair market value to promote neighborhood revitalization. Purchaser must complete significant improvements to the homes as a condition of the sale. Purchaser must submit a bid including the total of the cash purchase price PLUS renovation cost commitment, which they will be contractually obligated to fulfill. All offers are reviewed and approved by Land Bank Board of Directors, and must be cash with no contingencies. Sold in "as is" condition with no expressed or implied warranties. A cash bond will be required of the selected buyer. Buyer should inspect all aspects of the home prior to placing an offer. BIDS DUE JANUARY 27, 2023.

Key facts

• New electric service
• Metal roof
• Fresh paint

Tags

• REMODELED IN 2023
• NEW VINYL FLOORING
• NEW ELECTRIC SERVICE
• NEW HOT WATER TANK
• FRESH PAINT
• METAL ROOF

Property features AI

Exterior

• Parking: Detached garage; 2 garage spaces
• Utilities: Public water connected; Sewer connected
• Home design: Single-story existing property
• Construction: Vinyl siding; Metal roof; Block foundation
• Exterior features: Blacktop driveway; Concrete driveway; Rectangular residential lot; City street frontage; Lot dimensions approximately 80 x 100

Interior

• Kitchen: Free-standing range; Oven
• Bedrooms: Total rooms: 9 (includes laundry)
• Flooring: Laminate flooring; Varied flooring
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Gas heating; Hot water heating; Has heating
• Interior features: See remarks; Other interior features
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $-87 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (11.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (18.6% below list).
• Recommended offer: $113k (18.6% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 7.4% in Dunkirk — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 70/100 on livability (#426 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Dunkirk City School District (town): math 30% / reading 34% proficiency, ranked #575 of 590 in NY (top 98%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 71 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($961 loan paydown + $7k appreciation (4.9% local appreciation)).
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 5, 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 155 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 2 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 $12k; list at $139k implies a 1012% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,181 (18.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 155 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1912 — 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. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.81% ✗
• Cap rate: 5.54%
• Cash-on-cash: -2.68%
• DSCR: 0.88
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $111,456
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
136 S Martin St	0.16mi	3/1.0	1,144 (+11%)	7mo	$124,000	$108	69
132 S Martin St	0.16mi	2/1.5 (-1)	1,050 (+2%)	22mo	$180,000	$171	65
66 Kosciuszko Ave	0.36mi	3/1.0	970 (-6%)	15mo	$78,500	$81	61
17 N Gazelle St	0.63mi	2/1.0 (-1)	1,096 (+6%)	14mo	$100,000	$91	43

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

Projected returns pro-forma

4.93% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.5%
• Equity multiple: 1.67×
• Total profit: $25,989
• Equity at exit: $78,186

10-year hold

• IRR: 11.9%
• Equity multiple: 3.15×
• Total profit: $83,690
• Equity at exit: $134,458

Cash invested: $38,920 (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 14048

• Home prices YoY: 1.5%
• Active inventory: 71
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,132 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$194 /mo · $2,329/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $-87

Break-even live

Break-even rent $1,242

Max offer price $123,662

Occupancy floor —

Sensitivity live

Price	-10% $-8	-5% $-47	+0% $-87	+5% $-126	+10% $-166
Rent	-10% $-176	-5% $-132	+0% $-87	+5% $-42	+10% $3
Rate	-1.0pp $-17	-0.5pp $-51	base $-87	+0.5pp $-123	+1.0pp $-159

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-30
   status Pending
2. 2025-12-16
   price $139,000
3. 2025-11-26
   listed $145,000 Active
4. 2023-07-28
   soldstatus $12,500 Closed Sale or Rented 1207-char remark

   Show marketing remark (1207 chars)

   BID DEADLINE CLOSED, NO FURTHER SHOWINGS ON THIS HOUSE:2 possibly 3 bedroom home needing rehab. Cash only or possible financing directly with the Chautauqua County Land Bank. Metal roof on both garage and house, vinyl siding with front enclosed porch. Upstairs may have to be reconfigured to accommodate 3 bedrooms as 2 are pass throughs and the 3rd is open at the top of the stairs. Do not use or go near rear door as the floor has rotted out. Mostly interior work required/needed on this home. Chautauqua County Land Bank owned properties are offered below fair market value to promote neighborhood revitalization. Purchaser must complete significant improvements to the homes as a condition of the sale. Purchaser must submit a bid including the total of the cash purchase price PLUS renovation cost commitment, which they will be contractually obligated to fulfill. All offers are reviewed and approved by Land Bank Board of Directors, and must be cash with no contingencies. Sold in "as is" condition with no expressed or implied warranties. A cash bond will be required of the selected buyer. Buyer should inspect all aspects of the home prior to placing an offer. BIDS DUE JANUARY 27, 2023.

5. 2023-03-31
   status Pending Sale 1207-char remark

   Show marketing remark (1207 chars)

   BID DEADLINE CLOSED, NO FURTHER SHOWINGS ON THIS HOUSE:2 possibly 3 bedroom home needing rehab. Cash only or possible financing directly with the Chautauqua County Land Bank. Metal roof on both garage and house, vinyl siding with front enclosed porch. Upstairs may have to be reconfigured to accommodate 3 bedrooms as 2 are pass throughs and the 3rd is open at the top of the stairs. Do not use or go near rear door as the floor has rotted out. Mostly interior work required/needed on this home. Chautauqua County Land Bank owned properties are offered below fair market value to promote neighborhood revitalization. Purchaser must complete significant improvements to the homes as a condition of the sale. Purchaser must submit a bid including the total of the cash purchase price PLUS renovation cost commitment, which they will be contractually obligated to fulfill. All offers are reviewed and approved by Land Bank Board of Directors, and must be cash with no contingencies. Sold in "as is" condition with no expressed or implied warranties. A cash bond will be required of the selected buyer. Buyer should inspect all aspects of the home prior to placing an offer. BIDS DUE JANUARY 27, 2023.

6. 2023-02-09
   status Under Contract- Do Not Show 1207-char remark

   Show marketing remark (1207 chars)

   BID DEADLINE CLOSED, NO FURTHER SHOWINGS ON THIS HOUSE:2 possibly 3 bedroom home needing rehab. Cash only or possible financing directly with the Chautauqua County Land Bank. Metal roof on both garage and house, vinyl siding with front enclosed porch. Upstairs may have to be reconfigured to accommodate 3 bedrooms as 2 are pass throughs and the 3rd is open at the top of the stairs. Do not use or go near rear door as the floor has rotted out. Mostly interior work required/needed on this home. Chautauqua County Land Bank owned properties are offered below fair market value to promote neighborhood revitalization. Purchaser must complete significant improvements to the homes as a condition of the sale. Purchaser must submit a bid including the total of the cash purchase price PLUS renovation cost commitment, which they will be contractually obligated to fulfill. All offers are reviewed and approved by Land Bank Board of Directors, and must be cash with no contingencies. Sold in "as is" condition with no expressed or implied warranties. A cash bond will be required of the selected buyer. Buyer should inspect all aspects of the home prior to placing an offer. BIDS DUE JANUARY 27, 2023.

7. 2022-12-13
   listed $24,900 Active 1207-char remark

   Show marketing remark (1207 chars)

   BID DEADLINE CLOSED, NO FURTHER SHOWINGS ON THIS HOUSE:2 possibly 3 bedroom home needing rehab. Cash only or possible financing directly with the Chautauqua County Land Bank. Metal roof on both garage and house, vinyl siding with front enclosed porch. Upstairs may have to be reconfigured to accommodate 3 bedrooms as 2 are pass throughs and the 3rd is open at the top of the stairs. Do not use or go near rear door as the floor has rotted out. Mostly interior work required/needed on this home. Chautauqua County Land Bank owned properties are offered below fair market value to promote neighborhood revitalization. Purchaser must complete significant improvements to the homes as a condition of the sale. Purchaser must submit a bid including the total of the cash purchase price PLUS renovation cost commitment, which they will be contractually obligated to fulfill. All offers are reviewed and approved by Land Bank Board of Directors, and must be cash with no contingencies. Sold in "as is" condition with no expressed or implied warranties. A cash bond will be required of the selected buyer. Buyer should inspect all aspects of the home prior to placing an offer. BIDS DUE JANUARY 27, 2023.

ⓘ 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: $2,329 · $194/mo
• Projected year-2 tax: $2,339 · $195/mo
• Expected delta: +$10/yr (+$1/mo · 0.4%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,582
• − Mortgage interest: −$7,786
• − Property taxes: −$2,329
• − Insurance: −$695
• − Repairs & maintenance: −$1,087
• − Management: −$1,087
• − Depreciation: −$4,044
• Taxable loss: −$3,445
• Est. tax savings @ 24.0%: +$827
• After-tax cash flow: $-215/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: Dunkirk City School District
• NCES district ID: 3609420
• Math proficiency: 30% ▼ -11.00%
• Reading proficiency: 34% ▬ 0.00%
• Median HH income: $36,345
• Composite: 26.55/100
• National rank: #7190
• State rank: #575 of 590 in NY

Livability — Dunkirk

• Score: 70/100
• State rank: #426
• US rank: #7421

Category grades

Amenities F Commute F Cost of living A+ Crime C+ Employment F Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dunkirk, NY
• City population: 14,949
• Population (ZIP): 14,949

Population outlook (Chautauqua County) Hauer SSP2

• Today (2025): 123,454 people
• By 2030: 118,509 · -4.0%
• By 2040: 107,311 · -13.1%
• By 2050: 96,703 · -21.7%
• By 2075: 76,757 · -37.8%
• By 2100: 60,984 · -50.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (63%)
• Race & ethnicity: White 63% Hispanic / Latino 30% Two or more races 12% Black 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 25% Dominican 1%
• Common ancestry: Romanian 20% Lithuanian 3% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 80% English-only · Spanish 18% Other Indo-European 1%

Political lean MEDSL · Chautauqua

• 2024 margin: Strong R (+22.0) · D 39.0% · R 61.0%
• 2008→2024 swing: -22.9pp toward R · 2008: 0.9pp · 2024: -22.0pp
• All cycles: 2024: R+22.0 2020: R+19.8 2016: R+24.6 2012: R+8.2 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.93%
• Current HPI: 325.9188
• Rent YoY: —
• Metro: —
• 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

+458.2% since first listed

7 events — show timeline

• 2026-04-30 Pending — UNYREIS
• 2025-12-16 Price Changed $139,000 UNYREIS
• 2025-11-26 Listed $145,000 UNYREIS
• 2023-07-28 Sold (MLS) $12,500 UNYREIS
• 2023-03-31 Pending — UNYREIS
• 2023-02-09 Pending — UNYREIS
• 2022-12-13 Listed $24,900 UNYREIS

Property tax history

+9.2%/yr

Latest (2025): $2,329 · +46.5% YoY. Source: county tax records.