2212 Cayuga Drive Ext · Niagara Falls, NY 14304

$199,888

6 bd · 3.0 ba · 2,428 sqft · MultiFamily public records · 9 Days on market

Built 1880 1.23 ac lot

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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 +7.5/15.0
• Schools +5.8/10.0
• Livability +3.0/5.0
• 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

OUTSTANDING VALUE & UPDATES * 3 UNIT SET ON OVER AN ACRE LOT * OVER 2400 SQ FT * VINYL SIDING * ARC ROOF 2020 * S/UPDATED WNDWS * 2.0 CAR GARAGE * BARN * STORAGE BLDG * AMPLE PARKING (2 DRIVEWAYS) * ALL 3 UNITS HAVE SEPARATE ELECTRIC & SEPARATE GAS * UNIT # 1 IS A ONE BEDRM EFFICIENCY * (ELEC PANEL IN CLOSET & FURNACE IN BSMT) * ENTER FROM FRONT DOOR * PORCH IS UPDATED COMPOSITE DECK AND VINYL RAIL 2023 * UNIT # 2 (ENTER FROM GARAGE SIDE DOOR) * THIS UNIT IS ON 2 FLRS * LRG LIV/RM & LRG KITCHEN ON 1ST * HAS 4 BEDROOMS ON 2ND FLR (FURNACE IS UP IN ATTIC SCUTTLE ENTRY) * (ELEC PANEL IN SIDE DOOR HALLWAY ALSO HAS ELEC PANEL FOR STUDI

Key facts

• Barn
• 3 unit set
• Updated windows

Tags

• 3 UNIT SET
• OVER AN ACRE LOT
• VINYL SIDING
• ARC ROOF
• UPDATED WINDOWS
• BARN

Property features AI

Finance

• Financial info: Operating expenses include insurance; Three rental units with current rents: $360, $700, and $1,000 (units are month-to-month); Owner pays garage and water; rent includes parking and water

Exterior

• Parking: Detached or attached garage with 2 spaces; Additional gravel parking; Two or more parking spaces; Parking noted in rent for tenants
• Utilities: Public water connected; Sewer connected; Cable available; Circuit breaker electrical service
• Home design: Two-story multi-family residential property; Resale condition
• Construction: Vinyl and wood siding; Copper plumbing; Asphalt shingle roof; Stone foundation; Existing (previously built) structure
• Exterior features: Deck; Porches on some units; Wooded lot; Agricultural and pie-shaped lot; Located in a flood zone

Interior

• Kitchen: Oven/Range; Refrigerator; Eat-in kitchens in units; Dining area in one unit
• Bedrooms: One 1-bedroom unit (month-to-month); One 1-bedroom unit (month-to-month); One 4-bedroom unit (month-to-month)
• Flooring: Carpet; Hardwood; Laminate; Linoleum; Luxury vinyl; Vinyl; Varied flooring types
• Bathrooms: Three full bathrooms total (one in each unit)
• Heating & cooling: Gas forced air heating
• Interior features: Ceiling fans; Natural woodwork; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $357/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Cap rate 12.7% 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: schools F, crime F, amenities F.
• Niagara-Wheatfield Central School District (rural): math 64% / reading 70% proficiency, ranked #163 of 590 in NY (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 144 active listings in the ZIP; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $3,377/mo this rent would consume 61% of the median local household income ($67k/yr) (locally 698% 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 $1k of loan paydown is wiped out by about $6k 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 $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,888

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 1880 — 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 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?
7. 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?
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: 1.69% ✓
• Cap rate: 12.73%
• Cash-on-cash: 22.99%
• DSCR: 2.02
• GRM: 4.9

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: 16.0%
• Equity multiple: 1.64×
• Total profit: $36,094
• Equity at exit: $29,804

10-year hold

• IRR: 24.7%
• Equity multiple: 3.15×
• Total profit: $120,121
• Equity at exit: $17,283

Cash invested: $55,969 (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 14304

• Active inventory: 144
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $3,377 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$464 /mo · $5,567/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$709
• Net cashflow: $1,072

Break-even live

Break-even rent $2,020

Max offer price $199,888

Occupancy floor 63%

Sensitivity live

Price	-10% $1,186	-5% $1,129	+0% $1,072	+5% $1,016	+10% $959
Rent	-10% $806	-5% $939	+0% $1,072	+5% $1,206	+10% $1,339
Rate	-1.0pp $1,173	-0.5pp $1,123	base $1,072	+0.5pp $1,021	+1.0pp $968

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,378
Total (3 units)			$3,377

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: $49,972
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-13
   statusdays on market $199,888 Pending 9 DOM
2. 2026-06-10
   days on market $199,888 Active 8 DOM
3. 2026-06-09
   days on market $199,888 Active 7 DOM
4. 2026-06-08
   days on market $199,888 Active 6 DOM
5. 2026-06-07
   days on market $199,888 Active 5 DOM
6. 2026-06-02
   remarks 683-char remark
7. 2026-06-02
   listed $199,888 Active 1 DOM

ⓘ 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: $5,567 · $464/mo
• Projected year-2 tax: $5,567 · $464/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 3/10 Moderate FEMA zone X (unshaded) · 18% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥94°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,524
• − Mortgage interest: −$11,197
• − Property taxes: −$5,567
• − Insurance: −$999
• − Repairs & maintenance: −$3,242
• − Management: −$3,242
• − Depreciation: −$5,815
• Taxable income: $10,462
• Est. tax owed @ 24.0%: −$2,511
• After-tax cash flow: $10,358/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-Wheatfield Central School District
• NCES district ID: 3620850
• Math proficiency: 64% ▼ -1.00%
• Reading proficiency: 70% ▲ 10.00%
• Median HH income: $57,051
• Composite: 57.53/100
• National rank: #1067
• State rank: #163 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

• County: Niagara County · 157,377 people
• City population: 62,983
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 29,208
• Household income: $66,660
• Rent vs Own: 24.9% rent · 75.1% own
• Severe rent burden: 698.0

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: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 6% Hispanic / Latino 4% Black 3% Asian 2%
• Common ancestry: Romanian 10% Lithuanian 3% Slovak 2%
• Foreign-born: 3% · Canada, China, Vietnam
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -231.77%
• Current HPI: 280.3295
• 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

1 event — show timeline

• 2026-06-02 Listed $199,888 WNYREIS

Property tax history

+2.9%/yr

Latest (2025): $5,567 · +0.8% YoY. Source: county tax records.