4 Wendel St · Depew, NY 14043

$198,000

3 bd · 1.0 ba · 1,137 sqft · SingleFamily public records · 66 Days on market

Built 1929 0.75 ac lot $174/sqft · 35% below area Est $306k · 35% under

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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).

• ARV discount +15.0/15.0
• Cash flow +8.0/30.0
• Rent growth +3.9/5.0
• Schools +3.8/10.0
• Livability +3.6/5.0
• 1% rule +3.5/10.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment opportunity or owner occupy at 4 Wendel in Depew! This spacious 3-bedroom, 1.5-bath single-family home sits on an impressive . 75-acre lot, offering plenty of yard space and privacy rarely found in this area. Currently tenant occupied and generating $1,750/month in rental income, this property makes for an excellent turnkey addition to any investment portfolio. Can be purchased as a package with the duplex in the front, the duplex in the back, and the vacant lot as soon as you pull into the cul-de-sac, creating a rare opportunity for investors looking to acquire multiple neighboring properties. Whether purchased individually or as part of the package, this property offers immediate income and long-term upside!

Key facts

• 0.75 acre lot
• Built 1929
• Listed 66 days

🏷️ Possibly a rental listed for sale. The $198,000 price doesn't fit this home's estimated sale value (~$306,108) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $198k.

Deal economics

• At list price, monthly cash flow is $-201 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (18.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (15.2% below list).
• Recommended offer: $162k (18.0% below list) — sets the bar for cash-flow.
• Cap rate 5.1% vs local median 3.7% in Depew — 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 71/100 on livability (#408 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-, health & safety A-; Watch: crime F, amenities F, commute F.
• Depew Union Free School District (suburban): math 39% / reading 50% proficiency, ranked #461 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.8%/yr); 124 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $115k; list at $198k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,447 (18.0% 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 66 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Built in 1929 — 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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. 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?
9. 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.
10. 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.
11. 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: 0.85% ✗
• Cap rate: 5.07%
• Cash-on-cash: -4.36%
• DSCR: 0.81
• GRM: 9.8

CMA / ARV

• ARV (median comp): $306,108
• List price: $198,000
• Delta: -35.32%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
70 Irwinwood Rd	0.39mi	4/1.0 (+1)	1,116 (-2%)	1mo	$240,000	$215	73
149 Irwinwood Rd	0.35mi	3/1.0	1,200 (+6%)	8mo	$305,000	$254	68
27 S Irwinwood Rd	0.44mi	3/1.0	1,236 (+9%)	5mo	$265,000	$214	60
61 Southwest Pkwy	0.64mi	3/1.0	1,174 (+3%)	5mo	$300,000	$256	60
27 Wilma Dr	0.49mi	3/1.0	1,068 (-6%)	8mo	$325,000	$304	60
143 West Ave	0.35mi	3/1.0	1,008 (-11%)	8mo	$290,000	$288	58
84 Kurtz Ave	0.59mi	3/1.5	1,171 (+3%)	9mo	$330,000	$282	58
15 Wilkshire Pl	0.62mi	3/2.0	1,160 (+2%)	7mo	$350,000	$302	58
50 Hawro Pl	0.48mi	3/2.0	1,200 (+6%)	8mo	$197,000	$164	57
62 Benson Dr	0.59mi	3/1.5	1,215 (+7%)	5mo	$250,000	$206	55
64 Gordon Ave	0.59mi	3/2.0	1,212 (+7%)	6mo	$290,000	$239	52
101 Kurtz Ave	0.56mi	2/1.5 (-1)	975 (-14%)	9mo	$305,000	$313	36

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 · 5.75% rent growth · sell at horizon

5-year hold

• IRR: -20.2%
• Equity multiple: 0.28×
• Total profit: $-40,008
• Equity at exit: $29,522

10-year hold

• IRR: -7.6%
• Equity multiple: 0.46×
• Total profit: $-30,128
• Equity at exit: $17,119

Cash invested: $55,440 (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 14043

• Home prices YoY: -34.2%
• Rents YoY: 5.8%
• Active inventory: 124
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,678 high
• Mortgage (P&I): −$1,038
• Tax from tax record: −$406 /mo · $4,876/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $-201

Break-even live

Break-even rent $1,933

Max offer price $162,447

Occupancy floor —

Sensitivity live

Price	-10% $-89	-5% $-145	+0% $-201	+5% $-257	+10% $-313
Rent	-10% $-334	-5% $-268	+0% $-201	+5% $-135	+10% $-69
Rate	-1.0pp $-102	-0.5pp $-151	base $-201	+0.5pp $-253	+1.0pp $-305

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: $49,500
• Closing costs: $5,940
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5050 Transit Rd Apt 306 Depew, NY	2.0	2.0	1195	$1,999	$1.67	3d	1	0.73mi
Cowing St Lancaster, NY	3.0	1.0	1450	$1,400	$0.97	45d	1	0.92mi
136 Sawyer Ave Unit 2 Depew, NY	2.0	1.0	1000	$1,350	$1.35	45d	1	0.99mi
1331 Borden Rd Unit R Depew, NY	3.0	1.5	1175	$1,595	$1.36	45d	1	1.02mi
5841 Transit Rd Unit 3 Depew, NY	2.0	1.0	750	$1,335	$1.78	4d	1	1.33mi

Listing history 19 events

1. 2026-06-21
   days on market $198,000 Active 66 DOM
2. 2026-06-18
   days on market $198,000 Active 63 DOM
3. 2026-06-17
   days on market $198,000 Active 62 DOM
4. 2026-06-16
   days on market $198,000 Active 61 DOM
5. 2026-06-15
   days on market $198,000 Active 60 DOM
6. 2026-06-13
   days on market $198,000 Active 58 DOM
7. 2026-06-10
   days on market $198,000 Active 55 DOM
8. 2026-06-09
   days on market $198,000 Active 54 DOM
9. 2026-06-08
   days on market $198,000 Active 53 DOM
10. 2026-06-07
    days on market $198,000 Active 52 DOM
11. 2026-06-03
    days on market $198,000 Active 48 DOM
12. 2026-06-02
    days on market $198,000 Active 47 DOM
13. 2026-06-01
    days on market $198,000 Active 46 DOM
14. 2026-05-31
    days on market $198,000 Active 45 DOM
15. 2026-04-15
    listed $198,000 Active 736-char remark

    Show marketing remark (736 chars)

    Great investment opportunity or owner occupy at 4 Wendel in Depew! This spacious 3-bedroom, 1.5-bath single-family home sits on an impressive . 75-acre lot, offering plenty of yard space and privacy rarely found in this area. Currently tenant occupied and generating $1,750/month in rental income, this property makes for an excellent turnkey addition to any investment portfolio. Can be purchased as a package with the duplex in the front, the duplex in the back, and the vacant lot as soon as you pull into the cul-de-sac, creating a rare opportunity for investors looking to acquire multiple neighboring properties. Whether purchased individually or as part of the package, this property offers immediate income and long-term upside!

16. 2026-04-06
    historical
17. 2025-10-06
    listed $899,000 Active
18. 2013-11-08
    soldstatus $115,000
19. 2013-11-08
    soldstatus $115,000

ⓘ 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: $4,876 · $406/mo
• Projected year-2 tax: $4,876 · $406/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 2/10 Low
• 🌡 Heat 2/10 Low 6 d/yr ≥92°F today · 13 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: $20,140
• − Mortgage interest: −$11,091
• − Property taxes: −$4,876
• − Insurance: −$990
• − Repairs & maintenance: −$1,611
• − Management: −$1,611
• − Depreciation: −$5,760
• Taxable loss: −$5,799
• Est. tax savings @ 24.0%: +$1,392
• After-tax cash flow: $-1,023/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: Depew Union Free School District
• NCES district ID: 3609030
• Math proficiency: 39% ▼ -19.00%
• Reading proficiency: 50% ▼ -1.00%
• Median HH income: $51,488
• Composite: 38.33/100
• National rank: #4224
• State rank: #461 of 590 in NY

Livability — Depew

• Score: 71/100
• State rank: #408
• US rank: #7016

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Depew, NY
• County: Erie County · 714,559 people
• City population: 25,098
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 25,098
• Household income: $74,112
• Rent vs Own: 27.9% rent · 72.1% own
• Severe rent burden: 854.0

Population outlook (Erie County) Hauer SSP2

• Today (2025): 933,037 people
• By 2030: 935,181 · +0.2%
• By 2040: 928,531 · -0.5%
• By 2050: 905,725 · -2.9%
• By 2075: 834,037 · -10.6%
• By 2100: 708,033 · -24.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 3% Two or more races 3% Black 2% Asian 1%
• Common ancestry: Romanian 30% Lithuanian 2% Slovak 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Arabic 3% Russian/Polish/Slavic 2% Spanish 1%

Political lean MEDSL · Erie

• 2024 margin: Lean D (+9.7) · D 54.8% · R 45.2%
• 2008→2024 swing: -7.9pp toward R · 2008: 17.5pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+14.7 2016: D+4.8 2012: D+15.6 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -152.13%
• Current HPI: 292.1082
• Rent YoY: ▲ 5.75%
• 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

+72.2% since first listed

5 events — show timeline

• 2026-04-15 Listed $198,000 WNYREIS
• 2026-04-06 Listing Removed — WNYREIS
• 2025-10-06 Listed $899,000 WNYREIS
• 2013-11-08 Sold (Public Records) $115,000 Public Records
• 2013-11-08 Sold (Public Records) $115,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $4,876 · +4.2% YoY. Source: county tax records.