1018 Cleveland Ave · Niagara Falls, NY 14305

$58,000

5 bd · 2.0 ba · 2,494 sqft · MultiFamily public records · 37 Days on market

Built 1900 4,658 sqft lot $23/sqft · 64% below area

---

Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +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

Investor opportunity! Fully gutted upper/lower multi-family property ready for rehab opportunity. Property features approximately 2,494 square feet with a spacious layout including a 2-bedroom, 1-bathroom lower unit and a 3-bedroom, 1-bathroom upper unit. Full basement and full attic provide additional storage and potential. Ideal for investors, rehabbers, or owner-occupants looking to customize and add value. Conveniently located near local amenities, downtown Niagara Falls, and the police station. Bring your vision and restore this property to its full potential! CASH ONLY.

Key facts

• Full basement
• Local amenities
• Full attic

Tags

• MULTI-FAMILY PROPERTY
• FULL BASEMENT
• FULL ATTIC
• LOCAL AMENITIES
• DOWNTOWN NIAGARA FALLS

Property features AI

Finance

• Financial info: Operating expense details: see remarks; Owner pays: other / see remarks; Rent includes: see remarks

Exterior

• Parking: On-street parking
• Utilities: Electricity connected; Public water connected; Sewer connected
• Home design: Two-story multifamily property; Resale condition
• Construction: Shingle roof; Shake and wood siding; PEX plumbing
• Exterior features: Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Each unit includes an eat-in kitchen and a dining area with living room
• Bedrooms: One unit with 3 bedrooms; One unit with 2 bedrooms
• Flooring: Ceramic tile; Hardwood; Varies
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Ceramic tile and hardwood flooring with varied floor coverings; Gas water heater
• Laundry & utility: Separate gas and electric meters (two of each)

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $58k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $58k).
• Recommended offer: $56k (3.0% below list) — sets the bar for market timing.
• Cap rate 40.2% 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: Harry F Abate Elementary School (math 16% / reading 32%, grade F, #1,909 of 2,108 statewide, top 91%, 695 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: 142 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,578/mo this rent would consume 61% of the median local household income ($51k/yr) (locally 1095% 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 $401 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 $16k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $18k; list at $58k implies a 222% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $56,260 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 4.44% ✓
• Cap rate: 40.21%
• Cash-on-cash: 121.11%
• DSCR: 6.39
• GRM: 1.9

CMA / ARV

• ARV (median comp): $160,466
• List price: $58,000
• Delta: -63.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1145 Willow Ave	0.35mi	6/2.0 (+1)	2,304 (-8%)	3mo	$53,300	$23	64
1882 Niagara Ave	0.71mi	5/2.5	2,527 (+1%)	1mo	$155,000	$61	62
1813 South Ave	0.58mi	6/2.0 (+1)	2,436 (-2%)	6mo	$137,940	$57	59
1635 South Ave	0.48mi	5/2.0	2,208 (-12%)	2mo	$85,000	$38	56
1504 Cleveland Ave	0.36mi	6/2.0 (+1)	2,740 (+10%)	12mo	$171,000	$62	52
632 Elmwood Ave	0.64mi	6/2.0 (+1)	2,677 (+7%)	4mo	$95,000	$35	50
1023 15th St	0.65mi	5/4.0	2,304 (-8%)	5mo	$190,000	$82	45
609 Elmwood Ave	0.68mi	4/2.0 (-1)	2,221 (-11%)	0mo	$190,800	$86	45
445 Elmwood Ave	0.70mi	6/2.0 (+1)	2,314 (-7%)	9mo	$80,000	$35	43
423 Elmwood Ave	0.72mi	4/2.0 (-1)	2,232 (-10%)	3mo	$117,000	$52	42
1825 Pierce Ave	0.72mi	6/2.0 (+1)	2,288 (-8%)	10mo	$110,000	$48	39
631 Elmwood Ave	0.66mi	6/5.0 (+1)	2,784 (+12%)	9mo	$90,000	$32	25

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: —
• Equity multiple: 6.85×
• Total profit: $95,033
• Equity at exit: $8,648

10-year hold

• IRR: —
• Equity multiple: 14.38×
• Total profit: $217,327
• Equity at exit: $5,015

Cash invested: $16,240 (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 14305

• Home prices YoY: -10.9%
• Active inventory: 142
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $2,578 high
• Mortgage (P&I): −$304
• Tax from tax record: −$69 /mo · $831/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$541
• Net cashflow: $1,639

Break-even live

Break-even rent $503

Max offer price $58,000

Occupancy floor 31%

Sensitivity live

Price	-10% $1,672	-5% $1,656	+0% $1,639	+5% $1,623	+10% $1,606
Rent	-10% $1,435	-5% $1,537	+0% $1,639	+5% $1,741	+10% $1,843
Rate	-1.0pp $1,668	-0.5pp $1,654	base $1,639	+0.5pp $1,624	+1.0pp $1,609

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,240
1× unit	3	1	$1,338
Total (2 units)			$2,578

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: $14,500
• Closing costs: $1,740
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3025 Macklem Ave Niagara Falls, NY	4.0	1.5	1750	$2,200	$1.26	45d	1	0.82mi
2020 Forest Ave Niagara Falls, NY	4.0	2.0	1600	$1,500	$0.94	18d	1	0.94mi

Listing history 17 events

1. 2026-06-21
   days on market $58,000 Active 37 DOM
2. 2026-06-18
   days on market $58,000 Active 34 DOM
3. 2026-06-17
   days on market $58,000 Active 33 DOM
4. 2026-06-16
   days on market $58,000 Active 32 DOM
5. 2026-06-15
   days on market $58,000 Active 31 DOM
6. 2026-06-13
   days on market $58,000 Active 29 DOM
7. 2026-06-13
   days on market $58,000 Active 28 DOM
8. 2026-06-10
   days on market $58,000 Active 26 DOM
9. 2026-06-09
   days on market $58,000 Active 25 DOM
10. 2026-06-08
    days on market $58,000 Active 24 DOM
11. 2026-06-07
    days on market $58,000 Active 23 DOM
12. 2026-06-03
    days on market $58,000 Active 19 DOM
13. 2026-06-02
    days on market $58,000 Active 18 DOM
14. 2026-06-01
    days on market $58,000 Active 17 DOM
15. 2026-05-31
    days on market $58,000 Active 16 DOM
16. 2026-05-15
    listed $58,000 Active 582-char remark
17. 1995-02-23
    soldstatus $18,000

ⓘ 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: $831 · $69/mo
• Projected year-2 tax: $905 · $75/mo
• Expected delta: +$75/yr (+$6/mo · 9.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,936
• − Mortgage interest: −$3,249
• − Property taxes: −$831
• − Insurance: −$290
• − Repairs & maintenance: −$2,475
• − Management: −$2,475
• − Depreciation: −$1,687
• Taxable income: $19,930
• Est. tax owed @ 24.0%: −$4,783
• After-tax cash flow: $14,886/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): 16,696
• Household income: $51,004
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 1095.0

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 0.63)
• Race & ethnicity: White 55% Black 24% Two or more races 13% Hispanic / Latino 8% Asian 1% Native American 1%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 2%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 4% Other Indo-European 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: ▼ -43.08%
• Current HPI: 350.8741
• 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

+222.2% since first listed

2 events — show timeline

• 2026-05-15 Listed $58,000 WNYREIS
• 1995-02-23 Sold (Public Records) $18,000 Public Records

Property tax history

+11.7%/yr

Latest (2025): $831 · +9.8% YoY. Source: county tax records.