206 Garland Ave · Cheektowaga, NY 14206

$189,900

6 bd · 2.0 ba · 1,536 sqft · MultiFamily public records · 4 Days on market

Built 1945 7,405 sqft lot Est $157k · 21% over

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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 +25.1/30.0
• Appreciation +9.0/10.0
• 1% rule +8.9/10.0
• DSCR +8.2/10.0
• Livability +4.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks MLS

This 3/3 double is beautifully maintained. From the minute you enter the and see the gleaming hardwood and natural woodwork in the back hall you know this is a special home. The owner has painstakingly refurbished the hardwood floors, freshly painted the interior & replaced the boiler (no more oil). Each apartment is a pleasure and has its own delights. Upstairs has a huge walk-in closet off the master bedroom, eat-in kitchen and graceful archways, downstairs has the formal dining room and larger kitchen. This is one of the nicest doubles you can show your to your buyer!! It looks like home!

Key facts

• Easy access to i-90
• 7,405 sq ft lot
• 2 garage spots

Tags

• EASY ACCESS TO I-90
• DELIVERED VACANT AT CLOSING
• GENERATE INCOME FROM THE OTHER
• EXPAND YOUR PORTFOLIO

Property features AI

Finance

• Financial info: Owner pays heat and water; rent includes heat and water; Operating expense details: see remarks

Exterior

• Parking: Detached 2-car garage; Concrete parking; Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Single-story building; Vinyl siding; Block foundation; Existing (resale) property
• Construction: Vinyl siding exterior; Block foundation
• Exterior features: Rectangular residential lot, approximately 0.17 acres (60 x 124); City street frontage

Interior

• Kitchen: Oven/Range; Refrigerator; Dishwasher (in one unit)
• Bedrooms: Two separate 3-bedroom units
• Flooring: Carpet; Ceramic tile; Hardwood; Varied flooring types
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Gas baseboard heating
• Interior features: 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 $190k.

Deal economics

• At list price, monthly cash flow is $421 ($5k/yr) — positive. Per door: $210/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Cap rate 9.0% vs local median 3.8% in Cheektowaga — 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 (#54 in NY, #811 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime C-.
• Cheektowaga-Sloan Union Free School District (urban): math 33% / reading 38% proficiency, ranked #555 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 169 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,644/mo this rent would consume 63% of the median local household income ($50k/yr) (locally 841% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $15k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 13y 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 $140k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,900

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 1945 — 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. 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.
8. 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.
9. 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: 1.39% ✓
• Cap rate: 8.95%
• Cash-on-cash: 9.50%
• DSCR: 1.42
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $156,672
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 Garland Ave	0.00mi	6/2.0	1,536 (0%)	1mo	$230,000	$150	100
194 Cass Ave	0.08mi	5/2.0 (-1)	1,612 (+5%)	12mo	$165,000	$102	73
40 Garland Ave	0.31mi	5/2.0 (-1)	1,614 (+5%)	12mo	$50,000	$31	62

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

8.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.5%
• Equity multiple: 2.99×
• Total profit: $105,999
• Equity at exit: $145,027

10-year hold

• IRR: 24.7%
• Equity multiple: 6.42×
• Total profit: $288,181
• Equity at exit: $288,600

Cash invested: $53,172 (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 14206

• Home prices YoY: 1.8%
• Active inventory: 169
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $2,644 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$593 /mo · $7,115/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$555
• Net cashflow: $421

Break-even live

Break-even rent $2,111

Max offer price $189,900

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,644
Total (2 units)			$2,644

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-04-10
   status Pending
2. 2026-04-06
   listed $189,900 Active
3. 2017-05-26
   soldstatus $140,000
4. 2017-01-19
   soldstatus $113,500
5. 2015-06-22
   soldstatus $90,000 Closed Sale or Rented 605-char remark

   Show marketing remark (605 chars)

   This 3/3 double is beautifully maintained. From the minute you enter the and see the gleaming hardwood and natural woodwork in the back hall you know this is a special home. The owner has painstakingly refurbished the hardwood floors, freshly painted the interior & replaced the boiler (no more oil). Each apartment is a pleasure and has its own delights. Upstairs has a huge walk-in closet off the master bedroom, eat-in kitchen and graceful archways, downstairs has the formal dining room and larger kitchen. This is one of the nicest doubles you can show your to your buyer!! It looks like home!

6. 2015-06-22
   soldstatus $90,000

   Show marketing remark (605 chars)

   This 3/3 double is beautifully maintained. From the minute you enter the and see the gleaming hardwood and natural woodwork in the back hall you know this is a special home. The owner has painstakingly refurbished the hardwood floors, freshly painted the interior & replaced the boiler (no more oil). Each apartment is a pleasure and has its own delights. Upstairs has a huge walk-in closet off the master bedroom, eat-in kitchen and graceful archways, downstairs has the formal dining room and larger kitchen. This is one of the nicest doubles you can show your to your buyer!! It looks like home!

7. 2015-04-20
   listed $89,900 605-char remark

   Show marketing remark (605 chars)

   This 3/3 double is beautifully maintained. From the minute you enter the and see the gleaming hardwood and natural woodwork in the back hall you know this is a special home. The owner has painstakingly refurbished the hardwood floors, freshly painted the interior & replaced the boiler (no more oil). Each apartment is a pleasure and has its own delights. Upstairs has a huge walk-in closet off the master bedroom, eat-in kitchen and graceful archways, downstairs has the formal dining room and larger kitchen. This is one of the nicest doubles you can show your to your buyer!! It looks like home!

8. 2014-02-27
   soldstatus $82,500
9. 2013-12-23
   soldstatus $82,500 114-char remark

   Show marketing remark (114 chars)

   SPACIOUS WELL CARED FOR PROPERTY, 2 MODERN CERAMIC TILE BATHS, UPPER UNIT INCLUDES HEAT 2 CAR GARAGE WITH OPENERS.

10. 2013-10-01
    listed $89,500 114-char remark

    Show marketing remark (114 chars)

    SPACIOUS WELL CARED FOR PROPERTY, 2 MODERN CERAMIC TILE BATHS, UPPER UNIT INCLUDES HEAT 2 CAR GARAGE WITH OPENERS.

ⓘ 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: $7,115 · $593/mo
• Projected year-2 tax: $7,115 · $593/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 3/10 Moderate 7 d/yr ≥92°F today · 16 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: $31,728
• − Mortgage interest: −$10,637
• − Property taxes: −$7,115
• − Insurance: −$950
• − Repairs & maintenance: −$2,538
• − Management: −$2,538
• − Depreciation: −$5,524
• Taxable income: $2,425
• Est. tax owed @ 24.0%: −$582
• After-tax cash flow: $4,468/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: Cheektowaga-Sloan Union Free School District
• NCES district ID: 3627000
• Math proficiency: 33% ▼ -16.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $45,810
• Composite: 30.35/100
• National rank: #6263
• State rank: #555 of 590 in NY

Livability — Cheektowaga

• Score: 84/100
• State rank: #54
• US rank: #811

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cheektowaga, NY
• County: Erie County · 714,559 people
• City population: 55,470
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 21,631
• Household income: $50,450
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 841.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 13% Black 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 10%
• Common ancestry: Romanian 25% Lithuanian 1% Italian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 3% Arabic 2%

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: ▲ 8.06%
• Current HPI: 457.3935
• 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

+112.2% since first listed

10 events — show timeline

• 2026-04-10 Pending — WNYREIS
• 2026-04-06 Listed $189,900 WNYREIS
• 2017-05-26 Sold (Public Records) $140,000 Public Records
• 2017-01-19 Sold (Public Records) $113,500 Public Records
• 2015-06-22 Sold (Public Records) $90,000 Public Records
• 2015-06-22 Sold (MLS) $90,000 WNYREIS
• 2015-04-20 Listed $89,900 WNYREIS
• 2014-02-27 Sold (Public Records) $82,500 Public Records
• 2013-12-23 Sold (MLS) $82,500 WNYREIS
• 2013-10-01 Listed $89,500 WNYREIS

Property tax history

+6.0%/yr

Latest (2025): $7,115 · +0.2% YoY. Source: county tax records.