23 Waverly St · Cattaraugus, NY 14719

$174,900

5 bd · 3.0 ba · 2,904 sqft · MultiFamily public records · 128 Days on market

Built 1900 8,712 sqft lot

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Why this score? — see what drove the B+ 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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.0/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Solid Cash-Flowing Triplex in the Heart of Cattaraugus! Welcome to 23 Waverly Street, a well-maintained 3-unit apartment complex with a proven rental track record and strong upside—an ideal addition to any investor’s portfolio. This property features two spacious 3-bedroom, 1-bath units, each renting for $900 per month, along with a 1-bedroom, 1-bath unit currently bringing in $700 per month. With long-standing tenants and professional management by On Point Property Management, this is a true hands-off investment opportunity. Operating costs are kept low thanks to very affordable annual taxes of just $2,377, and tenants are responsible for their own gas and electric, improving your net returns. A private driveway and garage provide added convenience and tenant appeal, while the separate storage building offers potential for additional income through rentals or creative use. Whether you’re expanding an existing portfolio or stepping into multi-unit investing, this property delivers stable income, low overhead, and future upside in a solid Cattaraugus location. Turnkey. .. .Cash-flowing. .. .. Investor-ready!!!!

Key facts

• Private driveway
• Triplex
• Cattaraugus location

Tags

• TRIPLEX
• 3 UNIT APARTMENT COMPLEX
• PRIVATE DRIVEWAY
• SEPARATE STORAGE BUILDING
• CATTARAUGUS LOCATION

What this means for you Summary

Snapshot

• This is a 2×3bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $948 ($11k/yr) — positive. Per door: $316/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $154k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#973 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: employment C-, crime F, amenities F.
• Cattaraugus-Little Valley Central School District (rural): math 42% / reading 49% proficiency, ranked #460 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 21 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $17k appreciation (10.0% local appreciation)).
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 12y 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 $59k; list at $175k implies a 196% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $153,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.55% ✓
• Cap rate: 12.80%
• Cash-on-cash: 23.23%
• DSCR: 2.03
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 41.7%
• Equity multiple: 4.18×
• Total profit: $155,662
• Equity at exit: $157,564

10-year hold

• IRR: 36.0%
• Equity multiple: 9.39×
• Total profit: $410,975
• Equity at exit: $339,792

Cash invested: $48,972 (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 14719

• Home prices YoY: 3.4%
• Active inventory: 21
• Price-to-rent: 16.0×

Monthly cashflow live

• Estimated rent: $2,704 medium
• Mortgage (P&I): −$917
• Tax from tax record: −$198 /mo · $2,377/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$568
• Net cashflow: $948

Break-even live

Break-even rent $1,504

Max offer price $174,900

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$1,822
1× unit	2	1	$883
Total (3 units)			$2,704

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-18
   days on market $174,900 Active 128 DOM
2. 2026-06-17
   days on market $174,900 Active 127 DOM
3. 2026-06-16
   days on market $174,900 Active 126 DOM
4. 2026-06-15
   days on market $174,900 Active 125 DOM
5. 2026-06-13
   days on market $174,900 Active 123 DOM
6. 2026-06-12
   days on market $174,900 Active 122 DOM
7. 2026-06-09
   days on market $174,900 Active 119 DOM
8. 2026-06-08
   days on market $174,900 Active 118 DOM
9. 2026-06-07
   days on market $174,900 Active 117 DOM
10. 2026-06-07
    days on market $174,900 Active 116 DOM
11. 2026-06-04
    days on market $174,900 Active 113 DOM
12. 2026-06-02
    days on market $174,900 Active 112 DOM
13. 2026-06-01
    days on market $174,900 Active 111 DOM
14. 2026-05-31
    days on market $174,900 Active 110 DOM
15. 2026-02-09
    listed $174,900 Active 1146-char remark

    Show marketing remark (1146 chars)

    Solid Cash-Flowing Triplex in the Heart of Cattaraugus! Welcome to 23 Waverly Street, a well-maintained 3-unit apartment complex with a proven rental track record and strong upside—an ideal addition to any investor’s portfolio. This property features two spacious 3-bedroom, 1-bath units, each renting for $900 per month, along with a 1-bedroom, 1-bath unit currently bringing in $700 per month. With long-standing tenants and professional management by On Point Property Management, this is a true hands-off investment opportunity. Operating costs are kept low thanks to very affordable annual taxes of just $2,377, and tenants are responsible for their own gas and electric, improving your net returns. A private driveway and garage provide added convenience and tenant appeal, while the separate storage building offers potential for additional income through rentals or creative use. Whether you’re expanding an existing portfolio or stepping into multi-unit investing, this property delivers stable income, low overhead, and future upside in a solid Cattaraugus location. Turnkey. .. .Cash-flowing. .. .. Investor-ready!!!!

16. 2024-10-10
    historical $700
17. 2024-08-30
    listed $700
18. 2024-03-14
    historical
19. 2023-12-01
    listed
20. 2023-09-15
    historical
21. 2022-07-21
    soldstatus $59,000
22. 2016-06-15
    soldstatus $30,000 Closed Sale or Rented 475-char remark

    Show marketing remark (475 chars)

    Well-maintained 3-Unit is fully rented, and always easy to rent. Apt 1, first floor has 3BR, large liv rm, rear storage room & exit to rear deck, forced air gas furnace; Apt 2, first floor has 1BR, frt & rear entrances, gas space heater; Apt 3 upper has 2BR, gas space heater, frt & rear entrances; one car garage plus small barn in back yard for storage. Conveniently located just off main street, walk to bank and stores. Live in one apt, rent the others.

23. 2016-06-15
    soldstatus $30,000

    Show marketing remark (475 chars)

    Well-maintained 3-Unit is fully rented, and always easy to rent. Apt 1, first floor has 3BR, large liv rm, rear storage room & exit to rear deck, forced air gas furnace; Apt 2, first floor has 1BR, frt & rear entrances, gas space heater; Apt 3 upper has 2BR, gas space heater, frt & rear entrances; one car garage plus small barn in back yard for storage. Conveniently located just off main street, walk to bank and stores. Live in one apt, rent the others.

24. 2016-03-11
    status Pending Sale 475-char remark

    Show marketing remark (475 chars)

    Well-maintained 3-Unit is fully rented, and always easy to rent. Apt 1, first floor has 3BR, large liv rm, rear storage room & exit to rear deck, forced air gas furnace; Apt 2, first floor has 1BR, frt & rear entrances, gas space heater; Apt 3 upper has 2BR, gas space heater, frt & rear entrances; one car garage plus small barn in back yard for storage. Conveniently located just off main street, walk to bank and stores. Live in one apt, rent the others.

25. 2016-01-25
    listed $39,900 Active 475-char remark

    Show marketing remark (475 chars)

    Well-maintained 3-Unit is fully rented, and always easy to rent. Apt 1, first floor has 3BR, large liv rm, rear storage room & exit to rear deck, forced air gas furnace; Apt 2, first floor has 1BR, frt & rear entrances, gas space heater; Apt 3 upper has 2BR, gas space heater, frt & rear entrances; one car garage plus small barn in back yard for storage. Conveniently located just off main street, walk to bank and stores. Live in one apt, rent the others.

26. 2015-10-22
    listed $31,900
27. 2015-04-22
    listed $34,900
28. 2014-10-02
    listed $45,000
29. 2013-07-02
    soldstatus $40,000

ⓘ 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: $2,377 · $198/mo
• Projected year-2 tax: $2,666 · $222/mo
• Expected delta: +$289/yr (+$24/mo · 12.2%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 18 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: $32,448
• − Mortgage interest: −$9,797
• − Property taxes: −$2,377
• − Insurance: −$874
• − Repairs & maintenance: −$2,596
• − Management: −$2,596
• − Depreciation: −$5,088
• Taxable income: $9,120
• Est. tax owed @ 24.0%: −$2,189
• After-tax cash flow: $9,187/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: Cattaraugus-Little Valley Central School District
• NCES district ID: 3600024
• Math proficiency: 42% ▼ -15.00%
• Reading proficiency: 49% ▲ 3.00%
• Median HH income: $45,623
• Composite: 38.61/100
• National rank: #4159
• State rank: #460 of 590 in NY

Livability — Cattaraugus

• Score: 60/100
• State rank: #973
• US rank: #19013

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cattaraugus, NY
• Population (ZIP): 3,334

Population outlook (Cattaraugus County) Hauer SSP2

• Today (2025): 71,623 people
• By 2030: 67,751 · -5.4%
• By 2040: 59,488 · -16.9%
• By 2050: 51,601 · -28.0%
• By 2075: 35,025 · -51.1%
• By 2100: 21,243 · -70.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Romanian 9% Lithuanian 2% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 3% Spanish 1%

Political lean MEDSL · Cattaraugus

• 2024 margin: Solid R (+32.8) · D 33.6% · R 66.4%
• 2008→2024 swing: -22.2pp toward R · 2008: -10.6pp · 2024: -32.8pp
• All cycles: 2024: R+32.8 2020: R+29.5 2016: R+34.4 2012: R+13.4 2008: R+10.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.94%
• Current HPI: 331.9433
• 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

+337.2% since first listed

15 events — show timeline

• 2026-02-09 Listed $174,900 WNYREIS
• 2024-10-10 Rental Removed $700 APPFOLIO
• 2024-08-30 Listed for Rent $700 APPFOLIO
• 2024-03-14 Rental Removed — APPFOLIO
• 2023-12-01 Listed for Rent — APPFOLIO
• 2023-09-15 Rental Removed — APPFOLIO
• 2022-07-21 Sold (Public Records) $59,000 Public Records
• 2016-06-15 Sold (Public Records) $30,000 Public Records
• 2016-06-15 Sold (MLS) $30,000 WNYREIS
• 2016-03-11 Pending — WNYREIS
• 2016-01-25 Listed $39,900 WNYREIS
• 2015-10-22 Listed $31,900 UNYREIS
• 2015-04-22 Listed $34,900 UNYREIS
• 2014-10-02 Listed $45,000 WNYREIS
• 2013-07-02 Sold (Public Records) $40,000 Public Records

Property tax history

-4.4%/yr

Latest (2025): $2,377 · +4.6% YoY. Source: county tax records.