1427 Fort Ave · Niagara Falls, NY 14303

$129,900

6 bd · 2.0 ba · 2,116 sqft · MultiFamily public records · 7 Days on market

Built 1913 2,984 sqft lot Est $148k · 12% under

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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 +13.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +2.3/10.0

Multi-family units

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

Listing remarks MLS

Great investment, nice quiet street. All brick, 3 bedrooms, 1 bathroom in each apartment plus living room, dining room and eat in kitchen. All within walking distance to the casino. Upper tenant for 6 years, lower for 2 years.

Key facts

• Separate utilities
• Brick exterior
• Full basement

Tags

• TWO FAMILY HOME
• ENERGY EFFICIENCY
• FULL BASEMENT
• BRICK EXTERIOR
• SEPARATE UTILITIES

Property features AI

Finance

• Other: Two total units with separate gas and electric meters (2 gas meters, 2 electric meters)
• Financial info: Tenant is responsible for all utilities; Operating expenses include maintenance and water/sewer (multi-unit)

Exterior

• Parking: No driveway
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Existing (previously built) condition
• Construction: Brick construction; Asphalt roof; Stone foundation; Built previously (existing structure)
• Exterior features: Balcony; Rectangular residential lot; City street frontage

Interior

• Kitchen: No kitchen appliance list provided
• Bedrooms: Two-unit building (unit-level bedrooms not specified)
• Flooring: Hardwood; Laminate; Varies
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Gas heating with radiant heat
• Interior features: Hardwood and laminate flooring; varies by area; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $937 ($11k/yr) — positive. Per door: $468/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Cap rate 14.9% vs local median 7.5% 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: crime F, amenities F, commute 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.
• Zoned schools: Bloneva Bond Primary School (math 2% / reading 17%, grade F, #2,075 of 2,108 statewide, top 99%, 403 students, 82% FRL); Gaskill Preparatory School (math 10% / reading 22%, grade F, #702 of 729 statewide, top 96%, 500 students, 78% FRL); Niagara Falls High School (math 75% / reading 92%, grade A, #409 of 1,100 statewide, top 39%, 2,139 students, 71% FRL).
• Market conditions: 74 active listings in the ZIP; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,485/mo this rent would consume 65% of the median local household income ($46k/yr) (locally 230% 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 $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Niagara County population projected at -19% 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 ~4 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 16y 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 2.7% of price; built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,900

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 1913 — 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 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: 1.91% ✓
• Cap rate: 14.94%
• Cash-on-cash: 30.90%
• DSCR: 2.37
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $148,120
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
417 18th St	0.19mi	6/2.0	2,080 (-2%)	10mo	$166,000	$80	80
1744 Welch Ave	0.16mi	5/2.0 (-1)	2,016 (-5%)	13mo	$166,000	$82	69
412 19th St	0.21mi	5/2.0 (-1)	2,208 (+4%)	12mo	$80,000	$36	68
2219 Walnut Ave	0.49mi	6/3.0	2,023 (-4%)	4mo	$62,500	$31	62
541 20th St	0.37mi	5/2.0 (-1)	1,917 (-9%)	1mo	$112,000	$58	61
214 22nd St	0.47mi	7/3.0 (+1)	2,070 (-2%)	8mo	$87,000	$42	59
444 20th St	0.28mi	5/3.0 (-1)	2,385 (+13%)	6mo	$25,000	$10	51
423 18th St	0.19mi	5/3.0 (-1)	2,400 (+13%)	14mo	$115,000	$48	48
123 6th St	0.73mi	5/2.0 (-1)	2,198 (+4%)	8mo	$230,000	$105	48
2449 Grand Ave	0.74mi	5/2.0 (-1)	1,918 (-9%)	4mo	$135,000	$70	42
2230 Grand Ave	0.63mi	6/3.0	2,348 (+11%)	11mo	$165,000	$70	39
1023 15th St	0.64mi	5/4.0 (-1)	2,304 (+9%)	5mo	$190,000	$82	38

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: 25.7%
• Equity multiple: 2.06×
• Total profit: $38,718
• Equity at exit: $19,369

10-year hold

• IRR: 33.4%
• Equity multiple: 4.05×
• Total profit: $110,999
• Equity at exit: $11,231

Cash invested: $36,372 (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 14303

• Home prices YoY: -1.7%
• Active inventory: 74
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,485 high
• Mortgage (P&I): −$681
• Tax from tax record: −$291 /mo · $3,495/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $937

Break-even live

Break-even rent $1,299

Max offer price $129,900

Occupancy floor 57%

Sensitivity live

Price	-10% $1,010	-5% $973	+0% $937	+5% $900	+10% $863
Rent	-10% $740	-5% $838	+0% $937	+5% $1,035	+10% $1,133
Rate	-1.0pp $1,002	-0.5pp $970	base $937	+0.5pp $903	+1.0pp $869

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,486
Total (2 units)			$2,485

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-10
   status $129,900 Pending 7 DOM
2. 2026-06-09
   days on market $129,900 Active 7 DOM
3. 2026-06-08
   days on market $129,900 Active 6 DOM
4. 2026-06-07
   days on market $129,900 Active 5 DOM
5. 2026-06-02
   remarks 695-char remark
6. 2026-06-02
   listed $129,900 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: $3,495 · $291/mo
• Projected year-2 tax: $3,495 · $291/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 2/10 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: $29,820
• − Mortgage interest: −$7,276
• − Property taxes: −$3,495
• − Insurance: −$650
• − Repairs & maintenance: −$2,386
• − Management: −$2,386
• − Depreciation: −$3,779
• Taxable income: $9,849
• Est. tax owed @ 24.0%: −$2,364
• After-tax cash flow: $8,875/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): 6,156
• Household income: $45,646
• Rent vs Own: 55.7% rent · 44.3% own
• Severe rent burden: 230.0

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 0.68)
• Race & ethnicity: White 53% Two or more races 18% Hispanic / Latino 15% Black 12% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 6%
• Common ancestry: Romanian 12% Lithuanian 2% Iranian 1%
• Foreign-born: 3%
• Languages at home: 93% English-only · Other Indo-European 3% Spanish 3% Russian/Polish/Slavic 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: ▼ -5.37%
• Current HPI: 311.8094
• Rent YoY: —
• 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

+225.6% since first listed

14 events — show timeline

• 2026-06-02 Listed $129,900 WNYREIS
• 2025-12-04 Listing Removed — WNYREIS
• 2025-10-24 Price Changed $169,900 WNYREIS
• 2025-10-13 Price Changed $174,900 WNYREIS
• 2025-08-06 Price Changed $189,900 WNYREIS
• 2025-07-22 Price Changed $195,000 WNYREIS
• 2025-06-27 Listed $199,900 WNYREIS
• 2021-08-02 Sold (Public Records) $115,000 Public Records
• 2021-07-27 Sold (MLS) $115,000 WNYREIS
• 2020-10-08 Pending — WNYREIS
• 2020-09-18 Listed $119,900 WNYREIS
• 2010-06-25 Sold (Public Records) $30,000 Public Records
• 2010-06-25 Sold (MLS) $30,000 WNYREIS
• 2010-04-07 Listed $39,900 WNYREIS

Property tax history

+6.6%/yr

Latest (2025): $3,495 · +28.8% YoY. Source: county tax records.