29 Railroad Ave · Frewsburg, NY 14738

$225,000

4 bd · 2.0 ba · 2,072 sqft · MultiFamily public records · 44 Days on market

Built 1930 0.86 ac lot

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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 +16.6/30.0
• ARV discount +7.5/15.0
• 1% rule +5.2/10.0
• DSCR +5.1/10.0
• Schools +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks

Don't miss this versatile income-producing property featuring a 2-unit rental plus a spacious 40' x 60' commercial building creates endless possibilities! The residential units provide steady income with separate utilities, comfortable layouts, and strong tenant appeal. The commercial space is ideal for a workshop, storage business, contractor space, auto shop, or future development venture. Situated on a good size lot with ample parking and easy access, this property is perfect for investors, business owners, or owner occupants looking to offset expenses with rental income. Rare combination of residential cash flow and large-scale commercial space in one package!!

Key facts

• Separate utilities
• Comfortable layouts
• 2 unit rental

Tags

• 2 UNIT RENTAL
• 40 X 60 COMMERCIAL BUILDING
• SEPARATE UTILITIES
• COMFORTABLE LAYOUTS
• STRONG TENANT APPEAL
• WORKSHOP STORAGE BUSINESS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $134 ($2k/yr) — positive. Per door: $67/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $218k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#553 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing B; Watch: schools C-, employment D, amenities F.
• Frewsburg Central School District (rural): math 62% / reading 56% proficiency, ranked #253 of 590 in NY (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 19 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $112k; list at $225k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $218,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.02% ✓
• Cap rate: 7.01%
• Cash-on-cash: 2.55%
• DSCR: 1.11
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -12.2%
• Equity multiple: 0.56×
• Total profit: $-27,811
• Equity at exit: $33,548

10-year hold

• IRR: -3.0%
• Equity multiple: 0.80×
• Total profit: $-12,765
• Equity at exit: $19,454

Cash invested: $63,000 (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 14738

• Home prices YoY: -12.6%
• Active inventory: 19
• Price-to-rent: 16.3×

Monthly cashflow live

• Estimated rent: $2,300 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$409 /mo · $4,912/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $134

Break-even live

Break-even rent $2,130

Max offer price $225,000

Occupancy floor 89%

Sensitivity live

Price	-10% $261	-5% $198	+0% $134	+5% $70	+10% $7
Rent	-10% $-48	-5% $43	+0% $134	+5% $225	+10% $316
Rate	-1.0pp $247	-0.5pp $191	base $134	+0.5pp $76	+1.0pp $16

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,300
Total (2 units)			$2,300

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-05
   status Pending
2. 2026-02-19
   listed $225,000 Active
3. 2023-03-21
   soldstatus $112,500
4. 1998-05-08
   soldstatus $45,000

ⓘ 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: $4,912 · $409/mo
• Projected year-2 tax: $4,912 · $409/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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,600
• − Mortgage interest: −$12,603
• − Property taxes: −$4,912
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,208
• − Management: −$2,208
• − Depreciation: −$6,545
• Taxable loss: −$2,002
• Est. tax savings @ 24.0%: +$480
• After-tax cash flow: $2,089/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: Frewsburg Central School District
• NCES district ID: 3611610
• Math proficiency: 62% ▬ 0.00%
• Reading proficiency: 56% ▲ 7.00%
• Median HH income: $50,868
• Composite: 50.36/100
• National rank: #1876
• State rank: #253 of 590 in NY

Livability — Frewsburg

• Score: 68/100
• State rank: #553
• US rank: #9948

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frewsburg, NY
• Population (ZIP): 3,550

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: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Romanian 7% Slovak 4% Scottish 4%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 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: ▼ -46.94%
• Current HPI: 327.079
• 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

+400.0% since first listed

4 events — show timeline

• 2026-04-05 Pending — UNYREIS
• 2026-02-19 Listed $225,000 UNYREIS
• 2023-03-21 Sold (Public Records) $112,500 Public Records
• 1998-05-08 Sold (Public Records) $45,000 Public Records

Property tax history

-0.8%/yr

Latest (2025): $4,912 · +2.2% YoY. Source: county tax records.