86 Patsy Ln · Depew, NY 14043

$350,000

6 bd · 3.0 ba · 2,320 sqft · MultiFamily public records · 7 Days on market

Built 1969 7,841 sqft lot

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Why this score? — see what drove the C- 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 +19.6/30.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• DSCR +6.2/10.0
• Schools +5.2/10.0
• Rent growth +3.9/5.0
• Livability +3.6/5.0
• 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: 2 units. confirmed

Listing remarks

A terrific opportunity to own this super clean Duplex! Updated 3/3 side by side duplex located on a quiet dead-end street so close to shopping and within the Lancaster school district. These units boast spacious eat-in kitchens, 1st floor half baths and separate basements. Both sides had new furnaces installed in 2015. A complete tear-off roof was completed in 2014, and the windows were replaced in 2011. On the ride side’s the bathroom and kitchen have been updated in 2018. The left side has been freshly painted and in great condition! The laundry is in the basement for both sides, sump pump (2014). Separate driveways and fenced in yards with no rear neighbors! Come and check thi

Key facts

• Replaced windows
• Separate basements
• Fenced in yards

Tags

• UPDATED KITCHENS
• SEPARATE BASEMENTS
• NEW FURNACES
• COMPLETE TEAR-OFF ROOF
• REPLACED WINDOWS
• FENCED IN YARDS

Property features AI

Finance

• Other: Two separate gas meters and two separate electric meters; Two total rental units (both month-to-month indicated for at least one unit); Sample rent listed for one unit: $950
• Financial info: Operating expenses include trash; Tenant pays all utilities; Operating expense amount listed

Exterior

• Parking: Two or more off-street parking spaces
• Utilities: Public water connected; Sewer connected; Cable available; Circuit breaker electrical service
• Home design: Two-story multi-family (2-unit) dwelling; Residential 2-unit zoning; Resale condition
• Construction: Brick, frame, and vinyl siding exterior; Asphalt roof; Poured foundation; Built (existing structure)
• Exterior features: Fully fenced yard; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Eat-in kitchens; One unit includes dishwasher and microwave
• Bedrooms: Two 3-bedroom units
• Flooring: Carpet; Hardwood; Tile; Vinyl; Varied flooring
• Bathrooms: Each unit has 1 full bathroom and 1 half bathroom (total per unit: 2 bathrooms)
• Heating & cooling: Gas forced-air heating; Central air conditioning
• Interior features: Ceiling fans; Natural woodwork
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $401 ($5k/yr) — positive. Per door: $201/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Cap rate 7.7% 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.
• Lancaster Central School District (suburban): math 57% / reading 61% proficiency, ranked #234 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Lancaster High School (math 97% / reading 92%, grade A+, #117 of 1,100 statewide, top 11%, 1,652 students, 24% FRL).
• Zoned-school proficiency averages 94% at this address vs 59% district-wide (+36 pts) — the actual schools serving this property are materially stronger than the Lancaster Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+5.8%/yr); 124 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,939/mo this rent would consume 64% of the median local household income ($74k/yr) (locally 854% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $103k; list at $350k implies a 240% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price.

Recommended offer $350,000

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. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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: 1.13% ✓
• Cap rate: 7.67%
• Cash-on-cash: 4.91%
• DSCR: 1.22
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.75% rent growth · sell at horizon

5-year hold

• IRR: -5.2%
• Equity multiple: 0.80×
• Total profit: $-19,724
• Equity at exit: $52,186

10-year hold

• IRR: 7.7%
• Equity multiple: 1.67×
• Total profit: $65,320
• Equity at exit: $30,262

Cash invested: $98,000 (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: 14.8×

Monthly cashflow live

• Estimated rent: $3,939 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$729 /mo · $8,752/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$827
• Net cashflow: $401

Break-even live

Break-even rent $3,431

Max offer price $350,000

Occupancy floor 85%

Sensitivity live

Price	-10% $599	-5% $500	+0% $401	+5% $302	+10% $203
Rent	-10% $90	-5% $246	+0% $401	+5% $557	+10% $712
Rate	-1.0pp $577	-0.5pp $490	base $401	+0.5pp $311	+1.0pp $218

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,938
Total (2 units)			$3,939

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-15
   status $350,000 Pending 7 DOM
2. 2026-06-15
   days on market $350,000 Active 7 DOM
3. 2026-06-13
   days on market $350,000 Active 5 DOM
4. 2026-06-13
   days on market $350,000 Active 4 DOM
5. 2026-06-10
   days on market $350,000 Active 2 DOM
6. 2026-06-08
   remarks 693-char remark
7. 2026-06-08
   listed $350,000 Active 1 DOM

ⓘ 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: $8,752 · $729/mo
• Projected year-2 tax: $8,752 · $729/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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°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: $47,268
• − Mortgage interest: −$19,605
• − Property taxes: −$8,752
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,781
• − Management: −$3,781
• − Depreciation: −$10,182
• Taxable loss: −$584
• Est. tax savings @ 24.0%: +$140
• After-tax cash flow: $4,955/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: Lancaster Central School District
• NCES district ID: 3616680
• Math proficiency: 57% ▼ -13.00%
• Reading proficiency: 61% ▲ 2.00%
• Median HH income: $64,668
• Composite: 51.64/100
• National rank: #1700
• State rank: #234 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

+239.8% since first listed

2 events — show timeline

• 2026-06-08 Listed $350,000 WNYREIS
• 1994-02-07 Sold (Public Records) $103,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $8,752 · +2.0% YoY. Source: county tax records.