26 Date Ave · Lackawanna, NY 14218

$159,900

5 bd · 2.0 ba · 1,754 sqft · MultiFamily public records · 91 Days on market

Built 1927 3,360 sqft lot $91/sqft · 39% below area Est $262k · 39% under

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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 +21.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +5.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

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

* * * OPEN HOUSE ON SATURDAY, 5/27/23 (11-2) * * * 2/2 multi family in Lackawanna! Numerous updates were done over the years which include -brand new tear off roof and chimney (2012), new garage door(2013), brand new furnace (2015), HWT (2019) for Lowr apt & brand new glass block windows (2014). Spacious dry basement with half bathroom easily can be transformed as extra living space! All other utilities are in good condition, location near bus route, close to all amenities & easy to rent!!! Thank you!

Key facts

• 3,360 sq ft lot
• Garage
• Built 1927

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $226 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $146k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 5.4% in Lackawanna — 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 75/100 on livability (#254 in NY, #4,026 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-, schools D+, employment D+.
• Lackawanna City School District (suburban): math 19% / reading 29% proficiency, ranked #588 of 590 in NY (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 92 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y ago; this cycle's ask has dropped $30k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $139k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,509 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 1.03% ✓
• Cap rate: 7.99%
• Cash-on-cash: 6.04%
• DSCR: 1.27
• GRM: 8.1

CMA / ARV

• ARV (median comp): $261,972
• List price: $159,900
• Delta: -38.96%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11 Fig Ave	0.12mi	4/2.0 (-1)	1,960 (+12%)	2mo	$115,000	$59	68
188 Franklin St	0.18mi	6/2.0 (+1)	2,016 (+15%)	18mo	$240,000	$119	47

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: -7.0%
• Equity multiple: 0.74×
• Total profit: $-11,539
• Equity at exit: $23,842

10-year hold

• IRR: 2.6%
• Equity multiple: 1.19×
• Total profit: $8,479
• Equity at exit: $13,825

Cash invested: $44,772 (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 14218

• Home prices YoY: -9.2%
• Active inventory: 92
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,649 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$172 /mo · $2,067/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $226

Break-even live

Break-even rent $1,364

Max offer price $159,900

Occupancy floor 81%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-15
   days on market $159,900 Active 91 DOM
2. 2026-06-13
   days on market $159,900 Active 89 DOM
3. 2026-06-10
   days on market $159,900 Active 86 DOM
4. 2026-06-09
   days on market $159,900 Active 85 DOM
5. 2026-06-08
   days on market $159,900 Active 84 DOM
6. 2026-06-07
   days on market $159,900 Active 83 DOM
7. 2026-06-05
   days on market $159,900 Active 80 DOM
8. 2026-06-03
   days on market $159,900 Active 79 DOM
9. 2026-06-02
   days on market $159,900 Active 78 DOM
10. 2026-06-01
    days on market $159,900 Active 77 DOM
11. 2026-05-31
    days on market $159,900 Active 76 DOM
12. 2026-04-15
    price $159,900
13. 2026-03-31
    price $179,900
14. 2026-03-09
    listed $189,999 Active
15. 2023-08-25
    soldstatus $139,000 Closed Sale or Rented 527-char remark

    Show marketing remark (527 chars)

    * * * OPEN HOUSE ON SATURDAY, 5/27/23 (11-2) * * * 2/2 multi family in Lackawanna! Numerous updates were done over the years which include -brand new tear off roof and chimney (2012), new garage door(2013), brand new furnace (2015), HWT (2019) for Lowr apt & brand new glass block windows (2014). Spacious dry basement with half bathroom easily can be transformed as extra living space! All other utilities are in good condition, location near bus route, close to all amenities & easy to rent!!! Thank you!

16. 2023-08-25
    soldstatus $139,000

    Show marketing remark (527 chars)

    * * * OPEN HOUSE ON SATURDAY, 5/27/23 (11-2) * * * 2/2 multi family in Lackawanna! Numerous updates were done over the years which include -brand new tear off roof and chimney (2012), new garage door(2013), brand new furnace (2015), HWT (2019) for Lowr apt & brand new glass block windows (2014). Spacious dry basement with half bathroom easily can be transformed as extra living space! All other utilities are in good condition, location near bus route, close to all amenities & easy to rent!!! Thank you!

17. 2023-05-29
    status Under Contract- Do Not Show 527-char remark

    Show marketing remark (527 chars)

    * * * OPEN HOUSE ON SATURDAY, 5/27/23 (11-2) * * * 2/2 multi family in Lackawanna! Numerous updates were done over the years which include -brand new tear off roof and chimney (2012), new garage door(2013), brand new furnace (2015), HWT (2019) for Lowr apt & brand new glass block windows (2014). Spacious dry basement with half bathroom easily can be transformed as extra living space! All other utilities are in good condition, location near bus route, close to all amenities & easy to rent!!! Thank you!

18. 2023-05-10
    listed $139,000 Active 527-char remark

    Show marketing remark (527 chars)

    * * * OPEN HOUSE ON SATURDAY, 5/27/23 (11-2) * * * 2/2 multi family in Lackawanna! Numerous updates were done over the years which include -brand new tear off roof and chimney (2012), new garage door(2013), brand new furnace (2015), HWT (2019) for Lowr apt & brand new glass block windows (2014). Spacious dry basement with half bathroom easily can be transformed as extra living space! All other utilities are in good condition, location near bus route, close to all amenities & easy to rent!!! Thank you!

19. 2022-12-31
    historical
20. 2022-12-07
    price $139,900
21. 2022-11-09
    price $149,900
22. 2022-10-31
    price $159,900
23. 2022-10-10
    listed $169,900 Active
24. 2020-08-26
    soldstatus $86,000
25. 2020-08-21
    soldstatus $86,000 Closed Sale or Rented
26. 2020-07-27
    status Pending Sale
27. 2020-07-27
    status Under Contract- Do Not Show
28. 2020-06-24
    listed $115,000 Active
29. 2016-08-11
    soldstatus $60,000
30. 2013-10-09
    soldstatus $49,000
31. 2013-09-06
    soldstatus $45,000
32. 2013-09-06
    soldstatus $45,000
33. 2012-11-21
    listed $49,900
34. 2005-09-07
    soldstatus $42,000
35. 2003-03-12
    soldstatus $27,835

ⓘ 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: $2,067 · $172/mo
• Projected year-2 tax: $2,385 · $199/mo
• Expected delta: +$318/yr (+$26/mo · 15.4%)

ⓘ 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 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,791
• − Mortgage interest: −$8,957
• − Property taxes: −$2,067
• − Insurance: −$800
• − Repairs & maintenance: −$1,583
• − Management: −$1,583
• − Depreciation: −$4,652
• Taxable income: $150
• Est. tax owed @ 24.0%: −$36
• After-tax cash flow: $2,670/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: Lackawanna City School District
• NCES district ID: 3616440
• Math proficiency: 19% ▼ -10.00%
• Reading proficiency: 29% ▲ 3.00%
• Median HH income: $35,041
• Composite: 19.76/100
• National rank: #8708
• State rank: #588 of 590 in NY

Livability — Lackawanna

• Score: 75/100
• State rank: #254
• US rank: #4026

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lackawanna, NY
• City population: 20,661
• Population (ZIP): 20,661

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 (73%)
• Race & ethnicity: White 73% Black 13% Hispanic / Latino 10% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Romanian 18% Lithuanian 2% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 80% English-only · Arabic 11% Spanish 6% Russian/Polish/Slavic 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: ▼ -39.44%
• Current HPI: 389.0188
• 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

+474.5% since first listed

24 events — show timeline

• 2026-04-15 Price Changed $159,900 WNYREIS
• 2026-03-31 Price Changed $179,900 WNYREIS
• 2026-03-09 Listed $189,999 WNYREIS
• 2023-08-25 Sold (Public Records) $139,000 Public Records
• 2023-08-25 Sold (MLS) $139,000 WNYREIS
• 2023-05-29 Pending — WNYREIS
• 2023-05-10 Listed $139,000 WNYREIS
• 2022-12-31 Listing Removed — WNYREIS
• 2022-12-07 Price Changed $139,900 WNYREIS
• 2022-11-09 Price Changed $149,900 WNYREIS
• 2022-10-31 Price Changed $159,900 WNYREIS
• 2022-10-10 Listed $169,900 WNYREIS
• 2020-08-26 Sold (Public Records) $86,000 Public Records
• 2020-08-21 Sold (MLS) $86,000 WNYREIS
• 2020-07-27 Pending — WNYREIS
• 2020-07-27 Pending — WNYREIS
• 2020-06-24 Listed $115,000 WNYREIS
• 2016-08-11 Sold (Public Records) $60,000 Public Records
• 2013-10-09 Sold (Public Records) $49,000 Public Records
• 2013-09-06 Sold (Public Records) $45,000 Public Records
• 2013-09-06 Sold (MLS) $45,000 WNYREIS
• 2012-11-21 Listed $49,900 WNYREIS
• 2005-09-07 Sold (Public Records) $42,000 Public Records
• 2003-03-12 Sold (Public Records) $27,835 Public Records

Property tax history

+5.0%/yr

Latest (2025): $2,067 · +0.4% YoY. Source: county tax records.