268 South St · Lockport, NY 14094

$109,900

3 bd · 1.0 ba · 1,280 sqft · SingleFamily public records · 62 Days on market

Built 1880 2,178 sqft lot Est $159k · 31% under

---

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 +26.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.9/10.0
• 1% rule +7.5/10.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lots of updates on this home. New electrical, furnace, hot water tank, plumbing and windows. Home was gutted out to the studs, new insulations and dry walls. Some of the dry walls needs to be painted and finishing. Some new floorings and other building materials will be left in the house. The Down stair bedroom could be use as an office. In order to qualify for a conventional loan all the work need to be finished before closing. Property sold in "AS-IS" condition. Showings will Start on Wed 7/3/21 from 4:00 PM to 8:00 PM. All offers due on Sat. 7/10/21 by 2:00 PM

Key facts

• Hot water tank
• Roof
• Flexible layout

Tags

• FLEXIBLE LAYOUT
• MAJOR MECHANICAL UPDATES
• ROOF
• FURNACE
• CENTRAL A/C
• HOT WATER TANK

Property features AI

Exterior

• Parking: No garage
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected
• Home design: 2-story residence; Existing (resale) property; Vinyl siding
• Construction: Stone foundation; Vinyl siding
• Exterior features: Concrete driveway; Deck; Partial fence; Fence

Interior

• Kitchen: Dishwasher; Eat-in kitchen; Walk-in pantry; Solid surface counters
• Bedrooms: 1 bedroom on the main level
• Flooring: Laminate; Tile; Vinyl; Varies
• Bathrooms: 1 full bathroom
• Heating & cooling: Gas heating with forced air; Central air conditioning
• Interior features: Ceiling fan(s); Eat-in kitchen; Solid surface counters; Walk-in pantry; Bedroom on main level
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $283 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 4.5% in Lockport — 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 76/100 on livability (#232 in NY, #3,669 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute D+, crime F, employment D-.
• Lockport City School District (town): math 44% / reading 49% proficiency, ranked #452 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.7%/yr); 357 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k 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 + 3.7% rent growth), your $31k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $110k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $103,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
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 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: 1.25% ✓
• Cap rate: 9.38%
• Cash-on-cash: 11.02%
• DSCR: 1.49
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $158,720
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
99 Elmwood Ave	0.12mi	3/1.0	1,376 (+8%)	3mo	$159,900	$116	79
267 South St	0.03mi	3/1.5	1,406 (+10%)	4mo	$164,900	$117	76
48 Pound St	0.25mi	3/1.0	1,194 (-7%)	1mo	$180,000	$151	76
180 Spalding	0.24mi	3/1.5	1,215 (-5%)	3mo	$148,000	$122	76
80 Spalding St	0.30mi	3/2.0	1,340 (+5%)	1mo	$147,500	$110	73
62 Reed St	0.37mi	3/2.0	1,300 (+2%)	4mo	$185,000	$142	73
47 Vine St	0.38mi	3/1.0	1,204 (-6%)	5mo	$87,000	$72	68
144 Grant St	0.51mi	3/1.0	1,188 (-7%)	5mo	$159,000	$134	60
55 Chapel St	0.33mi	2/1.5 (-1)	1,458 (+14%)	2mo	$122,000	$84	53
65 Morrow Ave	0.61mi	3/2.0	1,424 (+11%)	1mo	$230,000	$162	48
314 Locust St	0.60mi	3/1.5	1,448 (+13%)	1mo	$221,000	$153	48
546 High St	0.47mi	4/2.0 (+1)	1,448 (+13%)	5mo	$180,000	$124	43

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 · 3.67% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.04×
• Total profit: $1,165
• Equity at exit: $16,386

10-year hold

• IRR: 11.3%
• Equity multiple: 1.92×
• Total profit: $28,241
• Equity at exit: $9,502

Cash invested: $30,772 (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 14094

• Rents YoY: 3.7%
• Active inventory: 357
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,369 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$177 /mo · $2,124/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $283

Break-even live

Break-even rent $1,012

Max offer price $109,900

Occupancy floor 74%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
327 High St Lockport, NY	1.0–2.0	1.0–2.0	690	$1,920	$2.78	1d	1	0.45mi
47 Waterman St Unit 3 Lockport, NY	2.0	1.0	1100	$1,150	$1.05	23d	1	0.50mi
53 Dayton St Lockport, NY	3.0	1.0	930	$1,150	$1.24	11d	1	0.89mi

Listing history 10 events

1. 2026-05-13
   status Pending
2. 2026-04-14
   price $109,900
3. 2026-03-12
   listed $120,000 Active
4. 2021-09-07
   soldstatus $65,000 Closed Sale or Rented 580-char remark

   Show marketing remark (580 chars)

   Lots of updates on this home. New electrical, furnace, hot water tank, plumbing and windows. Home was gutted out to the studs, new insulations and dry walls. Some of the dry walls needs to be painted and finishing. Some new floorings and other building materials will be left in the house. The Down stair bedroom could be use as an office. In order to qualify for a conventional loan all the work need to be finished before closing. Property sold in "AS-IS" condition. Showings will Start on Wed 7/3/21 from 4:00 PM to 8:00 PM. All offers due on Sat. 7/10/21 by 2:00 PM

5. 2021-07-31
   status Pending Sale 580-char remark

   Show marketing remark (580 chars)

   Lots of updates on this home. New electrical, furnace, hot water tank, plumbing and windows. Home was gutted out to the studs, new insulations and dry walls. Some of the dry walls needs to be painted and finishing. Some new floorings and other building materials will be left in the house. The Down stair bedroom could be use as an office. In order to qualify for a conventional loan all the work need to be finished before closing. Property sold in "AS-IS" condition. Showings will Start on Wed 7/3/21 from 4:00 PM to 8:00 PM. All offers due on Sat. 7/10/21 by 2:00 PM

6. 2021-07-12
   historical Continue to Show- Under Contract 580-char remark

   Show marketing remark (580 chars)

   Lots of updates on this home. New electrical, furnace, hot water tank, plumbing and windows. Home was gutted out to the studs, new insulations and dry walls. Some of the dry walls needs to be painted and finishing. Some new floorings and other building materials will be left in the house. The Down stair bedroom could be use as an office. In order to qualify for a conventional loan all the work need to be finished before closing. Property sold in "AS-IS" condition. Showings will Start on Wed 7/3/21 from 4:00 PM to 8:00 PM. All offers due on Sat. 7/10/21 by 2:00 PM

7. 2021-07-03
   listed $59,900 Active 580-char remark

   Show marketing remark (580 chars)

   Lots of updates on this home. New electrical, furnace, hot water tank, plumbing and windows. Home was gutted out to the studs, new insulations and dry walls. Some of the dry walls needs to be painted and finishing. Some new floorings and other building materials will be left in the house. The Down stair bedroom could be use as an office. In order to qualify for a conventional loan all the work need to be finished before closing. Property sold in "AS-IS" condition. Showings will Start on Wed 7/3/21 from 4:00 PM to 8:00 PM. All offers due on Sat. 7/10/21 by 2:00 PM

8. 2009-10-26
   soldstatus $35,000
9. 2009-10-26
   soldstatus $35,000
10. 1998-05-21
    soldstatus $25,500

ⓘ 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: $2,124 · $177/mo
• Projected year-2 tax: $2,124 · $177/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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥94°F today · 15 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: $16,432
• − Mortgage interest: −$6,156
• − Property taxes: −$2,124
• − Insurance: −$550
• − Repairs & maintenance: −$1,315
• − Management: −$1,315
• − Depreciation: −$3,197
• Taxable income: $1,776
• Est. tax owed @ 24.0%: −$426
• After-tax cash flow: $2,965/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: Lockport City School District
• NCES district ID: 3617670
• Math proficiency: 44% ▼ -7.00%
• Reading proficiency: 49% ▲ 3.00%
• Median HH income: $43,793
• Composite: 39.28/100
• National rank: #3997
• State rank: #452 of 590 in NY

Livability — Lockport

• Score: 76/100
• State rank: #232
• US rank: #3669

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lockport, NY
• County: Niagara County · 157,377 people
• City population: 50,153
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 50,153
• Household income: $75,427
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 1112.0

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 (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 6% Hispanic / Latino 3%
• Common ancestry: Romanian 9% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% Russian/Polish/Slavic 1% 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: ▼ -262.57%
• Current HPI: 303.6109
• Rent YoY: ▲ 3.67%
• 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

+331.0% since first listed

10 events — show timeline

• 2026-05-13 Pending — WNYREIS
• 2026-04-14 Price Changed $109,900 WNYREIS
• 2026-03-12 Listed $120,000 WNYREIS
• 2021-09-07 Sold (MLS) $65,000 WNYREIS
• 2021-07-31 Pending — WNYREIS
• 2021-07-12 Contingent — WNYREIS
• 2021-07-03 Listed $59,900 WNYREIS
• 2009-10-26 Sold (Public Records) $35,000 Public Records
• 2009-10-26 Sold (Public Records) $35,000 Public Records
• 1998-05-21 Sold (Public Records) $25,500 Public Records

Property tax history

+6.2%/yr

Latest (2025): $2,124 · +2.8% YoY. Source: county tax records.