545 20th St · Niagara Falls, NY 14301

$89,999

4 bd · 3.0 ba · 1,380 sqft · MultiFamily public records · 45 Days on market

Built 1910 3,125 sqft lot $65/sqft · 31% below area Est $131k · 31% under

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Why this score? — see what drove the A 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Rent growth +4.7/5.0
• Livability +3.0/5.0
• Schools +2.5/10.0
• 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

Welcome to 545 20th Street! This property is an investor’s dream opportunity. It features a durable metal roof installed within the past two years, along with well-maintained siding. The building includes three units: an upper apartment offering two spacious bedrooms, and two lower apartments, each with one bedroom. With some TLC and sweat equity, this property has strong potential to become a solid cash-flowing investment. This property may also be available as part of a package deal, including 1117 Pierce Ave, 608 20th Street, and 919 Cedar Ave.

Key facts

• 3,125 sq ft lot
• 2 parking spots
• Built 1910

Property features AI

Finance

• Other: Three total units with separate gas and electric meters (one meter per unit)
• Financial info: Owner pays water; water included in rent; Operative expenses include water/sewer

Exterior

• Parking: Two or more off-street parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Single-story multi-unit property; Resale condition; Wood siding
• Construction: Wood siding construction; Existing (previously built)
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 25 x 125

Interior

• Kitchen: Eat-in kitchen in one unit
• Bedrooms: Three units: two 1-bedroom units and one 2-bedroom unit
• Flooring: Hardwood; Tile; Vinyl; Varies
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $574/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 29.2% vs local median 7.7% in Niagara Falls — 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 60/100 on livability (#956 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Niagara Falls City School District (urban): math 26% / reading 34% proficiency, ranked #578 of 590 in NY (top 98%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.8%/yr); 164 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($622 loan paydown + $9k appreciation (10.0% local appreciation)).
• Niagara County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $25k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $26k; list at $90k implies a 253% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,299 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 3.29% ✓
• Cap rate: 29.24%
• Cash-on-cash: 81.94%
• DSCR: 4.65
• GRM: 2.5

CMA / ARV

• ARV (median comp): $130,593
• List price: $89,999
• Delta: -31.08%
• 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
548 19th St	0.09mi	4/2.0	1,265 (-8%)	1mo	$62,500	$49	77
746 17th St	0.32mi	4/2.0	1,475 (+7%)	1mo	$72,000	$49	69
614 20th St	0.07mi	4/2.0	1,570 (+14%)	1mo	$100,000	$64	69
443 21st St	0.22mi	3/2.0 (-1)	1,428 (+4%)	10mo	$65,000	$46	66
445 18th St	0.24mi	4/2.0	1,320 (-4%)	15mo	$55,000	$42	65
2771 Livingston Ave	0.57mi	4/2.0	1,408 (+2%)	7mo	$88,000	$63	60
547 21st St	0.07mi	5/2.0 (+1)	1,534 (+11%)	12mo	$129,900	$85	60
514 18th St	0.16mi	3/2.0 (-1)	1,260 (-9%)	14mo	$88,740	$70	58
1208 17th St	0.55mi	3/2.0 (-1)	1,378 (-0%)	12mo	$92,500	$67	55
1519 Whitney Ave	0.61mi	3/2.0 (-1)	1,408 (+2%)	12mo	$110,000	$78	49
2234 Willow Ave	0.70mi	3/2.0 (-1)	1,386 (+0%)	11mo	$105,000	$76	48
1970 Whitney Ave	0.55mi	3/2.0 (-1)	1,562 (+13%)	8mo	$122,000	$78	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 96.3%
• Equity multiple: 7.92×
• Total profit: $174,292
• Equity at exit: $81,078

10-year hold

• IRR: 92.8%
• Equity multiple: 19.49×
• Total profit: $465,915
• Equity at exit: $174,848

Cash invested: $25,200 (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 14301

• Home prices YoY: 6.2%
• Rents YoY: 8.8%
• Active inventory: 164
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,960 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$108 /mo · $1,299/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$622
• Net cashflow: $1,721

Break-even live

Break-even rent $782

Max offer price $89,999

Occupancy floor 37%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,040
▸ 2× units	1	1	$1,920
Total (3 units)			$2,960

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2020 Forest Ave Niagara Falls, NY	4.0	2.0	1600	$1,500	$0.94	17d	1	0.36mi
420 25th St Niagara Falls, NY	3.0	1.0	1101	$1,500	$1.36	43d	1	0.38mi
1427 Fort Ave Unit 2 Niagara Falls, NY	3.0	1.0	1058	$950	$0.90	43d	1	0.40mi
1001 17th St Niagara Falls, NY	3.0	1.0	1152	$1,800	$1.56	23d	1	0.43mi
754 15th St Niagara Falls, NY	3.0	1.0	990	$1,100	$1.11	23d	1	0.44mi
784 15th St Niagara Falls, NY	3.0	1.5	1380	$1,350	$0.98	3d	1	0.49mi
2727 Monroe Ave Niagara Falls, NY	3.0	1.0	960	$1,500	$1.56	10d	1	0.52mi
2420 Mackenna Ave Unit 1 Niagara Falls, NY	4.0	1.0	1300	$1,390	$1.07	1d	1	0.59mi
3036 Welch Ave Niagara Falls, NY	3.0	1.0	1000	$1,500	$1.50	1d	1	0.75mi
724 Augustus Pl Niagara Falls, NY	4.0	1.0	1200	$1,500	$1.25	43d	1	0.83mi
3225 Belden Pl Niagara Falls, NY	5.0	1.5	1344	$1,750	$1.30	1d	1	0.87mi
3340 Simmons Ave Niagara Falls, NY	3.0	1.0	1008	$1,550	$1.54	14d	1	0.98mi
642 Ashland Ave Niagara Falls, NY	3.0	1.0	1238	$1,100	$0.89	3d	1	1.10mi

Listing history 20 events

1. 2026-06-18
   days on market $89,999 Active 45 DOM
2. 2026-06-17
   days on market $89,999 Active 44 DOM
3. 2026-06-16
   days on market $89,999 Active 43 DOM
4. 2026-06-15
   days on market $89,999 Active 42 DOM
5. 2026-06-13
   days on market $89,999 Active 40 DOM
6. 2026-06-13
   days on market $89,999 Active 39 DOM
7. 2026-06-10
   days on market $89,999 Active 37 DOM
8. 2026-06-09
   days on market $89,999 Active 36 DOM
9. 2026-06-08
   days on market $89,999 Active 35 DOM
10. 2026-06-07
    pricedays on market $89,999 Active 34 DOM
11. 2026-06-03
    days on market $96,000 Active 30 DOM
12. 2026-06-02
    days on market $96,000 Active 29 DOM
13. 2026-06-01
    days on market $96,000 Active 28 DOM
14. 2026-05-31
    days on market $96,000 Active 27 DOM
15. 2026-05-04
    listed $96,000 Active 559-char remark
16. 2023-03-31
    historical
17. 2022-09-23
    listed $99,900 Active
18. 2008-05-30
    soldstatus $25,500
19. 2006-07-25
    soldstatus $227,000
20. 2006-07-25
    soldstatus $365,000

ⓘ 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: $1,299 · $108/mo
• Projected year-2 tax: $1,410 · $118/mo
• Expected delta: +$111/yr (+$9/mo · 8.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥94°F today · 15 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: $35,520
• − Mortgage interest: −$5,041
• − Property taxes: −$1,299
• − Insurance: −$450
• − Repairs & maintenance: −$2,842
• − Management: −$2,842
• − Depreciation: −$2,618
• Taxable income: $20,428
• Est. tax owed @ 24.0%: −$4,903
• After-tax cash flow: $15,745/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: Niagara Falls City School District
• NCES district ID: 3620820
• Math proficiency: 26% ▼ -10.00%
• Reading proficiency: 34% ▲ 3.00%
• Median HH income: $32,488
• Composite: 24.5/100
• National rank: #7655
• State rank: #578 of 590 in NY

Livability — Niagara Falls

• Score: 60/100
• State rank: #956
• US rank: #18749

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Niagara Falls, NY
• County: Niagara County · 157,377 people
• City population: 62,983
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 10,923
• Household income: $34,549
• Rent vs Own: 54.1% rent · 45.9% own
• Severe rent burden: 954.0

Population outlook (Niagara County) Hauer SSP2

• Today (2025): 204,149 people
• By 2030: 197,900 · -3.1%
• By 2040: 182,239 · -10.7%
• By 2050: 165,198 · -19.1%
• By 2075: 129,416 · -36.6%
• By 2100: 96,222 · -52.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 59% Black 25% Two or more races 8% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 3% Cuban 2%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China, Dominican Republic
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 3% Chinese 1%

Political lean MEDSL · Niagara

• 2024 margin: R (+14.9) · D 42.5% · R 57.5%
• 2008→2024 swing: -15.9pp toward R · 2008: 1.0pp · 2024: -14.9pp
• All cycles: 2024: R+14.9 2020: R+9.7 2016: R+19.0 2012: D+0.6 2008: D+1.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 15.41%
• Current HPI: 266.1457
• Rent YoY: ▲ 8.79%
• 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

-60.4% since first listed

7 events — show timeline

• 2026-06-04 Price Changed $89,999 WNYREIS
• 2026-05-04 Listed $96,000 WNYREIS
• 2023-03-31 Listing Removed — WNYREIS
• 2022-09-23 Listed $99,900 WNYREIS
• 2008-05-30 Sold (Public Records) $25,500 Public Records
• 2006-07-25 Sold (Public Records) $365,000 Public Records
• 2006-07-25 Sold (Public Records) $227,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $1,299 · +19.3% YoY. Source: county tax records.