501 Deer St · Dunkirk, NY 14048

$50,000

3 bd · 2.0 ba · 4,201 sqft · MultiFamily public records · 116 Days on market

Built 1874 7,200 sqft lot $12/sqft · 70% below area

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

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

501 Deer St, Dunkirk, NY 14048. An investor next fixer-upper project opportunity on a corner lot. Two-unit multi-family property with interior fully gutted—ready for renovation. Unit 1 offers 4 bedrooms and 1 full bath; Unit 2 features 3 bedrooms and 1 full bath. Total property SqFt is 4,201. Includes a 2-car garage! This is an ideal value-add investment opportunity. Utilities on property are currently off. Property sold as is.

Key facts

• Ready for renovation
• Corner lot
• 7,200 sq ft lot

Tags

• CORNER LOT
• TWO-UNIT MULTI-FAMILY PROPERTY
• INTERIOR FULLY GUTTED
• READY FOR RENOVATION

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $50k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $46k (9.0% below list) — sets the bar for market timing.
• Cap rate 40.4% vs local median 7.4% in Dunkirk — 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 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 $3k of equity ($346 loan paydown + $2k 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.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($46k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 14y ago; this cycle's ask has dropped $35k (41%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $50k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.9% of price; built in 1874 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $45,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1874 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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: 4.83% ✓
• Cap rate: 40.37%
• Cash-on-cash: 121.71%
• DSCR: 6.42
• GRM: 1.7

CMA / ARV

• ARV (median comp): $166,198
• List price: $50,000
• Delta: -69.92%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 8.28×
• Total profit: $101,889
• Equity at exit: $28,124

10-year hold

• IRR: —
• Equity multiple: 17.44×
• Total profit: $230,162
• Equity at exit: $48,366

Cash invested: $14,000 (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 14048

• Home prices YoY: 1.5%
• Active inventory: 71
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $2,415 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$205 /mo · $2,458/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $1,420

Break-even live

Break-even rent $618

Max offer price $50,000

Occupancy floor 36%

Sensitivity live

Price	-10% $1,597	-5% $1,580	+0% $1,420	+5% $1,406	+10% $1,392
Rent	-10% $1,229	-5% $1,325	+0% $1,420	+5% $1,515	+10% $1,611
Rate	-1.0pp $1,445	-0.5pp $1,433	base $1,420	+0.5pp $1,407	+1.0pp $1,394

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

Units	Beds	Baths	Est. rent
1× unit	4	1	$1,216
1× unit	3	1	$1,199
Total (2 units)			$2,415

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-04
   days on market $50,000 Active 116 DOM
2. 2026-06-02
   days on market $50,000 Active 115 DOM
3. 2026-06-01
   days on market $50,000 Active 114 DOM
4. 2026-05-31
   days on market $50,000 Active 113 DOM
5. 2026-04-23
   price $50,000 437-char remark

   Show marketing remark (437 chars)

   501 Deer St, Dunkirk, NY 14048. An investor next fixer-upper project opportunity on a corner lot. Two-unit multi-family property with interior fully gutted—ready for renovation. Unit 1 offers 4 bedrooms and 1 full bath; Unit 2 features 3 bedrooms and 1 full bath. Total property SqFt is 4,201. Includes a 2-car garage! This is an ideal value-add investment opportunity. Utilities on property are currently off. Property sold as is.

6. 2026-03-01
   price $84,000 437-char remark

   Show marketing remark (437 chars)

   501 Deer St, Dunkirk, NY 14048. An investor next fixer-upper project opportunity on a corner lot. Two-unit multi-family property with interior fully gutted—ready for renovation. Unit 1 offers 4 bedrooms and 1 full bath; Unit 2 features 3 bedrooms and 1 full bath. Total property SqFt is 4,201. Includes a 2-car garage! This is an ideal value-add investment opportunity. Utilities on property are currently off. Property sold as is.

7. 2026-02-07
   listed $85,000 Active 437-char remark

   Show marketing remark (437 chars)

   501 Deer St, Dunkirk, NY 14048. An investor next fixer-upper project opportunity on a corner lot. Two-unit multi-family property with interior fully gutted—ready for renovation. Unit 1 offers 4 bedrooms and 1 full bath; Unit 2 features 3 bedrooms and 1 full bath. Total property SqFt is 4,201. Includes a 2-car garage! This is an ideal value-add investment opportunity. Utilities on property are currently off. Property sold as is.

8. 2025-10-21
   historical
9. 2025-04-22
   listed $100,000 Active
10. 2021-05-28
    soldstatus $25,000 Closed Sale or Rented
11. 2021-04-07
    status Pending Sale
12. 2021-01-16
    listed $32,500 Active
13. 2021-01-09
    status Active
14. 2020-12-29
    historical
15. 2020-08-28
    status Pending Sale
16. 2020-08-26
    status Under Contract- Do Not Show
17. 2020-08-21
    price $32,500
18. 2020-08-21
    status Active
19. 2020-07-20
    historical
20. 2020-06-28
    listed $39,000 Active
21. 2013-02-19
    soldstatus $29,000
22. 2013-02-19
    soldstatus $29,000
23. 2012-07-24
    listed $39,000

ⓘ 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: $2,458 · $205/mo
• Projected year-2 tax: $2,458 · $205/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 3/10 Moderate FEMA zone X · 20% 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: $28,980
• − Mortgage interest: −$2,801
• − Property taxes: −$2,458
• − Insurance: −$250
• − Repairs & maintenance: −$2,318
• − Management: −$2,318
• − Depreciation: −$1,455
• Taxable income: $17,380
• Est. tax owed @ 24.0%: −$4,171
• After-tax cash flow: $12,868/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

+28.2% since first listed

19 events — show timeline

• 2026-04-23 Price Changed $50,000 WNYREIS
• 2026-03-01 Price Changed $84,000 WNYREIS
• 2026-02-07 Listed $85,000 WNYREIS
• 2025-10-21 Listing Removed — WNYREIS
• 2025-04-22 Listed $100,000 WNYREIS
• 2021-05-28 Sold (MLS) $25,000 UNYREIS
• 2021-04-07 Pending — UNYREIS
• 2021-01-16 Listed $32,500 UNYREIS
• 2021-01-09 Relisted — UNYREIS
• 2020-12-29 Listing Removed — UNYREIS
• 2020-08-28 Pending — UNYREIS
• 2020-08-26 Pending — UNYREIS
• 2020-08-21 Price Changed $32,500 UNYREIS
• 2020-08-21 Relisted — UNYREIS
• 2020-07-20 Listing Removed — UNYREIS
• 2020-06-28 Listed $39,000 UNYREIS
• 2013-02-19 Sold (Public Records) $29,000 Public Records
• 2013-02-19 Sold (MLS) $29,000 UNYREIS
• 2012-07-24 Listed $39,000 UNYREIS

Property tax history

-0.8%/yr

Latest (2025): $2,458 · +1.8% YoY. Source: county tax records.