185 Eagle St · Fredonia, NY 14063

$130,000

5 bd · 2.0 ba · 1,864 sqft · MultiFamily public records · 40 Days on market

Built 1872 5.37 ac lot Est $149k · 13% under ↓ 26% since listing

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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
• ARV discount +13.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Welcome to 185 Eagle Street, a two-family residence situated on two expansive parcels totaling approximately 8 acres in the Village of Fredonia. This property presents a value-add opportunity for buyers ready to bring vision and renovations to unlock its full potential. The first-floor apartment offers 2 bedrooms and 1 full bath, along with separate living and dining rooms. The second-floor apartment features 3 bedrooms, 1 full bath, a living room, and an eat-in kitchen. A large barn located behind the home provides ample storage or utility space. While the property does require updates and improvements, its generous acreage, layout, and location make it a compelling investment. Convenientl

Key facts

• Two family residence
• Expansive parcels
• Utility space

Tags

• TWO FAMILY RESIDENCE
• EXPANSIVE PARCELS
• VALUE ADD OPPORTUNITY
• LARGE BARN
• AMPLE STORAGE
• UTILITY SPACE

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $894 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.5% vs local median 3.4% in Fredonia — 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 81/100 on livability (#95 in NY, #1,446 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, commute A; Watch: amenities C-, employment C-, crime F.
• Fredonia Central School District (town): math 55% / reading 46% proficiency, ranked #376 of 590 in NY (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 90 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k 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 $36k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.8% of price; built in 1872 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,100 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1872 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
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: 1.99% ✓
• Cap rate: 14.55%
• Cash-on-cash: 29.48%
• DSCR: 2.31
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $149,120
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
164 Eagle St	0.09mi	5/3.0	1,860 (-0%)	1mo	$160,000	$86	91
109 Prospect St	0.24mi	4/2.0 (-1)	1,936 (+4%)	4mo	$124,000	$64	74
65 Cleveland Ave	0.36mi	5/2.0	1,776 (-5%)	21mo	$135,000	$76	57
50 Cleveland Ave	0.41mi	4/2.0 (-1)	1,700 (-9%)	11mo	$148,400	$87	52
141 Prospect St	0.16mi	6/2.0 (+1)	2,058 (+10%)	21mo	$151,000	$73	52
61 Day St	0.75mi	5/2.0	2,120 (+14%)	21mo	$170,000	$80	25

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: 24.0%
• Equity multiple: 1.99×
• Total profit: $36,084
• Equity at exit: $19,383

10-year hold

• IRR: 32.0%
• Equity multiple: 3.90×
• Total profit: $105,553
• Equity at exit: $11,240

Cash invested: $36,400 (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 14063

• Home prices YoY: -23.6%
• Active inventory: 90
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,591 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$417 /mo · $5,001/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$544
• Net cashflow: $894

Break-even live

Break-even rent $1,459

Max offer price $130,000

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,191
1× unit	3	1	$1,400
Total (2 units)			$2,591

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-03-11
   status Pending
2. 2026-01-30
   listed $130,000 Active
3. 2025-01-09
   historical
4. 2024-07-08
   price $139,900
5. 2024-02-20
   price $159,900
6. 2024-01-09
   listed $175,000 Active

ⓘ 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: $5,001 · $417/mo
• Projected year-2 tax: $5,001 · $417/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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,092
• − Mortgage interest: −$7,282
• − Property taxes: −$5,001
• − Insurance: −$650
• − Repairs & maintenance: −$2,487
• − Management: −$2,487
• − Depreciation: −$3,782
• Taxable income: $9,402
• Est. tax owed @ 24.0%: −$2,257
• After-tax cash flow: $8,474/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: Fredonia Central School District
• NCES district ID: 3611520
• Math proficiency: 55% ▼ -8.00%
• Reading proficiency: 46% ▼ -8.00%
• Median HH income: $48,491
• Composite: 43.1/100
• National rank: #3086
• State rank: #376 of 590 in NY

Livability — Fredonia

• Score: 81/100
• State rank: #95
• US rank: #1446

Category grades

Amenities C- Commute A Cost of living B+ 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: Fredonia, NY
• Population (ZIP): 12,722

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 8% Two or more races 5% Black 3% Asian 2%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 14% Italian 3% Iranian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 1% 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: ▼ -78.55%
• Current HPI: 253.5334
• 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

-25.7% since first listed

6 events — show timeline

• 2026-03-11 Pending — WNYREIS
• 2026-01-30 Listed $130,000 WNYREIS
• 2025-01-09 Listing Removed — UNYREIS
• 2024-07-08 Price Changed $139,900 UNYREIS
• 2024-02-20 Price Changed $159,900 UNYREIS
• 2024-01-09 Listed $175,000 UNYREIS

Property tax history

+4.1%/yr

Latest (2025): $5,001 · +11.2% YoY. Source: county tax records.