4181 Legion Dr · Hamburg, NY 14075

$399,000

7 bd · 4.0 ba · 3,288 sqft · MultiFamily · 110 Days on market

Fair condition 10,440 sqft lot $121/sqft · 46% below area Est $736k · 46% 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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Schools +6.1/10.0
• 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.

Key facts

• Full basement
• 0.24 acre lot
• 2 parking spots

Tags

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

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/4.0-bath units multifamily listed at $399k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $382/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $399k).
• Recommended offer: $363k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 2.9% 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: employment A+, housing A+, health & safety 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.
• Zoned schools: Union Pleasant Avenue Elementary School (math 23% / reading 57%, grade F, #1,415 of 2,108 statewide, top 67%, 643 students, 23% FRL); Hamburg Middle School (math 31% / reading 63%, grade D+, #315 of 729 statewide, top 45%, 755 students, 24% FRL); Hamburg High School (math 94% / reading 97%, grade A+, #76 of 1,100 statewide, top 7%, 987 students, 19% FRL).
• Market conditions: Rents rising fast (+5.2%/yr); 487 active listings in the ZIP; solid renter incomes; 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 $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 ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($363k) 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 $363,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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?
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: 1.36% ✓
• Cap rate: 10.88%
• Cash-on-cash: 16.40%
• DSCR: 1.73
• GRM: 6.1

CMA / ARV

• ARV (median comp): $735,658
• List price: $399,000
• Delta: -45.76%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4306 Clark St	0.26mi	6/3.5 (-1)	3,714 (+13%)	15mo	$440,000	$118	47
4373 Clark St	0.42mi	6/2.0 (-1)	2,564 (-22%)	10mo	$400,000	$156	34
308 Long Ave	1.08mi	6/2.0 (-1)	3,319 (+1%)	33mo	$355,000	$107	30
4014 Ellsworth Ave	1.23mi	6/3.0 (-1)	2,700 (-18%)	24mo	$365,000	$135	11
203 Long Ave	0.93mi	6/3.0 (-1)	2,720 (-17%)	28mo	$406,000	$149	11
3957 Park Ave	1.30mi	6/3.0 (-1)	2,496 (-24%)	31mo	$348,000	$139	11
5215 Electric Ave	1.35mi	6/3.0 (-1)	2,478 (-25%)	34mo	$300,000	$121	11
47-49 S Lake St	0.99mi	6/2.0 (-1)	2,552 (-22%)	34mo	$302,302	$118	7

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 · 5.21% rent growth · sell at horizon

5-year hold

• IRR: 9.9%
• Equity multiple: 1.40×
• Total profit: $44,992
• Equity at exit: $59,492

10-year hold

• IRR: 20.8%
• Equity multiple: 2.95×
• Total profit: $217,637
• 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: 487
• Price-to-rent: 24.5×

Monthly cashflow live

• Estimated rent: $5,423 high
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,139
• Net cashflow: $1,527

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	4	$5,424
Total (4 units)			$5,423

Break-even live

Break-even rent $3,490

Max offer price $399,000

Occupancy floor 67%

Sensitivity live

Price	-10% $1,803	-5% $1,665	+0% $1,527	+5% $1,389	+10% $1,251
Rent	-10% $1,098	-5% $1,313	+0% $1,527	+5% $1,741	+10% $1,955
Rate	-1.0pp $1,728	-0.5pp $1,628	base $1,527	+0.5pp $1,423	+1.0pp $1,318

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11 Euclid Ave Unit Left Hamburg, NY	3.0	1.0	3047	$1,900	$0.62	57d	1	0.13mi
11 Euclid Ave Hamburg, NY	1.0	1.0	3047	$900	$0.30	66d	1	0.13mi
5546 Scranton Rd Hamburg, NY	2.0	1.0	799	$1,250	$1.56	0d	3	0.90mi
5570 Camp Rd Hamburg, NY	2.0	1.0	812	$1,355	$1.67	0d	1	0.94mi
35 W Crescent Ave Unit A Hamburg, NY	2.0	2.0	1420	$2,650	$1.87	57d	1	0.98mi
4055 Knoll Dr Hamburg, NY	2.0	1.0	776	$1,315	$1.69	0d	4	1.08mi
4205 Arthur Ct Hamburg, NY	3.0	2.5	1700	$2,700	$1.59	97d	1	1.15mi
4203 Arthur Ct Hamburg, NY	3.0	2.5	1712	$2,700	$1.58	0d	1	1.15mi
3980 Garfield Ave Unit 2 Hamburg, NY	2.0	1.0	1000	$1,550	$1.55	9d	1	1.19mi
5660 S Park Ave Hamburg, NY	1.0–3.0	1.0–2.0	900	$1,510	$1.68	0d	1	1.19mi
67 Huron St Unit 2 Hamburg, NY	2.0	1.0	1100	$1,475	$1.34	110d	1	1.25mi
5570 S Park Ave Hamburg, NY	3.0	1.0	—	$619	—	4d	1	1.31mi

Property features AI

Finance

• Financial info: Owner pays electricity, gas, grounds care, trash collection and waterRent may include electricity, gardener, trash collection and waterOperating expense details: see remarks

Exterior

• Parking: Common parking available with two or more spaces
• Utilities: Public water connectedSewer connected
• Home design: One-story buildingBrick and vinyl siding exteriorAsphalt roofBlock foundation
• Construction: Existing buildingBuilt with brick and vinyl sidingAsphalt roofBlock foundation
• Exterior features: Near public transitRectangular lot (approx. 87 x 120)

Interior

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

Listing history 50 events

1. 2026-09-23
   days on market $399,000 Active 110 DOM
2. 2026-09-22
   days on market $399,000 Active 109 DOM
3. 2026-09-21
   days on market $399,000 Active 108 DOM
4. 2026-09-20
   days on market $399,000 Active 107 DOM
5. 2026-09-19
   days on market $399,000 Active 106 DOM
6. 2026-09-18
   days on market $399,000 Active 105 DOM
7. 2026-09-17
   days on market $399,000 Active 104 DOM
8. 2026-09-16
   days on market $399,000 Active 103 DOM
9. 2026-09-15
   days on market $399,000 Active 102 DOM
10. 2026-09-14
    days on market $399,000 Active 101 DOM
11. 2026-09-13
    days on market $399,000 Active 100 DOM
12. 2026-09-12
    days on market $399,000 Active 99 DOM
13. 2026-09-11
    days on market $399,000 Active 98 DOM
14. 2026-09-05
    days on market $399,000 Active 92 DOM
15. 2026-09-04
    days on market $399,000 Active 91 DOM
16. 2026-09-03
    days on market $399,000 Active 90 DOM
17. 2026-08-31
    days on market $399,000 Active 87 DOM
18. 2026-08-29
    days on market $399,000 Active 85 DOM
19. 2026-08-28
    days on market $399,000 Active 84 DOM
20. 2026-08-27
    days on market $399,000 Active 83 DOM
21. 2026-08-26
    days on market $399,000 Active 82 DOM
22. 2026-08-25
    days on market $399,000 Active 81 DOM
23. 2026-08-24
    days on market $399,000 Active 80 DOM
24. 2026-08-23
    days on market $399,000 Active 79 DOM
25. 2026-08-22
    days on market $399,000 Active 78 DOM
26. 2026-08-21
    days on market $399,000 Active 77 DOM
27. 2026-08-20
    days on market $399,000 Active 76 DOM
28. 2026-08-19
    days on market $399,000 Active 75 DOM
29. 2026-08-18
    days on market $399,000 Active 74 DOM
30. 2026-08-17
    days on market $399,000 Active 73 DOM
31. 2026-08-16
    days on market $399,000 Active 72 DOM
32. 2026-08-15
    days on market $399,000 Active 71 DOM
33. 2026-08-14
    days on market $399,000 Active 70 DOM
34. 2026-08-13
    days on market $399,000 Active 69 DOM
35. 2026-08-12
    days on market $399,000 Active 68 DOM
36. 2026-08-11
    days on market $399,000 Active 67 DOM
37. 2026-08-10
    days on market $399,000 Active 66 DOM
38. 2026-08-09
    days on market $399,000 Active 65 DOM
39. 2026-08-08
    days on market $399,000 Active 64 DOM
40. 2026-08-07
    days on market $399,000 Active 63 DOM
41. 2026-08-06
    days on market $399,000 Active 62 DOM
42. 2026-08-05
    days on market $399,000 Active 61 DOM
43. 2026-08-04
    days on market $399,000 Active 60 DOM
44. 2026-08-03
    days on market $399,000 Active 59 DOM
45. 2026-07-31
    days on market $399,000 Active 56 DOM
46. 2026-07-30
    days on market $399,000 Active 54 DOM
47. 2026-07-28
    days on market $399,000 Active 53 DOM
48. 2026-07-26
    days on market $399,000 Active 51 DOM
49. 2026-07-24
    days on market $399,000 Active 49 DOM
50. 2026-07-23
    days on market $399,000 Active 48 DOM

ⓘ 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: $65,076
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$5,206
• − Management: −$5,206
• − Depreciation: −$11,607
• Taxable income: $12,726
• Est. tax owed @ 24.0%: −$3,054
• After-tax cash flow: $15,267/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 Est. rehab $82,200–$147,960 screening

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 ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 61/100

Zoned Schools

Elementary Union Pleasant Avenue Elementary School F NY #1,415/2,108 Nat'l #19,354/41,679 Middle Hamburg Middle School D+ NY #315/729 Nat'l #4,159/14,009 High Hamburg High School A+ NY #76/1,100 Nat'l #108/17,239

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

A Composite livability gradescore 84/100

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 · 933,037 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: 13% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• Financial info: Owner pays electricity, gas, grounds care, trash collection and waterRent may include electricity, gardener, trash collection and waterOperating expense details: see remarks

Exterior

• Parking: Common parking available with two or more spaces
• Utilities: Public water connectedSewer connected
• Home design: One-story buildingBrick and vinyl siding exteriorAsphalt roofBlock foundation
• Construction: Existing buildingBuilt with brick and vinyl sidingAsphalt roofBlock foundation
• Exterior features: Near public transitRectangular lot (approx. 87 x 120)

Interior

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

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