114 E Pine St · Dunkirk, NY 14048

$84,000

5 bd · 2.0 ba · 2,076 sqft · MultiFamily public records · 18 Days on market

Built 1902 4,500 sqft lot

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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
• Appreciation +7.5/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great investment opportunity with strong rental history. This property has one apartment with three bedrooms and one bath and the second apartment has two bedrooms and one bath.

Key facts

• 4,500 sq ft lot
• Garage
• Built 1902

Tags

• INVESTMENT OPPORTUNITY
• ONE BLOCK OFF LAKE ERIE

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $84k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $84k).
• Recommended offer: $83k (1.5% below list) — sets the bar for market timing.
• Cap rate 23.2% vs local median 7.4% in Dunkirk — 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 70/100 on livability (#426 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Dunkirk City School District (town): math 30% / reading 34% proficiency, ranked #575 of 590 in NY (top 98%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 71 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($581 loan paydown + $4k appreciation (4.9% local appreciation)).
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($83k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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.
• Current owner paid $55k; list at $84k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,740 (1.5% below list)

Questions for the listing agent

1. Built in 1902 — 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. 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.
4. 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.
5. 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: 2.65% ✓
• Cap rate: 23.16%
• Cash-on-cash: 60.23%
• DSCR: 3.68
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.93% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 67.1%
• Equity multiple: 5.01×
• Total profit: $94,248
• Equity at exit: $47,249

10-year hold

• IRR: 65.0%
• Equity multiple: 10.36×
• Total profit: $220,151
• Equity at exit: $81,255

Cash invested: $23,520 (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 14048

• Home prices YoY: 1.5%
• Active inventory: 71
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,230 medium
• Mortgage (P&I): −$441
• Tax from tax record: −$106 /mo · $1,269/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $1,180

Break-even live

Break-even rent $736

Max offer price $84,000

Occupancy floor 42%

Sensitivity live

Price	-10% $1,228	-5% $1,204	+0% $1,180	+5% $1,157	+10% $1,133
Rent	-10% $1,004	-5% $1,092	+0% $1,180	+5% $1,269	+10% $1,357
Rate	-1.0pp $1,223	-0.5pp $1,202	base $1,180	+0.5pp $1,159	+1.0pp $1,137

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,132
1× unit	2	1	$1,098
Total (2 units)			$2,230

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: $21,000
• Closing costs: $2,520
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-03-31
   status Pending
2. 2026-03-12
   listed $84,000 Active
3. 2021-10-28
   soldstatus $55,000 Closed Sale or Rented 177-char remark

   Show marketing remark (177 chars)

   Great investment opportunity with strong rental history. This property has one apartment with three bedrooms and one bath and the second apartment has two bedrooms and one bath.

4. 2021-10-28
   listed $55,000 Active 177-char remark

   Show marketing remark (177 chars)

   Great investment opportunity with strong rental history. This property has one apartment with three bedrooms and one bath and the second apartment has two bedrooms and one bath.

5. 2021-06-25
   soldstatus $55,000
6. 2021-01-06
   soldstatus $30,000 Closed Sale or Rented 198-char remark

   Show marketing remark (198 chars)

   Two-unit investment home! Great location, close to the lake! 2 & 3 bedroom apartments w laundry rooms. Exterior needs TLC, inside is in good condition! Upper rented for $475/mo includes water.

7. 2020-12-11
   soldstatus $30,000
8. 2020-07-08
   status Pending Sale 198-char remark

   Show marketing remark (198 chars)

   Two-unit investment home! Great location, close to the lake! 2 & 3 bedroom apartments w laundry rooms. Exterior needs TLC, inside is in good condition! Upper rented for $475/mo includes water.

9. 2020-06-30
   listed $44,900 Active 198-char remark

   Show marketing remark (198 chars)

   Two-unit investment home! Great location, close to the lake! 2 & 3 bedroom apartments w laundry rooms. Exterior needs TLC, inside is in good condition! Upper rented for $475/mo includes water.

ⓘ 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: $1,269 · $106/mo
• Projected year-2 tax: $1,344 · $112/mo
• Expected delta: +$75/yr (+$6/mo · 6.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,760
• − Mortgage interest: −$4,705
• − Property taxes: −$1,269
• − Insurance: −$420
• − Repairs & maintenance: −$2,141
• − Management: −$2,141
• − Depreciation: −$2,444
• Taxable income: $13,641
• Est. tax owed @ 24.0%: −$3,274
• After-tax cash flow: $10,892/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: Dunkirk City School District
• NCES district ID: 3609420
• Math proficiency: 30% ▼ -11.00%
• Reading proficiency: 34% ▬ 0.00%
• Median HH income: $36,345
• Composite: 26.55/100
• National rank: #7190
• State rank: #575 of 590 in NY

Livability — Dunkirk

• Score: 70/100
• State rank: #426
• US rank: #7421

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dunkirk, NY
• City population: 14,949
• Population (ZIP): 14,949

Population outlook (Chautauqua County) Hauer SSP2

• Today (2025): 123,454 people
• By 2030: 118,509 · -4.0%
• By 2040: 107,311 · -13.1%
• By 2050: 96,703 · -21.7%
• By 2075: 76,757 · -37.8%
• By 2100: 60,984 · -50.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (63%)
• Race & ethnicity: White 63% Hispanic / Latino 30% Two or more races 12% Black 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 25% Dominican 1%
• Common ancestry: Romanian 20% Lithuanian 3% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 80% English-only · Spanish 18% Other Indo-European 1%

Political lean MEDSL · Chautauqua

• 2024 margin: Strong R (+22.0) · D 39.0% · R 61.0%
• 2008→2024 swing: -22.9pp toward R · 2008: 0.9pp · 2024: -22.0pp
• All cycles: 2024: R+22.0 2020: R+19.8 2016: R+24.6 2012: R+8.2 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.93%
• Current HPI: 325.9188
• Rent YoY: —
• Metro: —
• 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

+87.1% since first listed

9 events — show timeline

• 2026-03-31 Pending — WNYREIS
• 2026-03-12 Listed $84,000 WNYREIS
• 2021-10-28 Listed $55,000 UNYREIS
• 2021-10-28 Sold (MLS) $55,000 UNYREIS
• 2021-06-25 Sold (Public Records) $55,000 Public Records
• 2021-01-06 Sold (MLS) $30,000 UNYREIS
• 2020-12-11 Sold (Public Records) $30,000 Public Records
• 2020-07-08 Pending — UNYREIS
• 2020-06-30 Listed $44,900 UNYREIS

Property tax history

-0.7%/yr

Latest (2025): $1,269 · +3.3% YoY. Source: county tax records.