502 87th St · Niagara Falls, NY 14304

$80,000

6 bd · 2.0 ba · 1,945 sqft · Townhouse public records · 9 Days on market

Built 1900 5,390 sqft lot $41/sqft · 69% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Attention Investors! 502-504 87th Street is a handsome fully occupied duplex conveniently located on the corner of 87th Street and Frontier Ave. Both units are identical to one another, each boasting three bedrooms, one full bathroom, living room, dining room, kitchen, enclosed front entrance, a shared attic space, and a separate full basement area. 504 has new hwt (2024) and hvac (2024). 502 has a newer hwt (2020) and older hvac (2002). Vinyl and cedar siding. Small rear patio. Lots of on street parking as well the black top driveway along Frontier. Can be purchased in a package with 514 87th Street MLS # B1676671 UPDATE as of 4/29 9pm OFFERS WILL BE REVIEWED FRIDAY MAY 1st @ 5:00 PM

Key facts

• Shared attic space
• New hvac
• New hwt

Tags

• FULLY OCCUPIED DUPLEX
• SHARED ATTIC SPACE
• SEPARATE FULL BASEMENT AREA
• NEW HWT
• NEW HVAC
• VINYL AND CEDAR SIDING

Property features AI

Finance

• Financial info: Two-unit property with separate gas and electric meters for each unit; Operating expenses include water and sewer; Tenant(s) pay all utilities; Reported rents: one unit at $550/month; the other at $525/month; both units are month-to-month

Exterior

• Parking: On-street parking available; Paved parking; common parking; two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story multi-family residence; Residential 2-unit zoning; Existing property (resale)
• Construction: Brick, cedar, and vinyl siding exterior; Poured foundation; Built previously (existing structure)
• Exterior features: Patio; Corner, rectangular residential lot (49 x 110)

Interior

• Kitchen: Eat-in kitchens in each unit
• Bedrooms: Two separate 3-bedroom units (each with 3 bedrooms)
• Flooring: Tile; Varies by room
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement with sump pump; Tile and varied flooring throughout
• Laundry & utility: Washer hookup in units; Gas water heater

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath townhouse listed at $80k.

Deal economics

• At list price, monthly cash flow is $921 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Cap rate 20.1% 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: Seventy Ninth Street School (math 12% / reading 37%, grade F, #1,846 of 2,108 statewide, top 91%, 404 students, 57% FRL); Lasalle Preparatory School (math 24% / reading 35%, grade F, #550 of 729 statewide, top 77%, 500 students, 65% FRL); Niagara Falls High School (math 75% / reading 92%, grade A, #409 of 1,100 statewide, top 39%, 2,139 students, 71% FRL) — zoned schools at 65% FRL track the district average.
• Zoned-school proficiency averages 46% at this address vs 30% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Niagara Falls City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 144 active listings in the ZIP; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $80,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.33% ✓
• Cap rate: 20.11%
• Cash-on-cash: 49.33%
• DSCR: 3.20
• GRM: 3.6

CMA / ARV

• ARV (median comp): $255,779
• List price: $80,000
• Delta: -68.72%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 47.0%
• Equity multiple: 3.04×
• Total profit: $45,718
• Equity at exit: $11,928

10-year hold

• IRR: 52.7%
• Equity multiple: 6.15×
• Total profit: $115,450
• Equity at exit: $6,917

Cash invested: $22,400 (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 14304

• Active inventory: 144
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,866 medium
• Mortgage (P&I): −$420
• Tax est. 1.5%: −$100 /mo · $1,200/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $921

Break-even live

Break-even rent $700

Max offer price $80,000

Occupancy floor 46%

Sensitivity live

Price	-10% $976	-5% $949	+0% $921	+5% $893	+10% $866
Rent	-10% $774	-5% $847	+0% $921	+5% $995	+10% $1,068
Rate	-1.0pp $961	-0.5pp $941	base $921	+0.5pp $900	+1.0pp $879

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-05
   status Pending 693-char remark
2. 2026-04-26
   listed $80,000 Active 693-char remark

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥94°F today · 14 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: $22,386
• − Mortgage interest: −$4,481
• − Property taxes: −$1,200
• − Insurance: −$400
• − Repairs & maintenance: −$1,791
• − Management: −$1,791
• − Depreciation: −$2,327
• Taxable income: $10,396
• Est. tax owed @ 24.0%: −$2,495
• After-tax cash flow: $8,556/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): 29,208
• Household income: $66,660
• Rent vs Own: 24.9% rent · 75.1% own
• Severe rent burden: 698.0

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: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 6% Hispanic / Latino 4% Black 3% Asian 2%
• Common ancestry: Romanian 10% Lithuanian 3% Slovak 2%
• Foreign-born: 3% · Canada, China, Vietnam
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% 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: ▼ -231.77%
• Current HPI: 280.3295
• 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

2 events — show timeline

• 2026-05-05 Pending — WNYREIS
• 2026-04-26 Listed $80,000 WNYREIS

Property tax history

+5.8%/yr

Latest (2025): $5,078 · +19.3% YoY. Source: county tax records.