33 W Summit St · Lakewood, NY 14750

$295,000

5 bd · 3.0 ba · 3,226 sqft · MultiFamily public records · 172 Days on market

Built 1922 0.26 ac lot $91/sqft · at area comps Est $304k · at est. ↓ 9% since listing

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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 +8.8/15.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Welcome to this charming multi-family property in the heart of Lakewood! This income-generating gem features three separate units, each with its own utilities (except water/sewer) and convenient laundry hookups in each. Two of the units have been freshly remodeled, making this an attractive option for both investors and owner-occupants. The property boasts five bedrooms and three bathrooms spread across the units, all currently occupied with steady tenants. Outside, you'll find plenty of space to enjoy, including a welcoming front porch, spacious back deck, and a shared firepit perfect for evening gatherings. Practical amenities include a two-car garage and separate utilities, making property management a breeze. Located in the sought-after Southwestern school district, this property puts you within walking distance of local attractions including the library, playground, all of Lakewood's charming amenities, and the beautiful Chautauqua Lake! Whether you're looking to live in one unit while collecting rental income from the others, or seeking a solid investment property, this multi-family home offers the perfect blend of comfort, convenience, and income potential.

Key facts

• Spacious back deck
• Separate units
• Laundry hookups

Tags

• MULTI-FAMILY PROPERTY
• SEPARATE UNITS
• LAUNDRY HOOKUPS
• FRESHLY REMODELED
• WELCOMING FRONT PORCH
• SPACIOUS BACK DECK

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $295k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $434/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $295k).
• Recommended offer: $260k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 3.0% in Lakewood — 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 71/100 on livability (#398 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, employment D+, amenities F.
• Southwestern Central School District At Jamestown (town): math 45% / reading 56% proficiency, ranked #373 of 590 in NY (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 39 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 $9k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $83k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 172 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $259,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 172 days. Have you received any prior offers? Is the seller open to a 12% 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 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.52% ✓
• Cap rate: 11.59%
• Cash-on-cash: 18.93%
• DSCR: 1.84
• GRM: 5.5

CMA / ARV

• ARV (median comp): $303,667
• List price: $295,000
• Delta: -2.85%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 10.8%
• Equity multiple: 1.43×
• Total profit: $35,377
• Equity at exit: $43,985

10-year hold

• IRR: 19.9%
• Equity multiple: 2.68×
• Total profit: $138,430
• Equity at exit: $25,506

Cash invested: $82,600 (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 14750

• Home prices YoY: -7.7%
• Active inventory: 39
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $4,474 medium
• Mortgage (P&I): −$1,547
• Tax from tax record: −$561 /mo · $6,737/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$940
• Net cashflow: $1,303

Break-even live

Break-even rent $2,825

Max offer price $295,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,473
Total (3 units)			$4,474

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $295,000 Active 172 DOM
2. 2026-06-18
   days on market $295,000 Active 171 DOM
3. 2026-06-17
   days on market $295,000 Active 170 DOM
4. 2026-06-16
   days on market $295,000 Active 169 DOM
5. 2026-06-15
   days on market $295,000 Active 168 DOM
6. 2026-06-14
   days on market $295,000 Active 166 DOM
7. 2026-06-12
   days on market $295,000 Active 165 DOM
8. 2026-06-09
   days on market $295,000 Active 162 DOM
9. 2026-06-08
   days on market $295,000 Active 161 DOM
10. 2026-06-07
    days on market $295,000 Active 160 DOM
11. 2026-06-03
    days on market $295,000 Active 156 DOM
12. 2026-06-02
    days on market $295,000 Active 155 DOM
13. 2026-06-01
    days on market $295,000 Active 154 DOM
14. 2026-05-31
    days on market $295,000 Active 153 DOM
15. 2026-05-30
    days on market $295,000 Active 152 DOM
16. 2026-04-23
    price $295,000 1182-char remark

    Show marketing remark (1182 chars)

    Welcome to this charming multi-family property in the heart of Lakewood! This income-generating gem features three separate units, each with its own utilities (except water/sewer) and convenient laundry hookups in each. Two of the units have been freshly remodeled, making this an attractive option for both investors and owner-occupants. The property boasts five bedrooms and three bathrooms spread across the units, all currently occupied with steady tenants. Outside, you'll find plenty of space to enjoy, including a welcoming front porch, spacious back deck, and a shared firepit perfect for evening gatherings. Practical amenities include a two-car garage and separate utilities, making property management a breeze. Located in the sought-after Southwestern school district, this property puts you within walking distance of local attractions including the library, playground, all of Lakewood's charming amenities, and the beautiful Chautauqua Lake! Whether you're looking to live in one unit while collecting rental income from the others, or seeking a solid investment property, this multi-family home offers the perfect blend of comfort, convenience, and income potential.

17. 2025-12-29
    listed $305,000 Active 1182-char remark

    Show marketing remark (1182 chars)

    Welcome to this charming multi-family property in the heart of Lakewood! This income-generating gem features three separate units, each with its own utilities (except water/sewer) and convenient laundry hookups in each. Two of the units have been freshly remodeled, making this an attractive option for both investors and owner-occupants. The property boasts five bedrooms and three bathrooms spread across the units, all currently occupied with steady tenants. Outside, you'll find plenty of space to enjoy, including a welcoming front porch, spacious back deck, and a shared firepit perfect for evening gatherings. Practical amenities include a two-car garage and separate utilities, making property management a breeze. Located in the sought-after Southwestern school district, this property puts you within walking distance of local attractions including the library, playground, all of Lakewood's charming amenities, and the beautiful Chautauqua Lake! Whether you're looking to live in one unit while collecting rental income from the others, or seeking a solid investment property, this multi-family home offers the perfect blend of comfort, convenience, and income potential.

18. 2024-11-20
    listed $325,000 Active

ⓘ 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: $6,737 · $561/mo
• Projected year-2 tax: $6,737 · $561/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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥90°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: $53,688
• − Mortgage interest: −$16,525
• − Property taxes: −$6,737
• − Insurance: −$1,475
• − Repairs & maintenance: −$4,295
• − Management: −$4,295
• − Depreciation: −$8,582
• Taxable income: $11,779
• Est. tax owed @ 24.0%: −$2,827
• After-tax cash flow: $12,810/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: Southwestern Central School District At Jamestown
• NCES district ID: 3627660
• Math proficiency: 45% ▼ -11.00%
• Reading proficiency: 56% ▲ 3.00%
• Median HH income: $50,567
• Composite: 43.21/100
• National rank: #3062
• State rank: #373 of 590 in NY

Livability — Lakewood

• Score: 71/100
• State rank: #398
• US rank: #6904

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakewood, NY
• Population (ZIP): 4,411

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 (89%)
• Race & ethnicity: White 89% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 4% Slovak 2% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 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: ▼ -26.43%
• Current HPI: 318.8566
• 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

-9.2% since first listed

3 events — show timeline

• 2026-04-23 Price Changed $295,000 UNYREIS
• 2025-12-29 Listed $305,000 UNYREIS
• 2024-11-20 Listed $325,000 UNYREIS

Property tax history

+4.5%/yr

Latest (2025): $6,737 · +40.0% YoY. Source: county tax records.