4181 Legion Dr · Hamburg, NY 14075

$399,000

28 bd · 16.0 ba · 3,288 sqft · MultiFamily · 16 Days on market

Fair condition 10,440 sqft lot $121/sqft · 8% below area Est $434k · 8% under ↓ 34% 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 +11.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• Rent growth +3.8/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Welcome to 4181 Legion Drive – an unbeatable opportunity in one of WNY’s most sought-after walkable communities. Nestled just seconds from the village's main corridor, this rare 4-unit property puts your tenants steps away from grocery stores, gas stations, pharmacies, dining, boutiques, and public transit—true small-town living with big-city convenience. This building features four all-first-floor apartments, making access a breeze for any tenant—no stairs, no hassle. Each unit has been well maintained, with most recently updated to match today’s rental expectations. A huge open parking lot, and shared laundry facilities, and you’ve got a plug-and play s

Key facts

• Full basement
• 0.24 acre lot
• 2 parking spots

Tags

• HUGE OPEN PARKING LOT
• SHARED LAUNDRY FACILITIES
• FULL BASEMENT

Property features AI

Finance

• Financial info: Owner pays electricity, gas, grounds care, trash collection and water; Rent may include electricity, gardener, trash collection and water; Operating expense details: see remarks

Exterior

• Parking: Common parking available with two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: One-story building; Brick and vinyl siding exterior; Asphalt roof; Block foundation
• Construction: Existing building; Built with brick and vinyl siding; Asphalt roof; Block foundation
• Exterior features: Near public transit; Rectangular lot (approx. 87 x 120)

Interior

• Kitchen: Oven/Range and refrigerator in each unit; Eat-in kitchen or dining area with kitchen depending on unit
• Bedrooms: Four total units: one 1-bedroom unit and three 2-bedroom units
• Flooring: Carpet; Tile; Varies by unit
• Bathrooms: Each unit has one full bathroom (four full bathrooms total)
• Heating & cooling: Central air conditioning; Gas heating with baseboard, forced air and radiator systems
• Interior features: Partially finished full basement; Carpet and tile flooring
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $399k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($42k/yr) — positive. Per door: $870/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $399k).
• Recommended offer: $393k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.8% vs local median 2.4% in Hamburg — 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 84/100 on livability (#43 in NY, #692 nationally) — a professional / high-income tenant draw. Strengths: schools A+, employment A+, housing A+; Watch: commute F.
• Hamburg Central School District (suburban): math 46% / reading 66% proficiency, ranked #267 of 590 in NY (top 45%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.2%/yr); 264 active listings in the ZIP; solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $7,893/mo this rent would consume 114% of the median local household income ($83k/yr) (locally 824% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $112k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($393k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Recommended offer $393,015 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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: 1.98% ✓
• Cap rate: 16.75%
• Cash-on-cash: 37.36%
• DSCR: 2.66
• GRM: 4.2

CMA / ARV

• ARV (median comp): $433,593
• List price: $399,000
• Delta: 3.55%
• Verdict: FAIR
• Comps: 14 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.21% rent growth · sell at horizon

5-year hold

• IRR: 35.8%
• Equity multiple: 2.57×
• Total profit: $174,922
• Equity at exit: $59,492

10-year hold

• IRR: 43.7%
• Equity multiple: 5.61×
• Total profit: $515,059
• Equity at exit: $34,498

Cash invested: $111,720 (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 14075

• Rents YoY: 5.2%
• Active inventory: 264
• Price-to-rent: 16.8×

Monthly cashflow live

• Estimated rent: $7,893 medium
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,658
• Net cashflow: $3,478

Break-even live

Break-even rent $3,490

Max offer price $399,000

Occupancy floor 51%

Sensitivity live

Price	-10% $3,754	-5% $3,616	+0% $3,478	+5% $3,340	+10% $3,202
Rent	-10% $2,855	-5% $3,166	+0% $3,478	+5% $3,790	+10% $4,102
Rate	-1.0pp $3,679	-0.5pp $3,580	base $3,478	+0.5pp $3,375	+1.0pp $3,269

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

Units	Beds	Baths	Est. rent
▸ 4× units	7	4	$7,892
Total (4 units)			$7,893

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $399,000 Active 16 DOM
2. 2026-06-18
   days on market $399,000 Active 13 DOM
3. 2026-06-17
   days on market $399,000 Active 12 DOM
4. 2026-06-16
   days on market $399,000 Active 11 DOM
5. 2026-06-15
   days on market $399,000 Active 10 DOM
6. 2026-06-13
   days on market $399,000 Active 8 DOM
7. 2026-06-13
   days on market $399,000 Active 7 DOM
8. 2026-06-10
   days on market $399,000 Active 5 DOM
9. 2026-06-09
   days on market $399,000 Active 4 DOM
10. 2026-06-08
    days on market $399,000 Active 3 DOM
11. 2026-06-07
    pricedays on marketlisting id $399,000 Active 2 DOM
12. 2026-06-05
    days on market $449,000 Active 121 DOM
13. 2026-06-03
    days on market $449,000 Active 120 DOM
14. 2026-06-02
    days on market $449,000 Active 119 DOM
15. 2026-06-01
    days on market $449,000 Active 118 DOM
16. 2026-05-31
    days on market $449,000 Active 117 DOM
17. 2026-02-03
    listed $449,000 Active 1233-char remark
18. 2025-07-07
    listed $449,000 Active
19. 2025-03-04
    price $550,000
20. 2024-11-18
    listed $600,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $94,716
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$7,577
• − Management: −$7,577
• − Depreciation: −$11,607
• Taxable income: $37,624
• Est. tax owed @ 24.0%: −$9,030
• After-tax cash flow: $32,707/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab

This 4-unit property requires moderate repairs and maintenance, with painting and landscaping improvements to boost its resale and rental value.

Repairs flagged

• Minor Painting — Light discoloration on siding
• Minor Landscaping — Some overgrown areas

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and value
• Both Landscaping improvements — Enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Painting · Light discoloration on siding	Minor	$500–3,000
Landscaping · Some overgrown areas	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Painting the exterior — Enhances curb appeal and value ↑
• Both Landscaping improvements — Enhances curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hamburg Central School District
• NCES district ID: 3613350
• Math proficiency: 46% ▼ -26.00%
• Reading proficiency: 66% ▲ 3.00%
• Median HH income: $68,342
• Composite: 49.43/100
• National rank: #2006
• State rank: #267 of 590 in NY

Livability — Hamburg

• Score: 84/100
• State rank: #43
• US rank: #692

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hamburg, NY
• County: Erie County · 714,559 people
• City population: 44,520
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 44,520
• Household income: $83,383
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 824.0

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 (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3% Black 1%
• Common ancestry: Romanian 20% Lithuanian 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 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: ▼ -261.10%
• Current HPI: 300.2852
• Rent YoY: ▲ 5.21%
• 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

-33.5% since first listed

6 events — show timeline

• 2026-06-05 Listing Removed — WNYREIS
• 2026-06-05 Listed $399,000 WNYREIS
• 2026-02-03 Listed $449,000 WNYREIS
• 2025-07-07 Listed $449,000 WNYREIS
• 2025-03-04 Price Changed $550,000 WNYREIS
• 2024-11-18 Listed $600,000 WNYREIS