1618 16th St · Niagara Falls, NY 14305

$139,900

2 bd · 2.0 ba · 1,864 sqft · MultiFamily public records · 63 Days on market

Built 1915 4,800 sqft lot $75/sqft · 5% above area Est $133k · 5% over

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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 +5.1/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Recently rehabilitated and move-in ready, this two-unit property offers a strong opportunity in the City of Niagara Falls short-term rental zone. Set on a neighborhood street, the property provides flexibility for investors or owner-occupants seeking income potential. With two units, this property may be well suited for rental income, owner-occupancy with supplemental income, or other investment strategies, subject to municipal requirements, permitting, and buyer due diligence. A turn-key opportunity with excellent versatility in a location positioned for both residential and investment appeal.

Key facts

• Two unit property
• Income potential
• Turn key opportunity

Tags

• TWO UNIT PROPERTY
• SHORT TERM RENTAL ZONE
• INCOME POTENTIAL
• TURN KEY OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $974 ($12k/yr) — positive. Per door: $487/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.6% 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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,586/mo this rent would consume 61% 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 $967 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 $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $43k; list at $140k implies a 225% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% 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 1915 — 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 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.85% ✓
• Cap rate: 14.65%
• Cash-on-cash: 29.83%
• DSCR: 2.33
• GRM: 4.5

CMA / ARV

• ARV (median comp): $132,697
• List price: $139,900
• Delta: 5.43%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1805 Weston Ave	0.18mi	2/2.0	1,610 (-14%)	1mo	$20,000	$12	68
1312 Ontario Ave	0.36mi	3/2.0 (+1)	1,956 (+5%)	5mo	$138,000	$71	66
1361 North Ave	0.37mi	3/2.0 (+1)	1,711 (-8%)	2mo	$76,000	$44	62
2252 La Salle Ave	0.53mi	3/2.0 (+1)	1,635 (-12%)	17mo	$107,900	$66	36
2203 La Salle Ave	0.47mi	3/2.0 (+1)	1,594 (-14%)	18mo	$55,000	$35	34
2216 Forest Ave	0.55mi	3/2.0 (+1)	1,650 (-12%)	20mo	$160,000	$97	34

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: 24.4%
• Equity multiple: 2.01×
• Total profit: $39,456
• Equity at exit: $20,860

10-year hold

• IRR: 32.3%
• Equity multiple: 3.93×
• Total profit: $114,636
• Equity at exit: $12,096

Cash invested: $39,172 (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: 9.0×

Monthly cashflow live

• Estimated rent: $2,586 high
• Mortgage (P&I): −$734
• Tax from tax record: −$277 /mo · $3,326/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$543
• Net cashflow: $974

Break-even live

Break-even rent $1,353

Max offer price $139,900

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,586
Total (2 units)			$2,586

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1312 Ontario Ave Niagara Falls, NY	2.0	1.0	1956	$1,200	$0.61	43d	1	0.36mi
784 15th St Niagara Falls, NY	3.0	1.5	1380	$1,350	$0.98	3d	1	0.44mi
642 Ashland Ave Niagara Falls, NY	3.0	1.0	1238	$1,100	$0.89	3d	1	0.77mi

Listing history 38 events

1. 2026-06-18
   days on market $139,900 Active 63 DOM
2. 2026-06-17
   days on market $139,900 Active 62 DOM
3. 2026-06-16
   days on market $139,900 Active 61 DOM
4. 2026-06-15
   days on market $139,900 Active 60 DOM
5. 2026-06-13
   pricedays on market $139,900 Active 58 DOM
6. 2026-06-13
   days on market $149,900 Active 57 DOM
7. 2026-06-10
   days on market $149,900 Active 55 DOM
8. 2026-06-09
   days on market $149,900 Active 54 DOM
9. 2026-06-08
   days on market $149,900 Active 53 DOM
10. 2026-06-07
    days on market $149,900 Active 52 DOM
11. 2026-06-03
    days on market $149,900 Active 48 DOM
12. 2026-06-02
    days on market $149,900 Active 47 DOM
13. 2026-06-01
    days on market $149,900 Active 46 DOM
14. 2026-05-31
    days on market $149,900 Active 45 DOM
15. 2026-04-16
    listed $149,900 Active 601-char remark

    Show marketing remark (601 chars)

    Recently rehabilitated and move-in ready, this two-unit property offers a strong opportunity in the City of Niagara Falls short-term rental zone. Set on a neighborhood street, the property provides flexibility for investors or owner-occupants seeking income potential. With two units, this property may be well suited for rental income, owner-occupancy with supplemental income, or other investment strategies, subject to municipal requirements, permitting, and buyer due diligence. A turn-key opportunity with excellent versatility in a location positioned for both residential and investment appeal.

16. 2025-12-17
    historical
17. 2025-11-07
    price $149,900
18. 2025-09-17
    listed $159,900 Active
19. 2025-07-31
    historical
20. 2025-07-18
    price $179,900
21. 2025-06-03
    listed $199,900 Active
22. 2021-02-22
    soldstatus $43,000 Closed Sale or Rented
23. 2020-11-17
    status Pending Sale
24. 2020-10-29
    status Under Contract- Do Not Show
25. 2020-05-22
    listed $51,900 Active
26. 2020-05-20
    historical
27. 2019-11-20
    listed $58,900 Active
28. 2019-10-15
    historical
29. 2019-07-02
    price $54,997
30. 2019-05-20
    listed $60,000 Active
31. 2016-02-17
    soldstatus $63,800
32. 2016-02-10
    soldstatus $38,000
33. 2015-10-21
    historical
34. 2015-10-21
    soldstatus $2,900 Closed Sale or Rented
35. 2015-06-16
    status Pending Sale
36. 2015-06-05
    price $4,900
37. 2015-05-13
    listed $10,500 Active
38. 2007-02-16
    soldstatus $29,000

ⓘ 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: $3,326 · $277/mo
• Projected year-2 tax: $3,326 · $277/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 1/10 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: $31,032
• − Mortgage interest: −$7,837
• − Property taxes: −$3,326
• − Insurance: −$700
• − Repairs & maintenance: −$2,483
• − Management: −$2,483
• − Depreciation: −$4,070
• Taxable income: $10,135
• Est. tax owed @ 24.0%: −$2,432
• After-tax cash flow: $9,254/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

+416.9% since first listed

24 events — show timeline

• 2026-04-16 Listed $149,900 WNYREIS
• 2025-12-17 Listing Removed — WNYREIS
• 2025-11-07 Price Changed $149,900 WNYREIS
• 2025-09-17 Listed $159,900 WNYREIS
• 2025-07-31 Listing Removed — WNYREIS
• 2025-07-18 Price Changed $179,900 WNYREIS
• 2025-06-03 Listed $199,900 WNYREIS
• 2021-02-22 Sold (MLS) $43,000 WNYREIS
• 2020-11-17 Pending — WNYREIS
• 2020-10-29 Pending — WNYREIS
• 2020-05-22 Listed $51,900 WNYREIS
• 2020-05-20 Listing Removed — WNYREIS
• 2019-11-20 Listed $58,900 WNYREIS
• 2019-10-15 Listing Removed — WNYREIS
• 2019-07-02 Price Changed $54,997 WNYREIS
• 2019-05-20 Listed $60,000 WNYREIS
• 2016-02-17 Sold (Public Records) $63,800 Public Records
• 2016-02-10 Sold (Public Records) $38,000 Public Records
• 2015-10-21 Listing Removed — WNYREIS
• 2015-10-21 Sold (MLS) $2,900 WNYREIS
• 2015-06-16 Pending — WNYREIS
• 2015-06-05 Price Changed $4,900 WNYREIS
• 2015-05-13 Listed $10,500 WNYREIS
• 2007-02-16 Sold (Public Records) $29,000 Public Records

Property tax history

-0.8%/yr

Latest (2025): $3,326 · +19.1% YoY. Source: county tax records.