2240 Michigan Ave · Niagara Falls, NY 14305

$145,900

5 bd · 2.0 ba · 1,900 sqft · MultiFamily public records · 4 Days on market

Built 1925 5,440 sqft lot Est $108k · 35% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

A rare opportunity to own a home built by the current owners’ grandparents and lovingly maintained by the same family for over a century, this well-kept two-unit property offers exceptional flexibility. The first-floor unit welcomes you with a foyer and coat closet that open into a spacious living room and formal dining room filled with natural light from numerous windows. The kitchen features recessed lighting, a pantry, dishwasher, microwave, abundant cabinetry, generous counter space, and a custom built-in desk. Hardwood floors lie beneath the carpeting in the living room, dining room, and bedrooms. Additional highlights include a full bathroom with a newer vanity and toilet, two g

Key facts

• Two unit property
• Formal dining room
• Natural light

Tags

• TWO UNIT PROPERTY
• FOYER AND COAT CLOSET
• SPACIOUS LIVING ROOM
• FORMAL DINING ROOM
• NATURAL LIGHT
• RECESSED LIGHTING

Property features AI

Finance

• Other: Two-unit property with separate electric meters for each unit and a single gas meter
• Financial info: Operating expense details available in remarks; Owner and rent responsibilities noted in remarks

Exterior

• Parking: 2-car garage; Additional parking available
• Utilities: High-speed internet available; Public water connected; Sewer connected; Circuit breaker electrical system
• Home design: Single-story building; Existing construction
• Construction: Aluminum and vinyl siding; Asphalt roof; Poured foundation; Built previously (existing)
• Exterior features: Covered porch; Enclosed porch; Open porch; Deck

Interior

• Flooring: Carpet; Hardwood; Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced-air gas heating; Central air conditioning
• Interior features: Partial basement with sump pump; Carpet, hardwood, laminate and tile flooring (varies by room)
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $146k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $146k).
• Cap rate 14.8% vs local median 7.7% 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 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.
• Market conditions: 142 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,636/mo this rent would consume 62% 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 $1k of loan paydown is wiped out by about $4k 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 $41k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,900

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.81% ✓
• Cap rate: 14.81%
• Cash-on-cash: 30.41%
• DSCR: 2.35
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $108,300
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2208 Weston Ave	0.09mi	4/2.0 (-1)	2,016 (+6%)	1mo	$55,000	$27	80
2459 La Salle Ave	0.38mi	4/2.0 (-1)	1,920 (+1%)	2mo	$160,000	$83	74
2463 South Ave	0.20mi	4/2.0 (-1)	2,016 (+6%)	3mo	$137,500	$68	73
1867 Michigan Ave	0.14mi	4/2.0 (-1)	2,100 (+10%)	2mo	$87,000	$41	70
1623 Linwood Ave	0.37mi	4/2.0 (-1)	1,994 (+5%)	3mo	$100,000	$50	67
2449 Grand Ave	0.62mi	5/2.0	1,918 (+1%)	4mo	$135,000	$70	66
2443 Pierce Ave	0.26mi	4/2.0 (-1)	2,112 (+11%)	4mo	$120,000	$57	61
2401 Whitney Ave	0.29mi	6/2.0 (+1)	2,168 (+14%)	2mo	$40,000	$18	56
1535 Pierce Ave	0.46mi	4/2.0 (-1)	1,724 (-9%)	2mo	$35,000	$20	56
2455 La Salle Ave	0.38mi	4/2.0 (-1)	2,152 (+13%)	3mo	$112,000	$52	53
1333 North Ave	0.62mi	4/2.0 (-1)	1,728 (-9%)	2mo	$100,000	$58	49
2460 Grand Ave	0.60mi	6/2.0 (+1)	2,162 (+14%)	0mo	$175,000	$81	44

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: 25.1%
• Equity multiple: 2.04×
• Total profit: $42,357
• Equity at exit: $21,754

10-year hold

• IRR: 32.9%
• Equity multiple: 3.99×
• Total profit: $122,045
• Equity at exit: $12,615

Cash invested: $40,852 (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: 9.2×

Monthly cashflow live

• Estimated rent: $2,636 high
• Mortgage (P&I): −$765
• Tax from tax record: −$221 /mo · $2,655/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$554
• Net cashflow: $1,035

Break-even live

Break-even rent $1,326

Max offer price $145,900

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,636
Total (2 units)			$2,636

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: $36,475
• Closing costs: $4,377
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2020 Forest Ave Niagara Falls, NY	4.0	2.0	1600	$1,500	$0.94	16d	1	0.48mi
3025 Macklem Ave Niagara Falls, NY	4.0	1.5	1750	$2,200	$1.26	43d	1	1.30mi
3225 Belden Pl Niagara Falls, NY	5.0	1.5	1344	$1,750	$1.30	1d	1	1.31mi
2420 Mackenna Ave Unit 1 Niagara Falls, NY	4.0	1.0	1300	$1,390	$1.07	1d	1	1.37mi

Listing history 1 events

1. 2026-05-23
   listed $145,900 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: $2,655 · $221/mo
• Projected year-2 tax: $2,655 · $221/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 (unshaded) · 0% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,632
• − Mortgage interest: −$8,173
• − Property taxes: −$2,655
• − Insurance: −$730
• − Repairs & maintenance: −$2,531
• − Management: −$2,531
• − Depreciation: −$4,244
• Taxable income: $10,769
• Est. tax owed @ 24.0%: −$2,585
• After-tax cash flow: $9,838/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

1 event — show timeline

• 2026-05-23 Listed $145,900 WNYREIS

Property tax history

+13.3%/yr

Latest (2025): $2,655 · +12.6% YoY. Source: county tax records.