388 S Main St · Jamestown, NY 14701

$115,000

5 bd · 2.0 ba · 2,898 sqft · MultiFamily public records · 8 Days on market

Built 1870 4,500 sqft lot Est $104k · 10% over

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Why this score? — see what drove the C+ 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
• Livability +3.5/5.0
• Schools +3.1/10.0
• ARV discount +2.9/15.0
• Rent growth +2.5/5.0
• 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: 3 units. confirmed

Listing remarks

Fully occupied three-unit owner-occupied investment property, the sellers would be willing to stay in their unit for a little while and pay rent in the city. Located on the Southside, this property is a short distance to the elementary school and the Southside plaza, with public transportation readily available. The home has three units in total, two of which have two bedrooms, each with a kitchen, living room, and access to a porch. One unit has one bedroom, a kitchen, and a living room/dining room combo. The home has an attached 2-car garage and off-street parking. With all units occupied, this property could generate income for you immediately after closing.

Key facts

• Off street parking
• Access to porch
• 4,500 sq ft lot

Tags

• SHORT DISTANCE TO PLAZA
• ACCESS TO PORCH
• ATTACHED 2 CAR GARAGE
• OFF STREET PARKING

Property features AI

Finance

• Other: 3 total units; 3 units in community; 2 separate gas meters; 2 separate electric meters
• Financial info: Gross annual income reported: $21,396; Operating expenses include electric, fuel, trash, utilities, and water/sewer; Owner pays electricity, gas, heat, hot water, and water; Rents (where applicable) include electricity, heat, hot water, and water

Exterior

• Parking: 2-car garage; Concrete parking; On-street parking; Two or more parking spaces
• Utilities: Public water connected; Sewer connected; Cable available; High-speed internet available; Circuit breaker electric
• Home design: 2-story building; Existing structure; Residential 2-unit zoning; Corner, rectangular lot with city street frontage
• Construction: Vinyl siding; Asphalt shingle roof; Stone foundation; Built (existing)
• Exterior features: Balcony; Covered porch

Interior

• Kitchen: Gas water heater
• Flooring: Carpet; Vinyl; Varied flooring
• Bathrooms: 3 full bathrooms
• Heating & cooling: Gas heating; Baseboard heating
• Interior features: Partial basement; Carpet and vinyl flooring

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $115k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $737/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $115k).
• Cap rate 29.4% vs local median 16.6% in Jamestown — 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 69/100 on livability (#470 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities D, crime F.
• Jamestown City School District (town): math 33% / reading 42% proficiency, ranked #553 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 313 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).
• At $3,954/mo this rent would consume 95% of the median local household income ($50k/yr) (locally 1838% 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 $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Chautauqua County population projected at -22% 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 $32k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $115,000

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 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 3.44% ✓
• Cap rate: 29.38%
• Cash-on-cash: 82.44%
• DSCR: 4.67
• GRM: 2.4

CMA / ARV

• ARV (on-the-fly): $104,328
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
379 Foote Ave	0.42mi	5/2.5	2,886 (-0%)	9mo	$104,000	$36	70
178 Barrett Ave	0.51mi	5/2.5	2,825 (-2%)	3mo	$50,000	$18	67
146 Prospect St	0.36mi	6/2.0 (+1)	2,956 (+2%)	11mo	$140,000	$47	66
515 Newland Ave	0.34mi	5/3.5	2,772 (-4%)	7mo	$170,000	$61	65
132 Prospect St	0.39mi	5/—	2,790 (-4%)	18mo	$128,000	$46	61
107 Mckinley Ave	0.57mi	5/3.0	2,712 (-6%)	1mo	$25,000	$9	58
168 Barrett Ave	0.53mi	4/2.0 (-1)	2,644 (-9%)	4mo	$52,000	$20	52
9 Beech St	0.63mi	6/2.0 (+1)	3,216 (+11%)	1mo	$115,000	$36	47
254 Forest Ave	0.46mi	4/3.0 (-1)	3,080 (+6%)	16mo	$101,000	$33	45
335 Foote Ave	0.51mi	6/3.0 (+1)	2,634 (-9%)	8mo	$20,500	$8	45
263 Forest Ave	0.44mi	4/2.0 (-1)	2,508 (-14%)	14mo	$58,000	$23	41
110 Kidder St	0.42mi	5/4.0	3,331 (+15%)	12mo	$155,000	$47	38

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: 82.8%
• Equity multiple: 4.80×
• Total profit: $122,397
• Equity at exit: $17,147

10-year hold

• IRR: 86.1%
• Equity multiple: 9.96×
• Total profit: $288,547
• Equity at exit: $9,943

Cash invested: $32,200 (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 14701

• Home prices YoY: -18.5%
• Active inventory: 313
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $3,954 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$260 /mo · $3,125/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$830
• Net cashflow: $2,212

Break-even live

Break-even rent $1,154

Max offer price $115,000

Occupancy floor 39%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$3,954
Total (3 units)			$3,954

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-19
   days on market $115,000 Active 8 DOM
2. 2026-06-18
   days on market $115,000 Active 7 DOM
3. 2026-06-17
   days on market $115,000 Active 6 DOM
4. 2026-06-16
   days on market $115,000 Active 5 DOM
5. 2026-06-15
   days on market $115,000 Active 4 DOM
6. 2026-06-14
   days on market $115,000 Active 2 DOM
7. 2026-06-12
   remarks 669-char remark
8. 2026-06-12
   listed $115,000 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: $3,125 · $260/mo
• Projected year-2 tax: $3,125 · $260/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 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,448
• − Mortgage interest: −$6,442
• − Property taxes: −$3,125
• − Insurance: −$575
• − Repairs & maintenance: −$3,796
• − Management: −$3,796
• − Depreciation: −$3,345
• Taxable income: $26,369
• Est. tax owed @ 24.0%: −$6,329
• After-tax cash flow: $20,219/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: Jamestown City School District
• NCES district ID: 3615630
• Math proficiency: 33% ▼ -3.00%
• Reading proficiency: 42% ▲ 5.00%
• Median HH income: $32,240
• Composite: 30.69/100
• National rank: #6176
• State rank: #553 of 590 in NY

Livability — Jamestown

• Score: 69/100
• State rank: #470
• US rank: #8213

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Jamestown, NY
• County: Chautauqua County · 38,461 people
• City population: 38,461
• Metro: Jamestown-Dunkirk-Fredonia, NY
• Population (ZIP): 38,461
• Household income: $49,685
• Rent vs Own: 42.8% rent · 57.2% own
• Severe rent burden: 1838.0

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: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 11% Two or more races 6% Black 3%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Romanian 6% Lithuanian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -58.93%
• Current HPI: 259.402
• Rent YoY: —
• Metro: Jamestown-Dunkirk-Fredonia, 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

1 event — show timeline

• 2026-06-11 Listed $115,000 UNYREIS

Property tax history

+4.5%/yr

Latest (2025): $3,125 · +4.8% YoY. Source: county tax records.