9534 Boston State Rd · North Boston, NY 14025

$149,900

4 bd · 3.0 ba · 1,898 sqft · Townhouse · 34 Days on market

Built 1880 Poor condition 0.83 ac lot

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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 +15.9/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.9/10.0
• 1% rule +4.4/10.0
• Schools +4.3/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Listing remarks MLS

Here's your chance to own an investment property or live in one of the apartments and let the rent help with the mortgage. The main floor has a two bedroom apartment with side porch, eat in kitchen and access to the basement with laundry hook ups. The first floor studio apartment in the back includes oven range & refrigerator. The upper apartment has kitchen, living room, 1 bedroom and full bath. Two driveways provide plenty of parking. Great location. Only minutes to the 219 Expressway. Updates include: new roof with full tear off in 2019, new hot water tanks all units past 5 years, new furnace lower apartment 2019, new furnace upper 2008, new porch entrance on studio 2020 and upper 2021.

Key facts

• Private lot
• Peaceful creek
• Large yard

Tags

• PRIVATE LOT
• LARGE YARD
• PEACEFUL CREEK
• TWO SEPARATE DRIVEWAYS
• INCOME-PRODUCING OPPORTUNITY
• NEW RECESSED CAN LIGHTING

Property features AI

Finance

• Other: Lot is approximately 0.8252 acres; corner, rectangular and wooded lot with city street and main thoroughfare frontage
• Financial info: Three total rental units with separate gas and electric meters; Unit rents: $675, $325, and $725; Owner pays water

Exterior

• Parking: Gravel parking; Two or more parking spaces
• Utilities: Cable available; High-speed internet available; Public water connected; well also listed; Sewer connected; Circuit breaker electrical
• Home design: 2-story multi-unit property; Resale condition
• Construction: Cedar, vinyl and wood siding; Asphalt shingle roof; Copper and PEX plumbing; Crawl space and partial basement with sump pump; Built previously (existing structure)
• Exterior features: Deck; Private yard; Porch (in one unit); See remarks

Interior

• Kitchen: Eat-in kitchen in each unit
• Bedrooms: One 1-bedroom unit; One 1-bedroom unit; One 2-bedroom unit
• Flooring: Laminate; Varied flooring
• Bathrooms: Three full bathrooms (one in each unit)
• Heating & cooling: Gas heating; Baseboard; Electric heating; Forced air; Hot water; Wall furnace
• Interior features: Ceiling fan(s); Natural woodwork
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath townhouse listed at $150k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $72 ($864/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (6.4% below list).
• Recommended offer: $140k (6.4% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 2.0% in North Boston — 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 (#988 in NY) — a middle-class / working-renter tenant base. Strengths: crime A, housing A, cost of living B; Watch: schools C-, amenities F, commute F.
• Springville-Griffith Institute Central School District (town): math 47% / reading 52% proficiency, ranked #385 of 590 in NY (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 17 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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.
• Current owner paid $130k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,245 (6.4% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 6.87%
• Cash-on-cash: 2.06%
• DSCR: 1.09
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.99% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.7%
• Equity multiple: 3.05×
• Total profit: $86,107
• Equity at exit: $134,893

10-year hold

• IRR: 22.6%
• Equity multiple: 6.96×
• Total profit: $249,967
• Equity at exit: $290,742

Cash invested: $41,972 (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 14025

• Home prices YoY: 3.4%
• Active inventory: 17
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,402 medium
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $72

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 90%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $149,900 Active 34 DOM
2. 2026-06-17
   days on market $149,900 Active 33 DOM
3. 2026-06-16
   days on market $149,900 Active 32 DOM
4. 2026-06-15
   days on market $149,900 Active 31 DOM
5. 2026-06-13
   days on market $149,900 Active 29 DOM
6. 2026-06-13
   days on market $149,900 Active 28 DOM
7. 2026-06-10
   days on market $149,900 Active 26 DOM
8. 2026-06-09
   days on market $149,900 Active 25 DOM
9. 2026-06-08
   days on market $149,900 Active 24 DOM
10. 2026-06-07
    days on market $149,900 Active 23 DOM
11. 2026-06-05
    days on market $149,900 Active 20 DOM
12. 2026-06-03
    days on market $149,900 Active 19 DOM
13. 2026-06-02
    days on market $149,900 Active 18 DOM
14. 2026-06-01
    days on market $149,900 Active 17 DOM
15. 2026-05-31
    days on market $149,900 Active 16 DOM
16. 2026-05-15
    listed $149,900 Active 1693-char remark
17. 2021-09-01
    soldstatus $130,000 Closed Sale or Rented 704-char remark

    Show marketing remark (704 chars)

    Here's your chance to own an investment property or live in one of the apartments and let the rent help with the mortgage. The main floor has a two bedroom apartment with side porch, eat in kitchen and access to the basement with laundry hook ups. The first floor studio apartment in the back includes oven range & refrigerator. The upper apartment has kitchen, living room, 1 bedroom and full bath. Two driveways provide plenty of parking. Great location. Only minutes to the 219 Expressway. Updates include: new roof with full tear off in 2019, new hot water tanks all units past 5 years, new furnace lower apartment 2019, new furnace upper 2008, new porch entrance on studio 2020 and upper 2021.

18. 2021-07-12
    status Pending Sale 704-char remark

    Show marketing remark (704 chars)

    Here's your chance to own an investment property or live in one of the apartments and let the rent help with the mortgage. The main floor has a two bedroom apartment with side porch, eat in kitchen and access to the basement with laundry hook ups. The first floor studio apartment in the back includes oven range & refrigerator. The upper apartment has kitchen, living room, 1 bedroom and full bath. Two driveways provide plenty of parking. Great location. Only minutes to the 219 Expressway. Updates include: new roof with full tear off in 2019, new hot water tanks all units past 5 years, new furnace lower apartment 2019, new furnace upper 2008, new porch entrance on studio 2020 and upper 2021.

19. 2021-06-11
    status Under Contract- Do Not Show 704-char remark

    Show marketing remark (704 chars)

    Here's your chance to own an investment property or live in one of the apartments and let the rent help with the mortgage. The main floor has a two bedroom apartment with side porch, eat in kitchen and access to the basement with laundry hook ups. The first floor studio apartment in the back includes oven range & refrigerator. The upper apartment has kitchen, living room, 1 bedroom and full bath. Two driveways provide plenty of parking. Great location. Only minutes to the 219 Expressway. Updates include: new roof with full tear off in 2019, new hot water tanks all units past 5 years, new furnace lower apartment 2019, new furnace upper 2008, new porch entrance on studio 2020 and upper 2021.

20. 2021-06-03
    listed $115,000 Active 704-char remark

    Show marketing remark (704 chars)

    Here's your chance to own an investment property or live in one of the apartments and let the rent help with the mortgage. The main floor has a two bedroom apartment with side porch, eat in kitchen and access to the basement with laundry hook ups. The first floor studio apartment in the back includes oven range & refrigerator. The upper apartment has kitchen, living room, 1 bedroom and full bath. Two driveways provide plenty of parking. Great location. Only minutes to the 219 Expressway. Updates include: new roof with full tear off in 2019, new hot water tanks all units past 5 years, new furnace lower apartment 2019, new furnace upper 2008, new porch entrance on studio 2020 and upper 2021.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥90°F today · 19 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: $16,829
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$1,346
• − Management: −$1,346
• − Depreciation: −$4,361
• Taxable loss: −$1,619
• Est. tax savings @ 24.0%: +$389
• After-tax cash flow: $1,253/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This property requires extensive repairs and updates to its roof, exterior, windows, HVAC, interior, and kitchen and bathrooms. Significant investment is needed to improve its condition and increase its value.

Repairs flagged

• Major roof — No photos of roof
• Major exterior siding — No photos of exterior
• Major windows — No photos of windows
• Major HVAC/mechanicals — No photos of HVAC/mechanicals
• Major interior walls/paint — No photos of interior walls/paint
• Major flooring — No photos of flooring
• Major kitchen — No photos of kitchen
• Major bathrooms — No photos of bathrooms

Value-add opportunities

• Both new roof — New roof would improve both resale and rental value
• Both exterior siding and paint — New siding and paint would improve both resale and rental value
• Both windows — New windows would improve both resale and rental value
• Both HVAC/mechanicals — Upgraded HVAC would improve both resale and rental value
• Both interior walls and paint — New interior walls and paint would improve both resale and rental value
• Both flooring — New flooring would improve both resale and rental value
• Both kitchen and bathrooms — Upgraded kitchen and bathrooms would improve both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · No photos of roof	Major	$15,000–50,000
exterior siding · No photos of exterior	Major	$15,000–50,000
windows · No photos of windows	Major	$15,000–50,000
HVAC/mechanicals · No photos of HVAC/mechanicals	Major	$15,000–50,000
interior walls/paint · No photos of interior walls/paint	Major	$15,000–50,000
flooring · No photos of flooring	Major	$15,000–50,000
kitchen · No photos of kitchen	Major	$15,000–50,000
bathrooms · No photos of bathrooms	Major	$15,000–50,000
Total estimated repair cost · 8 items		$120,000–400,000

Value-add ROI direction

• Both new roof — New roof would improve both resale and rental value ↑
• Both exterior siding and paint — New siding and paint would improve both resale and rental value ↑
• Both windows — New windows would improve both resale and rental value ↑
• Both HVAC/mechanicals — Upgraded HVAC would improve both resale and rental value ↑
• Both interior walls and paint — New interior walls and paint would improve both resale and rental value ↑
• Both flooring — New flooring would improve both resale and rental value ↑
• Both kitchen and bathrooms — Upgraded kitchen and bathrooms would improve both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Springville-Griffith Institute Central School District
• NCES district ID: 3612990
• Math proficiency: 47% ▼ -15.00%
• Reading proficiency: 52% ▲ 7.00%
• Median HH income: $53,569
• Composite: 42.7/100
• National rank: #3170
• State rank: #385 of 590 in NY

Livability — North Boston

• Score: 60/100
• State rank: #988
• US rank: #19330

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,445

Population outlook (Erie County) Hauer SSP2

• Today (2025): 933,037 people
• By 2030: 935,181 · +0.2%
• By 2040: 928,531 · -0.5%
• By 2050: 905,725 · -2.9%
• By 2075: 834,037 · -10.6%
• By 2100: 708,033 · -24.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Asian 2% Hispanic / Latino 1%
• Common ancestry: Romanian 28% Portuguese 3% Scotch-Irish 3%
• Foreign-born: 2% · Canada
• Languages at home: 99% English-only · Other Asian/Pacific 1%

Political lean MEDSL · Erie

• 2024 margin: Lean D (+9.7) · D 54.8% · R 45.2%
• 2008→2024 swing: -7.9pp toward R · 2008: 17.5pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+14.7 2016: D+4.8 2012: D+15.6 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.99%
• Current HPI: 307.4336
• 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

+30.3% since first listed

5 events — show timeline

• 2026-05-15 Listed $149,900 WNYREIS
• 2021-09-01 Sold (MLS) $130,000 WNYREIS
• 2021-07-12 Pending — WNYREIS
• 2021-06-11 Pending — WNYREIS
• 2021-06-03 Listed $115,000 WNYREIS